Kaitlin Domangue
Its time for your Daily Hit of cannabis financial news for November 21st, 2019.
On the Site
Tilt Secures More Funding, Not Out Of The Woods Yet
TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) has closed an additional private placement of $10.2 million of senior secured notes from a syndicate consisting of existing shareholders and new investors, bringing to the total amount of the facility to $35.8 million, up from the previously announced maximum of $35 million. While Tilt has been quick to note that the company has reported net income for the quarter, unlike many other cannabis companies, it still isn’t completely out of the woods. Canaccord Genuity analyst Bobby Burleson pointed out that the company will continue to face vape headwinds. Jupiter is 70% of the company’s revenue and while sales have rebounded, Burleson said he expects the company crisis to continue to have an effect on fourth-quarter sales. Especially the ban that was recently lifted in Massachusetts.
In Other News
GW Pharmaceuticals Stock Price To Recover After Adverse Effects Of Cannabis Collapse And Speculators
GW Pharmaceuticals produced excellent third-quarter results because of the steep decline in stock prices. There were some unrealistic expectations by some observers going into Q3 earnings, but the company is a strong buy for long-term play for active investors.
Why TD Ameritrade, HEXO, and L Brands Jumped Today
Despite the recent turbulent nature of cannabis stocks, some companies still gained. TD Ameritrade, HEXO, and L Brands were among the top performers. TD Ameritrade’s shares climbed 18% after investors learned they may be a possible acquisition target. HEXO saw a 33% jump after the judiciary committee voted to send legislation to the full chamber that would take cannabis off a list of illegal controlled substances. HEXO, in particular, has been hit hard with the illegalities surrounding cannabis lately, so investors will have a lot to gain with the company if the laws change. L Brands’ shares rose 10%, despite reporting tepid results from the third quarter.
