As investors await better performance from the cannabis stock market, September offered another critical update on the biggest scandal in the Canadian market.
During the month, Health Canada handed CannTrust Holdings (NYSE:CTST,TSX:TRST) a suspension for cannabis production. The company was originally found to have engaged in unlicensed growing at its Pelham, Ontario, facility in July.
The suspension directly led to a second provincial distributor issuing a return of all CannTrust product — following the ruling from Health Canada, the Alberta Gaming, Liquor and Cannabis Commission announced it would ask CannTrust to take back C$1.3 million worth of items.
A spokesperson for the provincial agency told the Investing News Network it would consider stocking product from the maligned producer at a later date if Health Canada reinstates its license.
CIBC begins covering three additional firms
John Zamparo, equity research analyst at CIBC Capital Markets, added Aurora Cannabis (NYSE:ACB,TSX:ACB), The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) and Organigram Holdings (NASDAQ:OGI,TSXV:OGI) to his coverage of the cannabis space in September.
The analyst issued “outperformer” ratings for Supreme Cannabis and Organigram, while Aurora obtained a “neutral” rating for its stock.
“At Aurora’s valuation (second largest among the cannabis names), we wish to see greater balance sheet strength, the presence of key strategic partners or material exposure to the US CBD market,” Zamparo wrote in his note to investors.
Zamparo praised the brand recognition Supreme Cannabis has been able to achieve in the Canadian market. The analyst also remarked that Organigram offers investors a reasonable price point entry into the marijuana space.
Watch the video above to get the full details on cannabis highlights for the month of September.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .