Cannabis stocks skyrocketed this week, aided by the Democratic victory in the Georgia runoff election.
There was also Gov. Andrew Cuomo's proposal for a legal cannabis program across New York State. It would allow adults over the age of 21 to buy marijuana at state-approved dispensaries, generating roughly $300 million in annual tax revenue.
We also learned that the state of Illinois revealed that more than $1 billion worth of cannabis were sold in 2020, with almost $670 million coming from adult-use sales.
Meanwhile, ETFs were all up by double digits. Over the last five trading days:
- The ETFMG Alternative Harvest ETF (NYSE: MJ): gained almost 17%
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 15.9%
- The Cannabis ETF (NYSE: THCX): rose 20.7%
- The Amplify Seymour Cannabis ETF (NYSE: CNBS): advanced 18.1%
- The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 1.82%
Jeff Siegel explained why the psychedelics market is not cannabis 2.0.
We spoke with Aphria (NASDAQ: APHA) CEO Irwin Simon following the Tilray (NASDAQ: TLRY) merger announcement. He walked us through the companies’ ambitions in the beverages and international markets, big partnerships, cash flow, and more. Click here for the full interviewe.
Financings And M&A
Canopy Rivers (PINK: CNPOF) sold its 49% common equity interest in Canapar Corp. to RAMM Pharma Corp for consideration of up to $9.0 million.
Cable provider 4Cable TV International Inc. (OTC: CATV) completed the purchase of CBD-focused companies Health Care and Wellness Clinics of America LLC and Corporation Clinic LLC, for $900,000 and $350,000 respectively.
Subversive Capital Acquisition Corp. (OTCQX: SBVCF) has upsized a previously announced private placement. It recently closed the largest cannabis SPAC deal in history, merging with Caliva, Left Coast Ventures and Shawn "JAY-Z" Carter’s Roc Nation. The total amounted to $63 million, versus the previously projected $36.5 million.
General Cannabis Corp. (OTCQB: CANN) raised more than $2.9 million in senior convertible promissory notes. The Colorado-based company aims to improve its financial situation, restructure debt, advance operating cash and minimize interest expenses.
Power REIT (AMEX: PW) confirmed the acquisition of two properties in Colorado, obtaining a total of 4.21 acres in Crowley County via PropCo, its wholly-owned subsidiary. Under the $1.84 million deal, Power REIT opted to provide funds for the build-out of a greenhouse and processing facility spanning roughly 21,732 square feet, the company noted.
Zenabis Global Inc. (TSX: ZENA) said it is poised to merge with an undisclosed licensed cannabis producer. The …