Canadian licensed marijuana producers started the week off on the right foot and we are monitoring how the sector trades following yesterday’s move higher.
Record quarterly revenue of $21.7 million highest ever reported in Canadian cannabis sector driven by strong domestic and international sales
Record Germany quarterly sales of $1 million, all from domestic Canadian production
Year-over-year registered patient growth of 138% and revenue growth of 123%
Canopy Growth Corporation (TSX: WEED) ("Canopy Growth" or the "Company") today announced that it has signed a letter of intent with the Société des alcools du Québec ("SAQ") to provide the Quebec market with 12,000 kilos of high-quality cannabis annually.
Canopy Growth Corporation (TSX: WEED) ("Canopy Growth" or the "Company") is pleased to announce that it has acquired certain intellectual property assets and know-how for total proceeds of $5,325,250 of which $3,132,500 was paid on closing by issuing 117,253 common shares of the Company based on the 5 day VWAP of $26.7157. The remaining consideration of $2,192,750 will be paid over a series of milestones in common shares of the Company at the 5-day VWAP when each milestone is achieved.
Canadian cannabis stocks have been under considerable pressure and several leading licensed producers are trading near oversold levels after Friday’s significant move lower.
Last week was a rough week for cannabis stocks and during this time, Horizon’s Marijuana ETF (HMMJ.TO) (HMLSF) fell approx. 28% (down 10% on Friday) and we are monitoring how this trend continues today.
One way to tell that the market is excited by the prospects of the Canadian cannabis industry is to look at the size of the recently completed bought deals.
Over the last quarter, we have seen several Canadian cannabis licensed producers announce bought deals for more than $100 million and this is a trend that we continue to monitor closely.
Canadian cannabis stocks continue to remain under pressure and momentum has been trending lower during this time.
Yesterday, the Canadian cannabis sector showed more strength than the prior two trading days and we are monitoring how this trend continues today. While this pullback is concerning, it will create a great opportunity for investors to create new positions or add to existing positions.
Canopy Growth Corporation (TSX: WEED) (OTC: TWMJF) and the New Brunswick Liquor Corporation ("ANBL") today announced the roll out of a retail training program intended to educate and prepare Cannabis NB retail staff for the legalization of recreational cannabis. The training program, the first of its kind in Canada, will consist of four pillars combining online, self-study, and classroom components.