Three Canadian cannabis producers have received updated ratings from big bank analysts.

Earnings reports also continued to roll in this week as marijuana companies with operations in the US market delivered quarterly updates to investors.


Keep reading to find out more cannabis highlights from this week.

Aphria boosted by CIBC analysts

This past week, researchers at Canadian bank CIBC issued a new investor note in which they upgraded Aphria (NASDAQ:APHA,TSX:APHA) to the “outperformer” category.

The analysts praised the company for its increased market share of Canadian cannabis sales, its decision to scrap a $40 million investment in the Latin America cannabis market and its potential to generate positive operating cash flow in upcoming quarters.

“Aphria should be able to survive regardless of the pace of evolution in Canada’s cannabis market, and a US market entry would represent a potentially material catalyst,” said the analysts as part of their investment thesis for the company.

The company has a base-case price target from the researchers of C$7.50; CIBC’s report also includes an upside scenario of C$11 and a downside scenario of C$4.

In the same note CIBC, downgraded its price targets for Aurora Cannabis (NYSE:ACB,TSX:ACB) and HEXO (NASDAQ:HEXO,TSX:HEXO) to C$20 and C$0.90, respectively.

“Our volume and market share assumptions are mostly unchanged, but we believe pricing, particularly in the value segment, where each company has captured a meaningful following among consumers, will continue to see compression over the coming year,” the note indicates.

Financial results grab investor attention

TerrAscend (CSE:TER,OTCQX:TRSSF) and Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) joined the collection of companies issuing quarterly reports, with both providing solid revenue growth.

Curaleaf reported sequential total revenue growth of 22 percent, resulting in quarterly revenue of US$117.5 million. It now has operations across 17 states with favorable cannabis laws.

“The outstanding results come despite headwinds related to temporary COVID-19 related closures and restrictions in Massachusetts and Nevada,” Joseph Lusardi, CEO of the multi-state operator, said.

Meanwhile, TerrAscend said sales in the US market accounted for a significant portion of its overall final sales line for the quarter. In Q2, the firm reported net sales of C$47.2 million.

“After achieving our first quarter of positive (earnings before interest, taxes, depreciation and amortization) EBITDA in Q1, we have now achieved another significant milestone of positive cashflow from operations in Q2,” Jason Ackerman, CEO and executive chairman of TerrAscend, told investors.

Cannabis company news

  • Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) made official the upcoming launch of its new consumer brand, dubbed Mood Ring. According to the company, this brand is designed to satisfy consumer demand for quality, environmentally friendly products at an affordable price point. The brand is set to launch in the fall in Canada and will offer both CBD and THC products.
  • Planet 13 Holdings (CSE:PLTH,OTCQB:PLNHF) told investors this past week it is upsizing its already confirmed public offering. The deal, co-led by Beacon Securities and Canaccord Genuity, will now see the purchase of 5.4 million units of the company at a set price of C$3.70, resulting in gross proceeds of just over C$20 million.
  • Avicanna (TSX:AVCN,OTCQX:AVCNF) issued its official Q2 financial report in which it touts a quarterly revenue uptick of 172 percent for a resulting C$709,468. While Avicanna reported a net loss for the quarter of C$7.6 million, the company indicated it has made strides to reduce “general and administrative costs.”

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development

Trulieve Cannabis Corp . (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States today announced a new partnership with the Thurgood Marshall College Fund (TMCF), the nation’s largest organization exclusively representing the Black College Community. Trulieve will donate $20,000 to help fund several college scholarships awarded to students who are attending one of the organization’s member-schools as part of Trulieve’s diversity, equity, and inclusion initiatives. The $15,000 in talent funding is earmarked to support TMCF’s internship program, reaching a diverse talent pool of students and alumni from their 47 member-schools to provide immersive experiences at Trulieve.

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The new dispensary expands patient access to Florida’s largest inventory of medical cannabis products

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a brand-new Florida dispensary, the Company’s 80th nationwide. The new location marks the Company’s first in Tamarac and third in Broward County expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.

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Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.

With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2020. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board (“DSMB”) for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.

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HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.

DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.

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CFN Enterprises Inc. (OTCQB: CNFN) (CFN Media) partners with FMW Media Works LLC to produce a regular series on the global cannabis markets to air on major financial news networks across the US. Initial segment features leading cannabis analyst and US Multi-State Operator (MSO)

CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the leading media network dedicated to the global legal cannabis, CBD and psychedelics industries, today announced that its inaugural news segment on the cannabis markets, “Cannabis Market Outlook for 2021,” will air on Bloomberg, Newsmax and Fox Business.

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