Cannabis stocks rallying, with Aleafia leading the charge after a capital raise
Cannabis stocks rose Thursday, led by Aleafia Health Inc., which rallied after announcing the closure of a $40. 25 million convertible debt offering that will bolster its balance sheet and help grow its business.
Acreage will continue to be run independently, but will have access to Canopy’s IP and brands, product formulation and patents.“This arrangement supplements and amplifies Canopy’s ability to attack the U.S., the largest global cannabis market providing a significant competitive advantage for Canopy in relation to its Canadian peers,” Stifel analysts led by Andrew Carter wrote last week in a note to clients.
The stock has suffered from the overhang caused by an open convertible bond, but is looking oversold given some coming catalysts, he wrote. “As ZENA continues to execute on its growth plan, the financing overhang dissipates and a solid partner ecosystem expands, we expect valuation to re-rate higher.”
In regulatory news, New Hampshire Gov. Chris Sununu vetoed a law that would have opened the state’s medical cannabis business to for-profit businesses, as Marijuana Business Daily reported. The news is a blow for entrepreneurs hoping to start a business there. New Hampshire medical cannabis businesses are obliged to operate as non-profits.
Don’t miss: An entire industry is being built around CBD, but we really don’t know that much about it
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
There's something wrong with this rally in the stock market, JP Morgan saysUnderneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.
Leer más »
Chip-maker shares lead early stock-market gains after Micron resultsU.S. stocks claw back some of the previous day’s loss in early trade Wednesday as semiconductor shares scored a bounce from Micron Technologies’s...
Leer más »
London’s reign as the world’s capital of capital is at riskRival European financial centres are seeking to steal its crown
Leer más »
Wiz Khalifa Teams With Supreme Cannabis to Launch New Khalifa Kush Cannabis Oils in CanadaBeing the weed connoisseur that he is, Wiz khalifa has been at the forefront of turning his love for getting high into a business with Khalifa Kush Enterprises. On Tuesday (June 25), the Taylor Gang boss announced the launch of the first KKE Oils in Canada in partnership with Supreme Cannabis.
Leer más »
A group of five stocks have gotten so big, they are essentially becoming the stock marketA small group of companies have gotten so big that they are essentially becoming the market, and when they do well, the markets do well.
Leer más »
Stock market opens higher but Boeing's stock caps Dow's advance as investors watch G-20U.S. stock benchmarks on Thursday were trading modestly higher as a trade meeting between President Donald Trump and China's leader Xi Jinping was set to get...
Leer más »