The cannabis sector continues to be the fastest growing industry in the world and it continues to provide investors will ample opportunities. Although Canada has been one of the hottest places to invest over the last year, Canadian cannabis stocks have been under pressure over the last two months.
Yesterday, CBC News reported that the Canadian government will announce legislation next month to legalize recreational cannabis by July 1, 2018. CBC said it learned that the legislation will be announced the week of April 10th and will broadly follow the recommendation of a federally appointed task force chaired by former liberal Justice Minister Anne McLellan. Per the CBC, Parliamentary Secretary to the Minister of Justice Bill Blair briefed the Liberal caucus on the roll-out plan and the legislation over the weekend.
Cannabis stocks will rally off this news and we want to highlight seven important company developments to hit the newswire today.
- Invictus MD (IMH: CSE) (IVITF: OTC) has received conditional approval to list its common shares for trading on the TSX Venture Exchange. This development follows several significant company developments and we think this is a stock to watch.
- Canabo Medical (CMM.V: TSX Venture) (CAMDF: OTCQB) announced that it opened its 14th Cannabinoid Medical Clinic (or CMClinics) in St. Catharine’s, Ontario. Canabo plans to open 8 additional clinics in 2017. Since beginning operations in 2014, the company now has clinic locations in Toronto, Barrie, St. Catharine’s, Burlington, Stoney Creek, Ottawa, Hamilton, Halifax, St. John’s, Moncton, Kingston, Edmonton, Calgary and Chilliwack.
- Insys Therapeutics, Inc. (INSY) found a new President and CEO and reported that Saeed Motahari assume the role, effective April 17th. Prior to joining Insys, Motahari was Purdue Pharma’s Chief Commercial Officer and played a key role in the transformation of the company’s commercial organization and contributed to the business development strategy.
- Zynerba Pharmaceuticals (ZYNE) reported fourth quarter and full-year financial results for the period that ended on December 31st and provided an overview of recent operational highlights.
- Golden Leaf Holdings Ltd. (GLDFF) signed a binding agreement to acquire a cultivation and extraction license in Nevada from NevWa (doing business as Grassroots). NevWa’s cultivation and extraction license, based out of Sparks, Nevada, allows for the distribution and sale of products across the state.
- MassRoots, Inc. (MSRT) announced that it launched a new website that enables the company to broaden its audience and more effectively monetize users and web-traffic.
- Aphria Inc. (APH.V) (APHQF) made an additional investment of $3 million in Copperstate Farms Investors. The investment will advance its capital expenditure program related to extractions, lighting and power generation. This increases Aphria’s membership units from 10% to 18.5%. Investors owns a 95% interest in Copperstate Farms. The remaining 5% interest in Copperstate is owned through its Aphria’s subsidiary
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