Cannabis Canada: CIBC upgrades Aphria, reduces targets for Aurora, Hexo

A container of the Marigold Hybrid strain cannabis flowers is seen at a facility in Kingston, Jamaica, on Thursday, Dec. 13, 2018. Canadian cannabis producer Aphria Inc. says that a Jamaica marijuana farm is now part of its growing portfolio of international assets, though U.S. short sellers say the company overpaid for "worthless" operations. Photographer: Ezra Fieser/Bloomberg , Bloomberg

BNN Bloomberg

Aug 18, 2020

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CIBC upgrades Aphria to 'outperformer'

CIBC is upgrading Aphria's stock to "outperformer." The bank's equity research arm says while there's no fundamental change to its thesis on the cannabis company, the share price decline in the wake of Aphria’s fourth-quarter results creates an attractive upside of about 25 per cent. CIBC also reduced its price targets for Aurora Cannabis and Hexo, as it expects lower sales as a result of continued product price compression.

Curaleaf posts strong revenue in Q2

Multi-state U.S.-cannabis producer Curaleaf announced second-quarter results Monday night, reporting revenue that more than doubled from the same period in 2019. The company reported US$121.4 million in managed revenue, a 120-per-cent increase over last year’s Q2, total revenue was up 142 per cent year-over-year to $US117.5 million, and wholesale revenue increased by 422 per cent from Q2 2019 to US$33.3 million. The company now has a foothold in 23 U.S. states, having completed its acquisition of Grassroots after quarter-end and closing smaller deals in New Jersey, Maine and Colorado.  

Organigram partners with Shoppers to genetically track pot

Organigram is partnering with Medical Cannabis by Shoppers, Shoppers Drug Mart's online cannabis platform, and software company TruTrace to genetically track its pot through the supply chain. Under the partnership, Organigram will provide the products to be used in Shoppers' pilot tracking program. Organigram’s goal is to generate real-time information about the composition of the cannabis products used by its customers. The company says tracking is necessary to provide consistent medicine, as subtle changes due to genetic or environmental conditions could have a significant impact on patients.

Neptune to launch Mood Ring pot brand in Canada

Neptune Wellness Solutions Inc. announced Tuesday that it will launch its new cannabis brand Mood Ring in select Canadian locations this fall. The health and wellness company is known for its sustainable lifestyle brands, and its foray into the cannabis market will initially focus on CBD and THC products. "Mood Ring is directly aligned with our strategy to move closer to the consumer and drive our growth with unique, high-quality and affordable health and wellness branded products," Michael Cammarata, chief executive officer of Neptune Wellness Solutions, said in a release. Neptune received its cannabis sales licence from Health Canada in June.
 

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DAILY BUZZ

 


“You brought out like a million people that nobody ever knew were coming out.”

-- U.S. President Donald Trump discouraged Republicans from making cannabis a ballot-box issue at a campaign stop Monday in Oshkosh, Wisc. 

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