Alcanna CEO: Doubtful cannabis substantially eats into our booze business
Pot stocks extend declines
Most publicly-listed pot companies extended a six-day slide on Wednesday, firmly trading in negative territory amid a broad sell-off on major U.S. and Canadian markets. Despite posting earlier gains, notable decliners for the day include Canopy Growth, Aphria and Newstrike Brands, although Hexo and Nameste Technologies were rare outperformers. Aurora Cannabis, which was treated to a deep plunge in its debut on the New York Stock Exchange Tuesday, continued to drop lower on the U.S. market, down about 2 per cent in mid-afternoon trading. The recent declines in the pot space have led cannabis short sellers to make US$450 million on the first two days of the week, Bloomberg reported
Now you can order your pot stocks with Alexa
Cannabis-related stock trading surged in the most recent quarter, according to TD Ameritrade. The Omaha-based firm said it has seen a surge of interest in the pot industry from clients, according to Tim Hockey, CEO of the U.S. discount broker, in an interview with BNN Bloomberg. Pot trading accounted for about 6 per cent of total trades in the last quarter, shy of the 9 per cent of trades from crypto-related stocks at the height of their popularity last year. TD Ameritrade now allows investors to place trade orders through Amazon’s Alexa devices, including cannabis trading.
Cannabis + Beer=Yum?
While cannabis-infused beverages aren’t legally available yet in Canada, apparently they taste awful. One Toronto-based company thinks they’ve found a solution, according to Bloomberg’s Kristine Owram. Province Brands of Canada is developing beer that replaces the barley typically used in the brewing process with the stalks, stems and roots of the cannabis plant. Add some hops and water, and Province Brands thinks they might have a compelling offer to discerning consumers soon.
Canada’s pot supply issues to ease in a few weeks
Canopy Growth CEO Bruce Linton expects the ongoing supply shortage that has frustrated Canadian cannabis consumers will likely abate over the coming weeks. In an interview with the CBC, Linton said Canopy has shipped 500,000 containers of cannabis across the country while another 600,000 units are being prepared for delivery.
Pot stores reporting strong early sales
Another pot retail store is reporting strong sales in the first days of legal cannabis. Manitoba retailer Delta 9 said it has logged 9,600 transactions since cannabis was legalized on Oct. 17, totaling $736,124 in revenue as of Tuesday this week. That comes on the heels of Alcanna’s announcement Monday stating that in the first five days of legalization, its five NOVA Cannabis-branded stores in Alberta reported sales of approximately $1.3 million..
The number of job searches containing cannabis-related terms on Indeed, per 10,000 queries, in the week of legalization
Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day.