Wait – what? No multimillion-dollar blockbuster cannabis deals this week? Perhaps industry insiders were finally catching their breath… or maybe not.
Here’s a recap of the top newsmakers and deals that caught our eyes here at Investor Intelligence this week – plus a look at what we’ll be watching for next week.
Hemp on the Horizon: New Brunswick-based cannabis producer Organigram began trading this week on the Nasdaq, a move CEO Greg Engel said primes the company to tap into the U.S. hemp market. The firm doesn’t plan to start growing hemp in the U.S., but is more interested in the CBD market, Engel told financial-news network Cheddar.
That makes sense considering the war chest and intellectual property Organigram has been building to become a dominate player in Canada’s extraction market – slated to launch in 2019.
The company’s material for extraction reached roughly 9,000 kilograms at the end of the quarter, up from 1,917 kilograms as of Aug. 31, 2018. The material can be used for vape pens, edibles, oil formulation, beverages or other permitted products, the company said.
“We are prepared and planning to launch vaporizable pens and a number of different product lines in the fall,” Engel told investors in April.
Curated with you in mind: Other top stories worth your time
- Salary Snapshot: On average, cannabis CEOs earn $285,113, according a Marijuana Business Magazine’s 2019 Salary Snapshot report.
- New Jersey lawmakers approved a major expansion of its medical cannabis program, which to date has awarded only 12 dispensary licenses for all of New Jersey. The New Jersey Assembly approved the MMJ expansion bill Thursday, and it now moves on to the state Senate for an expected vote on May 30.
- On the Sidelines: The NFL and the NFL Players Association have agreed to study the use of marijuana as a pain management tool for players. This will be interesting. The bill would cap the total number of cultivators at 23, including those already licensed.
Next Week:
Several leading cannabis companies are slated to report earnings, including:
- Acreage Holdings: Q1 earnings to be released after market closes Tuesday, conference call slated for 8:30 a.m. E.T. Wednesday.
- Charlotte’s Web: Q1 earnings to be released after market closes Tuesday, conference call slated for 8 a.m. E.T. Wednesday.
- Cresco Labs: Q1 earnings to be released Wednesday with conference call planned for 6 p.m. E.T.
- MedMen: Q3 earnings to be released Wednesday with conference call planned for 5 p.m. E.T.
- MJardin: Q1 earnings to be released Thursday with conference call planned for 10 a.m. E.T.
- Green Thumb Industries: Q1 earnings to be released Thursday, with conference call planned for 5 p.m. E.T
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With that – enjoy the weekend!
Sincerely,
Lisa Bernard-Kuhn
Editor, Investor Intelligence
