There’s a new cannabis exchange traded fund on the block, the AdvisorShares Pure Cannabis ETF (YOLO) which made its debut on Thursday, April 18th. The new cannabis ETF became the second cannabis ETF to list in the U.S. following the ETFMG Alternative Harvest ETF (MJ) and is the first U.S.-listed fund to have cannabis in its name.
YOLO “seeks long-term capital appreciation by investing in both domestic and foreign cannabis equity securities,” according to AdvisorShares. “YOLO is designed to fully invest for pure cannabis exposure under the guidance of a deeply experienced portfolio management team navigating the emerging cannabis marketplace.”
Leafbuyer Technologies, Inc. (LBUY), a leading cannabis technology and marketing platform that connects consumers to dispensaries and product companies, announced the launch of its innovative delivery technology to complement its mobile application. This week a preliminary beta launch will begin to include that dispensaries in states like California, Arizona, Nevada, and Washington can now add delivery to their list of offerings through the Greenlight mobile application.
“The addition of this new technology will allow us to monetize our consumer base through a fee generated from each transaction,” said Kurt Rossner, CEO. “We’ll be able to penetrate thousands of new dispensaries and delivery companies in legal markets by offering this delivery solution. Leafbuyer will not physically deliver the products, rather we will hand off the ‘last mile’ to our delivery and dispensary partners.”
Leafbuyer recently announced that its quarterly cash sales growth rose 36% year over year in the quarter ending March 31, 2019. The cannabis stock attributes this success to platform enhancements, order ahead and Leafbuyer loyalty as well as a multi-state sales team. The platform allows consumers to order cannabis products ahead, earn loyalty points, and cut the line to pick up and pay at numerous participating dispensaries, and now delivery. Leafbuyer plans to continue to expand its reach into newly legal US markets, while increasing consumer retention to boost bottom line revenues.
Canopy Growth Corporation (CGC) (WEED), a world-leading diversified cannabis and hemp company, officially launched the Tweed x TerraCycle recycling program across Canada today. The initiative was previously available in select stores and provinces and now it is officially launched as Canada’s first country-wide Cannabis Packaging Recycling Program. Also, today Canopy Growth was upgraded to buy from hold at GMP Securities with a new higher price target of $72.
Notably, the company announced last week it would acquire US cannabis company Acreage Holdings in a $3.4 billion cash and stock deal that will close once cannabis production and sales are legal at the federal level in the US.
“Today we announce a complex transaction with a simple objective,” Canopy Growth Co-Chief Executive Bruce Linton said. “Our right to acquire Acreage secures our entrance strategy into the United States as soon as a federally permissible pathway exists. By combining Acreage’s management team, licenses and assets with Canopy Growth’s intellectual property and brands, there will be tremendous value creation for both companies’ shareholders.”
Curaleaf Holdings, Inc. (CURLF) (CURA), a leading vertically integrated multi-state cannabis operator in the U.S., announced that it completed the acquisition of EC Investment Partners, LLC aka Eureka. With this acquisition, Curaleaf now owns Eureka’s California-based cultivation facility, a Salinas Valley cultivation facility and three dispensaries in development across the state which are expected to open later this year.
“The acquisition of Eureka cements our foundation in California and positions us well in the largest cannabis consumption market in the U.S.,” said Joseph Lusardi, CEO. “The closing of this transaction marks an important milestone for Curaleaf, enabling us to enter the highly attractive California market as a vertically integrated operator with plans to expand across the state.”
Furthermore, at the end of March, it was stated on the company’s earnings conference call that that CVS Health Corp (CVS) will soon start offering the company’s hemp lotions and transdermal patches in around 800 stores across the US.
Aurora Cannabis Inc. (ACB), a world leading cannabis company, announced that, further to its April 5th press release, the public appeal process related to the German cannabis production tender has been completed, and Aurora’s contract with the German Federal Institute for Drugs and Medical Devices has been finalized allowing Aurora to begin construction on a new indoor cannabis production facility in May.
“We are thrilled with the positive outcome of the tender process, and excited to start construction on our latest production facility,” said Neil Belot, Chief Global Business Development Officer. “We are very proud of the work done by our European team. In addition to providing German medical patients with a local supply of high-quality, medical grade cannabis, this new facility will also bring additional new jobs to the German labour market. It’s a strong validation of our production and distribution standards to have been recognized as having the highest-rated overall concept out of 79 tender applications, and we look forward to continuing to increase availability of medical cannabis in this important market.”
Aurora also announced entering a binding letter agreement with Hempco Food and Fiber Inc. (HEMP), a provider of hemp-based foods, fiber and nutraceuticals. Per the agreement, Aurora will acquire all of the issued and outstanding common shares not already owned of Hempco and pay $1.04 per share in common shares of Aurora, for a valuation of C$63.4 million.
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