CORAL GABLES, FL / ACCESSWIRE / April 4, 2019 / When speaking about the marijuana stock market, one cannot help but bring into the conversation the importance of companies with ancillary functions in the cannabis sector. Typically, companies which produce cannabis flower are the focus for investors looking into the industry, but this completely overlooks the potential opportunities presented by companies fulfilling other roles equally important to the industry. These companies are responsible for everything from packaging to marketing, as well as CBD products which use cannabis-derived/hemp-derived cannabidiol. All in all, analysts have said that 2019 could be the year for the marijuana industry and companies in the sector continue to innovate as they have been, these predictions may come to fruition. ParcelPal Technology Inc (PTNYF) (PKG), Innovative Industrial Properties Inc (IIPR), Charlotte's Web Holding Corp (CWBHF), and Cronos Group Inc (NASDAQ: CRON, TSX: CRON) are 4 pot stocks heating things up on Thursday.
ParcelPal Technology Inc (PTNYF) (PKG) is a technology-driven logistics company determined to connect consumers to the goods they love via an easy-to-use, on-demand platform. Through the use of ParcelPal, customers can shop at partner businesses and receive their orders within an hour. At a time where society values convenience more than ever, on-demand services are thriving.
ParcelPal Technology Inc (PTNYF) (PKG) today announced that the Company will be hosting an investor update conference call on May 17th, 2019 for the purpose of reviewing the Company's recent progress as well as provide investors with plans for the future. The Company also mentioned that it will be releasing its quarterly financial statements for Q4 FY2018 by the end of April.
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Innovative Industrial Properties Inc (IIPR), one of the few real estate companies on the NYSE focused on the regulated U.S. cannabis market, announced in mid-March results for the fourth quarter and year ended December 31, 2018, the second full year since IIP commenced real estate operations and completed its initial public offering in December 2016. In 2018, the Company recorded net income attributable to common stockholders of approximately $2.3 million for the quarter, or $0.24 per diluted share, and adjusted funds from operations of approximately $3.6 million, or $0.38 per diluted share. AFFO represented an increase of 344% from the prior year's quarter.
In addition to this announcement of their fiscal results, the Company also announced the acquisition of a property in Ohio and entered into a long-term lease and development agreement with a subsidiary of PharmaCann for an approximately 26,000 square foot industrial facility and an approximately 32,000 square foot greenhouse facility on the property.
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Charlotte’s Web Holdings Inc (CWBHF), a market leader in hemp-derived CBD extract products, reported at the tail-end of March financial results for the fourth quarter and year ended December 31, 2018. All amounts are expressed in United States dollars. Per the details of their report, the Company saw record harvests of 675,000 pounds securing inventory to meet future demand.
Hess Moallem, president and Chief Executive Officer of Charlotte's Web, said, "during the fourth quarter we concentrated our efforts on completing the 2018 harvest and building product inventory to support growing consumer demand. Our 2018 harvest resulted in 675,000 pounds of raw hemp compared to 63,000 pounds in 2017. The record harvest benefited from excellent growing conditions and the unique expertise we've accumulated over the past five years of cultivating the complex hemp plant. This inventory build ensures we are able to meet growing demand and supply the large national retail chains that are beginning to carry our products."
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Cronos Group Inc (CRON) announced in late-March financial results for the fourth quarter and full year ended December 31, 2018. Last year, the Company's common shares in Canada was up-listed from the TSX Venture Exchange to the Toronto Stock Exchange. In May 2018, the Cronos Group board of directors approved the appointment of KPMG LLP as independent auditor of the Company.
Following the release of their financial results, Mike Gorenstein, Chief Executive Officer of Cronos Group, stated, "at Cronos Group, we take pride in leading the industry forward responsibly and are motivated to create meaningful products that excite our consumers and bring happiness and an improved quality of life. We are very excited to partner with Altria to help us realize our goals. Altria's investment and the services they provide will enhance our resources and enable us to scale our product development and commercialization capabilities. The growth potential in the cannabis industry is vast and we are only just beginning."
For More Information On Cronos Group Inc, Click Here
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