Debra Borchardt
Marijuana stocks continued the November rally into December as investors loaded up on stocks ahead of California’s legalized recreational sales. The U.S. Marijuana Index jumped 50% and the Canadian Marijuana Index climbed 65% for the month of December. Of course, this was all before the move by Sessions. Following that action, the North American Index fell from a high of 377 on January 9 to lately trading at a level of 327. The Canadian Index fell from a high of 1096 on Jan. 9 to 908 and the U.S. Index has fared the best only slipping from 103 on the ninth to just 100.
Aphria Inc. (APHQF) reported rising revenue and profits for the second quarter. Revenue for the three months ending November 30, 2017, was C$8,504 versus C$5,227 in the same period of the prior year, an increase of over 60% and C$6,120 in the first quarter of fiscal 2018, an increase of almost 40%. Gross profit for the second quarter was C$6,202, compared to C$4,121 in the same quarter in the prior year and C$7,904 in the previous quarter.
MedReleaf (MEDFF) announced a $100 million bought deal with Canaccord Genuity Corp. and GMP Securities. It is expected to close January 31. MedReleaf plans on using the net proceeds to finance construction of additional cannabis production and manufacturing facilities in Canada as well as in other jurisdictions with federal legal markets.
Origo Acquisition Corp. (OACQ) filed to change its name to High Times Media and convert from a Cayman Islands company to a Nevada corporation and change its symbol. Origo merged with High Times Holding Corp., the publisher of High Times Magazine in July of 2017. Following the merger, the company would like to be listed on the Nasdaq exchange under the symbol HITM.
And finally, Colorado said that in November dispensaries sold $119.6 million of cannabis products, a 9.5% increase over last year. Can’t wait to see what California dispensaries start reporting.
