Proactiveinvestors USA & Canada Aurora Cannabis Inc https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Aurora Cannabis Inc RSS feed en Mon, 27 May 2019 10:23:17 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Buds & Duds: Cannabis stocks sink sharply; Aurora shares drop, despite partnering with UFC ]]> https://www.proactiveinvestors.com/companies/news/220880/buds--duds-cannabis-stocks-sink-sharply-aurora-shares-drop-despite-partnering-with-ufc-220880.html Cannabis stocks plummeted Thursday, with stocks sinking across US and Canadian markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 3.4% to 266.9 points by Thursday's close. The Horizons Marijuana Life Sciences Index ETF was down 2.8% at C$19.82.

Duds

There were a host of laggards on Thursday. 

Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) shares were on the decline, down 4.2% at US$8.25 in New York, off 3.9% at C$11.10 in Toronto. 

Yesterday, Aurora announced it was entering a partnership with the mixed martial arts federation Ultimate Fighting Championship in a multi-year, multi-million dollar global research partnership that looks to establish a link between CBD products and athlete wellness and recovery, noted the firm in a statement. 

"This global partnership places focus squarely on the health and well-being of UFC's talented and highly trained athletes," said Terry Booth, CEO of Aurora. "The Aurora-UFC research partnership creates a global platform to launch targeted educational and awareness campaigns, while creating numerous opportunities to accelerate our global CBD business."

The research will be conducted at the UFC's Performance Institute in Las Vegas, where more than 400 athletes over the past two years have been studied.

READ: Canopy Growth acquires London skincare company This Works for $54 million

Tilray Inc (NASDAQ:TLRY) saw its shares drop 3.1% at US$44.79 after the firm announced that subsidiary Tilray Portugal received a standard manufacturing license and a Good Manufacturing Practices (GMP) certification for its Biocant Park manufacturing facility in Cantanhede, Portugal.

This license and certification means Tilray Portugal can manufacture and export GMP-certified dried cannabis as an active substance for medicinal products.

Other laggards Thursday included Canopy Growth Corporation (TSX:WEED) (NYSE:CGC), which announced Wednesday is buying London-based skincare and wellness company This Works for 43 million pounds ($54 million) in cash.

Shares were down 3.2% at C$44.56 in Canadian trading. 

Founded in London, England in 2004, This Works offers a range of natural skincare and sleep solution products including deep sleep pillow spray, morning expert hyaluronic serum and skin-deep dry leg oil. This Works will be part of Canopy Growth’s entry into the natural wellness industry.

Buds

A handful of stocks bucked the trend on Thursday. 

Shares of Progressive Planet Solutions Inc (CVE:PLAN) (OTCMKTS:ASHXF) soared Thursday after the firm announced it launched a service of providing zeolite to cannabis licensed producers (LP) in British Columbia so that they can denature residual cannabis as required before disposal per provincial regulations.

READ: Zeolite miner Progressive Planet helping cannabis producers dispose of marijuana waste product

Shares were up 20% at C$0.06. 

Zeolite is a mineral that looks a lot like a light gray gravel when it is dug up from the ground. It's used in a wide variety of applications: water purification, radioactive waste containment, composting, animal feed, as a pozzolan in cement and as an additive to soil, amongst many other uses. 

READ: Codebase Ventures to seek investments in expanding cannabis sector

Codebase Ventures Inc (CSE:CODE) (OTCQB:BKLLF) shares soared Thursday on the back of news Wednesday that the firm will start seeking investments in the growing cannabis sector.

Shares were up 12.5% at C$0.05 in Canadian trading.

The company, which invests in early stage tech companies, said its focus within the cannabis sector will target opportunities in information, data and technology.

 

Contact Katie Lewis at katie@proactiveinvestors.com

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Thu, 23 May 2019 11:29:00 -0400 https://www.proactiveinvestors.com/companies/news/220880/buds--duds-cannabis-stocks-sink-sharply-aurora-shares-drop-despite-partnering-with-ufc-220880.html
<![CDATA[News - Aurora Cannabis remains top pick for Melius Research after fiscal 3Q earnings ]]> https://www.proactiveinvestors.com/companies/news/220606/aurora-cannabis-remains-top-pick-for-melius-research-after-fiscal-3q-earnings-220606.html Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) has been our top pick in the volatile cannabis space, a view reinforced by the company’s fiscal third-quarter earnings, said analysts at Melius Research.

Aurora released much-anticipated fiscal third-quarter earnings results last Tuesday, with net revenue of C$65.2 million (US$48.44 million) in the quarter, up from C$16.1 million in the year-ago period but lower than analyst estimates of C$67.5 million.  

READ: Aurora Cannabis third-quarter earnings miss analyst expectations

“As an early leader, Aurora has the capacity and ability to deliver in an undersupplied market, getting a lead on market share. It has the market cap to either raise cash for investment, or acquire attractive potential assets,” wrote Melius Research analyst Rob Wertheimer last week.

“It has the global reach to expand into other markets. All those early leads, with luck, will provide cash flow with which to expand and build brands over time. Canada by itself isn’t a very large market, but if it develops into a consolidated one, as beer has, then it can also be a quality profit pool,” he added.

Nearly doubles production

The analyst noted that on the production front, Aurora reported it nearly doubled production to 15,590 kg, with the majority of the volume harvested in the last part of the quarter.

The company reported that it sold 9,160 kilos in the fiscal third quarter, a significant bump from 6,999 kg sold in the fiscal second quarter. The firm reported it sold C$29.1 million of medical cannabis and C$29.6 million of recreational cannabis in the quarter.

“The basics of operations are critical, and not easy, when so much speed in ramping is needed. Aurora seems to be on a good path to ramping production, with no lost harvests or major product quality issues,” wrote Wertheimer.

Shares in Auroa were slightly lower at $8.62 before the opening bell.

Immense strategic potential

The analyst noted that Aurora has done well, with an aggressive international plan, and a solid focus on Canadian operations and on the profitable and stable medical side of the customer base.

“It has kept its options open on more fundamental alliances, allowing its own value to build rather than selling a large stake to a strategic partner too soon. So far, that doesn’t seem to have hurt its expansion potential,” wrote Wertheimer.

“Rival Canopy Canopy Growth Corp (NYSE: CGC) has perhaps been more active on the strategic front, but hasn’t yet demonstrated either the production expertise or the same level of success in early brand building,” he added.

Melius Research has a C$16 target on Aurora, providing substantial upside if the market and execution continue to develop well.

“Aurora continues to widen its emerging lead, however, and we maintain our Overweight rating with a little more comfort post results,” wrote Wertheimer.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Mon, 20 May 2019 08:15:00 -0400 https://www.proactiveinvestors.com/companies/news/220606/aurora-cannabis-remains-top-pick-for-melius-research-after-fiscal-3q-earnings-220606.html
<![CDATA[News - Aurora Cannabis third-quarter earnings miss analyst expectations ]]> https://www.proactiveinvestors.com/companies/news/220257/aurora-cannabis-third-quarter-earnings-miss-analyst-expectations-220257.html Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) released much-anticipated fiscal third-quarter earnings results late on Tuesday, with the company reporting lower-than-expected third-quarter revenues and notable net losses, however, the company nearly doubled production in the quarter. 

The firm reported net revenues of C$65.2 million (US$48.44 million) in the quarter, up from C$16.1 million in the year-ago period but lower than analyst estimates of C$67.5 million (US$51 million). Between 2Q 2019 and 3Q 2019, the firm said revenue was up 20% across key markets, which is notable as it is when the company sold its first recreational cannabis in Canada. 

Aurora's net loss came in at $158.4 million in the third quarter, while analysts were predicting a net loss of around $52.6 million. The loss per share was C$0.16 cents, compared to average analyst estimates of $0.05 per share. In the year-ago quarter, the firm reported a net loss of C$20 million or C$0.04 per share. 

Aurora shares fell 5.8% to US$7.91 in pre-market trading Wednesday but recovered as the day went on. By Wednesday midday, shares were down 0.4% at C$11.27 in Canadian trading and up 0.6% at US$8.43.

READ: Buds & Duds: Cannabis stocks perk up; CannTrust shares soar on strong 1Q earnings results

Aurora's convertible debentures were primarily to blame for the loss. As its share price rises, the company has to re-evaluate the convertible debt it has on its books, resulting in losses of C$101.5 million in the quarter.

Aurora's earnings are being watched very closely as the numbers give insight into the legalized cannabis sales in the Canadian recreational market. Health Canada has been reporting slower-than-expected sales of recreational cannabis in the country.

Nearly doubles production

On the production front, Aurora reported it nearly doubled production to 15,590 kg, with the majority of the volume harvested in the last part of the quarter. The company reported that it sold 9,160 kilos in the third quarter, a significant bump from 6,999 kg sold in the second quarter. The firm reported it sold C$29.1 million of medical cannabis and C$29.6 million of recreational cannabis in the quarter.

"We achieved solid revenue growth and strong operating results in a quarter proven challenging across the industry. We are laser focused on building a long-term sustainable business," said Terry Booth, CEO. 

The company said it lost C$77.6 million from operations in fiscal 3Q, about double what it lost in the year-ago period

Selling price falls

A key figure being watched was the average net selling price. In the third quarter, the company reported the selling price for dried cannabis fell 6% to C$6.40 per gram, as compared to C$6.80 in 2Q 2019.  

The company noted the drop was due to a range of factors including higher contribution from wholesale consumers, extraction capacity constraints resulting in extract-based products comprising 18% of net cannabis sales, and the first full quarter impact of excise tax on medical cannabis.

The cash cost per gram was down 7% at C$1.42 compared to C$1.53 in the year-ago period. 

--updates shares price--

Contact Katie Lewis at katie@proactiveinvestors.com

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Tue, 14 May 2019 17:05:00 -0400 https://www.proactiveinvestors.com/companies/news/220257/aurora-cannabis-third-quarter-earnings-miss-analyst-expectations-220257.html
<![CDATA[News - Aurora wins public tender to produce medical cannabis in Germany ]]> https://www.proactiveinvestors.com/companies/news/218063/aurora-wins-public-tender-to-produce-medical-cannabis-in-germany-218063.html Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) is heading to Germany. The Canadian cannabis company was one of the three companies selected in a public tender by the German Federal Institute for Drugs and Medical Devices to cultivate and distribute medical cannabis in Germany.

Shares jumped 3.7% before the bell on the NYSE to US$9.29.

Of the 79 companies that submitted concept plans, Aurora received the highest rating. The Edmonton, Alberta-based company was awarded five of the 13 available lots with a minimum total supply of 4,000kg.

READ: Canada’s Aurora eyes raising $750 million for global expansion

The facility, located near Leipzig, will produce cannabis to be sold wholesale to pharmacies and the German government. Aurora has been exporting dried cannabis flower to Germany since 2017.

"We are very proud to have been selected as one of only three companies by the German government, which is a great achievement by our team," Chief Global Business Development Officer Neil Belot said. "Having the highest rated concept is a strong validation of the Aurora Standard cultivation philosophy, as well as of our track record in the delivery of safe and high-quality medical cannabis products to the German system.”

The deal will become official April 17 or later.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Fri, 05 Apr 2019 08:56:00 -0400 https://www.proactiveinvestors.com/companies/news/218063/aurora-wins-public-tender-to-produce-medical-cannabis-in-germany-218063.html
<![CDATA[News - Canada’s Aurora eyes raising $750 million for global expansion ]]> https://www.proactiveinvestors.com/companies/news/217897/canadas-aurora-eyes-raising-750-million-for-global-expansion-217897.html Aurora Cannabis Inc. (NYSE:ACB) (TSE:ACB) on Tuesday told Canadian and US regulators it plans to raise up to $750 million in capital as part of a broader strategy to expand its global footprint.

The Canadian company's executive chairman, Michael Singer, said in a statement that the company has no immediate plans to start raising the new capital but wants to be ready when the time comes.

READ: Aurora ‘takes a step forward’ in cannabis race by adding Peltz as advisor, says Melius Research

"We have introduced this option as a prudent and long-term strategic measure to provide us with flexibility in access to growth capital, if or when required, to continue executing on our global expansion and partnering strategy,” Singer said.

The paperwork, commonly called a Shelf Prospectus in Canada and Registration Statement in the U.S., will enable Aurora to raise capital quickly by selling stock or other securities. Aurora, based in Edmonton, said the $750 million in capital would be raised over a 25-month period when the paperwork is finalized.  

The Shelf Prospectus was filed with each Canadian province, except Quebec, the company said. The Registration Statement was filed with US Securities and Exchange Commission. Aurora also is mulling whether to use the Shelf Prospectus to allow for “at the market distribution” -- which permits securities to be sold over time at prevailing market prices.

Aurora Cannabis produces and distributes medical cannabis in 24 countries across five continents.

Shares of Aurora are down nearly 9% to $8.96, partly on concerns over share dilution.

--Written by Patrick Graham--

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Wed, 03 Apr 2019 11:47:00 -0400 https://www.proactiveinvestors.com/companies/news/217897/canadas-aurora-eyes-raising-750-million-for-global-expansion-217897.html
<![CDATA[News - Buds & Duds: Aurora gains as Cowen impressed with Nelson Peltz investment ]]> https://www.proactiveinvestors.com/companies/news/216581/buds--duds-aurora-gains-as-cowen-impressed-with-nelson-peltz-investment-216581.html The cannabis sector did well Friday, as US markets moved toward a positive week. 

The North American Marijuana Index, which tracks leading cannabis stocks in the US and Canada, improved 0.9% to 291.9.

Buds

Aurora Cannabis Inc (NYSE:ACB) (TSX:ACB) extended its gains after heavy-hitting Cowen analyst Vivien Azer reiterated her Outperform rating for the stock Friday. Azer said the medical cannabis company’s recent partnership with activist investor Nelson Peltz will “help accelerate performance,” according to a Barron’s report.

The share price advanced 6.7% to US$9.59 and climbed 7.3% to C$12.79 in Toronto.

1933 Industries Inc (CSE:TGIF) (OTC:TGIFF) rose after announcing the closing of a C$4.5 million private offering. The cannabidiol wellness products company issued 10 million shares at C$0.45 per share to a single buyer: entrepreneur and cannabis investor Paul Rosen. The Vancouver-based company plans to use the proceeds as general working capital.

Shares are up 3.9% to C$0.53 on the CSE and gained 7% to US$0.40 on the OTC Markets.

MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) announced Thursday that it sold two properties, earning $30.6 million in net proceeds. The properties include a storefront in Las Vegas and a production facility in Desert Hot Springs, California. The cannabis retailer plans to invest proceeds into its growth initiatives, CEO and co-founder Adam Bierman said.

The stock rose 2.7% to C$3.83 on the CSE and increased 2.5% to US$2.88 in OTC Markets trading.

Harvest One Cannabis Inc  (CVE:HVT) (OTCMKTS:HRVOF) said that its Dream Water subsidiary has new supply agreements with Walmart Inc (NYSE:WMT) and Kroger Co (NYSE:KR). The lifestyle company’s liquid sleep aid is available in 30,000 stores in the US and Canada.

Investors were resting easy, raising the share price 9.9% to C$0.78 in Canada and pushing it up 7.8% to US$0.58 on the OTC Markets.

Duds

Terra Tech Corp (OTCQX:TRTC) CEO Derek Peterson issued a letter to shareholders Friday acknowledging the companies difficulties in 2018 and recommitting to expansion in California. The agricultural company intends to take an approximately $5 million tranche of the $40 million financing it signed in March 2018. The Irvine, California-based company is also pursuing strategic alternatives for some of its operations in Nevada and California.

The share price plunged nearly 16% to $0.99.

Canopy Growth Corp (NYSE:CGC) slipped less than 0.1% to US$45.50.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Fri, 15 Mar 2019 12:13:00 -0400 https://www.proactiveinvestors.com/companies/news/216581/buds--duds-aurora-gains-as-cowen-impressed-with-nelson-peltz-investment-216581.html
<![CDATA[News - Aurora ‘takes a step forward’ in cannabis race by adding Peltz as advisor, says Melius Research ]]> https://www.proactiveinvestors.com/companies/news/216504/aurora-takes-a-step-forward-in-cannabis-race-by-adding-peltz-as-advisor-says-melius-research-216504.html Analysts at Melius Research said Aurora Cannabis Inc (NYSE:ACB) has taken "a step forward" in the cannabis race by appointing longtime activist investor Nelson Peltz as a strategic advisor.

The addition of Peltz to the Aurora team represents one of the largest endorsements of the nascent cannabis industry.

“Aurora’s announcement is both a validation of the potential in cannabis, and also adds expertise to what we see as a core need in the cannabis industry; building alliances and reach quickly,” wrote Melius Research analysts Rob Wertheimer and Marissa Schlueter in a report Wednesday.

READ: Melius Research initiates coverage of cannabis sector, says it will 'disrupt the beverage industry'

“For perspective, Nelson Peltz has been successful and exceptional investor in the consumer space both as a founder of Trian Partners and before, with deep ties to the consumer world,” they added.

Peltz, who founded and serves as CEO of New York-based Trian Partners, has over the decades commanded respect across Wall Street for his investing prowess. Trian’s portfolio and past investments include Dr Pepper Snapple Group, Wendys Co (NASDAQ:WEN), Kraft, Mondelez International (NASDAQ:MDLZ).

Peltz’s Triarc acquired Snapple from Quaker Oats back in 1997 and successfully revived the brand.

Melius recently initiated coverage of the cannabis sector with an Overweight rating on Aurora Cannabis and a C$17 price target. The firm said Aurora was its top pick citing upside from potential alliances, early scale in production and global reach.

“Our thesis includes the view that this race needs to be run quickly, and we favor Aurora shares for that reason,” wrote the analysts. “Legalization in the US will come, but will be a mixed blessing, as Canadian leaders need to turn that early position into something more meaningful before the wave of funding in the US comes and potentially swamps them.”

Budding market cannabis trends

The Melius report suggests the cannabis market can grow to US$100 billion in the Americas and Europe without further progress on legalization, which nonetheless remains likely.

That market estimate builds up from consumer surveys, pricing studies in legal and black markets, frequency of medical conditions addressable by cannabis across the US and EU member countries, and state-by-state and country-by-country legal frameworks.

Despite its not fully-legal status in the US more than 100 companies raised venture capital/private money in 2018 in the US, in more than 120 separate deals, according to Melius Research.

“For perspective, the number of companies raising private money in Canada was about 20, lower than the US by a typical margin despite a more favorable legal environment,” wrote the analysts.

Five years ago, about 40 US companies raised money for cannabis, and a couple of years before that, effectively zero.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Thu, 14 Mar 2019 13:35:00 -0400 https://www.proactiveinvestors.com/companies/news/216504/aurora-takes-a-step-forward-in-cannabis-race-by-adding-peltz-as-advisor-says-melius-research-216504.html
<![CDATA[Media files - Buds & Duds: Aurora stock blossoms after activist investor Nelson Peltz named strategic adviser ]]> https://www.proactiveinvestors.com/companies/stocktube/12588/buds--duds-aurora-stock-blossoms-after-activist-investor-nelson-peltz-named-strategic-adviser-12588.html Wed, 13 Mar 2019 14:48:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/12588/buds--duds-aurora-stock-blossoms-after-activist-investor-nelson-peltz-named-strategic-adviser-12588.html <![CDATA[Media files - Melius Research: Nelson Peltz signing on to Aurora Cannabis is a 'good move' ]]> https://www.proactiveinvestors.com/companies/stocktube/12586/melius-research-nelson-peltz-signing-on-to-aurora-cannabis-is-a--good-move--12586.html Wed, 13 Mar 2019 12:35:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/12586/melius-research-nelson-peltz-signing-on-to-aurora-cannabis-is-a--good-move--12586.html <![CDATA[News - Buds & Duds: Aurora stock blossoms after activist investor Nelson Peltz named strategic adviser ]]> https://www.proactiveinvestors.com/companies/news/216410/buds--duds-aurora-stock-blossoms-after-activist-investor-nelson-peltz-named-strategic-adviser-216410.html Cannabis stocks continued to grow Wednesday as US markets surged into positive territory.

The Marijuana Index, which monitors leading North American cannabis stocks was up 0.9% to 291.59.

Buds

Aurora Cannabis Inc (NYSE:ACB) welcomed aboard billionaire Nelson Peltz as a strategic advisor, the company announced Wednesday. Peltz is well known as an activist investor and is CEO and a founding partner of the investment management firm Train Fund Management. The Edmonton-based company offered Peltz the chance to buy nearly 20 million shares of common stock for C$10.34, which would make him the company’s second-largest shareholder if he did so.

The share price jumped 10.6% to $8.80.

HEXO Corp (NYSEAMERICAN:HEXO) agreed to acquires Newstrike Brands Ltd (TSX:HIP) (OTC:NWKRF) in a C$263 all-stock deal, the company announced Wednesday. The deal gives the Gatineau, Quebec-based company the capacity to produce about 150,000 kg of cannabis annually as well as four campuses totally nearly 1.8 million sq. ft. The company expects $400 million in annual net revenue for fiscal 2020 following the acquisition.

Shares were up 3.8% to 5.79.

Redfund Capital (CSE:LOAN, OTC:PNNRF) is taking a 5.6% in cannabis tea company Mary’s Wellness Ltd, after revealing plans Wednesday to convert into shares the first tranche of a promissory note the two companies signed in October. The trance represents C$100,000 of a total C$1 million. Mary’s product line is 100% organic and features 18 varieties of on-the-go brews.

The stock was piping hot, up 16.3% to $0.25.

READ: Redfund Capital to take 5.6% stake in Mary’s Wellness as it converts promissory note. Duds

Tilray Inc (NASDAQ:TILRAY) tapped Andrew Pucher, a former Goldman Sachs managing director, to its team Wednesday as chief corporate development officer. Pucher served as head of Canadian diversified investment banking, which included the cannabis industry. He will lead the Nanaimo, British Columbia-based company’s team responsible for mergers and acquisitions as well as corporate investments.

Nevertheless, shares were down 0.6% to $71.72.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Wed, 13 Mar 2019 12:06:00 -0400 https://www.proactiveinvestors.com/companies/news/216410/buds--duds-aurora-stock-blossoms-after-activist-investor-nelson-peltz-named-strategic-adviser-216410.html
<![CDATA[Media files - Buds & Duds: Aurora Cannabis edges cannabis stocks higher as US markets break losing streak ]]> https://www.proactiveinvestors.com/companies/stocktube/12549/buds--duds-aurora-cannabis-edges-cannabis-stocks-higher-as-us-markets-break-losing-streak-12549.html Mon, 11 Mar 2019 15:48:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/12549/buds--duds-aurora-cannabis-edges-cannabis-stocks-higher-as-us-markets-break-losing-streak-12549.html <![CDATA[News - Melius Research initiates coverage of cannabis sector, says it will 'disrupt the beverage industry' ]]> https://www.proactiveinvestors.com/companies/news/215744/melius-research-initiates-coverage-of-cannabis-sector-says-it-will--disrupt-the-beverage-industry--215744.html Melius Research initiated coverage of the cannabis sector Monday by saying that marijuana “will affect, and then disrupt the beverage industry.”

The cannabis coverage is headed by top-ranked analyst Rob Wertheimer, who is head of research at Melius. He has earlier been an analyst with both Barclays and Morgan Stanley and started his career covering beverage and retail across Latin America.

“The first thing to note is that the potential is emphatically large,” wrote Wertheimer in a note to clients.

READ: Alcohol companies get a buzz from playing offense in cannabis industry

“It will be disruptive to alcohol, beverages, over-the-counter medicines and branded pharmaceuticals. Shareholders in beverage companies may find themselves owning a multi-billion-dollar investment in cannabis. Or, may find a permanent bend down in the growth path as consumers switch over to cannabis,” he added.

Melius Research launched its coverage with a Neutral view of the overall cannabis industry.

“As with tech stocks in the bubble of 20 years ago, we think a basket approach is best, narrowing as winners are identified. Right now, the space seems to price in positives that only may come true, and we recommend a cautious entry,” wrote Wertheimer.

The report provides ratings on Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB), Canopy Growth Corporation (NYSE:CGC) (TSE:WEED), The Cronos Group Inc (NASDAQ:CRON) (CSE:CRON) and Tilray Inc(NASDAQ:TLRY).

Aurora top cannabis pick

Melius initiated coverage with an Overweight rating on Aurora Cannabis and a C$17 price target. The firm said Aurora was its top pick citing upside from potential alliances, early scale in production and global reach.

"The tactic is bold: as the rush to supply a new and underserved market gathers steam, there will likely be a period of overcapacity coming for the Canadian market. Aurora is playing a large part in that, aiming to get production costs down and capacity in the field to capture market share and to try to hold margin though lower cost," wrote Wertheimer.

Separately, Cowen analyst Vivien Azer also designated Aurora Cannabis the top pick at Cowen noting the company’s large cultivation footprint, capable of producing over 575,000 kg.

Aurora is one of the biggest importers, exporters, and distributors of medical cannabis in the European Union.

In September of last year, Coca-Cola (NYSE:KO) was purportedly in talks with Aurora Cannabis about taking an investment in the company and forming a joint venture for CBD-infused beverages. This has still not panned out, but investors are watching the space.

Neutral rating on Canopy

On the other hand, Melius has a Neutral rating on Canopy Growth Corp, which drew Corona beer maker Constellation Brands to take a $3.8 billion investment stake in Canopy in August last year.

“Canopy's aggressive management, years in the industry, early capacity and distribution, along with a funding lead, all position the company well versus peers, with that position well recognized by investors,” wrote Wertheimer.

Alcohol companies like Constellation Brands, Heineken (NASDAQOTH:HEINY) and Molson Coors Brewing Company (NYSE:TAP)(TSX:TPX) are hedging against slowing growth in their main business by investing heavily in the marijuana industry. Constellation's investment in Canopy Growth is the biggest known deal in the marijuana industry and shows just how far traditional alcohol companies are willing to go to find growth.

"The trend towards legalization is broad and becoming unstoppable. Cannabis will affect, then disrupt the beverage industry,” wrote Wertheimer.

"Most millennials and younger users reported reducing alcohol consumption, and marijuana users report quitting or consuming less tobacco, as well. This is particularly true for younger generations, and a concern for beverage investors as legalization broadens out usage," he added.

Interest from Big Tobacco 

The analyst has a Neutral rating on Cronos but expects the Altria Group Inc (NYSE:MO) investment to kick-start "a web of growth and alliances."

Tobacco behemoth Altria has agreed to make a C$2.4 billion (US$1.8 billion) equity investment in Cronos in a bid to widen its business beyond tobacco. While the tobacco sector is coming under pressure due to diminished demand for cigarettes, interest in cannabis is on the rise, which is the reason behind Altria's move to snap up a stake in Cronos.

Finally, Wertheimer assigns an Underweight rating on Tilray, “with less clarity on future growth outside of Canada.”

READ: Altria makes C$2.4B investment in Canadian cannabis company Cronos Group

On the medical side, applications for cannabis are broad.

“Its wide range of potential medicinal uses holds potential to take share in the over-the-counter and pharmaceutical industries over time,” wrote Wertheimer. “As the industry surges in growth, Canadian cannabis companies have a window, opened by that country's lead in legalization, which they can use to develop product, intellectual property, brand and distribution. Our current view is that early leads are important in an industry that will develop and change quickly.”

The report suggest the cannabis market can grow to US$100 billion in the Americas and Europe without further progress on legalization, which nonetheless remains likely.

That market estimate builds up from consumer surveys, pricing studies in legal and black markets, frequency of medical conditions addressable by cannabis across the US and EU member countries, and state-by-state and country-by-country legal frameworks.

“As legalization progresses, the market opportunity will expand beyond US$200 billion,” said the report.

— Adds details on Aurora Cannabis, cannabis industry rating, outlook —

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Wed, 06 Mar 2019 12:55:00 -0500 https://www.proactiveinvestors.com/companies/news/215744/melius-research-initiates-coverage-of-cannabis-sector-says-it-will--disrupt-the-beverage-industry--215744.html
<![CDATA[Media files - Buds & Duds: Cannabis stocks pop as Aurora Cannabis pushes into Portugal ]]> https://www.proactiveinvestors.com/companies/stocktube/12367/buds--duds-cannabis-stocks-pop-as-aurora-cannabis-pushes-into-portugal-12367.html Tue, 26 Feb 2019 14:50:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/12367/buds--duds-cannabis-stocks-pop-as-aurora-cannabis-pushes-into-portugal-12367.html <![CDATA[News - Aurora Cannabis unveils board changes ]]> https://www.proactiveinvestors.com/companies/news/214977/aurora-cannabis-unveils-board-changes-214977.html Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB) announced Wednesday that it is shaking up its board with a series of changes.

As part of the moves, Michael Singer, formerly chairman of the board, has been appointed executive chairman. Independent director Ronald Funk, meanwhile, has been tapped as a lead independent director. Margaret Atkins, a former Bain & Company executive who has experience in overseeing public company reporting, has been named a new independent director and chair of the audit committee.

READ: Aurora Cannabis makes first shipment of medical cannabis to the UK

In other news, Diane Jang, CEO of Hempco Food and Fiber, has stepped down as a director of Aurora after serving on the company’s board since November of 2017.

“As Aurora continues to mature into one of the world’s largest and leading cannabis companies, it is important that our board continues to examine its composition to ensure that its experience and expertise aligns with the company’s strategic direction,” said Michael Singer, executive chairman, in a statement.

Headquartered in Edmonton, Alberta, Aurora boasts cannabis operations in 23 countries.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Wed, 20 Feb 2019 09:26:00 -0500 https://www.proactiveinvestors.com/companies/news/214977/aurora-cannabis-unveils-board-changes-214977.html
<![CDATA[News - Aurora Cannabis makes first shipment of medical cannabis to the UK ]]> https://www.proactiveinvestors.com/companies/news/214377/aurora-cannabis-makes-first-shipment-of-medical-cannabis-to-the-uk-214377.html Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) announced Monday that it has completed its first commercial export of medical cannabis oil to the United Kingdom from a certified pharmacy. 

The Canadian company, which is currently enhancing its UK operations to ensure that patients there have access to a range of Aurora cannabis-based medicines, said the product has been successfully dispensed from Canada under a new legal framework that came into effect Nov. 1, 2018.

"Being one of the first Canadian companies to commercially supply cannabis-based medicines into the UK under the new legal framework reflects Aurora's ability to do business in international markets that have complex and evolving regulatory systems," said Neil Belot, chief global business development officer, in a company statement. "Aurora continues to grow its international footprint, which now includes the UK, a country with a population of approximately 66 million people."

READ: Aurora Cannabis's extraction partner Radient Technologies wins key license from Health Canada

Authorities in the UK granted regulatory approval of the new framework last year.

Under the new UK framework, specialist doctors can legally issue prescriptions for cannabis-based medicines when they agree that their patients could benefit from this treatment, according to the company's statement.  

"We are thrilled to have successfully navigated the complexities of the UK's new regulatory framework to be able to supply high quality, pharmaceutical grade cannabis-based medicines into the UK from one of our EU-GMP certified facilities in Canada," said Dr. Shane Morris, senior vice president of product development and regulatory affairs for Aurora.

Headquartered in Edmonton, Alberta, Aurora is one of the world's largest cannabis producers and has a funded capacity in excess of 500,000 kilograms a year and sales and operations in 22 countries across five continents. It has 15 wholly owned subsidiary companies.

Aurora is a vertically integrated company, meaning it handles all aspects of cannabis production, from facility engineering and design to cannabis breeding and genetics research to home cultivation, wholesale and retail distribution.

To facilitate its growth, the company has invested in and established strategic partnerships with a range of leading innovators, including: Radient Technologies Inc. CVEV:RTI), Hempco Food and Fiber Inc. (CVE:HEMP), and  CTT Pharmaceuticals (OTMKTSLCTTH).

Shares of Aurora Cannabis Inc (NYSE:ACB) (TSE:ABC) dropped Monday on news of its first UK export, to $7.21 per share in the US, down from Friday's market close of $7.54 per share, a decrease of 3.4%.

--Written by Suzette Parmley

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Mon, 11 Feb 2019 10:15:00 -0500 https://www.proactiveinvestors.com/companies/news/214377/aurora-cannabis-makes-first-shipment-of-medical-cannabis-to-the-uk-214377.html
<![CDATA[News - Aurora Cannabis's extraction partner Radient Technologies wins key license from Health Canada ]]> https://www.proactiveinvestors.com/companies/news/213912/aurora-cannabis-s-extraction-partner-radient-technologies-wins-key-license-from-health-canada-213912.html Shares of Aurora Cannabis Inc (NYSE:ACB) (TSSE:ABC) popped Monday on news that its extraction partner Radient Technologies has won a standard processing license from Health Canada.

The license is key to the extraction side of Aurora’s business as the Canadian cannabis company has expanded into the hemp sector since investing in Radient by taking majority ownership of Hempco Food and Fire and acquiring AgroPro, Europe’s biggest producer for organic hemp products.

READ: Aurora Cannabis reports strong fiscal 2Q revenue guidance

Both acquisitions in the hemp space provide access to raw material for the extraction of CBD or cannabidiol, which is an area where Radient will provide assistance.

“With the upcoming new regulations permitting additional form factors and Radient’s recent receipt of its processor license, we are in a strong position to rapidly expand production of a broad portfolio of extract-based products, tying in well with the significant scale-up of our global cannabis and hemp operations,” said Terry Booth, Aurora’s CEO in a statement.

In response, Aurora shares added 3.4% to hit $7.65 before the opening bell on Monday.

READ: Aurora Cannabis shares light up as it enters Mexican market with exclusive supply deal

In other news, Radient has appointed Aurora’s chief operating officer Allan Cleiren to its board of directors. Cleiren has worked closely with the extraction company to secure its standard processor license from Health Canada.

Radient has developed a new technology for the extraction of active ingredients from cannabis and hemp. Radient's patented microwave assisted processing (MAP) technology is based on the selective heating of moisture that is present in natural materials, using microwaves as the energy source. The technology creates a targeted, pressure-driven extraction process. 

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Mon, 04 Feb 2019 09:15:00 -0500 https://www.proactiveinvestors.com/companies/news/213912/aurora-cannabis-s-extraction-partner-radient-technologies-wins-key-license-from-health-canada-213912.html
<![CDATA[News - Small-caps took hit in 4Q, with OTCQX Composite Index declining 11.2% ]]> https://www.proactiveinvestors.com/companies/news/212817/small-caps-took-hit-in-4q-with-otcqx-composite-index-declining-112-212817.html US small-caps took a hit along with the rest of the stock market during the fourth quarter.

The OTCQX Composite Index, a benchmark for the overall OTCQX Best Market, was down 11.2%,  OTC Markets Group Inc (OTCMKTS:OTCM) said Wednesday in a press release.

READ: Aurora Cannabis reports strong fiscal 2Q revenue guidance

Forty-one companies were added to the OTC Best Market, the top tier of OTC stocks. Index.

They include Adventus Zinc Corp (OTCMKTS:ADVZF), Charlotte’s Web Holdings Inc (OTCMKTS:CWBHF), Harvest Oil & Gas Corp (OTCMKTS:HRST), Medicine Man Technologies Inc (OTCMKTS:MDCL) and U & I Financial Corp (OTCMKTS:UNIF).

Aurora Cannabis Inc (NYSE:ACB) graduated to the New York Stock Exchange in October while Creative Realities Inc (NASDAQ:CREX) was elevated to the NASDAQ in November.

The OTCQX Billion+ Index, tracking the performance of $1 billion-plus market-cap OTCQX companies, was down 11% for the quarter. Five companies were added to the index, including Impala Platinum Holdings Ltd (OTCMKTS:IMPUY) and Travis Perkins Plc (OTCMKTS:TPRKY). Eleven companies were removed.

Total dollar volume of OTCQX, OTCQB and Pink securities was $375.2 billion, compared with $246.7 billion in 2017, OTC Markets said Thursday.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 17 Jan 2019 10:48:00 -0500 https://www.proactiveinvestors.com/companies/news/212817/small-caps-took-hit-in-4q-with-otcqx-composite-index-declining-112-212817.html
<![CDATA[News - Aurora Cannabis reports strong fiscal 2Q revenue guidance ]]> https://www.proactiveinvestors.com/companies/news/212165/aurora-cannabis-reports-strong-fiscal-2q-revenue-guidance-212165.html Shares of Aurora Cannabis Inc (NYSE:ACB) (TSX:ACB) nudged slightly higher in Tuesday’s pre-market session after the Canadian cannabis giant announced that its fiscal second-quarter revenue is set to be fairly robust.

In a statement, the company said it expects revenue of C$50 million to C$55 million (net of excise taxes), compared to $11.7 million for the corresponding quarter in the prior year and $29.7 million for the fiscal first quarter ended September 30.

READ: Aurora Cannabis CEO slams cannabis rollout in Ontario and British Columbia

Revenue growth for the quarter was driven by the company’s strong position in Canada's adult-use cannabis market, continued shipments of medical cannabis to Aurora’s expanding base of about 71,000 patients in Canada, and relatively stable, supply restricted shipments to its growing international markets, the company noted.

“Going forward, we see sustained strong demand from the adult usage market, as evidenced by public statements from the Canadian provinces, as well as strong patient-driven demand for medical cannabis in Canada and abroad,” said Terry Booth, Aurora CEO in a statement. “These factors, together with our focus on disciplined management of operating expenses, and our growing portfolio of higher margin products, put us in a position to rapidly achieve positive EBITDA within the next two quarters."

READ: Aurora Cannabis shares light up as it enters Mexican market with exclusive supply deal

Aurora has lifted its production capacity to about 100,000 kg per year from 70,000 kg. The company still expects to report at least 150,000 kg per year of production capacity by its fiscal third quarter.

The introduction of higher-margin products, such as softgels, as well as the vape-ready CBD oil cartridge product Aurora Cloud, are also set to boost margins during fiscal 2019.

Aurora’s results for the second quarter will be put out on February 11 before the market opens.

Based in Edmonton, Canada, Aurora Cannabis is one of the world’s biggest cannabis companies and boasts operations in 22 countries.

Aurora shares jumped by 1.1% to $5.32 in New York before the opening bell on Tuesday.

 

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Tue, 08 Jan 2019 09:15:00 -0500 https://www.proactiveinvestors.com/companies/news/212165/aurora-cannabis-reports-strong-fiscal-2q-revenue-guidance-212165.html
<![CDATA[News - Aurora Cannabis shares light up as it enters Mexican market with exclusive supply deal ]]> https://www.proactiveinvestors.com/companies/news/210809/aurora-cannabis-shares-light-up-as-it-enters-mexican-market-with-exclusive-supply-deal-210809.html Shares in Aurora Cannabis Inc (NYSE:ACB) (TSX:ACB), the Canadian cannabis giant, were still rising Monday in premarket trade after the company said it was poised to enter the Mexico market through an exclusive partnership with Farmacias Magistrales S.A.

The Mexican pharma group has a broad reach to around 80,000 retail points and 500 pharmacies and hospitals across the Latin American country.

READ: Aurora Cannabis CEO slams cannabis rollout in Ontario and British Columbia

"This new exclusive partnership further expands Aurora's early mover advantage in Latin America, allowing us to become a leading player in the development of the medical cannabis system in Mexico, a legal market of 130 million people," said Aurora CEO Terry Booth.

"We look forward to working with Farmacias, and leveraging its strong retail, pharmacy, and hospital networks to provide high-quality, medical grade cannabis to patients in this new and significant market.

"We will also offer the Mexican government authorities whatever support they deem valuable, based on our insights and experience earned from operating in multiple nationally legal medical cannabis systems around the world." 

Farmacias recently received the first and only import license granted to date, from the Mexican government body responsible for medical cannabis licensing.

According to analysts, while the Mexican licensing body, the Federal Commission for Protection Against Health Risks, is likely to approve distribution deals with other companies, this is still going to give Aurora a huge first-mover advantage in the large Mexican market.

Aurora is one of the world's largest cannabis companies.

Last week, it said it had secured an export permit and completed its first shipment of medical cannabis to the Czech Republic.

The first order was shipped to Czech Medical Herbs s.r.o., a Czech drug wholesaler, which will supply pharmacies across the country.

Shares in Aurora which soared 8.4% to close at $5.72 in New York Friday were rallying in premarket trade Monday to touch $5.78.

-- (Updates with trading activity) --  

 

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Mon, 10 Dec 2018 07:42:00 -0500 https://www.proactiveinvestors.com/companies/news/210809/aurora-cannabis-shares-light-up-as-it-enters-mexican-market-with-exclusive-supply-deal-210809.html
<![CDATA[News - Aurora Cannabis ships medical cannabis to the Czech Republic ]]> https://www.proactiveinvestors.com/companies/news/210058/aurora-cannabis-ships-medical-cannabis-to-the-czech-republic-210058.html Aurora Cannabis Inc (NYSE:ACB) (TSX:ACB) announced Tuesday that it had secured an export permit and completed its first shipment of medical cannabis to the Czech Republic.

The first order was shipped to Czech Medical Herbs s.r.o., a Czech drug wholesaler, which will supply pharmacies across the country.

"The Czech Republic represents the 21st country in which we operate, and exemplifies how we are rapidly expanding our global footprint in the medical cannabis space,” said Neil Belot, chief global business development officer at Aurora Cannabis. “We look forward to building a long-term relationship with our customer, CMH, and supplying patients in the Czech Republic with our high-quality cannabis products."

READ: Aurora Cannabis CEO slams cannabis rollout in Ontario and British Columbia

Under the Czech medical program, patients are allowed up to 180 grams of dry flower product a month, as prescribed by specialized doctors. The medical program was launched in 2013.

The Czech Republic and its capital Prague are often called the Amsterdam of the East — the city is known for its high-quality cannabis.

Edmonton, Canada-based Aurora Cannabis produces and distributes medical cannabis products.

Aurora's US-listed shares were down 2.6% in morning trade on a broad market pullback.

 

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Tue, 27 Nov 2018 11:39:00 -0500 https://www.proactiveinvestors.com/companies/news/210058/aurora-cannabis-ships-medical-cannabis-to-the-czech-republic-210058.html
<![CDATA[News - Aurora Cannabis CEO slams cannabis rollout in Ontario and British Columbia ]]> https://www.proactiveinvestors.com/companies/news/209399/aurora-cannabis-ceo-slams-cannabis-rollout-in-ontario-and-british-columbia-209399.html Aurora Cannabis Inc (NYSE:ACB) (TSX:ACB) CEO Terry Booth harshly criticized the Canadian provincial governments of Ontario and British Columbia for what he believes is the poor rolling out of retail models for recreational cannabis, a report by the Financial Post said. 

Booth said in sometimes profanity-laced remarks that only the provinces of Alberta and Saskatchewan "got it right," according to the report.

“I would say Ontario shat the bed the worst,” Terry Booth told a panel session at the Marijuana Business Conference that is known as MJ Biz Con in Las Vegas on Thursday.

Booth’s remarks were greeted with a mix of laughter and shock by the audience, who were attending the session titled “Canada: Assessing the First Month of Recreational Sales.”

READ: Aurora Cannabis sees revenue nearly quadruple in 1Q as recreational sales heat up

Canada has struggled to meet demand for recreational cannabis, with some licensed producers pointing the blame at the distribution methods employed by certain provinces, and provinces saying that they did not receive enough products from producers.

Booth said Edmonton-based Aurora had lived up to its obligations but suggested that problems with the rollout were holding the company back.

“We have contractual commitments with the provinces and we have met them,” Booth said, adding that, “we would be ready right now if the government had let us.”

Aurora Cannabis produces and distributes medical cannabis products.

The company is based in Edmonton, Canada.

Contact Rene Pastor at rene.pastor@proactiveinvestors.com

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Fri, 16 Nov 2018 12:30:00 -0500 https://www.proactiveinvestors.com/companies/news/209399/aurora-cannabis-ceo-slams-cannabis-rollout-in-ontario-and-british-columbia-209399.html
<![CDATA[News - Aurora Cannabis sees revenue nearly quadruple in 1Q as recreational sales heat up ]]> https://www.proactiveinvestors.com/companies/news/209025/aurora-cannabis-sees-revenue-nearly-quadruple-in-1q-as-recreational-sales-heat-up-209025.html Aurora Cannabis Inc (NYSE:ACB) shares were riding high after its revenue nearly quadrupled in its fiscal first quarter, touting its ability to meet the needs of the budding Canadian recreational market.

The cannabis company’s total revenue rose 260% to US$29.67 million compared with $8.25 million a year ago.

READ: Shorts to hike positions in cannabis majors Canopy Growth, Aurora Cannabis, Cronos Group and Tilray, says S3 Partners

Shares of the Alberta-based company were up more than 3% to US$7.53 in Monday pre-market trading.

Net earnings totaled US$105.5 million, a dramatic jump from US$3.6 million in last year’s first quarter.

"The commencement of adult consumer use sales in Canada has been very successful for Aurora, with strong performance across all product categories and brands,” said CEO Terry Booth in the company’s press release.

Cannabis revenue, comprised of revenues from both medical and adult-use markets, was close to quadrupling as well, increasing to US$24.59 million compared with US$7.31 million last year.

The number of active registered patients rose 250% to 67,484 in the first quarter.

“Our initial roll-out success demonstrates how our high-quality Aurora Standard products and well-positioned brands have resonated strongly with the consumer market and our preparedness for the logistical challenges in effectively bringing our products to market,” added Booth.

The average selling price per gram of dried cannabis was up 15% to US$8.39, while the cash cost per gram was down 12% to US$1.90.

The net selling price per gram of cannabis extracts was down 26% to US$12.12 with costs declining 22% to US$1.45.

For the year ahead, the company said it will focus on expanding its capacity. Its newly-licensed Aurora Sky facility is expected to reach a production run rate of 150,000 kg per year by early calendar year 2019, scaling up to more than 500,000 kg per year.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Mon, 12 Nov 2018 08:40:00 -0500 https://www.proactiveinvestors.com/companies/news/209025/aurora-cannabis-sees-revenue-nearly-quadruple-in-1q-as-recreational-sales-heat-up-209025.html
<![CDATA[News - Cannabis stocks end the week on a mixed note as some major players take a hit ]]> https://www.proactiveinvestors.com/companies/news/208443/cannabis-stocks-end-the-week-on-a-mixed-note-as-some-major-players-take-a-hit-208443.html Cannabis stocks were mixed by the end of the week, but many of the major players in the cannabis space saw their shares climb higher.

Aurora Cannabis Inc (TSE:ACB, NYSE:ACB), settling in after its debut on the New York Stock Exchange, saw its shares up slightly to US$7.04.

Toronto-based Cronos Group Inc (NASDAQ:CRON) shares jumped nearly 5% this afternoon, but slipped down about 1% to US$7.98 by the closing bell.

MPX Bioceutical Corporation (CSE: MPX; OTCQX: MPXEF) shares were up more than 3% to $0.78. The cannabis company has been expanding its reach into the Maryland market via dispensary acquisitions.

READ: Terra Tech Corp invests $5 million in Hydrofarm Holdings Group

Shares of cannabis-focused agriculture company Terra Tech Corp (OTCQX:TRTC) were up more than 3. to US$1.73 after making a US$5 million investment in Hydrofarm Holdings Group Inc, taking an ownership stake in the specialty indoor garden wholesaler.

Canopy Growth Corporation (TSE:WEED, NYSE:CGC) shares were up slightly to US$37.15. The cannabis producer recently closed its US$4 billion investment from Constellation Brands Inc (NYSE:STZ).

Shares of British Columbia-based Tilray Inc (NASDAQ:TLRY) fell nearly 3% this afternoon, but shares were up slightly to US$99.50 in after-hours trading.

MariMed Inc (OTCQB:MRMD) shares slipped close to 1% to US$4.79. The company recently finalized its acquisition of New Jersey-based cannabis company BSC Group.

ICC International Cannabis Corp (CSE:WRLD, OTCQX:KNHBF) shares sank close to 10% to US$0.46.

The Vancouver-based company recently announced a strategic partnership with GreenTree International Inc, the parent company of Amercanex which operates the ACExchange, to create an electronic cannabis market platform.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Fri, 02 Nov 2018 13:02:00 -0400 https://www.proactiveinvestors.com/companies/news/208443/cannabis-stocks-end-the-week-on-a-mixed-note-as-some-major-players-take-a-hit-208443.html
<![CDATA[News - Cannabis stocks slowly rising from the ashes with Aurora Cannabis and Tilray climbing higher ]]> https://www.proactiveinvestors.com/companies/news/208146/cannabis-stocks-slowly-rising-from-the-ashes-with-aurora-cannabis-and-tilray-climbing-higher-208146.html Cannabis stocks were riding high in the weeks leading up to legalization, but major players in the space have seen their share price drop alongside the hype.

There was a light at the end of the tunnel Tuesday Morning as North American cannabis stocks began to inch higher.

READ: Pot stocks: a pause in the bull trend or a bursting of the bubble?

Aurora Cannabis Inc (TSE:ACB, NYSE:ACB), fresh from its debut on the New York Stock Exchange, saw its shares up more than 2% to US$6.05.

Canopy Growth Corporation (TSE:WEED, NYSE:CGC) shares jumped nearly 4% to US$34.26.

British Columbia-based Tilray Inc (NASDAQ:TLRY) saw its shares climb just about 4% higher to $94.24.

MPX Bioceutical Corporation (CSE: MPX; OTCQX: MPXEF) shares were on the rise after announcing it would be expanding its reach into the Maryland market via a new Health for Life dispensary.

MariMed Inc (OTCQB:MRMD) finalized its acquisition of New Jersey-based cannabis company BSC Group, sending its shares close to 14% higher to US$4.42.

A rising tide lifts all boats, but some cannabis companies were left behind in negative territory.

READ: Succeeding in California cannabis: four questions with Chemistree Technologies president Karl Kottmeier

Isodiol International Inc (CSE:ISOL, OTCQB:ISOLF) appointed former champion bodybuilder and World’s Strongest Man competitor Franco Columbu to its Iso-Sport Management team, but the star power wasn’t quite bright enough.

Shares slipped about 4% to US$1.25.

ICC International Cannabis Corp (CSE:WRLD, OTCQX:KNHBF) announced via a corporate update that it would continue to deploy its “assertive acquisition” strategy, but the update failed to encourage investors.

Shares sank nearly 4% to $0.45.

Maple Leaf Green World Inc (OTCQX:MGWFF) inked a supply deal with Namaste Technologies Inc's (CVE:N, OTCMKTS:NXTTF) online marketplace Cannmart Inc.

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Tue, 30 Oct 2018 10:20:00 -0400 https://www.proactiveinvestors.com/companies/news/208146/cannabis-stocks-slowly-rising-from-the-ashes-with-aurora-cannabis-and-tilray-climbing-higher-208146.html
<![CDATA[News - Aurora Cannabis regains its mojo as shares bounce back from Tuesday's market bloodbath ]]> https://www.proactiveinvestors.com/companies/news/207773/aurora-cannabis-regains-its-mojo-as-shares-bounce-back-from-tuesday-s-market-bloodbath-207773.html Canadian cannabis giant Aurora Cannabis Inc (NYSE:ACB, TSX:ACB) recovered its mojo Wednesday after a lackluster debut on the New York Stock Exchange, trading strongly in the green on a second wind for the cannabis sector.   

Aurora stock opened strong and stayed up 4% to trade at $8.01 in late-morning trade.

Shares of cannabis companies were also broadly higher as the sector was set to snap a six-session streak of losses. In a sign that the recovery had legs, the ETFMG Alternative Harvest ETF climbed 2.7% to $33.89, after falling nearly 23% over the past six days.

The move to the New York Stock Exchange will certainly allow Aurora to draw a broader group of institutional and retail investors.

Analysts and investors weren't unduly worried about Tuesday's lackluster debut and market carnage saying volatility is to be expected in an emerging sector like cannabis.

Based in Edmonton, Alberta, Aurora is one of the largest cannabis companies, as it has the production capacity of more than 500,000 kilograms per year, with operations in 18 countries.

With a market cap of $8.37 billion, it competes with the likes of Canopy Growth Corp (TSX:WEED; NYSE:CGC), which has a market cap of 8.76 billion and Tilray, which has a market cap of $ 10.22 billion. Its acquisitions total 15 companies, including MedReleaf and the pending acquisition of ICC Labs, a leader in the South American cannabis market.

Aurora will continue to trade on the Toronto Stock Exchange as well, but it will delist its shares from the OTCQX since it is trading on the NYSE.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Wed, 24 Oct 2018 10:32:00 -0400 https://www.proactiveinvestors.com/companies/news/207773/aurora-cannabis-regains-its-mojo-as-shares-bounce-back-from-tuesday-s-market-bloodbath-207773.html
<![CDATA[News - Aurora Cannabis debuts in red on the New York Stock Exchange as market bloodbath takes heavy toll ]]> https://www.proactiveinvestors.com/companies/news/207694/aurora-cannabis-debuts-in-red-on-the-new-york-stock-exchange-as-market-bloodbath-takes-heavy-toll-207694.html Canadian cannabis giant Aurora Cannabis Inc’s (NYSE:ACB; TSX:ACB) much-hyped debut Tuesday on the New York Stock Exchange was weighed down by a broad market pullback.

Shares in the cannabis grower closed 11.3% down to $7.70 on a day when marijuana stocks suffered broad and sharp losses.

Cannabis stocks were headed for their worst six-session skid Tuesday in over eight months as full-legalization in Canada appears to have dampened enthusiasm among pot investors despite early indications of strong demand.

READ: Marijuana stocks continue to burn out as North American Marijuana Index falls double digits

Key stocks in the budding cannabis sector like Aurora and Tilray Inc (NASDAQ:TLRY) have lost more than 20% in the past week — a figure that is typically used to measure a bear market.

Aurora will continue to trade on the Toronto Stock Exchange as well, but it will delist its shares from the OTCQX with trading on the NYSE.

"Our NYSE listing represents another important milestone that reflects our commitment to all stakeholders as we continue advancing domestic and international growth initiatives, which includes expanding our base of global institutional and retail investors," said Aurora CEO Terry Booth giving his rationale for a dual listing. 

The move will certainly allow the company to draw a broader group of institutional and retail investors.

Based in Edmonton, Alberta, Aurora is one of the largest cannabis companies, as it has the production capacity of more than 500,000 kilograms per year, with operations in 18 countries.

With a market cap of $8.37 billion, it competes with the likes of Canopy Growth Corp ( (TSX:WEED; NYSE:CGC) which has a market cap of 8.76 billion and Tilray, which has a market cap of $ 10.22 billion. Its acquisitions total 15 companies, including MedReleaf and the pending acquisition of ICC Labs, a leader in the South American cannabis market.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

-- Updates with closing price  -- 

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Tue, 23 Oct 2018 16:20:00 -0400 https://www.proactiveinvestors.com/companies/news/207694/aurora-cannabis-debuts-in-red-on-the-new-york-stock-exchange-as-market-bloodbath-takes-heavy-toll-207694.html
<![CDATA[News - Marijuana stocks continue to burn out as North American Marijuana Index falls double digits ]]> https://www.proactiveinvestors.com/companies/news/207689/marijuana-stocks-continue-to-burn-out-as-north-american-marijuana-index-falls-double-digits-207689.html It’s another rough day for North American cannabis stocks with many of the big names in negative territory.

MariMed Inc (OTCQB:MRMD) was one of the top decliners in the space, falling more than 18% to US$3.38.

The cannabis company’s CEO Robert Fireman recently presented at Canaccord Genuity’s US Canada Cannabis Symposium.

READ: International Cannabis Corp plants another flag in the EU with acquisition of Polannabis Holdings

MedMen Enterprises Inc (CSE:MMEN,OTCQB:MMNFF) shares fell close to 15% to US$4.89.

The company has been announcing acquisitions left and right, including a recent US$682 million deal to acquire medical marijuana company Pharmacann.

Canopy Growth Corp (NYSE:CGC, TSE:WEED) was another decliner, sinking nearly 9% to US$37.91.

CannaRoyalty Corp (CSE:CRZ,OTCQX:CNNRF) was down more than 10% to US$5.74.

READ: CryptoCann™ Report: Port of Rotterdam to track shipments with blockchain; Oregon chef serves weed-fed pork

The company unveiled its new name on Monday as it shifts its focus from royalty investment to distribution. It will now be known as Origin House, trading on the CSE under the stock symbol “OH” and on the OTCQX under the stock symbol “ORHOF”.

Shares of Toronto-based cannabis company Newstrike Brands Ltd (CE:HIP,OTCMKTS:NWKRF) fell more than 12% to C$0.47.

The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was down nearly 12% to US$251.37.

The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, sank 7% to C$18.85.

Aurora Cannabis Inc (TSX:ACB, OTCMKTS:ACBFF) shares were flat as the company awaits its debut on the New York Stock Exchange.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Tue, 23 Oct 2018 10:32:00 -0400 https://www.proactiveinvestors.com/companies/news/207689/marijuana-stocks-continue-to-burn-out-as-north-american-marijuana-index-falls-double-digits-207689.html
<![CDATA[News - OTC Markets Group says trading in cannabis stocks surged ahead of legalization in Canada, comprising more than 20% of total volume ]]> https://www.proactiveinvestors.com/companies/news/207401/otc-markets-group-says-trading-in-cannabis-stocks-surged-ahead-of-legalization-in-canada-comprising-more-than-20-of-total-volume-207401.html OTC Markets Group Inc (OTCQX:OTCM), operator of financial markets for 10,000 US and global securities, announced Thursday its third-quarter 2018 performance and quarterly rebalancing of its OTCQX and OTCQB indices, saying more than a fifth of shares traded belonged to cannabis-related companies. 

"In terms of share volume, 389,233,782,637 shares of marijuana/cannabis-related companies traded during this time. That is 21.9% of total quoted OTC share volume," the OTC Markets Group said in an email reply to a question from Proactive Investors.

The volume of shares traded in cannabis stocks is among the largest by segment or sector in the OTC, OTC Markets said.

READ: Tidal Royalty hoping shares will resume trading on OTC markets shortly

Trading in cannabis shares surged ahead of the legalization this week of cannabis use in Canada. Aurora Cannabis Inc (OTC:ACBFF) was one such stock on the OTC, although it will delist and begin trading on the New York Stock Exchange (NYSE) on Tuesday, October 23.

The OTC Markets Group clarified that there is "no way to ensure that we capture every security that might possibly be related to cannabis" and explained that the list was compiled via keyword searches in business descriptions, as well as other outside sources.

As of October 15, 2018, the OTC Markets Group said there are 136 securities traded on OTCQX or OTCQB out of a total of 1,457 with a total dollar volume of $20.4 billion during the period. That is 7% of the total dollar volume traded on OTC during this time and 28.6% of the total dollar volume traded of all QX/QB securities in the same period.

Quarterly rebalance 

The OTCQX Composite Index (.OTCQX), a benchmark for the overall OTCQX Best Market, was up 2.6% in the third quarter. 

Fifty new companies were added to the index while 15 companies were removed from the index although some companies such as Riverview Financial uplisted to the NASDAQ.

The OTCQX Billion+Index (OTCQXBIL), which tracks the performance of $1 billion-plus market cap OTCQX companies, was up 2.6% for the quarter. Six companies were added to the index, including vanadium miner Largo Resources Ltd (OTCQX:LGORF) and organic cannabis company Green Organic Dutchman Holdings Ltd (OTCQX:TGODF). 

The OTCQX Dividend Index (OTCQXDIV), which tracks dividend-paying US and international OTCQX companies, was up 2.4% in the quarter.

The OTCQX Banks Index (.OTCQXBK), comprised of OTCQX community and regional banks, increased 2.7% in the quarter. 

The OTCQX Canada Index (.OTCQXCAN), which tracks Canadian OTCQX companies, was up 7.6% in the third quarter. Some 20 companies were added to the index. Among those added were tungsten miner Almonty Industries Inc (OTCQX:ALMTF) and cannabis company Invictus MD Strategies Corp (OTCQX:IVITF), among others. 

The OTCQX US Index (OTCQXUS), a benchmark for US OTCQX companies, was down 1.2% in the third quarter. 

The OTCQB Venture Index (OTCQB), which tracks the overall OTCQB Venture Market, was up 7.5% in the third quarter. One hundred twenty-seven companies were added to the index and eighty companies were removed.  

All indexes are market capitalization-weighted and adjusted on a quarterly basis for additions and share changes over 5% during the months of March, June, September and December. In the case of ADRs, the ratio is considered. Dividends are re-invested as of the close of business the day before the ex-dividend date.

OTC Markets Group Inc operates the OTCQX Best Market, the OTCQB Venture Market and the Pink Open Market for US and global securities. The company is based in New York City.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com 

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Thu, 18 Oct 2018 09:59:00 -0400 https://www.proactiveinvestors.com/companies/news/207401/otc-markets-group-says-trading-in-cannabis-stocks-surged-ahead-of-legalization-in-canada-comprising-more-than-20-of-total-volume-207401.html
<![CDATA[News - Aurora Cannabis to trade on NYSE ]]> https://www.proactiveinvestors.com/companies/news/207385/aurora-cannabis-to-trade-on-nyse-207385.html Canadian cannabis giant Aurora Cannabis Inc (TSX:ACB; OTCQX:ACBFF) will uplist to the New York Stock Exchange and begin trading on October 23 under its ticker symbol "ACB."

The move will allow the company to draw a broader group of institutional and retail investors as it charges ahead in the wake of Canada's move to make recreational marijuana legal.

Aurora will continue to trade on the Toronto Stock Exchange as well, but it will delist its shares from the OTCQX once it starts trading on the NYSE.

"Our NYSE listing represents another important milestone that reflects our commitment to all stakeholders as we continue advancing domestic and international growth initiatives, which includes expanding our base of global institutional and retail investors," said Aurora CEO Terry Booth in a statement.

READ: Aurora Cannabis granted sales license by Health Canada on first day of legalized marijuana

Based in Edmonton, Alberta, Aurora is one of the largest cannabis companies, as it has the production capacity of more than 500,000 kilograms per year, with operations in 18 countries.

With a market cap of $10 billion, it competes with the likes of Canopy Growth, which has a market cap of $11.6 billion, and Tilray, which has a market cap of $13.8 billion. Its acquisitions total 15 companies, including MedReleaf and the pending acquisition of ICC Labs, a leader in the South American cannabis market.

The Canadian cannabis company has been in the news recently as its name surfaced in reports that the beverage giant The Coca-Cola Company (NYSE:KO) is showing an interest in getting into the cannabis drinks business. Last month, Aurora Cannabis commented that it had reached “no such agreement” about a partnership with the beverage company.

Existing shares of Aurora, which previously traded on the OTCQX under the ticker symbol ACBFF, will trade on the NYSE, starting next week.

Aurora Cannabis shares closed down 3.4% to $10.44 on Wednesday.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Thu, 18 Oct 2018 08:31:00 -0400 https://www.proactiveinvestors.com/companies/news/207385/aurora-cannabis-to-trade-on-nyse-207385.html
<![CDATA[News - Aurora Cannabis granted sales license by Health Canada on first day of legalized marijuana ]]> https://www.proactiveinvestors.com/companies/news/207317/aurora-cannabis-granted-sales-license-by-health-canada-on-first-day-of-legalized-marijuana-207317.html Aurora Cannabis Inc (TSX:ACB) (OTCQX:ACBFF) announced on Wednesday that its Aurora Sky facility has been granted a sales license by Health Canada, significantly increasing availability of both dried flower and derivative cannabis products across all cannabis markets the company is targeting.

The company also said it has received a sales license from Health Canada for the sale of cannabis softgel capsules produced at its state-of-the-art Aurora Vie facility located in Pointe-Claire, Québec.

Aurora and Capcium Inc, the Montreal-based manufacturer that specializes in high-volume softgel encapsulation, have already begun production of softgel capsules which are targeted at the medical, wellness, and adult consumer use markets.

"These new sales licenses are a game changer for Aurora, dramatically increasing product availability and positioning us well to serve the rapidly growing domestic and international cannabis markets," said Aurora Cannabis CEO Terry Booth.

Big news! Aurora Vie gets its softgel capsules sales license and Aurora Sky receives a sales license for dried #cannabis and other cannabis products for medical and adult recreational use. https://t.co/V3bBMQPUSx

— InvestAurora (@aurora_invest) October 17, 2018

"With adult consumer use sales beginning in Canada today these additional licenses enable Aurora to rapidly scale-up production to service the high growth anticipated for this new market," he added.

The company holds a 19.99% ownership stake in Capcium and is Aurora’s exclusive manufacturer of cannabis softgel products in North America.

As the first of its “Sky Class” facilities, Aurora Sky is substantially different from traditional indoor and greenhouse growing facilities because of its use of advanced technologies and automation. That allows Aurora Cannabis to produce an abundant supply of high-quality cannabis and derivatives at low production costs, the company said.

READ: Aurora Cannabis files to list on NYSE in search of institutional investors

Strategically located at the Edmonton International Airport, Aurora Sky is the world’s largest and most technologically advanced cannabis hybrid-indoor production facility.

Aurora Sky, which received its first production license in January, is ramping up to full capacity of over 100,000 kg per annum, which the company believes will be reached by the end of 2018. At full capacity, the company anticipates one harvest every 3.5 days, resulting in over 6 harvests per room per year.

Aurora Sky also features processing, bottling, and automated packaging and labeling capacity, enabling the company to service market demand for high margin derivative products.

READ: Aurora Cannabis triples revenue in 4Q

To date, the mother room and four flower rooms, each measuring 34,000 square feet, have been licensed for production. Approximately 120,000 plants are growing in the facility’s licensed flower rooms. The company has submitted license applications for additional flower rooms and all ancillary system rooms, and will be applying for further production licenses until the entire facility is licensed and populated around late November or early December.

Aurora Cannabis is based in Edmonton, Alberta. It has funded capacity of more than 500,000 kg per annum and sales and operations in 18 countries across five continents. Aurora is one of the world’s largest and leading cannabis companies.

Shares of Aurora Cannabis in Canada were down 1.36% to trade at C$13.79 while its shares in New York fell 2>09% to US$10.58.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

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Wed, 17 Oct 2018 15:39:00 -0400 https://www.proactiveinvestors.com/companies/news/207317/aurora-cannabis-granted-sales-license-by-health-canada-on-first-day-of-legalized-marijuana-207317.html
<![CDATA[News - Canadian regulators release pivotal review showing cannabis companies not providing enough disclosure ]]> https://www.proactiveinvestors.com/companies/news/206815/canadian-regulators-release-pivotal-review-showing-cannabis-companies-not-providing-enough-disclosure-206815.html According to a review by the Canadian Securities Administrators' (CSA) released Wednesday, Canadian cannabis companies are not providing enough disclosure on a broad level.

The CSA published Staff Notice 51-357 Staff Review of Reporting Issuers in the Cannabis Industry, which looked at the disclosure of 70 reporting issuers operating in the cannabis industry. Though the review included reporting issuers with varying levels of involvement in the industry and with operations in different countries, regulators did not list any company names. 

The CSA's findings? Disclosure is not good enough.

READ: Aurora Cannabis files to list on NYSE in search of institutional investors

“Given the significant growth and interest in the cannabis industry, it is imperative that investors specific with transparent information about issuers’ financial performance and risks related to their operations,” said Louis Morisset, CSA chair, and president and CEO of the Autorité des marchés financiers. “Our review shows that the quality of disclosure in this area needs to be enhanced, and we encourage cannabis issuers to use this publication as a guide to make improvements.”

Licenced cannabis producers "often did not provide sufficient information in their financial statements and management’s discussion and analysis (MD&A) for an investor to understand their financial performance. International Financial Reporting Standards (IFRS) require issuers to record growing cannabis plants at their fair value," according to the review. 

Further findings include:

100% of the licenced cannabis producers reviewed needed to improve their fair value and fair value related disclosures. 

A number of issuers didn't comply with securities requirements for forward-looking information and guidance for providing balanced disclosure requirements.

74% of issuers with cannabis operations in the US did not provide sufficient disclosure about risks related to their US operations to satisfy the disclosure expectations that have been set out in a previous CSA Staff Notice 51-352 (Revised) Issuers with US Marijuana-Related Activities. 

Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter: @kelewis

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Wed, 10 Oct 2018 11:52:00 -0400 https://www.proactiveinvestors.com/companies/news/206815/canadian-regulators-release-pivotal-review-showing-cannabis-companies-not-providing-enough-disclosure-206815.html
<![CDATA[News - Aurora Cannabis files to list on NYSE in search of institutional investors ]]> https://www.proactiveinvestors.com/companies/news/206798/aurora-cannabis-files-to-list-on-nyse-in-search-of-institutional-investors-206798.html Canadian cannabis giant Aurora Cannabis Inc (TSX:ACB, OTCMKTS:ACBFF) has applied for a listing on the New York Stock Exchange and will trade on the US exchange under its same ticker symbol "ACB" before the close of October if approved.

Aurora will continue to trade on the Toronto Stock Exchange and will also stay on the OTC Markets until the NYSE listing is complete, at which time it will delist from the OTC market.

Uplisting to the NYSE would pave the way for Aurora to woo a broader base of institutional investors and comes as Canada is set to make recreational marijuana legal, starting next week.

“Through our NYSE listing, Aurora joins an established group of mature global brands with improved access and exposure to an engaged international investor audience,” said Aurora CEO Terry Booth in a statement.

READ: Aurora Cannabis responds to rumors of Coca-Cola partnership

The Canadian cannabis company has been in the news in recent weeks after its name surfaced in reports that the beverage giant The Coca-Cola Company (NYSE:KO) is showing an interest in getting into the cannabis drinks business. Last month, Aurora Cannabis commented that it had reached “no such agreement” about a partnership with the beverage company.

Headquartered in the city of Edmonton in Alberta, Canada, Aurora is one of Canada’s largest cannabis companies, with a market cap of $9.82 billion, and competes with the likes of Canopy Growth, which has a market cap of $11.2 billion, and Tilray, which has a market cap of $12.01 billion.

Aurora shares were trading 2.3% lower on the Toronto Stock Exchange in Wednesday's early trade and hovering at C$12.94.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Wed, 10 Oct 2018 09:30:00 -0400 https://www.proactiveinvestors.com/companies/news/206798/aurora-cannabis-files-to-list-on-nyse-in-search-of-institutional-investors-206798.html
<![CDATA[News - Aurora Cannabis triples revenue in 4Q, confirms plans to list on a major US exchange ]]> https://www.proactiveinvestors.com/companies/news/205651/aurora-cannabis-triples-revenue-in-4q-confirms-plans-to-list-on-a-major-us-exchange-205651.html Aurora Cannabis Inc (TSX:ACB) (OTCMKTS:ACBFF) released impressive fiscal-fourth quarter results, but a confirmation of its plan to list on a major US exchange may have stolen the spotlight.

The cannabis company reported revenue of C$19.1 million, more than triple the C$5.9 million in revenue reported in the previous fourth quarter.

Shares of the Alberta-based company closed up nearly 4% to C$12.27 while its US shares closed up 2.6% to US$9.47.

READ: Aurora Cannabis responds to rumors of Coca-Cola partnership

Aurora’s net income totaled C$79.9 million compared with a net loss of C$4.8 million in last year’s fourth quarter. The company reported a net loss of C$20.8 million in this year’s third-quarter results.

The profits for this quarter stemmed from “unrealized non-cash gains on derivatives and other marketable securities,” according to the company’s press release.

The Canadian cannabis company has the production capacity of more than 500,000 kilograms per year with operations in 18 countries. Its acquisitions total 15 companies, including MedReleaf and the pending acquisition of ICC Labs, a leader in the South American cannabis market.

Kilograms produced nearly doubled in the fourth quarter to 2,212, a 90% jump compared with last year’s production of 1,165 kilograms.

READ: Aurora Cannabis acquires ICC Labs to expand in South American market

Kilograms sold more than doubled in the quarter to 1,617 compared with the year-ago total of 755 kilograms.

Aurora reported full-year revenue of C$55.2 million, a 206% increase from the previous fiscal year’s revenue total of C$18.6 million.

The average net selling price of dried cannabis rose 18% to C$7.65 from C$6.47. However, the average net selling price of cannabis oil fell 24% to C$13.68 from C$17.91.

US Listing

Aurora confirmed reports that it intends to list on a major US exchange such as the Nasdaq or the New York Stock Exchange.

"Listing our shares on a senior U.S. exchange reflects the level of corporate and business maturity and our high-paced execution," said CEO Terry Booth in the company’s press release.

"This listing provides access to a broader investor audience who gain the opportunity to participate in our continued success."

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Tue, 25 Sep 2018 08:45:00 -0400 https://www.proactiveinvestors.com/companies/news/205651/aurora-cannabis-triples-revenue-in-4q-confirms-plans-to-list-on-a-major-us-exchange-205651.html
<![CDATA[News - Aurora Cannabis planning to list on major US exchange, says media reports ]]> https://www.proactiveinvestors.com/companies/news/205381/aurora-cannabis-planning-to-list-on-major-us-exchange-says-media-reports-205381.html Aurora Cannabis (TSX:ACB) is planning to list at a major exchange in the United States, several media reports said on Thursday.

Aurora's chief corporate officer Cam Battley told the Financial Post it is looking at an October listing, and that such a move would broaden the scope of aurora's would-be investors, "including US institutional investors, not all of whom are able to trade in OTC-listed securities."

The move to the US would allow Aurora to tap US investors after a string of acquisitions, such as the recent announcement it bought ICC Labs Inc, the Post report added.

READ: Aurora Cannabis acquires ICC Labs to expand in South American market

The report was confirmed by CNBC, which said it was given an email by a company official that it plans to list on a US exchange.

Cannabis stocks have been on a rampage, rallying to dizzying heights ahead of the legalization of cannabis in Canada next month. 

Shares of Aurora Cannabis closed in the OTC market in New York at US$9.49, up 12.44% on the day. In Canada, the stock advanced 12.7% to finish at the session high of C$12.25.

 

 

 

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Thu, 20 Sep 2018 16:47:00 -0400 https://www.proactiveinvestors.com/companies/news/205381/aurora-cannabis-planning-to-list-on-major-us-exchange-says-media-reports-205381.html
<![CDATA[News - Aurora Cannabis responds to rumors of Coca-Cola partnership ]]> https://www.proactiveinvestors.com/companies/news/205159/aurora-cannabis-responds-to-rumors-of-coca-cola-partnership-205159.html Rumors swirled Monday after reports that beverage giant The Coca-Cola Company (NYSE:KO) was interested in getting into the cannabis drinks business, causing a spike in shares of cannabis companies.

Canadian cannabis giant Aurora Cannabis Inc’s (TSX:ACB) (OTCMKTS:ACBFF) name came up in the discussion, but the company stated today there was no such agreement at this time.

READ: Beverage giant Coca-Cola interested in cannabis drinks, sending cannabis stocks higher

The company said that while it normally does not comment on speculation, it received a request from the Investment Industry Regulatory Organization of Canada. Aurora did not specify Coca-Cola by name, simply referring to a "beverage company" in its statement.

“At this time the Company confirms there is no agreement, understanding or arrangement with respect to any partnership with a beverage company,” the company said.

Aurora said that it would notify shareholders if anything changes.

Shares of the Alberta-based company were up nearly 4% to C$10.37 in Monday afternoon trading.

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Tue, 18 Sep 2018 11:53:00 -0400 https://www.proactiveinvestors.com/companies/news/205159/aurora-cannabis-responds-to-rumors-of-coca-cola-partnership-205159.html
<![CDATA[News - Beverage giant Coca-Cola interested in cannabis drinks, sending cannabis stocks higher ]]> https://www.proactiveinvestors.com/companies/news/205037/beverage-giant-coca-cola-interested-in-cannabis-drinks-sending-cannabis-stocks-higher-205037.html Beverage giant The Coca-Cola Company (NYSE:KO) is interested in getting into the cannabis drinks business, a report by Bloomberg said Monday, and this in turn caused a spike in cannabis companies in premarket trade.

The Atlanta-based soft-drinks maker is in talks with Canadian marijuana producer Aurora Cannabis Inc (TSX:ACB) (OTCMKTS:ACBFF) to develop the beverages, the news agency said. 

“We are closely watching the growth of non-psychoactive CBD as an ingredient in functional wellness beverages around the world,” Coca-Cola spokesman Kent Landers said in an emailed statement to Bloomberg. “The space is evolving quickly. No decisions have been made at this time.”

Aurora Cannabis jumped about 18% to US$7.71 in New York Monday and by the same margin to C$10.04 in Toronto.

READ: Aurora Cannabis acquires European organic hemp company Agropro

The shares of other cannabis companies jumped as a result. Tilray (NASDAQ:TLRY) climbed in the premarket, rising 7.7% to US$117.51. Cronos Group (NASDAQ:CRON) dipped 2.% to US$10.17 and Canopy Growth gained 1.4% to US$47.80.

Last month, Corona beer brewer Constellation Brands Inc announced it will spend US$3.8bn to increase its stake in Canopy Growth Corp

READ: Canopy Growth cements strategic tie-up with Centric Health to supply medical cannabis

Molson Coors Brewing Co. is starting a joint venture with Quebec’s Hydropothecary Corp to develop cannabis drinks in Canada. 

Canada is legalizing recreational use of cannabis next month.

--Updates share prices--

 

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Mon, 17 Sep 2018 09:20:00 -0400 https://www.proactiveinvestors.com/companies/news/205037/beverage-giant-coca-cola-interested-in-cannabis-drinks-sending-cannabis-stocks-higher-205037.html
<![CDATA[News - Aurora Cannabis acquires European organic hemp company Agropro ]]> https://www.proactiveinvestors.com/companies/news/204757/aurora-cannabis-acquires-european-organic-hemp-company-agropro-204757.html Aurora Cannabis Inc (TSX: ACB, OTCQB: ACBFF) is taking another step into the hemp market with its latest acquisition of Agropro, one of Europe’s largest producers of organic hemp, in a US$6.2mln cash deal.

The cannabis company also acquired its sister company Borela, a processor of organic hulled hemp seeds, hemp seed protein, hemp flour and hemp seed oil.

READ: Aurora Cannabis acquires ICC Labs to expand in South American market

With more than 4,000 acres under contract, the companies have the potential to yield more than 1 million kg of organic hemp. There is also the opportunity to expand across Lithuania, Latvia, Estonia, and Poland.

Because the companies were focused on hemp seed-based products, a significant amount of CBD-containing hemp was left unused.

Aurora plans to extract and refine the organic hemp as it looks to expand its selection of CBD-based wellness products.

"Agropro's position as Europe's leading producer of premium organic hemp along with the significant and previously unutilized CBD production from the large quantities of currently discarded biomass, makes this an accretive acquisition and one that positions Aurora well to become a global leader in organic CBD-based wellness products,” said Aurora CEO Terry Booth.

The Canadian cannabis company is one of the largest in operation with the capacity to produce 570,000 kg per year.

Aurora recently acquired ICC Labs Inc, a fully licensed producer and distributor of industrial hemp products, medicinal cannabinoid extracts and recreational cannabis in Uruguay.

Shares of Aurora Cannabis rose around 2.5% to US$7.09 in Wednesday morning trading.

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Wed, 12 Sep 2018 10:34:00 -0400 https://www.proactiveinvestors.com/companies/news/204757/aurora-cannabis-acquires-european-organic-hemp-company-agropro-204757.html
<![CDATA[News - Aurora Cannabis acquires equity stake in CTT Pharmaceutical as it explores oral cannabis strips ]]> https://www.proactiveinvestors.com/companies/news/204663/aurora-cannabis-acquires-equity-stake-in-ctt-pharmaceutical-as-it-explores-oral-cannabis-strips-204663.html Aurora Cannabis Inc (TSX:ACB,OTCQX:ACBFF) has acquired an equity stake in CTT Pharmaceutical Holdings Inc (OTCMKTS:CTTH) as it looks into new delivery methods for cannabis.

The Canadian cannabis giant converted its US$1mln loan into a 9.14% equity ownership stake with the option to increase its stake to 42.5%.

Shares of Aurora jumped more than 3% to US$6.51 while shares of CTT surged more than 45% to US$1.02 in morning trading.

READ: Canopy Growth inks deal for rights to CURE Pharmaceutical’s oral cannabis strips

CTT develops a patented drug delivery method involving a thin wafer that dissolves when placed under the tongue.

“CTT’s innovative technology has the potential to produce great utility when applied to the cannabis industry, and we are encouraged with our joint progress towards establishing a long-term commercial arrangement with CTT to market this exciting technology,” said Aurora CEO Terry Booth in the company’s press release.

Aurora joins other cannabis companies that have been looking into delivering cannabis through fast-dissolving oral strips, including Aphria Inc (TSX:APH, OTCQB:APHQF) and Canopy Growth Corp (TSX:WEED, NYSE:CGC).

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Tue, 11 Sep 2018 11:04:00 -0400 https://www.proactiveinvestors.com/companies/news/204663/aurora-cannabis-acquires-equity-stake-in-ctt-pharmaceutical-as-it-explores-oral-cannabis-strips-204663.html
<![CDATA[News - Aurora Cannabis acquires ICC Labs to expand in South American market ]]> https://www.proactiveinvestors.com/companies/news/204539/aurora-cannabis-acquires-icc-labs-to-expand-in-south-american-market-204539.html Aurora Cannabis Inc (TSX:ACB) (OTCMKTS:ACBFF) announced on Monday the acquisition of ICC Labs Inc for around C$295mln or C$1.95 per share.

ICC is a leader in the South American cannabis market, with a 70% market share in Uruguay and licenses in Colombia for the production of medical cannabis. 

Uruguay is the only country where regulations permit the cultivation of CBD-rich hemp on a commercial scale. CBD, or Cannabidiol, is naturally occurring that may be supplied as an oil, with the forms being capsules, dried cannabis or as a prescription liquid solution.

"ICC is an ideal partner for Aurora to establish leadership in the South American cannabis market, delivering clear first mover advantage on a continent with over 420mln people," said Aurora CEO Terry Booth.

READ: Aurora Cannabis receives production license for Quebec facility, oils production license for subsidiary MedReleaf

Shares of Aurora Cannabis in Toronto went up 1.72% to end at C$8.26. In New York, the shares in the over-the-counter market were 2.43% higher to end at US$6.32.

According to a statement, the boards of both companies have approved the transaction.

Aurora is one of the world's largest and leading cannabis companies. It has a capacity of 500,000 kg per year, with sales and operations in 14 countries. It is based in Edmonton, Canada.

ICC is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay as well as a fully licensed producer of medicinal cannabis in Colombia.

The company has active operations in Uruguay and is focused on becoming the worldwide leading producer of cannabinoid extracts, giving support and promoting responsible use for medicinal purposes. 

 

 

 

 

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Mon, 10 Sep 2018 08:32:00 -0400 https://www.proactiveinvestors.com/companies/news/204539/aurora-cannabis-acquires-icc-labs-to-expand-in-south-american-market-204539.html
<![CDATA[News - Aurora Cannabis receives production license for Quebec facility, oils production license for subsidiary MedReleaf ]]> https://www.proactiveinvestors.com/companies/news/204462/aurora-cannabis-receives-production-license-for-quebec-facility-oils-production-license-for-subsidiary-medreleaf-204462.html Aurora Cannabis Inc (TSX: ACB, OTCQB: ACBFF) is upping its production capacity ahead of Canadian legalization in October.

The cannabis company has received a production license from Health Canada for its Aurora Eau facility in Lachute, Quebec.

The 48,000 square foot indoor-grow facility has a production capacity of 4,500 kg per year and sits on 46 acres of land, which Aurora has the right to purchase for US$136,000 for future expansion purposes.

READ: Three hidden gems stashed away in a cannabis market that just keeps rolling higher

Aurora now has a total of seven facilities licensed for production with a combined production capacity of more than 160,000 kg per year.

Its subsidiary MedReleaf Corp has received a license of its own for oil production in its Bradford facility.

MedReleaf Bradford features a high-volume CO2 extraction facility with the capacity to cultivate 28,000 kg per year.

Aurora says its subsidiary is stockpiling derivate products as it awaits a sale license.

Shares of Aurora Cannabis were down slightly on both Canadian and US exchanges.

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Fri, 07 Sep 2018 12:03:00 -0400 https://www.proactiveinvestors.com/companies/news/204462/aurora-cannabis-receives-production-license-for-quebec-facility-oils-production-license-for-subsidiary-medreleaf-204462.html
<![CDATA[Media files - Daily CryptoCann™ Report: West Virginia offers blockchain-based mobile voting; Aurora Cannabis expands its greenhouse operations ]]> https://www.proactiveinvestors.com/companies/stocktube/10063/daily-cryptocann-report-west-virginia-offers-blockchain-based-mobile-voting-aurora-cannabis-expands-its-greenhouse-operations-10063.html Tue, 07 Aug 2018 16:35:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/10063/daily-cryptocann-report-west-virginia-offers-blockchain-based-mobile-voting-aurora-cannabis-expands-its-greenhouse-operations-10063.html <![CDATA[News - Daily CryptoCann™ Report: West Virginia offers blockchain-based mobile voting; Aurora Cannabis expands its greenhouse operations ]]> https://www.proactiveinvestors.com/companies/news/202403/daily-cryptocann-report-west-virginia-offers-blockchain-based-mobile-voting-aurora-cannabis-expands-its-greenhouse-operations-202403.html Investors have compiled a laundry list of reasons to be cautious about cryptocurrency from its volatility to its lack of regulation. A stigma that crypto is the currency of criminals has lingered.

A new study from the US Drug Enforcement Agency may shift some perspectives.

Illegal activity was once behind 90% of crypto transactions, but that number has shrunk to around 10%, according to a Bloomberg report.

So, who’s behind the majority of cryptocurrency transactions? Bitcoin speculators.

READ: What exactly are Bitcoins and what are they for?

“The volume has grown tremendously, the amount of transactions and the dollar value has grown tremendously over the years in criminal activity, but the ratio has decreased,’’ said DEA agent Lilita Infante in an interview with Bloomberg. “The majority of transactions are used for price speculation.’’

However, Infante noted that the total transaction volume associated with illegal uses has been on the rise since 2013, so crypto is not in the clear just yet.

In blockchain news, West Virginia is offering its overseas residents the option to vote in the midterm elections via their phones, according to a CNN report.

US troops serving overseas can cast their votes via Voatz, a blockchain-based mobile voting app.

The app uses facial recognition software to match a current selfie to the voter’s government-issued identification card.

Not everyone was on board with the idea, questing the security of mobile voting.

"Mobile voting is a horrific idea," said Joseph Lorenzo Hall, the chief technologist at the Center for Democracy and Technology, in an email to CNN. "It's internet voting on people's horribly secured devices, over our horrible networks, to servers that are very difficult to secure without a physical paper record of the vote."

The technology was tested in two counties during the primary elections and a review found no issues. However, state officials will let each country have the final say on using the app.

The Cann Report

Aurora Cannabis Inc (TSX:ACB, OTCQB:ACBFF) is expanding its greenhouse operations.

The Canadian cannabis giant has signed a letter of intent to acquire the cannabis business of HotHouse Consulting Inc, an advanced greenhouse consulting service.

"Developing efficient and technologically advanced greenhouses allows Aurora to produce and harvest the highest quality cannabis at incredible scale while maintaining unmatched, ultra-low costs per gram, per square foot,  per year" said Thomas Larssen, president of greenhouse subsidiary Aurora Larssen Projects, in a press release.

The Alberta-based company is capable of producing as much as 570,000 kg of marijuana annually.

READ: Daily CryptoCann™ Report: London Stock Exchange welcomes its first crypto company; a marijuana breathalyzer is in the works

Canopy Growth Corporation (NYSE:CGC, TSX:WEED) has completed its own acquisition of Canopy Health Innovations Inc in its latest move into the medical cannabis space.

"With the acquisition complete, we're excited to further accelerate Canopy Health's vision to create evidence based cannabis formulations and delivery mechanisms that will serve patients worldwide,” said President Mark Zekulin in a press release.

CHI’s portfolio includes 39 patent applications for cannabis-based therapeutics to treat humans and animals.

The Canadian company operates 10 cannabis production sites with over 2.4 million square feet of production capacity.

In other Canadian cannabis news, Friday Night Inc (CSE:TGIF, OTCQB:TGIFF) announced its sales results from its Nevada subsidiaries.

Subsidiaries Alternative Medicine Association and Infused MFG reported combined sales in July of C$1.6mln, more than four-times the sales reported last July.

The Nevada market continues to demand high quality, well-branded products like ours, and we are working diligently to increase our footprint and expand our product line over the coming months," said Chris Rebentisch, the head of US operations, in a press release.

Its subsidiaries offer medical and recreational cannabis as well as CBD-infused products like lip balms and pain relief creams and cannabidiol nutritional supplements for pets.

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Tue, 07 Aug 2018 12:32:00 -0400 https://www.proactiveinvestors.com/companies/news/202403/daily-cryptocann-report-west-virginia-offers-blockchain-based-mobile-voting-aurora-cannabis-expands-its-greenhouse-operations-202403.html
<![CDATA[News - Daily CryptoCann™ Report: Coinbase users can turn crypto into e-gift cards; Aurora Cannabis to offer employees medical marijuana coverage ]]> https://www.proactiveinvestors.com/companies/news/201584/daily-cryptocann-report-coinbase-users-can-turn-crypto-into-e-gift-cards-aurora-cannabis-to-offer-employees-medical-marijuana-coverage-201584.html No-fee cryptocurrency trading has been luring in investors with apps like Robinhood skyrocketing to popularity.

There’s a new no-fee player in town known as Voyager, a start-up with some notable names behind it, according to a Fortune report.

Uber’s chief technology officer Oscar Salazar and early investor Philip Eytan around behind the new trading app. Its CEO is Stephen Ehlrich, the former CEO of Lightspeed Financial. Ehlrich was also with E*Trade before it was bought by Lightspeed.

The exchange plans to list a total of 15 cryptocurrencies, including Bitcoin and Ethereum. Robinhood currently provides free trading of five cryptocurrencies.

READ: Daily CryptoCann™ Report: SEC delays decision on Bitcoin ETFs; Acreage Holdings closes US$119mln in private funding

One of the biggest problems facing cryptocurrency is the difficulty in using it in the real world, leaving potential investors leaning towards more accessible fiat currency.

Popular exchange Coinbase is trying to bridge the gap, partnering with start-up WeGift to offer customers in the EU and Australia the opportunity to exchange coins from brand e-certificates, according to a Coin Telegraph report.

Gift cards are available for brands like Nike Inc (NYSE:NKE), Uber, Google Play, Ticketmaster and Tesco.

The exchange plans to roll out the plans into other markets over the next few months.

The Cann Report

Aurora Cannabis Inc (TSX:ACB) is one of the biggest players in the cannabis space with a more than US$3bn market cap.

The medicinal cannabis company has announced a new benefits package for its employees, including coverage for medical marijuana, as per a report by Canada’s The Star.

The insurance plan will be offered by Sun Life Financial and range from C$1,500 to C$6,000 per person annually, covering employees’ use of medical marijuana for certain conditions, including cancer and arthritis.

Aurora recently acquired MedReleaf Corporation, one of the largest marijuana companies in Canada.

READ: Crop Infrastructure has largest hemp farm in Nevada after additional planting

Moving to the lighter side of cannabis, a massive cannabis entertainment complex is opening in Las Vegas this fall.

Planet 13 Holdings Inc (CSE:PLTH) plans to open a more than 40,000 square foot complex, including 16,500 square feet of cannabis retail space, as per the company's press release.

The complex will feature up to 50 cash registers for customers as well as an outfoor water feature and interactive works of art, including a 15-foot-tall LED lotus flower that can be controlled by visitors.

The company expects around 55 million visitors annually.

 

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Wed, 25 Jul 2018 13:16:00 -0400 https://www.proactiveinvestors.com/companies/news/201584/daily-cryptocann-report-coinbase-users-can-turn-crypto-into-e-gift-cards-aurora-cannabis-to-offer-employees-medical-marijuana-coverage-201584.html
<![CDATA[Media files - Daily CryptoCann Report: Coinbase opens its crypto index fund; Michigan cracks down on dispensary names ]]> https://www.proactiveinvestors.com/companies/stocktube/9574/daily-cryptocann-report-coinbase-opens-its-crypto-index-fund-michigan-cracks-down-on-dispensary-names-9574.html Wed, 13 Jun 2018 17:10:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/9574/daily-cryptocann-report-coinbase-opens-its-crypto-index-fund-michigan-cracks-down-on-dispensary-names-9574.html <![CDATA[News - Daily CryptoCann Report: Coinbase opens its crypto index fund; Michigan cracks down on dispensary names ]]> https://www.proactiveinvestors.com/companies/news/198813/daily-cryptocann-report-coinbase-opens-its-crypto-index-fund-michigan-cracks-down-on-dispensary-names-198813.html The Crypto Report

All of the top five coins were in the red today. Ripple (XRP-USD) was the biggest decliner, falling nearly 8% to US$0.51. Bitcoin (BTC-USD) hit a four-month low, down more than 4% to US$6,269.77.

Crypto exchange Coinbase has opened its cryptocurrency index fund to investors, setting its sights on institutional investors. The fund is open to accredited investors in the US looking to invest between US$250,000 and US$20mln, according to its blog post.

Coinbase CEO Brian Armstrong pitched the fund to investors on Twitter, touting its broad range of crypto assets and low rates.

Investing in Coinbase Index Fund is the easiest way to get exposure to a broad range get of crypto assets.
Much cheaper than 2 and 20% charged by most crypto hedge funds, and you get new assets automatically added to the fund as they become available on Coinbase. No rebalancing. https://t.co/TyOnDuFMT9

— Brian Armstrong (@brian_armstrong) June 13, 2018

Last month, the company introduced four new products on an exclusive platform called Coinbase Prime to help investors transition from traditional markets. Coinbase said it is looking to launch more funds that will be accessible to all investors.

The platform recently acquired securities dealer Keystone Capital Corp as it heads down the path to becoming an SEC-regulated broker-dealer.

The Cann Report

Medical marijuana establishments in Michigan will have to be careful what they call themselves after the state licensing board banned the use of 16 words and phrases, according to a report by Marijuana Business Daily. Businesses cannot refer to themselves as a dispensary, apothecary, pharmacy or drugstore.

Those that do risk violating the Michigan Public Health Code, which restricts the use of those words to specific persons. Michigan also spells it “marihuana” after the word appeared without the letter J in an early statute and would need to change the law to change the spelling.

Aurora Cannabis Inc (TSX:ACB, OTCQB:ACBFF) announced that it will complete a C$7mln investment into cannabis retailer Choom Holdings Inc (OTCQB:CHOOF). Aurora will receive more than 9.8 million common shares priced at C$0.71 per share, adding up to an 8% ownership interest. Choom has the rights to 17 retail leases in Alberta, seven leases in British Columbia and is looking to move into the Saskatchewan market. Shares of Aurora were up around 2.7% to C$9.10.

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Wed, 13 Jun 2018 13:12:00 -0400 https://www.proactiveinvestors.com/companies/news/198813/daily-cryptocann-report-coinbase-opens-its-crypto-index-fund-michigan-cracks-down-on-dispensary-names-198813.html
<![CDATA[Media files - Daily CryptoCann Report: Wells Fargo to ban crypto purchases on its credit cards; Aurora Cannabis ac ]]> https://www.proactiveinvestors.com/companies/stocktube/9557/daily-cryptocann-report-wells-fargo-to-ban-crypto-purchases-on-its-credit-cards-aurora-cannabis-ac-9557.html Tue, 12 Jun 2018 16:19:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/9557/daily-cryptocann-report-wells-fargo-to-ban-crypto-purchases-on-its-credit-cards-aurora-cannabis-ac-9557.html <![CDATA[News - Daily CryptoCann Report: Wells Fargo to ban crypto purchases on its credit cards; Aurora Cannabis acquires marijuana testing lab ]]> https://www.proactiveinvestors.com/companies/news/198726/daily-cryptocann-report-wells-fargo-to-ban-crypto-purchases-on-its-credit-cards-aurora-cannabis-acquires-marijuana-testing-lab-198726.html The Crypto Report

Wells Fargo & Co (NYSE:WFC) will no longer allow its customer to purchase cryptocurrency using its credit cards, according to a report by Forbes. The US bank said that while it would continue to evaluate the issue, the decision was made due to the current risks associated with cryptocurrency.

It’s not the first financial institution to ban crypto purchases. JPMorgan Chase & Co (NYSE:JPM), Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C) as well as Canada’s Toronto-Dominion Bank (NYSE:TD) have all banned the purchase of crypto for the same reason.

READ: Apple bans cryptocurrency mining apps on its iPhone, iPad devices

File-sharing company BitTorrent Inc has been acquired by Justin Sun, the blockchain entrepreneur behind the TRON platform, according to a Variety report. Sun entered into negotiations with the software company in September 2017 and signed a letter of intent in January. When BitTorrent began talking with other bidders, the deal was suspended. Sun filed a temporary restraining order, but it was eventually dismissed.

The financial details of the takeover have not yet been released but BitTorrent management and staff have been advised of the change in leadership.

EOS (EOS-USD) was the top decliner, down more than 8% to US$10.34.

Bitcoin (BTC-USD) saw the smallest loss, down 2.5% to US$6,708.88.

The Cann Report

The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, was down nearly 2%.

Mayors from seven US cities have formed a coalition to remove marijuana from the federal list of illegal drugs, according to an ABC report. Elected officials from the marijuana-friendly cities of Denver, Seattle, Portland, San Francisco, Los Angeles, Las Vegas and Sacramento are asking Congress to not only remove cannabis from the federal Controlled Substances Act but also to allow marijuana industry employers to benefit from tax deductions, help financial institutions to provide banking services and to extend legal access to medicinal marijuana for U.S. veterans.

"As mayors of cities that have successfully implemented and managed this new industry, we have hands-on experience that can help Congress take the right steps to support other local governments as they prepare to enter this new frontier," said Denver Mayor Michael B. Hancock.

Aurora Cannabis Inc (TSX:ACB, OTCQB:ACBFF) will acquire Anandia Laboratories Inc in an all-stock C$115mln deal. Anandia provides cannabis testing services and will continue to operate independently of Aurora.

Shares of the Vancouver-based cannabis company were up nearly 2% to C$9.07.

 

--Updated to include cryptocurrency coin prices

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Tue, 12 Jun 2018 13:17:00 -0400 https://www.proactiveinvestors.com/companies/news/198726/daily-cryptocann-report-wells-fargo-to-ban-crypto-purchases-on-its-credit-cards-aurora-cannabis-acquires-marijuana-testing-lab-198726.html
<![CDATA[Media files - Daily CryptoCann Report: Crypto art auction features Andy Warhol painting; Canada Senate may legalize recreational marijuana ]]> https://www.proactiveinvestors.com/companies/stocktube/9508/daily-cryptocann-report-crypto-art-auction-features-andy-warhol-painting-canada-senate-may-legalize-recreational-marijuana-9508.html Thu, 07 Jun 2018 16:34:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/9508/daily-cryptocann-report-crypto-art-auction-features-andy-warhol-painting-canada-senate-may-legalize-recreational-marijuana-9508.html <![CDATA[News - Daily CryptoCann Report: Crypto art auction features Andy Warhol painting; Canada Senate may legalize recreational marijuana ]]> https://www.proactiveinvestors.com/companies/news/198479/daily-cryptocann-report-crypto-art-auction-features-andy-warhol-painting-canada-senate-may-legalize-recreational-marijuana-198479.html It's a fairly good day for cryptocurrency with four of the top five coins on the rise, but only seeing gains of less than 1%.

Bitcoin Cash (BCH-USD) was the top gainer, up 0.8% to US$1,138.17 with Ripple (XRP-USD) right behind up 0.7% to US$0.67.

Bitcoin (BTC-USD) rose 0.5% to US$7,701.69 followed by EOS (EOS-USD), also up 0.5% to US$13.98.

Ethereum (ETH-USD) was the sole decliner of the day, down less than 0.1% to US$605.54.

Blockchain platform Maecenas will auction off partial ownership of an Andy Warhol painting in what’s being called the world’s first cryptocurrency art auction, according to a Cointelegraph report. Buyers can purchase digital certificates of partial ownership of Warhol’s 14 Small Electric Chairs using the platform’s ART token, Bitcoin or Ethereum. A smart contract may be able to solve an age-old verification problem in the art market, providing information about copyright, ownership, authenticity and value. While the final price will be based on the smart contract, the reserve price is set at US$4mln.

Crypto trading platform Coinbase is on its way to becoming an SEC-regulated broker-dealer, according to its blog post. The exchange recently acquired securities dealer Keystone Capital Corp, as well as Venovate Marketplace Inc and Digital Wealth LLC. The acquisition will allow Coinbase to expand into non-crypto products and possibly bring tokens to existing securities. The exchange trades around US$150bn in assets and provides services to more than 20 million customers.

Coinbase COO Asiff Hirji wrote in a blog post that securing the license “will bring us a step closer to our goal, which is to be the most trusted way for our customers to buy, sell, and use many different types of crypto assets.”

Today we’re excited to announce that we’re on track to become a US-regulated blockchain securities trading venue. We believe this is an important moment not only for Coinbase, but the entire crypto ecosystem. https://t.co/3grNDa6l9Z

— Coinbase (@coinbase) June 6, 2018 The Cannabis Report

The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, fell around 2.5%.

After much anticipation, Canada may legalize recreational marijuana if the Canadian Senate ratifies Bill C-45 on Thursday, according to a Fortune report. While many countries have eased on restrictions, Uruguay is currently the only country where recreational marijuana is fully legal. If the bill passes, the sale and use of marijuana would be legal for people over the age of 18.

Sales of legal cannabis would not begin until two to three months after the legislation passes, according to the Canadian health minister. Marijuana will be sold in plain packaging with a yellow health warning and a red stop sign to signify there is cannabis in the product.

Aurora Cannabis Inc (TSX:ACB) has acquired a nearly 20% stake in softgel maker Capcium Inc, investing C$10mln into the company. The companies have partnered to develop cannabis-based softgels for patients. Privately-owned Capcium will use the investment to expand its manufacturing capabilities, constructing a new facility expected to be completed by the fourth quarter of 2019. Shares of the Vancouver-based company fell slightly to C$9.66.

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Thu, 07 Jun 2018 12:31:00 -0400 https://www.proactiveinvestors.com/companies/news/198479/daily-cryptocann-report-crypto-art-auction-features-andy-warhol-painting-canada-senate-may-legalize-recreational-marijuana-198479.html
<![CDATA[Media files - Daily CryptoCann Report: Rehab center to treat crypto addiction; Aurora Cannabis introduces high-potency product line ]]> https://www.proactiveinvestors.com/companies/stocktube/9418/daily-cryptocann-report-rehab-center-to-treat-crypto-addiction-aurora-cannabis-introduces-high-potency-product-line-9418.html Wed, 30 May 2018 15:02:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/9418/daily-cryptocann-report-rehab-center-to-treat-crypto-addiction-aurora-cannabis-introduces-high-potency-product-line-9418.html