William Sumner, Author at Green Market Report

William SumnerWilliam SumnerMay 25, 2018


This is your Daily Hit of cannabis news for May 24, 2018:

On The Site

Newstrike Resources Ltd.

Toronto-based Newstrike Resources Ltd. (NWKRF) announced that it has entered into an agreement with a syndicate of investment dealers co-led by Cormark Securities Inc. and INFOR Financial Inc. to purchase 53,350,000 units of Newstrike, at a price of $0.75 per unit. The deal is expected to generate total gross proceeds of approximately $40 million. The net proceeds of the deal will be used for growth initiatives, working capital, and general corporate purposes.

Organigram Holdings Inc.

Organigram Holdings Inc. (OGI) announced today that it has entered into a non-binding letter of intent with Hyasynth Biologicals Inc. Hyasynth is a biotechnology company that captured headlines several years ago with news that the company was capable of producing phytocannabinoids using genetically engineered strains of yeast; which allows the company to manufacture CBG, CBD, and THC for novel and specialized products, and as pharmaceutical ingredients.

In Other News

Isodiol International Inc.

Isodiol International Inc. (ISOL) announced that it has entered into a letter of intent with Sundial Growers Inc., a Health Canada ACMPR-approved licensed producer of medical cannabis, for the import of CBD isolate into Canada. Under the agreement, CBD will be imported into Canada through a licensed dealer and will be tested by Sundial in accordance with Canadian laws. Both Isodiol and Sundial intend to executed a definitive supply agreement, which will be contingent on regulatory approval from both Canada and the United Kingdom.“Isodiol continues to position itself as a go-to partner in the global supply for the highest quality, pharmaceutical grade CBD isolate. We are pleased to begin this new relationship with Sundial and assist them in producing products that customers can trust,” said Isodiol CEO, Marcos Agramont.

Golden Leaf Holdings Ltd.

Golden Leaf Holdings Ltd. (GLH) announced today that it has hired Ryan Purdy as its Vice President of Operations. Purdy will report directly to company COO, Mike Genovese, and will be responsible for overall supply chain strategy and execution, including vendor selection, production planning, procurements, and logistics. “We are thrilled to welcome Ryan to the Golden Leaf team. As Vice President of Operations, he will play a critical role optimizing  our supply chain and organizational structure, as we build a vertically integrated company that can capitalize on opportunities for growth and operational efficiency…” commented Golden Leaf CEO, William Simpson.

MedReleaf Corp.

MedReleaf Corp. (LEAF) announced that, in collaboration with the Canadian Football League Alumni Association (CFLAA), that it would conduct an observational study on the benefits of medical cannabis in treating chronic pain and related ailments in retired professional athletes. The study set to begin some time later this summer and will include volunteers from the CFLAA.”We are excited to collaborate with the CFL Alumni Association on this significant observational study with legends in the Canadian athletic arena,” said Neil Closner, MedReleaf CEO. “Through ongoing research, our understanding of the benefits of medical cannabis has grown significantly and we welcome the opportunity to apply our expertise in validating new patient therapies and contributing to positive patient outcomes for this exceptional group of former athletes.”

William SumnerWilliam SumnerMay 24, 2018


Organigram Holdings Inc. (OGI) announced today that it has entered into a non-binding letter of intent with Hyasynth Biologicals Inc. Hyasynth is a biotechnology company that captured headlines several years ago with news that the company was capable of producing phytocannabinoids using genetically engineered strains of yeast; which allows the company to manufacture CBG, CBD, and THC for novel and specialized products, and as pharmaceutical ingredients.

Hyasynth was recently awarded by Health Canada a dealer’s license, which will allow Hyasynth to expand its operations beyond research and into commercial production

Under the LOI, Organigram will make a strategic investment in Hyasynth. The LOI also includes the possibility of Organigram entering into an off-take agreement with Hyasynth, in which Organigram could purchase a pre-defined quantity of a range of cannabinoids or cannabinoid-related production from Hyasynth.

Once the strategic investment is finalized, Organigram will have the right to purchase up to $10 million senior secured convertible debentures of Hyasynth, which would be completed in a series of three rounds. The second and third round would be contingent on Hyasynth attaining certain milestones.

Provided that Organigram engages in all three rounds the outstanding debt under the debentures would be converted into equity shares in Hyasynth which, if fully converted, would represent a considerable interest in the company. Additionally, Organigram will be granted certain investor rights and board representation.

“As a proven technology the use of bioreactors is an infinitely scalable process which should allow Hyasynth to produce pharmaceutical grade cannabinoids at a significantly lower cost than traditional plant-based production, which has numerous medical and adult recreational use applications,” said Organigram CEO, Greg Engel, in a statement. “The funding provided by Organigram will allow Hyasynth to refine and optimize its processes at scale via a contract manufacturer as well as fund a purpose-built manufacturing facility for production and also provides Organigram with the ability to purchase up to 25% of the cannabinoids produced by Hyasynth.”

William SumnerWilliam SumnerMay 23, 2018


The cannabis streaming company Cannabis Wheaton Income Corp. (CBW) has just landed a gigantic financing deal. On May 22, 2018, the company announced that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, in which the underwriters have agreed to purchase on a bought deal basis 71,500,000 units of the Company at a price of C$1.40 per unit, for a sum total of C$100 million .

Each unit entitles its holder to acquire one common share of the company and one half of one common share purchase warrant. A full purchase warrant entitles the holder to purchase one common share at a price of C$1.85 for a two year period following the closing date.

The company has also agreed to allow the underwriters the option of purchasing an additional 15% of units at a price of C$1.40 per unit until the date that is 30 days following the closing of the Offering. If the option is exercised, Cannabis Wheaton will have raised an additional C$15 million .

The offering is expected to close on May 31, 2018. Once closed, the company will used the proceeds from the offering to fund domestic and international operations, capacity expansion, general working capital, and for any new potential investment opportunities it might come across.

Cannabis Wheaton Acquisitions and Partnerships

Over the last several months, Cannabis Wheaton has been busy building its portfolio the partnerships and acquisitions. Just last month the company acquired two cannabis companies, Robinson’s Cannabis Incorporated and Dosecann Inc. Acquired through an all-stock deal, Dosecann is a late-stage “Licensed Dealer” applicant pursuant to the Narcotic Control Regulations with a purpose-built 42,000 square foot facility located in Charlottetown, Prince Edward Island. Robinson’s is a private held cannabis company that is currently building a 27,700 square foot purpose-built facility for cannabis cultivation in Kentville, Nova Scotia. Although not currently licensed, Robinson’s has completed the review process on paper and is confirming its readiness stage.

The company has also engaged in a joint venture with Peter Quiring, one of the largest greenhouse builders and operators in Canada, to build a cannabis cultivation greenhouse facility in Leamington, Ontario; operating under the newly formed subsidiary GreenhouseCo., with Quiring serving as CEO.

Stock Performance

Trading on the Toronto Stock Venture Exchange, Cannabis Wheaton’s stock is currently trading at CC$1.40, down from its 52-week high of C$2.97.

William SumnerWilliam SumnerMay 22, 2018


Leafbuyer Technologies (LBUY) is in hot water after the OTC Markets Group, Inc. flagged the company for heavy stock promotion. In an announcement made after the close of the markets, Leafbuyer disclosed that OTC Markets had questioned the company about a recent distributed newsletter and e-mail promoting the company.

Since February of this year, Leafbuyer has engaged the services of MIDAM Ventures, the parent company of MarijuanaStocks.com, to promote its stock. The amount in which MIDAM was paid by Leafbuyer to promote its stock is somewhat in dispute.

According to the disclaimer in one of the recently released promotional “reports,” MIDAM was paid up to $445,000 in cash as well as 77,000 restricted common shares of the company. Leafbuyer contents that the disclaimer was incorrect and only paid $225,000; which is nevertheless a substantial sum.

The sheer size of this sum becomes even more apparent when you consider the company’s financial situation. According to the company’s most recent filings with the SEC, the company reported sales totaling to the amount of $287,224 and a loss of $1.1 million for the quarter ending on March 31, 2018; up from a loss $339,820 during the same period last year.

With a significant portion of the company’s revenue being spent on promotion, some have begun to question the soundness of this strategy. Alan Brochstein of New Cannabis Ventures described the move as bordering on “sheer lunacy” and urged investors to ask “why the company has been so promotional, as the business certainly appears to be real though not financially stable.”

For their part, Leafbuyer defends its actions by stating that the company’s directors, officers, and controlling shareholders have not sold any company stock on the open market within the last 90 days. Furthermore, Leafbuyer contends that the company’s stock has only declined since engaging MIDAM’s services and that none of its promotional material contained false or misleading information.

In a statement the company said, “The company states definitively that its officers, directors and, to the Company’s knowledge, its controlling shareholders (i.e., shareholders owning 10% or more of the Company’s securities), of which there are only three, have not sold or purchased the Company’s securities within the past 90 days on the open market. The promotional material primarily consisted of previously disclosed and available information. After a review of the material, the statements contained therein are neither materially false nor misleading.”

News of the inquiry by OTC Markets caused the company’s stock to plunge at the opening of the markets today, falling 3.29% from $1.33 per share to $1.29, with some fluctuations.

William SumnerWilliam SumnerMay 22, 2018


This is your Daily Hit of cannabis news for May 22, 2018:

On The Site

AxisWire Unveils Signature Cannabis Entrepreneur Tech Platform and STAR Source Locator

The cannabis industry took a big leap towards the mainstream earlier this month with the official launch of the world’s first cannabis focused communications firm, AxisWire. Founded by a seasoned team of cannabis professionals, AxisWire was created in response to the severe lack of access to basic business services that many entrepreneurs take for granted.

In Other News

Aurora Cannabis Inc.

Aurora Cannabis Inc. (ACBFF) announced that it is acquiring an initial 9.14% ownership interest in CTT Pharmaceutical Holdings Inc. (CTT). The acquisition is being executed through a non-brokered private placement of a $1 million USD 5% convertible debenture and includes the dissemination of warrants that allow Aurora to increases its ownership of CTT to 42.5%. “The investment in CTT reflects our commitment to science-based diversification into higher-margin drug delivery technologies for both the medical and adult consumer use markets,” commented Aurora CEO, Terry Booth. “The clinically-proven rapid onset of action of CTT’s wafers is a key differentiator that, we believe, will resonate strongly with physicians, patients and adult use consumers. This provides us with an important competitive advantage in the rapidly growing market segment for smoke-free form factors.”

Cronos Group Inc.

Cronos Group Inc. (CRON) announced today that the company would uplist its stock from the TSX Venture Exchange (TSX-V) to the Toronto Stock Exchange (TSX). The news comes on the heels of a tremendously positive financial results report, in which the company’s first-quarter total sales rocketed 473% to $2.9 million versus last year’s $0.5 million. The company expects to begin trading on the TSX on May 23, 2018 under the symbol CRON. “The up listing to TSX is a reflection of the growth and progress we have made globally and within the Canadian market,” said Cronos CEO Mike Gorenstein, in a statement. “We believe this is a continuation of our mission in creating long term shareholder value, liquidity, and a diverse shareholder base.”

The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. announced that it has entered into a licensing agreement with the Colorado-based CBx Enterprises LLC for Evolab and CBx Sciences brands and proprietary technologies and formulations within Canada. Evolab is a cannabis vaporization brand with proprietary technology which allows for the formulation of pharmaceutical-grade cannabinoid oils and strain-specific terpenes without solvents. CBx Sciences is a cannabis research company with a focus on creating effective products, formulations and technology platforms for sports medicine, health, beauty, and nutraceutical markets. “This licensing partnership for industry-leading technologies and formulations will further allow TGOD to execute on its plans of offering novel and safer delivery methods of both non-psychoactive and psychoactive cannabinoids to patients and consumers around the globe,” said Rob Anderson, Co-Chairman, and CEO of TGOD.

William SumnerWilliam SumnerMay 18, 2018


The cannabis technology company Eaze finds itself in legal jeopardy as a class action lawsuit has been filed alleging that the company violated the Telephone Consumer Protection Act (TCPA) of 1991 by sending out unsolicited marketing text messages en masse various individuals across the country.

Under the TCPA, companies are prohibited from sending unsolicited adverting messages and from making a call or text using automated telephone equipment to contact individuals through any service for which the recipient is charged.

The lawsuit was filed by Farrah Williams and reported in MJ Biz Daily, who alleges that between September 2017 through the present she received dozens of unsolicited texts messages from Eaze. Williams, who works nights at a nursing home, claims that the continuous messages sent by Eaze throughout the day would wake her up and prevent her from going back to sleep; causing her to become irritable and distracted.

Williams’ suit claims that Eaze contacted her through the use of an autodialer and that the same had happened to countless others. To bolster this claim, Williams provided text messages from Eaze as well as social media posts made by individuals making the same allegations.

“@Eaze_Team @Handstack received an unsolicited text message from you guys. how do you have my number???” reads one tweet posted on June 17, 2017.

“What company is idiotic enough to use unsolicited SMS as a marketing scheme? @Eaze_Team is going to get sued out of existence,” reads another.

Although it is possible to opt-out of receiving text messages from Eaze by replying with the word “Stop,” Williams claims that she was not made aware of this option in the message.

The case goes into great detail about the money that Eaze has raised and suggests that the money was raised off the tremendous growth that Eaze was experiencing, but that the success was achieved through “growth hacking.” The suit claims, “The reality is that Defendant “growth hacked” its way to the top of the pot delivery business – specifically, by relentlessly bombarding existing and prospective customers with text messages and other digital spam, day after day, en masse, without anyone’s permission, precisely as experienced by Plaintiff here.” The case claims the growth hacking was at the expense of people’s privacy.

It went on to state, “The inconvenient truth, however, is that Defendant’s exponential growth is not attributable to the quality of the product it delivers or the convenience of the service it provides – after all, the product is not even grown by Defendant, and Defendant is hardly the first drug dealer to deliver.”


The case also mentions the technology provided by (among other agents or affiliates) a company called Bitesize, which was founded
and is operated by an individual named Jessica Lee. Bitesize’s text messaging technology “helps companies,” including Defendant, “drive sales with interactive text message[s],” which Bitesize sends on the companies’ behalf in “bulk.”  The case goes on to say, “The
founder and CEO of Bitesize, Jessica Lee, personally responded to the complaint by assuring the individual that Defendant’s text message program is “completely CAN-SPAM compliant.”

The lawsuit says that the text messages at issue, in this case, were sent by Bitesize on behalf of Defendant with the wrong regulatory scheme in mind.


As restitution Williams is seeking an injunction prohibiting Eaze from committing any further violation of the TCPA, $2000 for herself and each member of the lawsuit for each and every text message that violated the TCPA, and payment of attorneys’ fees and costs.

If found guilty of violating the TCPA, and if more join the class action lawsuit, the cost of paying Williams and the other plaintiffs could potential bankrupt Eaze.

As outlined by the lawsuit, the outcome of the case will hinge on five important questions:

  • Did Eaze or its agents transmit marketing/advertising messages to the plaintiffs?
  • Was Eaze using an automatic dialer to transmit the messages?
  • Can Eaze demonstrate that it had expressed written consent to send the messages?
  • Was Eaze’s conduct knowing or willful?
  • Should Eaze be prevented from performing such actions again?

So far Eaze has not made any public comment on the case and has proffered no rebuttal to any of the claims the suit makes. As the lawsuit is still in its infancy, it could be months or even years before the case reaches a definitive conclusion.

One cannabis industry expert that preferred to not be identified said the suit didn’t pass the smell test for them. “It’s either a class-action grab by the lawyer or someone out to get Eaze,” they said. “It just seemed odd. You can’t text stop, but you can file a lawsuit?”

William SumnerWilliam SumnerMay 17, 2018


This is your Daily Hit of cannabis news for May 17, 2018:

On The Site

GW Pharmaceuticals

The biopharmaceutical company GW Pharmaceuticals (GWPH), along with its U.S. subsidiary Greenwich Biosciences, announced the publication of its Phase 3 study of cannabidiol oral solution in patients with Lennox-Gastaut syndrome (LGS) in The New England Journal of Medicine.

Cannabis Delivery Service Stemless Looks To Take On Eaze

Stemless is a Portland-based startup that gives cannabis consumers an easy way to buy from their local dispensaries without having to leave home. “We are an online platform that helps dispensaries connect with their customers, so their customers can order from them in a way that is convenient, fast and, most of all, legal,” says Stemless founder Koushi Sunder. The company is entering the Eaze marketplace at a time when Eaze is coming under fire for its approach towards consumers.

Bourbon Heir Says End of ‘Prohibition 2.0’ Will Lead To Cannabis Fortunes

Ben Kovler is bringing Green Thumb Industries or GTI public in Canada, according to Bloomberg due in large part to similarities seen between the liquor industry in the 1930s and cannabis today. Speaking with Bloomberg, Kovler said he intends to bring GTI public via a reverse merger with a publicly traded Canadian company. Kovler, whose family invested $5,000 in the distiller group that would eventually become Jim Beam bourbon, is also the shareholder of GTI.

In Other News

Organigram Holdings Inc.

Organigram Holdings Inc. (OGI) announced today that it has received a “Permit to Export Cannabis” from Health Canada, allowing the company to export medical cannabis to Cannatrek Medical PTY Ltd., a licensed medical cannabis company in Melbourne, Australia. “Today we are proud to announce our ability to commence international sales through the receipt of a Permit to Export Cannabis from Health Canada,” said Greg Engel, CEO of Organigram. “This is only the beginning. Last week we announced our intentions to invest in and sell to a German distributor. Today we announce our ability to sell into Australia. We continue to strive towards becoming a global leader in the medical cannabis trade.”

Cannabis Wheaton Income Corp.

Cannabis Wheaton Income Corp. (CBW) has announced that it has closed the acquisition of all of the outstanding securities of Dosecann Inc. for a price of $38 million, payable in common shares of Cannabis Wheaton. Dosecann is located in Charlottetown, Prince Edward Island and is currently in the process of completing a 42,000 square foot for the research, development, extraction, formulation, filling, and packaging of cannabis products. Pending regulatory approval, Dosecann will use its facility to make a variety of cannabis products for the medicinal market and, pending approval, the adult use market as well.

Aphria Inc.

Aphria Inc. (APH) announced that it has chosen Great North Distributors, Inc., a wholly-owned Canadian subsidiary of Southern Glazer’s Wine & Spirits, as its exclusive distributor for adult-use cannabis products throughout Canada. Under the agreement, Great North will create a dedicated sales team that will be responsible for selling Aprhia’s portfolio of cannabis products and its parent company, Southern Glazer’s will utilize its data analytics to provide data-driven support for Aphria. “We’re delighted to have Great North Distributors dedicated to our business. This deal enables us to fully execute on our adult-use strategy from day one, and we know that Great North Distributors has the right resources and expertise to allow us to capitalize on the opportunities in the industry on a national scale,” commented Aphria CEO Vic Neufeld.

William SumnerWilliam SumnerMay 17, 2018


The biopharmaceutical company GW Pharmaceuticals (GWPH), along with its U.S. subsidiary Greenwich Biosciences, announced the publication of its Phase 3 study of cannabidiol oral solution in patients with Lennox-Gastaut syndrome (LGS) in The New England Journal of Medicine.

Announcing positive results, GW CEO Justin Gover hailed the study’s publication as another landmark moment for the company and touted its results as further proof of the cannabidiol’s potential in the treatment of LGS.

“We are now in the latter stages of the FDA`s review of our New Drug Application and look forward to a decision from FDA in late June,” stated Gover. “If approved, we expect to make this important potential new medicine available to U.S. patients with LGS in the second half of the year.”

In a double-blind, placebo-controlled trial conducted at 30 clinical centers, researchers randomly selected 225 patients diagnosed with LGS, with an age range of 2 to 55 years, who had two or more drop seizures per week. The patients were divided into three groups. One group comprised of 76 patients would receive a 20mg dose of Epidiolex, the company’s proprietary cannabidiol-based medicine, twice a day for two weeks. The second group, which was comprised of 73 patients, would receive a 10mg of Epidiolex twice a day for two weeks,. The third group, which had 76 patients, was given a placebo.

During the 28-day baseline observation period, the combined average of drop seizures for all groups combined was 85. After treatment, the group treated with 20mg of Epidiolex experienced a 41.9% reduction in seizures, while the group that received a 10mg does experience a 37.2% reduction. The placebo group only saw a 17.2% reduction in drop seizures.  Sides effects from taking Epidiolex included drowsiness, reduced appetite, and diarrhea; all of which were more pronounced in the group taking the higher dose. A total of six patients from the 20mg group and one patient from the 10mg had to withdraw from the study due to the side effect. Additionally, 14 patients who received Epidiolex had elevated liver aminotransferase concentrations.

Stock Performance

News of the study’s positive results has created a surge in GW’s stock price at the open only to trim those gains as the morning went on. The stock is currently trading at an all-time high of $150.68 per share. It is nearing the average analyst price target of $155.50 according to Yahoo Finance.

William SumnerWilliam SumnerMay 16, 2018


As the debate to legalize cannabis in the state of New York rages on, one report offers to shed some light on the financial incentives that come with legalization. On May 15, 2018, New York City Comptroller Scott Stringer published a report estimating the potential size of the state’s legal cannabis market and how much tax revenue it would generate for both the city and the state.

According to the report, the New York state cannabis market could see up to $3.1 billion in annual sales, with up to $1.1 billion being generated in New York City alone. In terms of tax revenue, legal cannabis could generate up to $436 million for New York state and $336 for New York City.

In order to estimate both market size and potential tax revenue, Stringer used several different data points. First Stringer used data from a 2012 survey conducted by the New York City Comptroller’s Office, which estimated the size of New York City’s cannabis market to be approximately $1.65 billion.

Stringer then used aggregate data on marijuana sales in both Washington and Colorado to help improve estimates. Although both New York City and state have larger populations that Washington and Colorado, Stringer estimates that a smaller segment of the New York population uses cannabis.

It is estimated that only 8-10% of New Yorkers use cannabis on a monthly basis; compared to the 17% of Colorado adults and 11% of Washington adults. With the estimated rates, Stringer was able to determine that approximately 1.5 million New York residents use cannabis, of which an estimated 550,000 live in New York City. These estimates do not include the nearly 1 million individuals that work in New York City but commute from out of state, nor does it account for out of state and international tourists.

To estimate tax revenue, Stringer devised a tax structure based off of what other states with legal adult cannabis sales have. Under this theoretical tax structure, state-wide cannabis sales would carry a 10% excise tax on top of the normal 4% state sales tax. Like many other states, cities and municipalities would be free to levy local cannabis taxes up to a certain percent; in this case 25% would be the ceiling.

Assuming both New York City and state were to implement this tax structure, legal adult cannabis sales would generate $336 million and $436 million in tax revenue, respectively. In a statement, Stringer said that aside from the tax revenue generated by cannabis, legalization would also go a long way towards reducing public safety costs and reducing “a source of harm that has afflicted communities of color for so long.”

“This is not just about dollars – it’s about justice. Not only is marijuana an untapped revenue source for the City and the State, but the prosecution of marijuana-related crimes has had a devastating and disproportionate impact on Black and Hispanic communities for far too long,” said New York City Comptroller Scott M. Stringer. “There is simply no reason for New York to be stuck in the dark ages. This new analysis shows just how much New York City and State stand to benefit by moving toward legalization.”

Stringer went on to note that a legalization bill has already been submitted to the state legislature by Sen. Liz Krueger and Assemblywoman Crystal D. Peoples-Stokes, which is called the Marijuana Regulation and Taxation Act.

Separately, New York City’s Mayor Bill DeBasio called for the New York Police Department to overhaul its marijuana enforcement policies within the next 30 days. The New York Times recently published a story about racial disparity and marijuana arrests. It turns out that 86 percent of those arrested for low-level marijuana possession were either black or Hispanic.

William SumnerWilliam SumnerMay 16, 2018


After a rocky start at the beginning of the year, the North American Marijuana Index is starting to show some signs of a recovery. The index, which tracks the top performing cannabis stocks in the United States and Canada, tumbled precipitously in January of this year after the Department of Justice announced that it would rescind the Obama-era Cole Memorandum, which provided guidance for the legal cannabis industry to avoid coming under the scrutiny of federal prosecution.

Companies hoping to become listed on the North American Marijuana Index must have a market cap of at least $80 million, a minimum daily trading volume of $2 million, and a share price of at least $1.00. Companies with a revenue of $5 million are exempt from the trading criteria.

In the month of April, the North American Index gained 3%, led primarily by the huge gains in the U.S. market. The U.S. Marijuana Index gained approximately 19% in April; six companies on the index gained 20% or more and another ten companies gained more than 10%.

The average trading volume on the U.S. Index also increased by 77%, compared to the previous month.

The gains were realized following news that former U.S. Speaker of the House John Boehner had reversed his position on medical cannabis and joined the advisory board of the medical cannabis company Acreage Holdings, which operates in 11 U.S. states, along with former Massachusetts Gov. Bill Weld. In the days the following Boehner and Weld’s announcement, the U.S. Index increased by 25%.

While the U.S. Marijuana Index was experiencing an upswing, the Canadian Marijuana Index was starting to get a taste for the downswing. Although recreational cannabis sales are set to become legal in Canada later this summer, the Canadian Marijuana Index decreased by 9%.

Likewise, the average trading volume of constituents on the Canadian Marijuana Index decreased by 16%. Approximately 80% of the companies listed are currently in the red, with only a few outliers outperforming expectations. Two such outliers were MedReleaf (LEAF) and WeedMD (WMD), which both gained 20% in April.

Unsurprisingly, the top three gainers in the month of April were companies listed on U.S. market while the top three losers were Canadian companies.

General Cannabis Corp. (CANN) led the pack with a 96% APR return and $4.5 million USD in trading volume. Following General Cannabis Corp. was CV Sciences (CVSI), which generated a 60% APR return and volume of $889,000. Rounding out the top three gainers was Surna Inc. (SRNA), which had a 31% APR return and a volume of $180,000.

For this month’s top three losers, Hiku Brands (HIKU) was hit the hardest with a -36% APR return and a volume of $1.2 million. Next was Isodiol International Inc. (ISOL), which had a -25% APR return and a volume of $3.1 million. In third place for the top three losers this month was CanniMed Therapeutics Inc. with an APR return of -21% and a volume of $1.3 million.

The most active cannabis company in April was Canopy Growth Corporation (WEED), with a volume of $117 million and an APR return of -11%. The second most active cannabis company was also Canopy’s closest competitor: Aurora Cannabis (ACB). Aurora had an APR return of -13% and a volume of $69.3 million. The biopharmaceutical company GW Pharmaceuticals (GWPH) was the third most active in April, with an APR return of 18% and a volume of $65.4 million.

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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