Cannabis stock report: Pot stocks fall for second day as investors look to medical marijuana breakthroughs

It was another down day for cannabis stocks on Friday as The North American Marijuana Index fell 1.84 points to 109.54. Investors on both sides of the border lost to end the week, with the United States Marijuana Index falling 1.00 point to 51.17 and the Canadian Marijuana Index dropping 2.01 points to 202.93.

Investors across the industry were reeling over a number of exciting advancements in the medical cannabis space announced over the past few months. For starters, MediPharm Labs Corp.’s (OTCQX: MEDIF) (TSX: LABS) Australian subsidiary, MediPharm Labs Australia Pty. Ltd., received an enabling amendment to its Good Manufacturing Practice Certification and Licence to Manufacture Therapeutic Goods.

Marijuana Index

“This licence amendment paves the way for MediPharm Labs Australia to immediately begin using our facility as it was intended: to manufacture the highest quality APIs and finished medical cannabis formulations for our rapidly growing base of customers,” said Warren Everitt, CEO, Asia Pacific, MediPharm Labs in a statement. “We are extremely proud of this achievement and the MediPharm Labs Australia team that made it happen as it reflects our longstanding commitment to GMP standards and pharma principles of production.”

Next up, Amyris, Inc. (NASDAQ: AMRS), which is a global science and technology company in the cannabis space, announced a few months back that “clinical data showcasing the superiority of its natural sugarcane squalane (marketed and sold as Neossance Squalane) as a carrier of CBD versus other oils.” According to a statement, “Amyris is developing CBD through fermentation technology and believes it will be the first company to provide highly pure and efficacious CBD from this technology at commercial scale.”

Finally, Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) reported last May that it had completed its acquisition of Reliva, LLC, for 40 Million of Aurora common shares. Reliva sells hemp-derived CBD products. “We are pleased to have closed the Reliva transaction ahead of schedule. The partnership between Aurora and Reliva is expected to create a market leading international cannabinoid platform that we believe can deliver robust revenue and profitable growth,” said Michael Singer, Executive Chairman and Interim CEO of Aurora in a statement. “I would like to officially welcome Miguel Martin and his team to Aurora, and look forward to increasing Aurora’s operating scale, international reach, and product and brand diversity while in parallel, we remain focused on delivering Adjusted EBITDA profitability in Canada for the benefit of all shareholders.”

It’s been a banner year for the medical cannabis industry and its investors, and with a few months left to go, things appear to be looking up.

Cannabis stock winners and losers

Meta Growth Corp. (META:CA) gained $0.025 per share up to $0.14, an increase of 21.74 percent. TILT Holdings Inc. (TLLTF) rose $0.032 to $0.4645, a gain of 7.40 percent. Columbia Care, Inc. (CCHWF) gained $0.23 up to $3.55, an increase of 6.93 percent.

KushCo Holdings Inc. (KSHB) fell $0.0773 down to $0.5527, a loss of 12.27 percent. Harvest Health & Recreation Inc. (HRVSF) fell $0.10 per share down to $1.19, a decline of 7.75 percent. C21 Investments Inc. (CXXIF) dropped $0.0437 per share down to $0.5663, a loss of 7.16 percent. 

Green Thumb Industries sells big

According to reports, cannabis operator Green Thumb Industries (CSE: GTII) (OTC: GTBIF) filed an S-1 with the SEC so the company can go ahead and sell 10 million shares. It’s being described as the company’s first IPO in the United States.

According to New Cannabis Ventures: “GTI suggested that the capital will be used to increase its capitalization and financial flexibility, allowing it additional working capital and funding capital expenditures. It may also use a portion to fund investments and acquisitions. The company didn’t specify an underwriter and said that it will sell securities directly to investors.”

In other news…

Las Vegas Dispensary owners Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) announced a $15 million bought deal public offering. The deal is expected to close on September 10. 

Cresco Labs saw record revenues of $94 million. “While Q2 continued to be about building, scaling and refining our operations in the largest and most important cannabis markets in the U.S., we are also beginning to see the fruits of our labor come to bear,” said Charles Bachtell, Co-founder and CEO of Cresco Labs in a statement.

Can CBD help you quit smoking?