Bankers circling around nascent European cannabis market
The European cannabis sector is primed for lift-off and some bankers appear to be laying the groundwork now to take advantage of the expected boom. Bloomberg News reports that Canaccord Genuity, the biggest underwriter of stock offerings for weed-related companies, has appointed a head of European cannabis investment banking while other investment banks have initiated coverage of several Canadian cannabis companies. A Canaccord executive said there has been “significant” interest from medical cannabis companies for stock-market listings in Europe, notably the junior AIM market and the Main Market of the London Stock Exchange.
Pot Pickups: CaniBrands hires NHL trainer as new advisor, WeedMD appoints new “chief cannabis officer”
CaniBrands, a Toronto-based company that plans to enter the U.S. cannabis and hemp market, announced it appointed Andy O'Brien as its sport science advisor. O’Brien, who is also the director of sport science and performance for the NHL’s Pittsburgh Penguins, will work with CaniBrands to develop several hemp-based CBD products aimed at improving physical performance for athletes and fitness enthusiasts. Meanwhile, WeedMD said Derek Pedro will be the company’s chief cannabis officer, a newly created position that will work improve the firm’s “best-in-class cultivation practices.” The London, Ont.-based cannabis producer also appointed Alex Sibilev as its new vice president of quality assurance.
Aurora soars after Cowen designates it as top cannabis pick
Shares of Aurora Cannabis soared Tuesday after Cowen & Co. analyst Vivien Azer initiated coverage on the company and designated it as a top pick in the cannabis space. Cowen assigned Aurora an “outperform” rating with a $14 price target. Cowen expects Aurora to generate revenue of $305 million in its current fiscal year, which should more than double to $742 million by fiscal 2020 and rise to $1.34 billion by fiscal 2022. Cowen also initiated coverage of The Cronos Group, with a “market perform” rating and $29 price target.
AGCO announces two more pot stores to open in Niagara Falls, London
Two more pot store applications were announced by the Alcohol and Gaming Commission of Ontario, bringing the total number of pot stores in Ontario that have been unveiled to 18. The first store is located in Niagara Falls under the “Choom Cannabis” banner, and London will potentially open the “J. London” cannabis store. The London location also holds the distinction of previously housing an illegal dispensary raided multiple times by London police, according to the London Free Press.
DAILY BUZZ
"It’s a rare day that we don’t have a ‘pot dog’ hospitalized in the ICU."
– Dr. Louisa Rahilly, medical director of Cape Cod Veterinary Specialists, on the surge of dog poisoning caused by marijuana ingestion in Massachusetts, where recreational and medical cannabis is legal
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