Cannabis arch enemy Attorney General Jeff Sessions resigned this week at the request of President Trump. If you’ll recall Sessions rescinded the Cole Memorandum and initiated lifetime bans at the northern border of people that work in the cannabis industry. It’s hard to say at this point whether the acting AG Matthew Whitaker will be for or against cannabis legalization, presumably he will be focused on the Russian investigation and not legalization issues.
We also got the results from the midterm elections this week and Michigan became the 10th state to legalize adult use cannabis. Missouri and Utah both legalized medical cannabis. North Dakota just said no to approving adult-use cannabis.
In New York, the state gained a democratic majority and many believe that this will result in legalizing adult use cannabis.
Golden Leaf is merging with Terra Tech (TRTC) after the company reported a net loss of $5.5 million in the third quarter. Revenues did climb to $5.1 million, but the value of its biological assets fell.
High Times has extended its stock offering to the end of November. The company said it wanted to accommodate additional investors that have resulted from the ad campaign as a result of the iHeart Radio deal. The iconic magazine also updated the market on declines in its revenue, but it seems the company’s expenses have fallen.
Green Growth closed on another C$30 million raise bringing the company’s total capital raise so far to $140 million.
Third quarter earnings have begun to roll in. Innovative Industrial Properties (IIPR) reported that its revenues climbed 150% to $3.9 million for the third quarter versus $1.6 million for the same time period last year. The company also delivered a net income of $1.5 million or $0.21 per diluted share. and IIPR said it would pay its sixth consecutive dividend.
Insys Therapeutics (INSY) delivered a quarterly loss of $0.37 per share missing the Zacks Consensus Estimate for a loss of $0.20. The company also delivered revenues of $18.35 million, which also fell short of Zack’s estimate by 18%. Insys said that it was reviewing its portfolio of opioid assets including Subsys meaning it could be on the selling block.
Aphria (APHA) acquired German-based CC Pharma. Germany is key to the company’s international expansion.
Aurora Cannabis made a $20 million investment in the upscale chain called Choom.