Last week, Sen. Jeff Merkley (D-OR) and Sen. Cory Gardner (R-CO) introduced the Secure and Fair Enforcement (SAFE) Banking Act into the Senate, counting on the support of 20 cosponsors. This bipartisan piece of legislation was introduced in the House last month, and was approved with bipartisan support in the House Financial Services Committee in March. It has 158 cosponsors.
Its aim is to “protect banks and other financial institutions from prosecution and ease restrictions for providing services to cannabis businesses that are in compliance with state laws,†a spokesperson for the National Cannabis Industry Association explained.
Aaron Smith, executive director of the National Cannabis Industry Association, said in an email that, “Lack of access to financial services is creating public safety problems for the rapidly growing legal cannabis industry, as well as interfering with transparency and access to capital for small businesses. The Senate now has the opportunity to keep up the momentum that the SAFE Banking Act has in the House and address this important issue.â€
On the markets front, vape distributor Greenlane filed for an IPO and said it plans to price its shares between $14 and $16. The company says it will be listing April 18 at NASDAQ under the ticker "GNLN."
“This exchange has been notoriously bad at accepting cannabis-related companies, even if they are only ancillary companies," Debra Borchardt, CEO of Green Market Report, told Benzinga. "This will be one of the few that has gotten through the NASDAQ approvals if indeed they get the green light.â€
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Benzinga's Cannabis Capital Conference, the premier gathering of cannabis entrepreneurs and investors in North America, is returning to Toronto April 17-18. Keynote speakers include Giadha Aguirre de Carcer, Cam Battley, Alan Brochstein, Jon Najarian, Jeanne M. Sullivan, Tim Seymour and many more. More info at bzcannabis.com
Marijuana Stocks & ETFs
Over the last five trading days, the Horizons Marijuana Life Sciences Index ETF (OTC: HMLSF) (TSE:HMMJ) lost 4.1 percent, while the ETFMG Alternative Harvest ETF (NYSE: MJ) tumbled 3.3 percent. The SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period up 0.55 percent.
Here are some of the top marijuana stocks (market cap above $400 million) in U.S. exchanges and how the performed over the last five trading days:
• Acreage Holdings (OTC: ACRZF): down 4.4 percent
• Aphria Inc (NYSE: APHA): up 0.2 percent
• Aurora Cannabis Inc (NYSE: ACB): down 3.2 percent
• CannTrust Holdings Inc (NYSE: CTST): down 5.9 percent
• Canopy Growth Corp (NYSE: CGC): down 2.2 percent
• Cronos Group Inc. (NASDAQ: CRON): down 7.4 percent
• Curaleaf Holdings Inc (OTC: CURLF): down 10.2 percent
• Green Growth Brands Inc (OTC: GGBXF): down 15.2 percent
• Green Organic Dutchman Holdings Ltd (OTC: TGODF): down 3.6 percent
• Green Thumb Industries Inc (OTC: GTBIF): down 10 percent
• GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH): up 1.5 percent
• Hexo Corp (NYSE: HEXO): down 5 percent
• Harvest Health & Recreation Inc (OTC: HRVSF): down 11.2 percent
• iAnthus Capital Holdings Inc (OTC: ITHUF): down 14.8 percent
• Marimed Inc (OTC: MRMD): up 29.25 percent
• MedMen Enterprises Inc. (OTC: MMNFF): down 7.9 percent
• OrganiGram Holdings Inc (OTC: OGRMF): down 2.6 percent
• Scotts Miracle-Gro Co (NYSE: SMG): up 0.3 percent
• Tilray Inc (NASDAQ: TLRY): down 11.1 percent
In Other News
Deepak Anand, CEO and founder of Materia Ventures, a cannabis supply and distribution business focused on European and Asian markets, joined the board of Can Innovation Finder (CIF), an Israel-focused cannabis innovation hub that claims it holds the largest portfolio of Israeli Canna-tech companies. Launched in August 2018, CIF is a female-led venture with a portfolio of over 30 Israeli canna-tech companies, cultivators and clinical labs.
Fresh&co, a healthy fast-casual restaurant group owned by LVMH Moet Hennessy Louis Vuitton SA (OTC: LVMUY) announced a collaboration with Chef Miguel Trinidad of New York City restaurants Jeepney Filipino Gastrobub and Maharlika for a special 4/20 hemp and CBD-infused menu. Miguel Trinidad was featured on Benzinga alongside B-Real of Cypress Hill, for his role as a judge in the new cannabis cooking show “Bong Appétit: Cook Off.â€
Fresh&co Executive Chef Craig Rispoli along with Chef Trinidad curated an innovative and colorful menu, consisting of healthy, sustainable and nutritional food items, that have been infused with CBD and hemp.
Benzinga broke the news about SHO Products, a company focused on the manufacturing and distribution of cannabis accessories, equipment, and technology, closing a $3.6 million Series A funding round led by New York philanthropist and venture capital investor Ann Tenenbaum.
Origin House (OTC: ORHOF), a company building a portfolio of popular cannabis brands, announced that two of its California assets received permit approvals in Sonoma Count. Wholly owned subsidiary FloraCal Farms has received a Minor Use Permit for construction of the third phase of build-out and upgrades at its Santa Rosa facility. This final phase will have an annual production capacity of approximately 1,100 kg of premium flower per year. Pending Origin House acquiree, Cub City, a California-based cannabis cultivator, has received a Minor Use Permit from the County of Sonoma for cultivation, processing, non-volatile manufacturing, and distribution at its Santa Rosa facility.
New Age Beverages Corp (NASDAQ: NBEV) announced its Marley brand will expand nationally with Walmart Inc. (NYSE: WMT).
Driven Deliveries Inc (OTC: DRVD) added three members to its management team and Board of Directors. Foremost, the company added Lance Ott, who is ranked No. 28 as the top 100 most influential cannabis business executives by Cannabis Business Executive. Driven brought on Brad Dalmann, who previously developed brands during his time at Weedmaps. Dalmann increased these brands' market penetration by 400 percent. Driven Deliveries also appointed Christian Schenk, a serial entrepreneur and investor who has developed and sold two telematics companies.
Chris Boudreau, CEO of Driven Deliveries, told Benzinga, “This is an exciting time for our company as the addition of these three key team members will prove beneficial as we continue to grow exponentially. These hires bring expertise from multiple verticals that will enable Driven Deliveries to continue at our projected growth rate.â€
Canopy Growth will join the S&P/TSX 60 Index, replacing Goldcorp Inc. (NYSE: GG) on the Index.
Weekend Unlimited Inc (OTC: WKULF) launched its new brand identity, redesigned logo, and product portfolio designs. The new brand identity features a logo with the Weekend Unlimited name abbreviated WKND! in a lower-case typeface in several colors, highlighting the emotions and lifestyles associated with the company’s products.
The new product line includes disposable vaporizer pens with proprietary formulations of CBD and THC, a line of pre-rolled cannabis cigarettes, hemp-based gummies, an anti-inflammatory pain relief tincture, a pain relief cream, and an intimacy play spray. The new brand and product line will begin its rollout in May.
"Our new products will demonstrate Weekend’s ability to deliver unique, high-quality cannabis and CBD products that customers will want to try, then buy again," said Paul Chu, CEO of Weekend Unlimited.
Benzinga and GreenWave Advisors’ Matt Karnes broke the news about Colorado’s Q1 cannabis sales figures.