June saw the confirmation of Bill C-45 in the Canadian cannabis market, a landmark event anticipated by investors in the space. Canadian Prime Minister confirmed the act will officially become the law in Canada starting on October 17. The delay in the start of adult-use sales, originally predicted around September, is due to a request for more time from the provinces and territories before the start of legal sales.
Many experts had predicted and the overall market had warmed to the idea of another rush for cannabis stocks once the date for legalization was given.
Russell Stanley, an analyst with Echelon Wealth told the Investing News Network (INN) he foresaw the sentiment for these stocks would get better once the recreational sales kicked-off.
Market Updates
During the month of June it was revealed Tilray, a private licensed cannabis producer will finally make its public debut this year. The company announced it is seeking an initial public offering (IPO) on the NASDAQ Global Select Market with the ticker symbol “TLRY.”
Horizons ETFs Management unveiled its proposal for the launch of three new cannabis exchange-traded funds (ETFs), which will be inverse ETFs. Steve Hawkins, president and co-CEO of Horizons ETFs said if used appropriately “inverse marijuana ETFs could be a potentially more liquid and easier way for investors to get short exposure to Canadian-listed marijuana stocks while limiting their risk to what they invested.”
The three new ETFs will use the Solactive Canadian Marijuana Companies Index as a measuring point of comparison for their daily performance.
ICBC event recap
Also during the month, INN had the chance to cover the Vancouver edition of the International Cannabis Business Conference (ICBC). Investors can read a full recap of the event and panels of importance to the public markets.
INN also interviewed Nic Easley, CEO of 3C Consulting and a managing partner with Multiverse Capital, who shared some of his opinions on the overall market and explain the rational behind his bubble prediction for the Canadian cannabis public market.
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.
