The Week In Cannabis: Verano, Tilray, Sundial, Chris Webber, And More

Despite several big news items out of the industry this week, cannabis stocks posted mixed performances.

Over the last five trading days — including last Friday, since markets were closed on Monday:

  • The ETFMG Alternative Harvest ETF (NYSE: MJ): gained 1.5%.
  • The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 1.9%.
  • The Cannabis ETF (NYSE: THCX): lost 1%.
  • The Amplify Seymour Cannabis ETF (NYSE: CNBS): fell 2.2%.
  • The SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.6%.

Verano Holdings Corp. (CSE: VRNO) started trading on the CSE after completing its merger with AltMed, delivering a solid performance.

Commenting on the IPO, Green Market Report editor-in-chief Debra Borchardt told that the market has shown "there is still a strong appetite" for MSOs.

"The price of the stock quickly shot up from C$10 to C$30," Borchardt said. "Verano's combination with AltMed is going to make this company a strong competitor and now that it's a publicly-traded company it has quickly jumped to the head of the class.”

Meanwhile, Tilray Inc. (NASDAQ: TLRY) reported strong fourth-quarter results, with meaningful revenue growth and margin expansion. However, analysts remained on the sidelines.

  • Michael Lavery of Piper Sandler downgraded the rating from Overweight to Neutral, while raising the price target from $15 to $26.
  • Scott Fortune of Roth Capital Partners maintained a Neutral rating, while raising the price target to $25.
  • Pablo Zuanic of Cantor Fitzgerald maintained a Neutral rating and a price target of $30.25.

“With Tilray poised to become the biggest cannabis company in the world since announcing its merger with Aphria in December, all eyes in the sector were on the company’s fourth quarter earnings unveiled after the close on Wednesday. And the company did not disappoint," Brenda O’Farrell, senior analyst at .com, told Benzinga. "In fact, it offered a stellar performance, beating analyst estimates, while showcasing its international reach."

O'Farrell elaborated: “As the cannabis sector overall continues to find its footing, one of the big questions the industry is wrestling with is: Is bigger better? Well, Tilray’s results are taking the guesswork out of that query. And investors were quick to notice. Tilray shares shot up more than 10% in after-hours trading. And although one quarter doesn’t make a trend, the winds are in the sector’s sails, as optimism linked to U.S. federal legalization continues to blow."

Benzinga Cannabis content is now available in Spanish on El Planteo.

Chris Webber, a five-time NBA All-Star and founder of Webber Wellness, partnered with asset manager Jason Wild to launch a $100 million private equity cannabis fund. The goal is to invest in “underrepresented entrepreneurs pursuing careers in the cannabis sector.”

U.S. federal prosecutors will charge former Eaze Technologies Inc. CEO Jim Patterson in a case surrounding $100 million in credit card-based cannabis payments.

According to Law360, citing court records, Patterson will be charged on Feb. 19. A trial is scheduled for March 1.

Sundial Growers Inc. (NASDAQ: SNDL) reclaimed compliance with the Nasdaq Stock Market’s minimum bid price demands to remain listed on the exchange, after reaching the closing bid price of its shares at $1.00 per share for a minimum of 10 consecutive business days.

The company also made a strategic investment of $22 million into cannabis edibles producer …

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