It’s time for your Daily Hit of cannabis financial news for October 24, 2018.
As the broader market experienced heavy selling on Wednesday, cannabis stocks followed suit. The North American Index fell 8% as the Dow Jones Industrial Average dropped 600 points or over 2%.
On The Site
MedMen Enterprises Inc. uplisted to trade on the OTCQX Best Market using its existing ticker symbol MMNFF effective today. “MedMen’s step up to the OTCQX will expand our U.S. investor base and provide strong capital markets support to drive our continued growth,” said Adam Bierman, MedMen chief executive, and co-founder. “The OTCQX market offers enhanced visibility and transparency, more efficient trading and increased liquidity for our investors. This is also reflective of the enormous progress we have made as an industry. U.S. cannabis companies are here to stay and we are creating jobs and wealth for generations to come.”
Marapharm Ventures Inc. (OTCQX: MRPHF) changed its name to “Liht Cannabis Corp.” The company’s common shares are expected to begin trading on the Canadian Securities Exchange under the new symbol “LIHT” on or about October 25th, 2018. Marapharm will keep its U.S. and European shareholders advised by the news release of changes to their market’s ticker symbol.
In Other News
Cannabis companies are pressing hard to restock shelves following last week’s launch of adult-use sales. Organigram (OGRMF) said that its online store received over 1.3 million unique visits within the first 24 hours of operation, resulting in approximately 100,000 orders from customers. “In addition to the excellent bricks and mortar locations that were ready to welcome customers across the country, the Ontario Cannabis Store offered a seamless online environment that was able to accommodate customer demand in the province.”
Delta 9 (VRNDF) Cannabis Store subsidiary, logged close to 9,600 transactions in the first seven days after the legalization of cannabis on October 17, totaling $736,124 in revenues up to the end of the day on Tuesday this week. The vast majority of revenues are attributable to sales of dried cannabis products, with the remaining coming from the sale of ancillary products and accessories. Average selling price per gram of dried cannabis sold over the first seven days of sales was approximately $11.47, with the average cost of sales for a gram at approximately $8.64.
THC Biomed (THCBF) said its strains and pre-rolls are sold out due to popular demand and it looks forward to the continuation of providing the adult use recreational market with high-quality cannabis for a reasonable price.