Cannabis Weekly Round-Up: CIBC Updates Targets for Key Stocks

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.

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.

• 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.”

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