Marijuana Money November 24, 2017

We hope everyone had a wonderful Thanksgiving holiday yesterday. It may be a holiday week, but there was still a bit of news that got delivered.

While we doubt anyone is still holding any shares of MassRoots (MSRT), there was more drama this week. Grab the popcorn. Earlier in the week, the company filed a lawsuit against the former Chief Executive Officer Isaac Dietrich and Dietrich promptly retaliated. The suit filed by MassRoots against Dietrich claimed he had used illegal drugs at the office and engaged in improper sexual activities at the workplace. If that wasn’t enough, the company also claimed that Dietrich misappropriated company funds to the tune of $250,000. Dietrich was not about to be outdone. He’s filed with the SEC a formal request for a shareholder vote. He wants to remove three shareholders and replace them with his board picks. 

Aurora Cannabis Inc. (ACBFF) has gone on a spending spree. The Canadian based cannabis company announced that it had entered into an agreement to acquire H2 Biopharma Inc. H2 is currently completing a 48,000 square foot cannabis production facility. Aurora also announced that it was acquiring greenhouse engineering company Larssen Ltd., This all is happening as the company embarks on a hostile takeover of CanniMed Therapeutics.

Axim Biotechnologies (AXIM) delivered its third-quarter earnings with revenues essentially flat, but losses were trimmed as the research and development expenses increased dramatically. Revenues weren’t even mentioned in the company’s press release regarding its earnings for the quarter ending September 30, 2017.

Canadian-based CannTrust Holdings Inc. reported its third-quarter earnings with revenues of C$6.1 million and net income of C$655,309. Revenues increased 680% over last year Active patients soared to 31,000 over last year’s 4,700 patient count for the same quarter.

Nevada continues to crush it with adult use cannabis sales. The state recorded $27.7 million in the recreational market, which was $5 million more than the state had planned, but a little less than August’s $33 million

And finally, Black Friday is also a big deal for the cannabis industry. Sales over the holiday weekend spike for dispensary owners and the brands alike. This is the second busiest holiday for sales for the industry with April 20 being the number one in sales.

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


2 comments

  • Avatar
    BobKuch

    November 24, 2017 at 4:11 pm

    Debra, what is the story with High Times? Has it, will it, is it already public?

    Reply

    • Debra Borchardt
      Debra Borchardt

      November 30, 2017 at 9:11 am

      The company is trying to remain listed on Nasdaq. Nasdaq rejected them, but they have appealed the rejection. Nasdaq wouldn’t comment beyond that.

      Reply

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