During the past trading week (August 5 to 9), Canadian cannabis producer Cronos Group (NASDAQ:CRON,TSX:CRON) suffered in the stock market after it provided predictions for its spending in the second half of 2019.

New senior listings from cannabis companies in Canada made headlines, while the latest developments from partnerships between beverage makers and cannabis companies also caught attention.

Here’s a closer look at some of the biggest news during last week’s trading period.

Established beverage brands make cannabis deals

Dixie Brands (CSE:DIXI.U,OTCQX:DXBRF) secured a deal to develop THC-infused drinks with established beverage maker AriZona Beverages.

The collaboration will go beyond drinks as AriZona Beverages will invest up to US$10 million into Dixie in subordinate voting shares at a cost of US$0.59 per share over two years. The initial agreement is set to last three years with the option for two extra sets of two years for renewal.

“The Cannabis category is an ideal space to bring the flavor and fun of AriZona into new and exciting products,” Don Vultaggio, chairman of AriZona Beverages, said in a press releaseVultaggio added that the beverage maker picked Dixie after spending time building a relationship with its management team.

Another beverage deal that caught the attention of the market was that of HeavenlyRx securing a stake in Seattle-based craft soda maker Jones Soda (OTCQB:JSDA). In an exclusive interview with the Investing News Network (INN), Paul Norman, CEO of HeavenlyRx, said the company is planning to revive the appeal of the Jones Soda brand with the announced development of cannabidiol (CBD) drinks.

“Job one is to … bring some new energy to the core, rebellious Jones brand that everybody knows,” Norman told INN. “Job two is to bring a twist to the brand by making a range of CBD-infused products.”

HeavenlyRx is a subsidiary of SOL Global (CSE:SOL,OTC Pink:SOLCF), but has plans of its own for a future public listing.

“The desire is there and there’s a lot of effort going into the process of taking the company public as soon as we can and as soon as it makes sense,” Norman said.

Cronos projects higher spending and losses

Shares of Cronos Group took a hit when it issued its financial report for Q2 and the first half of the year on Thursday (August 8) . Cronos is projecting future losses due to its spending practices.

The cannabis firm indicated net revenue for the quarter of C$10.2 million. However, Cronos reported a loss in earnings before interest, taxes, depreciation and amortization (EBITDA) of C$17.8 million.

Cronos is projecting higher spending for the second half of the year, compared to its spending of US$28.5 million during the first half of 2019, according to a Reuters report.

“As we continue to invest in our business, our brand, and (research and development) initiatives, we believe our adjusted EBITDA loss will increase in the second half of the year compared to the first half,” Jerry Barbato, CFO of Cronos, said in a call with analysts, according to a report from Yahoo Finance.

Following the results on Thursday, Cronos slid on the NASDAQ and the Toronto Stock Exchange (TSX) to close at US$13.89 and C$18.40, respectively.

Senior listings coming for various cannabis players

This past week, a collection of marijuana companies informed investors of their intentions to obtain more senior listings on exchanges in Canada and the US.

On Wednesday (August 7), The Green Organic Dutchman (TGOD) (TSX:TGOD,OTCQX:TGODF) confirmed an application to join the likes of Cronos and Tilray (NASDAQ:TLRY) on the NASDAQ.

“This is an important step in the growth of TGOD, one that will broaden our investor base and increase access for international investors as we build the leading global organic cannabis brand,” Brian Athaide, CEO of TGOD, said in a press release.

Similarly, Canadian cannabis producers Delta 9 Cannabis (TSXV:DN,OTCQX:VRNDF) and Organigram Holdings (NASDAQ:OGI,TSXV:OGI) confirmed conditional approvals for uplisting to the TSX.

Greg Engel, CEO of Organigram, said in a press release that the move will expand the company’s reach with the investment community. Organigram obtained a NASDAQ listing in May.

John Arbuthnot, CEO of Delta 9, explained that the senior listing will help the growth of the company, saying: “This eventual listing on the TSX will help to increase trading liquidity, provide access a growing investor base interested in the cannabis industry, and raise capital for further investments.”

Cannabis market updates

Shares of Canadian cannabis producer Aurora Cannabis (NYSE:ACB,TSX:ACB) surged after it informed the market of its revenue projections for Q4 and its 2019 fiscal year results.

Aurora is expecting to see revenue of C$100 million to C$107 million for Q4. The company also projects net revenue for its fiscal year of between C$249 million and C$256 million.

Planet 13 Holdings (CSE:PLTH,OTCQX:PLNHF) updated investors on the performance of its Las Vegas, Nevada, superstore. For the month of July, the store reported an average of 1,937 customers a day, with an average ticket price worth approximately US$90.

“In May we reached an impressive milestone, the SuperStore accounted for 10 percent of all dispensary sales in Nevada,” Larry Scheffler, co-CEO of Planet 13, said in a press release. “I’m optimistic we will see this trend continue once the department of taxation releases June and July numbers.”

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

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

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