It’s time for your Daily Hit f cannabis financial news for June 29, 2018.
On The Site
The Horizons Marijuana ETF (HMMJ) has added four new companies to the portfolio. They include Hempco Food & Fiber (HEMP), Lexaria Bioscience Corp. (LXX), The Green Organic Dutchman (TGOD) and Village Farms International (VFF).
The Horizons Emerging Growers Index (HMJR) added several new companies to its portfolio. They include Heritage Cannabis Holdings (CANN), Supreme Cannabis (FIRE) Invictus MD Strategies (GENE), Golden Leaf Holdings (GLH), Newstrike Resources (HIP), Liberty Health Sciences (LHS), Matica Enterprises (MMJ), Friday Night Inc. (TGIF) and THC Biomed (THC).
The Index also removed some companies that no longer qualified. These included Canada House Wellness Group (CHV), Liberty Leaf Holdings (LIB), Marapharm Ventures (MDM), PUF Ventures (PUF) and Hydropothecary Corporation (HEXO).
Back in January, Vermont became the first state to legalize adult-use cannabis through legislative action versus the ballot box. That law, H. 511 will take effect on Sunday, July 1. The new law will make it legal for adults to possess and grow small amounts of marijuana. Retail sales and commercial growing will not take place at this tie. Instead, a governor-appointed task force is going to make recommendations about retail sales and commercial cultivation.
Nevada continues to crush it with cannabis sales. On July 1, the state will celebrate its “cannaversary” or one year since it began selling recreational marijuana. So far, each month sales have outpaced original projections.
According to state records, recreational sales hit $41 million in March, the highest month to date, a 16% sequential increase over February and breaking the previous record set in December of $35.8 million. Total taxable sales for medical marijuana, adult-use marijuana and other marijuana-related goods for the first ten months of the fiscal year are $433.51 million. April sales were lower than March, but strong enough to deliver all the anticipated tax revenue two months ahead of scheduled said the state.
In Other News
Manitoba Gets Busy
Maricann Group Inc. (MRRCF) signed a supply agreement with the Manitoba Liquor & Lotteries Corporation to make available for purchase by MBLL at least 550,000 grams of various cannabis products during the first twelve months of the agreement. This marks Maricann’s first provincial supply agreement and represents further external validation for Maricann’s operations and management team.
Canopy Growth Corporation (CGC) completed an agreement with the Manitoba Liquor and Lotteries Corporation to supply the province with high-quality cannabis products. Under the terms of the agreement, Canopy Growth will supply the Manitoba market with up to 6,500 kilograms of cannabis products over the next twelve months to meet demand from the adult use recreational cannabis market set to open on October 17, 2018.
Aphria Inc. (APHQF) also signed a supply agreement with the Manitoba Liquor and Lotteries Corporation to provide a portfolio of high-quality, branded cannabis and cannabis derivative products for sale in Manitoba’s adult-use market.
Organigram Holdings Inc. (OGRMF) has also been approved as a supplier of cannabis for the province of Manitoba. Organigram has signed two previous memorandums of understanding including an MOU with the Government of New Brunswick (GNB), signed in 2017 to supply a minimum of 5-million grams of cannabis a year worth an estimated retail value of between $40-million to $60-million per year.