The Canadian Cannabis Sector seems to be growing larger and larger every day. CSE:TOKI Tree of Knowledge International Inc started trading today which is just one of the few newly listed companies to begin trading in the sector. In the last few weeks we’ve had the addition of CVE:GTEC, CSE:GTII, CVE:EVE, CSE:SPR, CSE:MTEC and CVE:LVWL which joined the sector. Unfortunately, with most people on vacation and the government taking longer to process applications, the lack of volume for the sector has kept things pretty boring for the recently added companies.
CSE:CROP Crop infrastructure Corp and CSE:PREV are the only 2 companies this week that have been stealing the volume spotlight. Crop which had an attractive share price and a series of news releases is about to top over 50 million shares traded in the first 10 days of July. They currently have more volume than Aurora Cannabis Ins and Fsd Pharma which are usually the leaders in daily shares traded. We are definitely going to keep an eye out for Crop tomorrow. Prev recently had a drop to 4cents caused by huge volume with no news release and today had an even bigger bounce back and still, no news, are money makers trying to make a quick flip or hopefully news is on the way.
The sector had a lot of new today. The day started with CSE:HC High Hampton announcing that it is further expanding its cannabis distribution network in California with the successful close of the acquisition of all the membership interests of 8 Points Mgmt LLC and Bravo Distro LLC. This will be High Hampton’s second distribution network, with the recent acquisition of CaliGold, and eventually having a 200k sq feet facility in Coachella California, High Hampton is well poised in being one of the leaders in California.
Here are other noteworthy news releases today: CSE:SNN Sunniva announced they plan on spinning out their Canadian Assets so they can uplist to TSX and NASDAQ. This is definitely good news for investors and will bring additional exposure that will increase the share price and shareholder value. Unfortunately, we might not be seeing the spinout anytime soon and might only take place toward the end of the year.
CSE:MYM announced that it has entered into an Investment Agreement to acquire a 49% stake in Colombian cannabis company, Colombia Organica, that currently holds a seed to sale license for low THC cannabis. This agreement will allow Mym to have 35 acres of leased land, in Colombia, to build greenhouses with an extremely low cost of growing. With their current construction of their Weedon greenhouse and their partnership with CSE:PUF for their 1 million sq feet facility in Austrailia, this addition solidifies Mym’s plans to be a global leader.
Today also had colaboration news releases CNSX:HUGE and CNSX:PILL announced a profit sharing agreement and CNSX:EAT and CVE:NU Launch Cannabis-Infused Nu Energy Tablets July 11th
CVE:PURE will start trading tomorrow they currently have an 18k sq feet facility in Toronto with a cultivation licence.
The biggest news happened after hours when Hiku announced they will be terminating the merger with Weedmd and will be acquired by Canopy. This is definitely good news for Hiku share holders and underfortunately not the best for Wmd.
Tomorrow will definitely be interesting, Canopy and Hmmj haven’t had much increase in share prices lately. Hopefully the acquisition news will shine more media spotlight and we will see an increase in overall volume.
Disclaimer: date from the table is pulled from google finance.