Three Canadian cannabis producers have received updated ratings from big bank analysts.

Earnings reports also continued to roll in this week as marijuana companies with operations in the US market delivered quarterly updates to investors.


Keep reading to find out more cannabis highlights from this week.

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Aphria boosted by CIBC analysts

This past week, researchers at Canadian bank CIBC issued a new investor note in which they upgraded Aphria (NASDAQ:APHA,TSX:APHA) to the “outperformer” category.

The analysts praised the company for its increased market share of Canadian cannabis sales, its decision to scrap a $40 million investment in the Latin America cannabis market and its potential to generate positive operating cash flow in upcoming quarters.

“Aphria should be able to survive regardless of the pace of evolution in Canada’s cannabis market, and a US market entry would represent a potentially material catalyst,” said the analysts as part of their investment thesis for the company.

The company has a base-case price target from the researchers of C$7.50; CIBC’s report also includes an upside scenario of C$11 and a downside scenario of C$4.

In the same note CIBC, downgraded its price targets for Aurora Cannabis (NYSE:ACB,TSX:ACB) and HEXO (NASDAQ:HEXO,TSX:HEXO) to C$20 and C$0.90, respectively.

“Our volume and market share assumptions are mostly unchanged, but we believe pricing, particularly in the value segment, where each company has captured a meaningful following among consumers, will continue to see compression over the coming year,” the note indicates.

Financial results grab investor attention

TerrAscend (CSE:TER,OTCQX:TRSSF) and Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) joined the collection of companies issuing quarterly reports, with both providing solid revenue growth.

Curaleaf reported sequential total revenue growth of 22 percent, resulting in quarterly revenue of US$117.5 million. It now has operations across 17 states with favorable cannabis laws.

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

“The outstanding results come despite headwinds related to temporary COVID-19 related closures and restrictions in Massachusetts and Nevada,” Joseph Lusardi, CEO of the multi-state operator, said.

Meanwhile, TerrAscend said sales in the US market accounted for a significant portion of its overall final sales line for the quarter. In Q2, the firm reported net sales of C$47.2 million.

“After achieving our first quarter of positive (earnings before interest, taxes, depreciation and amortization) EBITDA in Q1, we have now achieved another significant milestone of positive cashflow from operations in Q2,” Jason Ackerman, CEO and executive chairman of TerrAscend, told investors.

Cannabis company news

  • Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) made official the upcoming launch of its new consumer brand, dubbed Mood Ring. According to the company, this brand is designed to satisfy consumer demand for quality, environmentally friendly products at an affordable price point. The brand is set to launch in the fall in Canada and will offer both CBD and THC products.
  • Planet 13 Holdings (CSE:PLTH,OTCQB:PLNHF) told investors this past week it is upsizing its already confirmed public offering. The deal, co-led by Beacon Securities and Canaccord Genuity, will now see the purchase of 5.4 million units of the company at a set price of C$3.70, resulting in gross proceeds of just over C$20 million.
  • Avicanna (TSX:AVCN,OTCQX:AVCNF) issued its official Q2 financial report in which it touts a quarterly revenue uptick of 172 percent for a resulting C$709,468. While Avicanna reported a net loss for the quarter of C$7.6 million, the company indicated it has made strides to reduce “general and administrative costs.”

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

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

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

A middling Canadian cannabis producer announced an executive turnover plan this week after receiving a critical investor letter in September.

Meanwhile, a Canadian exchange-traded fund (ETF) company released lists of new additions to both of its cannabis funds as part of its quarterly rebalancing.

Keep reading... Show less
  • The Cannabis Derivatives are derived from Avicanna’s cultivation and extraction infrastructure in Santa Marta, Colombia designed to supply partner companies and the manufacture of Avicanna’s own finished products.

Avicanna Inc. (” Avicanna ” or the ” Company “) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that, through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S. (“ SMGH ”), it has completed a commercial exports of CBD Isolate and CBD full spectrum psychoactive cannabis resin (the “ Cannabis Derivatives ”) to a leading Chilean homeopathic and naturopathic pharmaceutical company.

The Cannabis Derivatives, branded as Aureus™, are cultivated, extracted, and manufactured by SMGH. In addition, for Avicanna’s global input needs, SMGH also supplies other pharmaceutical and cosmetics companies with cannabinoids including CBD, THC, and rare cannabinoids such as CBG in addition to supplying global cultivation companies with standardized and feminized seeds. This new export to Chile is a recurring order and part of on-going relationship with an established homeopathic Chilean company.

Keep reading... Show less

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX:WEED, NASDAQ:CGC) will release its financial results for the second quarter fiscal year 2022 ended September 30, 2021 before financial markets open on November 5, 2021 .

Keep reading... Show less

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, announced today the opening of a new Sunnyside dispensary in Wyomissing, Pennsylvania. Wyomissing will be Cresco Labs’ fifth dispensary in Pennsylvania and 38 th nationwide.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211021006075/en/

Keep reading... Show less

The world of cannabis consumption is set to change radically, thanks in large part to the advancement of state-of-the-art research on the plant itself.

Medical cannabis products have already allowed many new users to discover the plant’s potential, but decisive research will help build a foundation for more sophisticated medical offerings.

Keep reading... Show less