Cannabis stocks outperformed the S&P 500 this week. Over the last five trading days:
- The ETFMG Alternative Harvest ETF (NYSE: MJ): gained 2.5%
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 2.6%
- The Cannabis ETF (NYSE: THCX): advanced 2.7%
- The Amplify Seymour Cannabis ETF (NYSE: CNBS): rose 4.2%
- The SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.35%.
The Senate approved a landmark cannabis legalization bill in a landslide vote. Mexican Senate Committees voted on Wednesday and the measure went to the chamber for a vote on Thursday. Per Reuters, the initiative needs to pass another obstacle — the lower house of Congress. Legalization has a deadline set to Dec. 15. The bill will enable people 18 years and older to legally buy and own up to 28 grams of cannabis, and also to grow up to four plants for personal use, reports the outlet.
Legal cannabis sales in Canada hit C$256.3 million ($196.4 million) in September; Canadian cannabis companies received more than C$25 million ($19 million) from the federal government’s Canada Emergency Wage Subsidy (CEWS); an Australian company sent cannabis oil to Germany, becoming the first to do so; and the top court in the European Union decided CBD derived from hemp does not count as a narcotic.
Helix Technologies Inc. (OTCQB: HLIX) announced year-to-date and third-quarter results, noting positive adjusted EBITDA in the quarter of $95,000. Year-to-date revenue jumped 13% from the prior year to $8.8 million, and the company also enhanced its year-to-date gross margin reaching 68%, versus 53% in 2019.
Mentor Capital Inc. (OTCQB: MNTR) posted Monday its third-quarter earnings with revenues of $1.23 million versus $1.07 million generated in the same quarter of 2019. The company also disclosed a net loss of $273,955 or a loss of 1.2 cents per share, which stands against a net loss of $336,816 or a loss of 1.5 cents per share in the third quarter of the prior year.
Acquired Sales Corp. (OTCQB: AQSP) reported third-quarter revenue of $1.51 million, up by 19% from the previous quarter. It has also reported a net income of $95,823, projecting to see an even higher net revenue in the fourth quarter.
Harborside Inc. (CSE:HBOR) (OCTQX: HBORF) beat its third-quarter projections generating roughly $19.6 million in gross revenue. That's up by 21.2% sequentially and 42.9% year-over-year.
Wholesale operations yielded about $8.9 million in revenues, while the company's retail department contributed around $10.7 million for the quarter.
Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN) disclosed Wednesday its revenues for the third quarter were roughly $300,000 compared to around $100,000 in the corresponding period of 2019.
For the same quarter, research and development expenses amounted to $4 million versus $3.6 million, while business development expenses were around $600,000.
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) released its third-quarter results with record revenue of $153 million. That's a 63% jump from the previous quarter. This marks the Chicago-based company’s third quarter in a row with more than 40% of revenue growth.
Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) reported revenue of $193.2 million for the third quarter, which ended Sept. 30. That signifies a 164% year-over-year spike and a 59% improvement over the previous quarter. Adjusted EBITDA was also a quarterly record at $42.3 million — 305% more than last year’s and a 51% increase since the second quarter. The company also appointed Joseph Bayern CEO.
Medical Marijuana Inc. (OTC: MJNA) generated $12.2 million in net revenue over the third quarter. That's a sequential increase of 11.25%.
Cannabis Sativa Inc. (OTCQB: CBDS) disclosed its revenue for the third quarter amounted to $459,786 and roughly $1.7 million for the nine months ended September 30. That's a year-over-year increase of 137%. PrestoDoctor, the Company's telemedicine platform, attributed with $1,602,599 in revenue for the nine months, as its GK Manufacturing and Packaging subsidiary remained in the start-up phase during the period.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) released its financial results for the third quarter, which ended Sept. 30. The company reported record revenue of $136.3 million. That's up by 13% from the previous quarter. It also achieved positive adjusted EBITDA of $67.5 million, which makes for half of revenue, and illustrates the 11th profitable quarter in a row. Compared to the previous quarter adjusted EBITDA grew by 13%. Following the results, Cantor Fitzgerald analyst Pablo Zuanic …