Cannabis Weekly Round-Up: Catalonia Moves Forward with Legalization

From Mexico legalizing medicinal cannabis to companies being added to the only marijuana ETF, there was a lot of cannabis-related news this week.

cannabis-leaf

The past trading week (June 26-June 30), saw a variety of interesting movements with some of the biggest Canadian cannabis stocks releasing financial reports into their business. In Europe, there were two reported new locations gearing towards some form of marijuana legalization.

Over the five-day trading period, the Marijuana Life Sciences Index ETF (TSX:HMMJ) saw a 4.5 percent decrease overall. As of 11:10 a.m. EST, the cannabis ETF traded at $8.48. Year-to-date HMMJ has dropped 17.27 percent.

Across the pond and over in Spain, it was reported on Wednesday (June 28) the region of Catalonia officially moved forward with legalization as the government takes care of regulating cultivation and consumption of the product.

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As reported in the Spanish version of Huffington Post, this result is a novel one in Europe since it establishes a way to stop police from interfering in its system.

“We didn’t want to do something halfway,” said Alba Vergés a deputy official and the president of the Health Commission of Parliament. In addition, the law will seek to regulate how cannabis is transported.

Another positive regulation step was taken in Poland, with the AFP reporting the conservative lower house of parliament approved a policy to regulate medical marijuana.

“An opinion survey conducted in January found that 78 percent of Poles believe access to marijuana should be legal,” the AFP wrote.

Over in Canada, we saw the release of quarterly reports from some of the biggest companies in the public cannabis space. 

Also on Wednesday, MedReleaf (TSX:LEAF) reported earnings before interest, tax, depreciation, and amortization (EBITDA) of $14 million on $40 million in sales. CEO of MedReleaf Neil Closner said after the company’s IPO, it currently holds $74 million to fund their expansion including an international expansion.

Canopy Growth (TSX:WEED) released a report for their fourth quarter and fiscal 2017 year financial results. The Globe and Mail reported that while its patient base doubled in the last fiscal year, the company posted a loss for the year and the quarter.

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“With a patient base that has more than doubled over the past year, to over 58,000, we have scaled up operations in all areas, including cultivation capacity, information technology, quality assurance, fulfillment and customer care,” Bruce Linton, Chairman & CEO of Canopy said in a statement. “Our expansion into developing medical cannabis markets, with established products and procedures under the Spectrum brand, has begun in Germany and Chile.”

Aurora Cannabis (TSXV:ACB; OTCQX:ACBFF) and WeedMD (TSXV:WMD) announced the establishment of a strategic relationship where the two companies agree to assist one another with product demand and patient education information.

WeedMD’s commitment under the agreement is to wholesale product to Aurora for demand above and beyond WeedMD’s own patient requirements. Pursuant to the agreement, WeedMD has made an initial sale to Aurora out of inventoried product, while ensuring that its retained supply is such that current and future patient needs can be met. Aurora, in turn, will assist WeedMD with its patient education and outreach program through the Company’s CanvasRx unit.

Terry Booth, CEO of Aurora said the move is beneficial for the two companies, while Bruce Dawson-Scully, CEO of WeedMD added the relationship will “accelerate [their] commercial development.”

This past week Tetra Bio-Pharma (CSE:TBP; OTCQB:TBPMF) announced it was expanding its scope and would enter the ped treatment sector using cannabinoid treatments.

“Tetra will create a Veterinary Advisory board consisting of veterinary specialists in the fields of ophthalmology, oncology and pain,” the company said in a statement.

Supreme Pharmaceuticals (TSXV:FIRE) announced Health Canada finally granted the company’s subsidiary 7ACRES with a sales license under the Access to Cannabis for Medical Purposes Regulations (ACMPR).

Don’t forget to follow us @INN_LifeScience for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: WeedMD is a client of the Investing News Network. Canopy Growth acquired Mettrum a client of the Investing News Network. This article is not paid-for content.

 

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** This article is updated each week. Please scroll to the top for the most recent information**

Cannabis Weekly Round-Up: Mexico Legalizes Medical Marijuana

June 25, 2017

It was another exciting week for the cannabis industry–from medical legalization in Mexico, companies debuting on ETFs and stocks making share price gains–proving yet again that there are no signs of the market slowing down.

With that in mind, here the Investing News Network (INN) breaks down some of the top news of the week in a cannabis weekly roundup.

In a move that had been in the works through lower chambers of government, Mexican President Enrique Pena Nieto officially accepted new legislation regarding cannabis. Now, the legislation allows the medical consumption of cannabis and its use for scientific research.  The physical product must contain 1 percent or less tetrahydrocannabinol (THC).

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This move represents a shifting culture in Mexico and many other Latin American countries as they seek to remove the stigma on drugs and even see a profit from the legalization of cannabis.

In the United States, a bill passed in the Massachusetts Senate updating the voter-mandated marijuana legalization law from last year’s election, which will allow retail shops to open by July 2018. This bill changed one from the House of Representatives which sought to “essentially repeal and replace” elements of Question 4–the ballot that voters passed last November, according to Leafly.

North of the American border, the Canadian cannabis market saw a lot of movement.

Firstly, Maricann (CSE:MARI) and Invictus MD (TSXV:IMH) made their debut on the Marijuana Life Sciences Index ETF (TSX:HMMJ). Both companies detailed the achievement and called it a significant move, which highlights their efforts in the industry.

The only ETF focused on cannabis companies, so far, saw an increase of 5.21 for the past week and closed the market at $8.88. On a year-to-date period, since its inception on April 6, HMMJ has decreased 13.37 percent.

The Hydropothecary Corporation (TSXV:THCX) announced it was successful in renewing its sales license from Health Canada, which will allow the company to “as much medical marijuana as it can store.” This license will be valid until October 15, 2019.

The ruling from Health Canada also included the approval for two new facilities, “without an onsite pre-licence inspection” which is in accordance with the agency’s streamlined licensing measurements. A move in response to what some experts have speculated will be a major problem from the Canadian cannabis industry as there might not be enough cannabis to satisfy the demand once recreational use becomes legal next year.

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Michael Mona Jr. CEO of CV Sciences (OTCQB:CVSI) a company researching cannabinoid candidates and selling health products like hemp oils are facing fraud charges from the U.S. Securities and Exchange Commission, due to an overstated company reports from the first two quarters of 2013.

The company released a statement indicating they would defend themselves in this matter, however their stock saw decrease of 99.62 percent during the last five trading days. Closing on June 23 at $0.23.

Lastly for the cannabis weekly roundup is a look at stocks on the move The week saw two major cannabis companies with a significant increase in their stock: Canopy Growth (TSX:WEED) and Supreme Pharmaceuticals (TSXV:FIRE).

Canopy saw a 7.54 percent increase over the last five trading days and closed the week at $8.41. The company confirmed they will hold their earnings call on June 27. Speculation on their growth and sales numbers has boosted the stock ahead of the release.

Supreme, on the other hand, had a 4.03 percent rise thanks to a recent batch of license updates from Health Canada. The company finished the week at $1.29.

Don’t forget to follow us @INN_LifeScience for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Invictus MD is a client of the Investing News Network. Canopy Growth acquired Mettrum a client of the Investing News Network. This article is not paid-for content.

 

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