Cannabis stocks traded up in a relatively slow news week, where celebrity brands grabbed headlines.
- Chelsea Handler launched a curated cannabis products kit in collaboration with Sweet Flower.
- Cronos Group Inc. (NASDAQ: CRON) and actress Kristen Bell partnered to launch Happy Dance, a CBD skincare brand.
- Uncle Bud’s, a hemp and CBD brand backed by Earvin “Magic” Johnson, launched in China via a partnership with Alibaba Group Holding Ltd – ADR (NYSE: BABA)’s Tmall.
Over the five trading days of the week:
- The ETFMG Alternative Harvest ETF (NYSE: MJ): gained 3.8%
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 2.5%
- The Cannabis ETF (NYSE: THCX): advanced 2.1%
- The Amplify Seymour Cannabis ETF (NYSE: CNBS): closed the week up 1.6%
- The SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.7%
We also saw wholesale cannabis marketplace LeafLink release its October report looking into cannabis wholesale in the U.S.
“The paper showed a 118% year-over-year (YoY) increase as measured by the company’s Gross Merchandise Value, which is the total value of merchandise sold over a certain period of time. In this case, January-September,” commented Debra Borchardt, CEO of Green Market Report.
“Michigan’s YoY GMV increased by a whopping 342% and is the strongest escalation in GMV. Michigan continues to surprise everyone with the huge numbers it is putting and since the state is still in its infancy, we can expect it to continue to become a leader in the industry.”
Canada cannabis sales also grew substantially, increasing by 94% over the year and 6% sequentially to CA$244.9 million in August.
According to Statistics Canada, the growth can be attributed to the expansion of the retail footprint across provinces, including British Columbia and especially Ontario.
Ontario sales contributed with CA$66.9 million in sales, which accounted for 11%, compared to 2-5% other major provinces contributed.
More News From The Week
Fyllo, a compliance technology platform for highly regulated industries, announced the appointment of Christie Hefner, former CEO of Playboy, to its Board of Directors.
In addition, the company appointed three new strategic advisors: Samantha Skey, CEO of SHE Media; Shane Atchison, CEO of Wunderman Thomson North America; and Joe Raaen, Director of Global Strategic Partnerships and Programmatic Data Strategy at Annalect/Omnicom Media Group.
Chad Bronstein, founder and CEO of Fyllo told Benzinga, “It’s an honor to work with respected talents like Christie, Samantha, Shane and Joe. Cannabis consumers make up one of the largest and fastest growing consumer groups in the U.S., making it an essential audience for mainstream marketers. Our team’s added expertise will be invaluable as we continue to help marketers and brands unlock growth with dynamic new audiences.”
Green Point Research acquired new hemp drying technology and equipment …