THEN BEFORE AND NOW ONCE MORE
Cannabis ETFs bounce back
Canopy Growth’s latest earnings report, recent M&As and SAFE Banking’s re-emergence are being credited for helping cannabis ETFs make a comeback in the last week or so, reports CNBC.
The details
- The AdvisorShares Pure US Cannabis ETF (MSOS) is up 22%
- The ETFMG Alternative Harvest ETF (MJ) is up 14%
- AdvisorShares’ Pure Cannabis ETF (YOLO) is up 16.5%
- The Global X Cannabis ETF (POTX) is up 21%
- The Amplify Seymour Cannabis ETF (CNBS) is up 20%
- The Cannabis ETF (THCX) is up 14%
The takeaway
After a tough 2021, THCX managing director Matt Markiewicz called the recovery a “glimmer of hope.”
Enjoy Cannabis Daily each morning at 7 a.m.
TAKE IT TO THE HOUSE
Why this dispensary is delivering $1 joints to anywhere in the Greater Toronto Area
In an effort to reach customers living in municipalities that have opted out of hosting legal cannabis stores, the House of Cannabis—which has stores in Toronto, Barrie and Keswick, Ontario — plans to deliver $1 joints to anywhere in the Greater Toronto Area, says BlogTO.
The details
- Some heavily populated areas outside of Canada’s largest city still don’t have cannabis stores, such as Markham and Mississauga (BOO!)
- Stores often deliver within just a 5-10 mile radius from their locations to manage costs
- House of Cannabis will deliver anywhere in the GTA for free with a $30 purchase
- Until Feb. 14, select Good Supply pre-rolls are just $1
The takeaway
Owner Benjamin Tran “hopes to start changing the often negative social stigma that surrounds cannabis in places where shops don’t seem to thrive the same way they do in the city.”
“IS NANCY MACE HIGH?”
Trump endorses pro-cannabis Republican’s opponent
Former President Donald Trump isn’t backing the re-election of Rep. Nancy Mace, the rookie Republican pushing to legalize cannabis federally, reports The Hill.
The details
- Mace has accused Trump of inciting the Jan. 6 attacks on the Capitol
- Trump called Mace “an absolutely terrible candidate” who has been “disloyal”
- Now, he’s thrown his support behind GOP candidate Katie Arrington
Arrington is hardly pro-cannabis, and has called Mace a “sellout.”
“She is more interested in becoming a mainstream media celebrity than fighting for the people she’s supposed to represent,” she said. “Selfies with Carole Baskin, Monkey Island, legalizing marijuana. Why is she prioritizing that over the skyrocketing inflation, high gas prices and economic security for the Lowcountry? Is Nancy Mace high?”
IPO LFG!
Akanda is going public
International cannabis producer Akanda Corp. is planning to launch an IPO and will trade on the NASDAQ under the stock ticker AKAN, reports BusinessCann.
The company aims to raise USD $27.6 million, which they’ll use to
- Expanding its cultivation operations at its facility in the Kingdom of Lesotho, South Africa
- Build an EU GMP-certified forced air greenhouse and post-harvest drying facility
- Expand medical cannabis products distribution in the UK
The takeaway
“The timing of completion of any aspect of our plan of operations is highly dependent upon the availability of cash to implement that aspect of the plan and other factors beyond our control,” reads a statement. “There is no assurance that we will successfully obtain the required capital or revenues, or, if obtained, that the amounts will be sufficient to fund our ongoing operations.”
