CORAL GABLES, FL / ACCESSWIRE / January 10, 2019 / The cannabis industry has been booming for over a year at this point. With countless updates to legislation and a changing political/social sphere surrounding the market, it seems as though the future is potentially even brighter than the present. With the recent increase in capital and sheer amount businesses entering the market, the nascent sector has seen unprecedented growth in marijuana stocks. As public opinion surrounding cannabis becomes increasingly more favorable, the marijuana industry may begin to present an appealing opportunity for investors looking into space. As experts and professionals in the field work to develop innovative approaches to developing products utilizing cannabis/hemp, the industry as a whole may benefit. ParcelPal Technology Inc (PTNYF) (PKG), Acreage Holdings Inc (ACRGF), Canopy Growth Corp (CGC) (WEED.TO), and Namaste Technologies Inc (NXTTF) are 4 pot stocks that could make moves on Thursday.
ParcelPal Technology Inc (PTNYF) (PKG), along with other companies in the space, is taking advantage of the fact that, as technology has evolved over the years, so too has the industry surrounding delivery apps and their growing popularity. The opportunity that ParcelPal may be presenting now draws comparisons to the way early investors had an opportunity with companies like Uber andGrubhub before they went mainstream in the US.
ParcelPal Technology Inc (PTNYF) (PKG) created an on-demand marketplace where customers can shop for anything from food to clothes, and customers need only shop from the app, choose the items they want, and wait for the delivery within one hour.
In recent news, ParcelPal Technology Inc (PTNYF) (PKG)'s President and CEO Kelly Abbot provided investors with a corporate update, via a press release issued on Wednesday, which shared all significant accomplishments from the company throughout the duration of 2018.
Following this announcement, President and CEO Kelly Abbott said, "We are continuously executing on our strategic plan, attracting potential partnerships, and looking at further city expansions. The opportunities are endless for evolution and revenue diversification within the on-demand delivery industry. We have been reinvesting into our technology platform and have begun to scale our service across Canada and now into the United States."
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Acreage Holdings Inc (ACRGF) announced in early December that it had signed into a definitive agreement with Form Factory, Inc for the Company to acquire Form Factory, in an all-stock transaction valued at $160 million. Per the official press release, Acreage will issue approximately 6.4 million Subordinate Voting Shares to Form Factory shareholders at a deemed price of $25 per share.
Kevin Murphy, Founder, Chairman, and Chief Executive Officer of Acreage Holdings, said, "creating a wide range of products that meet the diversified tastes of consumers and owning the national manufacturing and distribution platform to ensure their consistent and predictable delivery on a national basis is a key to long-term success and value creation in the cannabis industry. With this acquisition, we are now positioned to be both the first and only national cannabis CPG company and distribution platform in the U.S. cannabis industry. The combination of the largest U.S. operational footprint, combined with the unique food and beverage manufacturing capabilities of Form Factory sets us on a direct path to becoming the Procter & Gamble of cannabis."
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Canopy Growth Corporation (CGC) (WEED) lauded the passing of the US 2018 Farm Bill in a press release on Monday. The Company included, in their praise, updates on their hemp operations as they prepare for US market entry due to hemp's legalization from the new bill.
Bruce Linton, Chairman and Co-CEO, Canopy Growth, said, "Canopy has been preparing for and investing in this opportunity for several years now, through strategic acquisitions, infrastructure expansion, and extensive internal research and development. With the door now open, we are moving fast to bring our considerable resources to establish the same market leadership position internationally that we have earned in the Canadian cannabis market.
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Namaste Technologies Inc (NXTTF) announced, in mid-December, that it had entered into a share purchase agreement to acquire common shares in Pineapple Express Delivery Inc and an affiliated entity, representing an additional 34% equity in exchange for such number of common shares of Namaste having an aggregate value of approximately $3.06 million.
Following this announcement, Sean Dollinger, President, and CEO of Namaste said, "We're pleased to announce adding to our position in Pineapple Express, an innovative company with a strong management team focused on providing exceptional service. We are now offering same-day delivery services in Toronto through Pineapple Express and are looking forward to their expansion throughout Canada. We believe strategic investments in technology and service companies like Pineapple Express will drive innovation and provide long-term value for the Company. I'm also personally looking forward to joining Pineapple Express' board of directors and in offering value to their team."
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