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<ul><li><strong><keyword id="12273560" type="UNKNOWN" weightage="60" keywordseo="sundial-growers" source="Orion">Sundial Growers</keyword> stock jumped as much as 15% on Friday after agreeing to acquire Alcanna for $346 million.</strong></li><li><strong>The acquisition will catapult Sundial into the liquor business with Alcanna's 171 retail locations. </strong></li><li><strong>Sundial says the merger will improve its cash flow profile and create retail operating synergies.</strong></li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestdium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"><strong>Sign up here for our daily newsletter, 10 Things Before the Opening Bell</strong></a><strong>.</strong></li></ul><p><a href="https://markets.businessinsider.com/stocks/sndl-stock">Sundial Growers</a> stock jumped as much as 15% on Friday after the <keyword id="11910359" type="UNKNOWN" weightage="60" keywordseo="cannabis" source="Orion">cannabis</keyword> distributor said <a href="https://www.prnewswire.com/news-releases/sundial-growers-to-acquire-alcanna-inc-301395790.html">it agreed to acquire Alcanna for $346 million</a> in an all-stock transaction.</p><p>Alcanna is a Canadian liquor retailer with 171 locations throughout the country. The company also owns a majority 63% stake in Nova Cannabis, a publicly traded company that runs 62 cannabis retail locations across Alberta, Saskatchewan and Ontario.</p><p>Under the terms of the merger, for every one share of Alcanna, shareholders will receive 10.69 shares of Sundial. That represents a share price of $9.12 for Alcanna, which is a 39% premium to the 10-day volume-weighted average price of the company. The merger is still subject to approval by shareholders of both companies.</p><p>The deal has so far been viewed as favorable among investors, as shares of both Sundial and Alcanna moved higher in Friday's trading session. Typically only the company being acquired sees a higher stock price, while investors sell stock of the acquirer due to integration and strategic rationale concerns. </p><p>According to Sundial, the deal will help improve its cash flow profile via Alcanna's mature liquor business, which generated $16.4 million in cash flow over the past year.</p><p>"Alcanna's value-focused model in liquor retailing has created market stability and we believe that the replication of this playbook in cannabis has strong potential to drive a similar result," Sundial CEO Zach George said. Sundial also expects to realize an additional $15 million in EBITDA through retail operation synergies and other strategic initiatives.</p><p>Sundial grows, produces, and distributes various cannabis products to a network of dispensaries throughout Canada. The company says combined with Nova's retail footprint, Sundial will reach more than 170 cannabis retail locations in Canada, making it a retail market leader. </p><div type="image" title="Sundial Growers stock price" height="491" width="626" msid="86876096" hostid="261"></div>

Sundial Growers surges 15% after cannabis distributor enters liquor business with $346 million acquisition of Alcanna

<ul class="summary-list"><li><keyword id="9789046" type="UNKNOWN" weightage="60" keywordseo="cannabis-stocks">Cannabis stocks</keyword> may be the next area of attention for retail investors as a recent rally in <keyword id="10688429" type="UNKNOWN" weightage="60" keywordseo="meme-stocks">meme stocks</keyword> fizzles, says Vanda Research. </li><li>Inflows for <keyword id="4517399" type="PERSON" weightage="60" keywordseo="tilray">Tilray</keyword> and <keyword id="11388251" type="UNKNOWN" weightage="60" keywordseo="sundial-growers">Sundial Growers</keyword> have picked up this week. </li><li>"Retail purchases of meme stocks probably peaked on Wednesday," said Vanda. </li></ul><p>The meme-stocks rally that's propelled <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment</a> up more than 2,200% so far this year is showing signs of exhaustion, but a recent pickup in buying of <keyword id="14728" type="ENTERTAINMENT" weightage="60" keywordseo="cannabis">cannabis</keyword> stocks including <a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> suggests that space could be the next center of attention for retail investors, according to a research firm.</p><p>"Retail purchases of meme stocks probably peaked on Wednesday," said Vanda Research on Friday, noting a slowdown in net inflows into shares of AMC, the top recipient of retail investment money in recent weeks. Its rally has carried through to <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop,</a> <a href="https://markets.businessinsider.com/stocks/bb-stock">BlackBerry</a> and other stocks favored by retail investors active on social media such as Reddit's Wall Street Bets platform. Vanda monitors <keyword id="2657399" type="PERSON" weightage="60" keywordseo="retail-trading">retail trading</keyword> activity in more than 9,000 US stocks and ETFs.</p><p>Meanwhile, inflows of $28.6 million into shares of cannabis companies <a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> and <a href="https://markets.businessinsider.com/stocks/sndl-stock">Sundial Growers</a> on Thursday were the strongest since earlier rallies in the first quarter of the year. That marked the first clear signs of a rotation out of meme stocks, said Vanda. There was also a significant pick-up in retail flow on Friday for Tilray, Sundial and <a href="https://markets.businessinsider.com/stocks/cron-stock">Cronos</a>, three of the largest cannabis stocks traded in the US.</p><p>Meme stocks bounced back into the spotlight for retail investors in late May as bitcoin and other cryptocurrencies were crashing. AMC shares began to surge after major shareholder Dalian Wanda Group sold almost all of its remaining stake in the company. Redditors cheered the newly available shares and flexed their newfound weight in the market.</p><p>While meme stocks are still heftier in value than weeks before, the rally was starting to fizzle with AMC shares pulling back. AMC on Wednesday had $66 million in new inflows, less than half of the $136 million mln it had averaged in the previous two sessions, said Vanda. BlackBerry picked up some of the slack by drawing in $110 million for its largest day of retail buying in 2021.</p><p>However, "as opposed to BlackBerry, we think the rotation into cannabis stocks has a lot more room to run," said Vanda, adding that Sundial and Tilray were the fourth and seventh-most active tickers on WallStreetBets forums on Thursday.</p><p>Tilray and Sundial jumped during the week after <a href="https://markets.businessinsider.com/news/stocks/tilray-sundial-stock-rally-amazon-backs-marijuana-bill-retail-traders-2021-6-1030491675">Amazon said its public policy team will back the Marijuana Opportunity Reinvestment and Expungement Act of 2021</a>. The MORE act would, among other actions, end criminal penalties for anyone who sells cannabis in states where it's legal.</p><p>"Despite the low chances that the Act is passed in the Senate (due to the filibuster), increasing media coverage is likely to attract the attention of the average retail investor," said Ben Onatibia, a senior strategist at Vanda.</p>

A rotation into cannabis stocks by retail investors has a lot more room to run as the latest meme-stock rally fades, research firm says

<ul class="summary-list"><li><a href="https://www.businessinsider.com/retail-traders-market-downturn-wont-scare-away-reddit-investors-2021-6">Retail traders have flooded the stock market</a> in the past year with the help of trading apps like Robinhood.</li><li>Here's the top 50 stocks on Robinhood's leaderboard as of June, according to <a href="https://www.fool.com/investing/2021/06/01/the-top-50-robinhood-stocks-in-june/">data collected by the Motley Fool</a>. </li><li>Among the top stocks are <keyword id="6358378" type="ORGANIZATION" weightage="60" keywordseo="amc">AMC</keyword>, <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>, Workhorse, and several Canadian <keyword id="14728" type="ENTERTAINMENT" weightage="60" keywordseo="cannabis">cannabis</keyword> companies.</li></ul><p>Robinhood has been the poster child of the commission-free trading movement that has drawn a new generation of investors into the stock market, and its user base skews heavily to Millennial and Gen Z investors. From iconic companies like Apple, to upstarts looking to disrupt whole industries, here are the top 50 stock picks among Robinhood users.   </p><h3>50. Workhorse</h3><div type="image" title="Workhorse Truck" height="370" width="740" msid="84003007" hostid="261"></div><p>Workhorse, the Loveland, Ohio-based electric-vehicle maker, has <a href="https://markets.businessinsider.com/news/stocks/retail-investors-boost-workhorse-canoo-tesla-posts-china-sales-growth-2021-6-1030505432">become a retail favorite</a> among other auto manufacturers, like Lordstown Motors and Canoo. </p><h3>49. Boeing</h3><div type="image" title="Inside the cockpit of Boeing 757 testbed aircraft - Honeywell Aerospace Boeing 757 testbed aircraft" height="1250" width="2500" msid="84003008" hostid="261"></div><p>Shares of the plane-maker have rallied more than 12% so far this year. </p><h3>48. Zynga</h3><div type="image" title="Zynga Peak" height="2499" width="5000" msid="84003009" hostid="261"></div><p>The mobile-gaming company sees <a href="https://www.bloomberg.com/news/articles/2021-06-21/mobile-gaming-pioneer-zynga-sees-1-billion-opening-in-consoles?sref=BWbpWjRm">more than $1 billion in sales opportunity</a> if it expands beyond mobile games to consoles and computers, Bloomberg reported. </p><h3>47. Uber</h3><div type="image" title="Uber" height="1846" width="3692" msid="84003012" hostid="261"></div><p><a href="https://markets.businessinsider.com/stocks/uber-stock">Shares</a> of the San Francisco-based ride-hailing company have been barely changed so far this year.</p><h3>46. United Airlines</h3><div type="image" title="Flying United Airlines during pandemic" height="1249" width="2500" msid="84003018" hostid="261"></div><p>The airline slumped amid the <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> pandemic but has turned around as air travel picks back up. </p><h3>45. SPDR S&amp;P 500 ETF</h3><div type="image" title="A number of value stocks have been surging on the S&amp;P 500 in 2021." height="1552" width="3105" msid="84003023" hostid="261"></div><p>The ETF tracking the benchmark index has risen about 15% so far this year. </p><h3>44. NVIDIA</h3><div type="image" title="nvidia impressive ceos 2x1" height="1249" width="2499" msid="84003027" hostid="261"></div><p>The chip and graphics card producer has rallied more than 50% year-to-date. </p><h3>43. General Motors</h3><div type="image" title="General Motors headquarters Detroit" height="1000" width="2000" msid="84003032" hostid="261"></div><p>The automaker is among a slew of others in the industry that retail traders have rallied behind. </p><h3>42. Coca-Cola</h3><div type="image" title="Coca-cola billboard" height="1102" width="2204" msid="84003037" hostid="261"></div><p><a href="https://markets.businessinsider.com/stocks/ko-stock">Shares</a> of the Atlanta-based beverage company have rebounded from a slump earlier this year. </p><h3>41. Vanguard S&amp;P 500 ETF</h3><div type="image" title="Vanguard vs Fidelity" height="1060" width="2121" msid="84003039" hostid="261"></div><p>The exchange-traded fund has rallied 14% so far this year. </p><h3>40. Norwegian Cruise Line</h3><div type="image" title="The Norwegian Prima cruise ship" height="1249" width="2500" msid="84003043" hostid="261"></div><p>The cruise industry was hit hard amid the COVID-19 pandemic, but shares of cruise operators are on the rebound as the world reopens. </p><h3>39. Ideanomics</h3><div type="image" title="GettyImages 539998802" height="2001" width="4002" msid="84003045" hostid="261"></div><p>Ideanomics, a small company focused on sustainability, has rallied alongside other meme stocks like GameStop this year. </p><h3>38. Virgin Galactic</h3><div type="image" title="Virgin Galactic" height="1000" width="2000" msid="84003046" hostid="261"></div><p>The space tourism company has been a focus among Reddit retail traders for months. Shares soared in May after the company announced its <a href="https://markets.businessinsider.com/news/stocks/virgin-galactic-stock-price-soars-after-launching-successful-flight-2021-5-1030458827">successful test flight</a>. </p><h3>37. FuelCell Energy</h3><div type="image" title="fuel cell" height="1750" width="3500" msid="84003047" hostid="261"></div><p>The Danbury, Connecticut-based company creates "clean, efficient and affordable fuel cell solutions," according to its website. </p><h3>36. AT&amp;T</h3><div type="image" title="AT&amp;T" height="2687" width="5375" msid="84003048" hostid="261"></div><p>The media and telecommunications company based in Dallas is among retail-trader favorites on Robinhood. </p><h3>35. Moderna</h3><div type="image" title="woman getting vaccine" height="1000" width="2000" msid="84003050" hostid="261"></div><p>Moderna shares have rallied in recent days since the pharmaceutical company announced its COVID-19 vaccine <a href="https://www.businessinsider.com/moderna-covid-19-vaccine-delta-variant-2021-6">should work against the Delta variant</a>. </p><h3>34. Starbucks</h3><div type="image" title="A Starbucks barista makes coffee in Florida." height="1900" width="3800" msid="84003056" hostid="261"></div><p>The popular Seattle-based coffee maker recently added <a href="https://www.businessinsider.com/starbucks-oat-milk-drinks-available-nationwide-2021-3">oat milk-based drinks</a> to its menu.</p><h3>33. Twitter</h3><div type="image" title="Twitter logo over computer" height="2191" width="4383" msid="84003063" hostid="261"></div><p>The social-media site has been a hub for retail traders exchanging ideas this year. </p><h3>32. Advanced Micro Devices</h3><div type="image" title="austin amd" height="1000" width="2000" msid="84003070" hostid="261"></div><p>Advanced Micro Devices, a semiconductor company, is frequently mentioned on Reddit investing threads like Wall Street Bets. </p><h3>31. Canopy Growth</h3><div type="image" title="canopy growth" height="1526" width="3053" msid="84003073" hostid="261"></div><p>The Canadian cannabis company is one of a handful of its kind that are <a href="https://markets.businessinsider.com/news/stocks/retail-traders-bought-record-worth-of-stocks-friday-stock-market-2021-6-1030547357">among retail-trader favorites</a>. </p><h3>30. Facebook</h3><div type="image" title="facebook logo" height="1200" width="2400" msid="84003079" hostid="261"></div><p>The social media behemoth is now worth more than $1 trillion after a <a href="https://markets.businessinsider.com/news/stocks/facebook-market-cap-1-trillion-antitrust-lawsuit-dismissal-judge-monopoly-2021-6-1030561618">federal judge dismissed antitrust lawsuits</a> against the company. </p><h3>29. Tilray</h3><div type="image" title="Tilray marijuana" height="1500" width="3000" msid="84003083" hostid="261"></div><p>The Canadian cannabis company has seen a lot of Reddit hype as retail investors look to position themselves for the possibility of legalization in the US. </p><h3>28. Coinbase Global</h3><div type="image" title="The photo shows physical imitations of cryptocurrency" height="512" width="1024" msid="84003084" hostid="261"></div><p><a href="https://markets.businessinsider.com/currencies/news/coinbase-stock-price-lowest-since-ipo-crypto-exchange-2021-5-1030398413">Coinbase</a> was the first major cryptocurrency exchange to go public on April 14. </p><h3>27. Bank of America</h3><div type="image" title="BofA logo" height="2434" width="4868" msid="84003088" hostid="261"></div><p>Shares of the Charlotte, North Carolina-based bank have rallied about 36% so far this year. </p><h3>26. OrganiGram</h3><div type="image" title="weed thc marijuana cbd cannabis" height="1060" width="2121" msid="84003090" hostid="261"></div><p>The Canadian cannabis company is one of several retail traders have hyped up. </p><h3>25. Alibaba</h3><div type="image" title="alibaba jack ma NYSE" height="1000" width="2000" msid="84003094" hostid="261"></div><p>Shares of the Chinese e-commerce company have fallen about 2.6% this year. </p><h3>24. Netflix</h3><div type="image" title="netflix" height="511" width="1022" msid="84003096" hostid="261"></div><p>The streaming site recently <a href="https://www.businessinsider.com/netflix-launched-an-e-commerce-site-selling-show-inspired-merch-2021-6">launched an e-commerce store</a> to sell items from popular shows like "The Witcher."</p><h3>23. Snap Inc.</h3><div type="image" title="Snapchat messaging application.JPG" height="1500" width="3000" msid="84003097" hostid="261"></div><p>Shares of the social site have rallied about 35% so far this year. </p><h3>22. Delta Airlines</h3><div type="image" title="Delta Air Lines Airbus A320" height="2000" width="4001" msid="84003099" hostid="261"></div><p>The airline is among several others that struggled during the pandemic but has begun to rebound. </p><h3>21. Churchill Capital Corp IV</h3><div type="image" title="money" height="1059" width="2119" msid="84003104" hostid="261"></div><p>Shares of the special-purpose acquisition company have nearly tripled in price since going public earlier this year. </p><h3>20. Palantir</h3><div type="image" title="Alex Karp - CEO of Palantir Alex Karp speaks to the press as he leaves the Elysee Palace in Paris, on May 23, 2018 after the &quot;Tech for Good&quot; summit, in Paris, France, on May 23, 2018." height="1500" width="3000" msid="84003108" hostid="261"></div><p>Palantir CEO <a href="https://www.businessinsider.com/palantir-ceo-alex-karp-bio-life-career-family-education-2020-7?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Alex Karp</a> said the surveillance company is a favorite stock pick because the company <a href="https://markets.businessinsider.com/news/stocks/palantir-reddit-retail-favorite-company-speaks-clear-english-alex-karp-2021-6-1030529844">respects the intelligence</a> of the retail-trading community.</p><h3>19. GoPro</h3><div type="image" title="GoPro Inc's founder and CEO Nick Woodman holds a GoPro camera in his mouth as he celebrates GoPro Inc's IPO at the Nasdaq Market Site in New York City, June 26, 2014.  REUTERS/Mike Segar   " height="399" width="800" msid="84003112" hostid="261"></div><p>The maker of wearable cameras has rallied 38% so far this year. </p><h3>18. Zomedica</h3><div type="image" title="veterinarian" height="1000" width="2000" msid="84003116" hostid="261"></div><p>The Ann Arbor, Michigan-based company is focused on helping meet the needs of veterinarians, according to its website. </p><h3>17. GameStop</h3><div type="image" title="gamestop store" height="1000" width="2000" msid="84003122" hostid="261"></div><p>GameStop was recently <a href="https://markets.businessinsider.com/news/stocks/gamestop-not-amc-headed-for-inclusion-in-russell-1000-index-2021-6-1030532795">added to the Russell 1000 Index</a>, a list of the largest companies based on market capitalization, thanks to its epic rally pushed by retail investors.  </p><h3>16. Carnival</h3><div type="image" title="carnival cruise" height="1000" width="2000" msid="84003128" hostid="261"></div><p>The cruise line industry shuttered amid the COVID-19 pandemic, but operators like Carnival are making a comeback as the pandemic recedes. </p><h3>15. Aurora Cannabis</h3><div type="image" title="Aurora Cannabis" height="1000" width="2000" msid="84003136" hostid="261"></div><p>Aurora is another Canadia cannabis company that retail traders have flocked to amid excitement over potential legalization in the US. </p><h3>14. Pfizer</h3><div type="image" title="pfizer vaccine us" height="1100" width="2200" msid="84003139" hostid="261"></div><p>The pharmaceutical company has surged in popularity, largely thanks to the production of its COVID-19 vaccine. </p><h3>13. Nokia</h3><div type="image" title="FILE PHOTO: Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez/File Photo" height="2162" width="4324" msid="84003147" hostid="261"></div><p>Nokia has been looped into the basket of meme-stocks, like GameStop and AMC, that have gripped retail-traders attention this year. </p><h3>12. Plug Power</h3><div type="image" title="Saudi Aramco hydrogen fueling station" height="2886" width="5773" msid="84003151" hostid="261"></div><p>Plug Power, based in Latham, New York, is focused on creating hydrogen fuel cells to power vehicles. </p><h3>11. American Airlines</h3><div type="image" title="American Airlines tails" height="2897" width="5794" msid="84003154" hostid="261"></div><p>The Fort Worth, Texas-based airline has rallied about 35% year-to-date. </p><h3>10. Amazon</h3><div type="image" title="amazon warehouse truck shipping" height="512" width="1024" msid="84003158" hostid="261"></div><p>The e-commerce giant is among the biggest companies in the world with a $1.7 trillion market capitalization. </p><h3>9. Microsoft</h3><div type="image" title="Satya Nadella" height="2421" width="4842" msid="84003159" hostid="261"></div><p>Microsoft is among the largest companies in the world with a $2 trillion market capitalization. </p><h3>8. Disney</h3><div type="image" title="Disney World" height="2500" width="5000" msid="84003166" hostid="261"></div><p>Shares of the media and entertainment conglomerate have dropped about 3% so far this year. </p><h3>7. <keyword id="180384" type="ORGANIZATION" weightage="60" keywordseo="NIO">NIO</keyword></h3><div type="image" title="Nio" height="1249" width="2500" msid="84003173" hostid="261"></div><p>The Chinese electric-vehicle maker has rallied more than 600% in the past year. </p><h3>6. General Electric</h3><div type="image" title="GE." height="2628" width="5257" msid="84003183" hostid="261"></div><p>Shares of the long-time company have been on the rise this year, rallying about 25%. </p><h3>5. <keyword id="6355174" type="UNKNOWN" weightage="60" keywordseo="ford">Ford</keyword></h3><div type="image" title="Biden Ford" height="1000" width="2000" msid="84003189" hostid="261"></div><p>The legacy automaker <a href="https://www.businessinsider.com/biden-ford-electric-truck-f150-test-drive-dearborn-michigan-visit-2021-5">garnered attention</a> earlier this year when President Joe Biden floored one of its electric trucks. </p><h3>4. <keyword id="1610585" type="PERSON" weightage="60" keywordseo="Sundial">Sundial</keyword> Growers</h3><div type="image" title="Marijuana Cannabis" height="1000" width="2000" msid="84003192" hostid="261"></div><p>Sundial, among other Canadian cannabis companies, is a favorite among retail traders. </p><h3>3. AMC Entertainment</h3><div type="image" title="AMC stock" height="2500" width="5000" msid="84003203" hostid="261"></div><p>AMC Entertainment became a retail-trader favorite earlier this year, and led a rally in memes last month amid renewed interest in meme stocks. </p><h3>2. Apple</h3><div type="image" title="Apple CEO Tim Cook" height="2499" width="5000" msid="84003208" hostid="261"></div><p>The iPhone maker is the most valuable company in the world with a market cap of more than $2 trillion. </p><h3>1. Tesla</h3><div type="image" title="Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019." height="1500" width="3000" msid="84003210" hostid="261"></div><p>Tesla's Chief Executive Officer Elon Musk has captured retail-trader attention in both his company and in the realm of cryptocurrencies. </p>

From Tesla to Workhorse, here are the 50 most popular stocks among retail investors on Robinhood

<ul><li><strong>Investors piled into cannabis stocks after President Joe Biden announced federal pardons for marijuana possession.</strong></li><li><strong>"No one should be in jail just for using or possessing marijuana," Biden said on Thursday.</strong></li><li><strong>The move sparked a surge in popular cannabis stocks like Tilray, Canopy Growth, and Sundial Growers.</strong></li></ul><p>Investors piled into cannabis stocks after <a href="https://www.businessinsider.com/biden-to-pardon-thousands-of-people-with-federal-marijuana-convictions-2022-10">President Joe Biden announced federal pardons for simple marijuana possession</a> on Thursday.</p><p>"As I've said before, no one should be in jail just for using or possessing marijuana. Today, I'm taking steps to end our failed approach," <a href="https://twitter.com/POTUS/status/1578097875480895489?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1578097875480895489%7Ctwgr%5Ef72de5943f4adac1c0d0d377339cba2b1faf2029%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2022-10-06%2Fbiden-to-pardon-marijuana-possession-order-criminal-review">Biden said.</a></p><p>Those steps include federal pardons for thousands of people who have been federally convicted of cannabis possession. The move is expected to impact more than 6,500 people. Additionally, Biden called on all governors to follow his lead and pardon simple marijuana possession offenses at the state level.</p><p>Finally, Biden called on the Attorney General and Secretary of the Department of Health and Human Services to initiate a review that would remove cannabis as a Schedule I drug. "We classify marijuana at the same level as heroin - and more serious than fentanyl. It makes no sense," Biden said. </p><p>The announcement sparked a surge in cannabis stocks on Thursday, with shares of <a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a>, <a href="https://markets.businessinsider.com/stocks/cgc-stock">Canopy Growth</a>, and <a href="https://markets.businessinsider.com/stocks/sndl-stock">Sundial Growers</a> all surging more than 20%. Some cannabis stocks pared those gains in early Friday trades, while others moved slightly higher. The <a href="https://markets.businessinsider.com/etfs/roundhill-cannabis-etf-us53656f3670?miRedirects=1">Roundhill Cannabis ETF</a> jumped another 11% on Friday after surging more than 20% on Thursday.</p><p>The move by Biden is giving investors hope that he may move forward with further measures <a href="https://www.businessinsider.com/biden-directs-review-cannabis-changes-marijuana-industry-2022-10">that could be friendly to the cannabis industry,</a> including potential decriminalization or legalization. There is bipartisan support for cannabis legalization in Congress, but Biden signing such a bill has remained in question.</p><p>Either way, Biden's announcement on Thursday is a step in the right direction for companies that are growing and distributing cannabis products.</p><p>But despite the strong upside moves in cannabis stocks following Biden's announcement, there's still a lot of ground to be made up. Shares of Tilray and Canopy Growth are down 44% and 57% year-to-date. Tilray is still down 99% from its record 2018 high of $300 per share, even after accounting for Thursday's surge.</p>

Investors pile into cannabis stocks after Biden announces federal pardons for marijuana possession

<ul class="summary-list"><li>Gen Z investors are driving interest in penny stocks, S&amp;P Global Market Intelligence said in a report this week. </li><li>Penny stocks are cheap to buy for young traders who have less money to invest than their older counterparts do. </li><li>Gen Z investors also use fractional investing to buy large-cap shares such as Tesla. </li></ul><p>Gen Z traders tend to have less money than their older counterparts do, and inexpensive stocks serve as their main avenue into investing, according to an S&amp;P Global Market Intelligence report. </p><p>Their penchant for penny stocks, interest in how <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> work, and relative lack of capital for investing are some of the "unique characteristics" of Gen Z investors, S&amp;P Global said in its <a href="https://cdn.roxhillmedia.com/production/email/attachment/900001_910000/616532e96b852f3c426c57c0fad39984267438f3.pdf">US Digital Investing report</a> published this week. </p><p>"The challenges confronting young investors could explain why penny stocks were the most heavily traded equities on major U.S. exchanges in nine of the first 11 months of 2021," Tom Mason, senior research analyst at S&amp;P Global Market Intelligence, wrote in the report. "With penny stocks, one can buy a relatively large block of shares on the cheap." </p><p>Cannabis producer <a href="https://markets.businessinsider.com/stocks/sndl-stock">Sundial Growers</a> (which traded around $0.56 a share on Thursday), workflow automation company <a href="https://markets.businessinsider.com/stocks/xela-stock">Exela Technologies</a> ($0.57) and oil producer <a href="https://markets.businessinsider.com/stocks/cei-stock">Camber Energy</a> ($0.44) were among the most heavily traded stocks last year. <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment</a> followed top-volume stock Sundial, even though the movie theater chain's shares trade above $15.</p><p>The Gen Z stocks tended to have low percentages of institutional ownership, S&amp;P Global noted. AMC was the highest at about 30%, well below the 60% average for all US stocks traded on major exchanges. </p><p>They also have disclosure and listing issues. Camber Energy recently won an extension from the New York Stock Exchange to file certain financial reports. And Sundial is working to avoid a potential delisting from Nasdaq as the bid price on common shares had fallen below $1 for 30 consecutive days. </p><p>But Gen Z was undeterred. And to illustrate the new driving force in penny stocks, S&amp;P pointed out that in the third quarter of 2021 Gen Z was the only cohort to have Camber Energy in its top 20 holdings. The findings were based on an analysis of more than 6 million accounts by Apex Clearing, a provider of back-end services for retail trading apps.</p><p>Despite their interest in penny stocks, young investors aren't shutting out large-cap names from their portfolios. <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> and <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> are among their holdings, aided in part by retail trading apps offering fractional investing, a feature that lets investors buy a portion of high-priced stocks. </p><p>"It seems, then, that some retail traders simply like penny stock trading, perhaps as a long-term, moon shot investment or as a way of making bets on short-term price movements," wrote Mason.</p>

Gen Z investors gravitate toward penny stocks for a cheap way to start building wealth, says S&P Global

<ul><li><strong><keyword id="12465194" type="UNKNOWN" weightage="60" keywordseo="cannabis-stocks" source="Orion">Cannabis stocks</keyword> soared on Thursday after a report said Congress has scheduled a vote to legalize the drug.</strong></li><li><strong>The U.S. House of Representatives will reportedly vote next week on the Marijuana Opportunity, Reinvestment and Expungement Act.</strong></li><li><strong>If enacted, the bill would remove <keyword id="11910359" type="UNKNOWN" weightage="60" keywordseo="cannabis" source="Orion">cannabis</keyword> from the list of federally controlled substances.</strong></li></ul><p>Cannabis stocks surged in late-afternoon trades on Thursday after Congress scheduled a vote to federally legalize the drug, according to <a href="https://www.marijuanamoment.net/federal-marijuana-legalization-bill-officially-scheduled-for-house-floor-vote-next-week/#:~:text=Now%2C%20House%20leaders%20have%20officially,colleagues%20in%20advancing%20the%20reform">a report from Marijuana Moment.</a></p><p>The U.S. House of Representatives will vote next week on the Marijuana Opportunity, Reinvestment and Expungement act, a bill that would remove cannabis from the list of federally controlled substances. If passed, the bill would be sent the the Senate for approval before heading to President Joe Biden's desk for his signature.</p><p>Shares of <a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> and <a href="https://markets.businessinsider.com/stocks/sndl-stock">Sundial</a> soared nearly 20%, while Canopy Growth was up about 10%. The ETFMG Alternative Harvest ETF was up more than 6% in Thursday trades.</p><p>The legalization of marijuana is an issue that has garnered bipartisan support, and while chances are good that a bill would pass the House and the Senate, there is uncertainty as to <a href="https://www.businessinsider.com/how-a-biden-presidency-will-affect-the-cannabis-industry-2020-10">whether President Biden will be in favor of signing it. </a></p><p>Senate majority leader <a href="https://www.businessinsider.com/schumer-senate-federal-marijuana-legalization-biden-2021-4">Chuck Schumer has been lobbying Biden</a> about the importance of legalizing marijuana since he took office, and has expressed hope that he could change the Biden's mind.</p><p>According to Marijuana Moment, the Rules Committee will officially take up the measure in a Monday afternoon meeting to prepare it for floor action, which includes determining which amendments will be allowed to advance for consideration. The bill has already cleared the Judiciary Committee and was sponsored by Congressman Jerrold Nadler. </p><p>The last time the MORE act was voted on in the House <a href="https://www.businessinsider.com/us-congress-marijuana-vote-more-act-cannabis-decriminalization-2020-12">was in December 2020,</a> when it passed in a 228 to 164 mote with five Republicans voting in favor of it. Whether the bill makes it to the Senate and is ultimately signed into law by President Biden, it's clear based on state-by-state rollouts of laws legalizing the drug that commercialization efforts will take time to get setup in a legal retail environment. </p><p>Marijuana is legalized for recreational use in 18 states, and is legalized for medical use in 38 states. Recreational legalization of the drug at the federal level would more than double the geographical target market for marijuana growers, refiners, and distributors.</p>

Cannabis stocks soar after report says Congress plans vote on federal legalization of the drug next week

<p><strong><em>Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword> where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.</em></strong></p><p><strong><em><a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.</em></strong></p><p>Happy Friday,</p><p>I had an interesting chat with Cronos Chairman Michael Gorenstein and Gingko Bioworks CEO Jason Kelly about their new cannabinoid partnership.</p><p>I'm far from a Ph.D. - and my knowledge of biosynthesis is scant-to-nonexistent - but what struck me about the partnership is that we could be moving into a world where we don't need actual <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> plants to produce the active compounds known as cannabinoids.</p><p>The partnership will first focus on synthesizing CBG, a rare cannabinoid that's thought to have benefits for sleep and pain relief. Regular old marijuana plants produce CBG in low quantities, so if you are a consumer company - or a pharmaceutical giant - and you want to mass produce CBG, you need to find cheaper ways to do it.</p><p>That's where brewer's yeast comes in. </p><p>"You need to grow a big field of cannabis plants to get this vanishingly small amount of these key cannabinoids," Kelly told me. "And we said: Why don't we take that DNA code from the cannabis plant and move it over into an easier to grow organism like brewer's yeast."</p><p>From there, Kelly says you put in a tank, brew it up, "and instead of beer coming out, you get CBG."</p><p>Expect to see more scientific developments and patents coming out of this space. And, if you've been paying attention to our reporting, <a href="https://www.businessinsider.com/aurora-ceo-miguel-martin-genetics-will-dominate-cannabis-industry-2021-4">you'd know that IP is a hot commodity for acquisitions</a>. </p><p><em><strong>Other cannabis happenings from around the wide world: </strong></em></p><p>If you missed my chat with Sundial CEO Zachary George at last week's Benzinga Cannabis Capital Conference, <a href="https://www.youtube.com/watch?v=YzJYFaM9mwU">you can watch it here</a>. I also spoke at the GCI Summit with a panel of excellent folks <a href="https://summit.gcintelligence.com/">about the changing face of drug policy in the US</a> and the collateral consequences of cannabis convictions.</p><p>New York Magazine <a href="https://www.instagram.com/p/CP3FIjfFDlK/?utm_medium=copy_link">asked mayoral candidates how much weed they smoke regularly</a> in an Instagram video. It's hilarious and worth a watch.</p><p>Sen. Bernie Sanders <a href="https://twitter.com/natsfert/status/1403115544669216771?s=20">asked</a> Politico's cannabis policy reporter Natalie Fertig: "Are you stoned right now?" To which Fertig responded: "I am not stoned right now." <a href="https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS95MnJxWWJwNA/episode/YzNmMzQ3NjctOGJhMy00YzFlLThkNzEtYTMxZTBlNjU0NjRk?hl=en&amp;ved=2ahUKEwik-8nM94_xAhWidN8KHYuzBIgQjrkEegQIBBAF&amp;ep=6amp;ep=6">Listen to the exchange here</a>.</p><p>Freelance cannabis writer and Insider contributor Andrew Ward released his new book, <em>The Art of Marijuana Etiquette</em>, this week. I'm super excited to get my hands on a copy, and <a href="https://www.simonandschuster.com/books/The-Art-of-Marijuana-Etiquette/Andrew-Ward/9781510754652">you can get yours here</a>. </p><p>Let's get to it. </p><p><em>- Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) &amp; Yeji (<a href="https://twitter.com/jesse_yeji?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">@jesse_yeji</a>)</em></p><p><strong><em>If you like what you read, share this newsletter with your colleagues, friends, boss, spouse, strangers on the internet, or whomever else would like a weekly dose of cannabis news. </em></strong></p><p><strong><em>Here's what we wrote about this week:</em></strong></p><h3><a href="https://www.businessinsider.com/marijuana-stock-sundial-ceo-wallstreetbets-investors-helping-turn-around-company-2021-6"><strong>The CEO of hot cannabis firm Sundial shares how he capitalized on a wave of interest from Wall Street Bets to raise hundreds of millions of dollars and turn the company around</strong></a></h3><p>Sundial Growers, a midsized Canadian <a href="https://www.businessinsider.com/cannabis">cannabis</a> cultivator, has become one of Reddit's favorite pot stocks. The company's CEO told Insider that intense interest from retail investors on Reddit's Wall Street Bets forum helped Sundial raise money and pay down debts.</p><h3><a href="https://www.businessinsider.com/cannabis-lawyers-deals-ma-legalization-decisions-shaping-industry-2021-6"><strong>7 top cannabis lawyers dish on the deals, disputes, and policy decisions shaping the $104 billion industry's future</strong></a></h3><p>Insider spoke with top cannabis lawyers who've<a href="https://www.businessinsider.com/list-top-lawyers-law-firms-cannabis-marijuana-deals-2021"> worked on the industry's biggest deals.</a> They told us to expect more M&amp;A and more SPAC offerings in the coming months as well as increased clarity around the legal status of cannabis in the US. </p><h3><a href="https://www.businessinsider.com/cannabis-media-startup-civilized-relaunches-paying-workers-2021-6"><strong>Troubled cannabis-media startup Civilized is relaunching. The cofounder says she's trying to make good with unpaid workers and the company's biggest creditor.</strong></a></h3><p>Civilized, a media startup in the cannabis industry, is relaunching this month after shuttering its doors in 2019 when a takeover offer fell through. CEO Terri Riedle said she was working to pay employees and satisfy the company's largest creditor.</p><h3><a href="https://www.businessinsider.com/cannabis-investment-firm-merida-capital-raising-250-million-2021-6"><strong>Prolific cannabis investment firm Merida Capital is raising $250 million for a new fund. Managing partner Mitch Baruchowitz shares why he's betting big on medical cannabis and the 'normalization' of the industry.</strong></a></h3><p>Cannabis private-equity firm Merida Capital is raising a $250 million fund. Managing partner Mitch Baruchowitz told Insider that he's pursuing three key themes in Fund IV: medical cannabis, supply chain companies, and companies that address what the normalization of cannabis means for consumers. </p><h2>Executive Moves</h2><ul><li>JR Rahn, the cofounder and CEO of psychedelics company MindMed, is <a href="https://www.prnewswire.com/news-releases/mindmed-announces-chief-executive-officer-transition-301308922.html">leaving his role as CEO</a>, the company announced. Robert Barrow, chief development officer, will take over as CEO.</li></ul><h2>Deals, launches, partnerships, and IPOs</h2><ul><li><a href="https://aphrodite.health/">Aphrodite Health</a>, a company focused on developing psychedelic medicine to address women's mental and physical health, <a href="https://www.businesswire.com/news/home/20210604005455/en/First-Female-founded-Psychedelic-Biotech-Company-Launches">launched</a> last Friday.</li><li>Cannabis company Vireo Health is changing its name to Goodness Growth Holdings. It is also <a href="https://apnews.com/press-release/pr-newswire/health-technology-business-888fa83c5313f5ce7f6fb0b7b6a02ed9">launching R&amp;D efforts to develop psychedelic medicines</a>. </li><li>California cannabis company <a href="https://www.prnewswire.com/news-releases/herbl-announces-acquisition-of-blackbird-to-create-leading-multi-state-supply-chain-solution-in-cannabis-industry-301307409.html">HEBRL is acquiring Blackbird</a>, a Nevada-based cannabis distributor. The companies did not disclose financial terms of the transaction.</li><li>Cronos Group is partnering with Boston-based biotech Gingko Bioworks to <a href="http://thecronosgroup.gcs-web.com/news-releases/news-release-details/cronos-group-and-ginkgo-bioworks-amend-agreement-accelerate">produce cannabinoids at scale using yeast</a>. The first target for the partnership will be CBG, the companies said. </li><li>Tilray is launching a <a href="https://www.businesswire.com/news/home/20210608005394/en/Tilray-Announces-Launch-of-New-Medical-Cannabis-Brand-Symbios">medical cannabis brand called Symbios</a>. </li><li>Cannara Biotech is buying The Green Organic Dutchman's cultivation facility in Quebec <a href="https://www.prnewswire.com/news-releases/cannara-biotech-inc-enters-into-definitive-agreement-to-acquire-tgods-state-of-the-art-cultivation-and-manufacturing-facility-in-valleyfield-quebec-301310023.html">for $27 million plus $5.7 million funding</a> of certain deposit requirements, the companies said. </li><li>Toronto-based psychedelics company Field Trip Health has applied <a href="https://www.globenewswire.com/news-release/2021/06/08/2243503/0/en/Field-Trip-Health-Ltd-Applies-to-List-Its-Common-Shares-on-the-NASDAQ-Stock-Market.html">to list its shares on the Nasdaq</a>. <a href="https://www.businessinsider.com/first-vc-psychedelics-field-trip-ventures-canada-2019-6">Read our past coverage of Field Trip</a>.</li><li>Eoin Keenan, formerly of Prohibition Partners, is launching <a href="https://www.goodrays.com/">Goodrays</a>, a UK CBD-infused seltzer brand. </li></ul><h2>Research and data</h2><ul><li>The NFL is offering $1 million in grants to fund up to five research proposals into alternatives to opioids for pain management, including studies on cannabis, <a href="https://www.bloomberg.com/news/articles/2021-06-08/nfl-pledges-1-million-to-fund-cannabis-research-for-pain-relief">Bloomberg reports</a>.</li><li>A study of 20 healthy individuals published in the <em><a href="https://journals.lww.com/pain/Abstract/9000/Pain_response_to_cannabidiol_in_induced_acute.98051.aspx">Journal of the International Association of Pain</a></em> found that 800 mg of orally administered CBD did not affect perceptions of pain compared to a placebo.</li></ul><h2>Policy moves</h2><ul><li>Connecticut is convening a special session to vote on marijuana legalization before the end of June, <a href="https://www.courant.com/politics/hc-pol-marijuana-filibuster-vote-20210609-akmtinwi35bjtblzp6tu2fq74e-story.html">The Hartford Courant reports</a>. </li><li>Connecticut Gov. Ned Lamont signed a bill on Monday that would require the Department of Mental Health and Addiction Services to create a working group to "study the health benefits of psilocybin." <a href="https://www.marijuanamoment.net/connecticut-governor-signs-psychedelics-study-measure-as-he-awaits-marijuana-legalization-bill/">Read more</a> at Marijuana Moment.</li><li>Nevada Governor Steve Sisolak <a href="https://norml.org/news/2021/06/10/nevada-governor-signs-multiple-marijuana-reform-measures-into-law/">signed a bill</a> on Monday that would allow for consumption lounges in the state. The new law will take effect on October 1.</li><li>Two-thirds of Americans say they support the decriminalization of possession of most drugs, <a href="https://www.aclu.org/other/poll-results-american-attitudes-toward-war-drugs?initms_aff=nat&amp;initms_chan=soc&amp;utm_medium=soc&amp;initms=210609_fb&amp;utm_source=fb&amp;utm_campaign=&amp;utm_content=210609_racialjustice&amp;ms_aff=nat&amp;ms_chan=soc&amp;ms=210609_fbnat&amp;ms_chan=soc&amp;ms=210609_fb">according to a report from the nonprofit Drug Policy Alliance and ACLU</a>. </li></ul><h2>Earnings roundup</h2><ul><li>Jushi Holdings released its Q1 2021 <a href="https://ir.jushico.com/news-events/press-releases/detail/157/jushi-holdings-inc-reports-fourth-quarter-and-full-year">results</a> on Wednesday, reporting $41.7 million in net revenue and a $26.8 million loss.</li></ul><h2>Chart of the week</h2><p>The US hemp CBD market is expected to balloon to $16 billion by 2026, according to a report from Brightfield Group:</p><div type="image" title="Bar chart of the total US hemp CBD market from 2019 to 2026 with an expected growth to $16 billion in 2026" height="1040" width="1240" msid="83441201" hostid="261"></div><h2>What we're reading</h2><p><a href="https://www.wsj.com/articles/a-new-york-prison-locked-men-up-for-drugs-now-the-site-will-grow-marijuana-11622469601">A New York prison locked men up for drugs. Now the site will grow marijuana</a> (WSJ)</p><p><a href="https://www.businessinsider.com/washington-vaccine-weed-cannabis-marijuana-free-joint-2021-6">You can get a free joint if you get vaccinated in Washington State thanks to a 'Joints for Jabs' policy. Edibles and bongs are off limits.</a> (Insider)</p><p><a href="https://cannabitch.substack.com/p/thc-the-high-crustaceans">THC: The High Crustaceans</a> (Cannabitch)</p><p><a href="https://www.comoxvalleyrecord.com/business/comoxs-aurora-coast-home-to-one-of-the-worlds-largest-genetic-libraries-for-cannabis/?utm_source=dlvr.it&amp;utm_medium=twittertter">Comox's Aurora Coast home to one of the world's largest genetic libraries for cannabis</a> (Comox Valley Record)</p><p><a href="https://markets.businessinsider.com/news/stocks/cannabis-stocks-retail-investors-inflows-meme-tilray-amc-sundial-cronos-2021-6-1030497093">A rotation into cannabis stocks by retail investors has a lot more room to run as the latest meme-stock rally fades, research firm says</a> (Insider)</p>

Merida Capital raising $250 million

<ul class="summary-list"><li>Aurora Cannabis CEO Terry Booth is stepping down from his role and the company is cutting 500 jobs in an effort to reduce costs.</li><li>Aurora is the latest cannabis company to get hit with executives shakeups and layoffs. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>Longtime Aurora Cannabis CEO Terry Booth is stepping down and the cannabis giant is cutting 500 jobs to slash spending, as turmoil hits the industry.</p><p>Michael Singer, Aurora's executive chairman, will take over as interim CEO while the board searches for a full-time replacement, the company said <a href="https://www.newswire.ca/news-releases/aurora-cannabis-announces-ceo-retirement-and-succession-board-of-directors-expansion-and-business-transformation-plan-869307955.html">in a statement</a></p><p>Booth isn't the only Aurora executive to depart the company in recent months. In December, Cam Battley, Aurora's chief corporate officer and the company's most public figure, stepped down from his role.</p><p>On top of the executive changes, Aurora said it was eliminating 500 full-time roles at the company, including 25% of corporate positions, and cutting back spending on travel and entertainment, IT projects, sales and marketing initiatives, and other areas.</p><p>"This was an incredibly difficult decision and not one taken lightly," Aurora CFO Glen Ibbott said on a Thursday afternoon call with analysts and investors. </p><p>Shares of the company tumbled 11% in late trading on Thursday.</p><p>The layoffs were first reported by <a href="https://www.bnnbloomberg.ca/aurora-plans-to-lay-off-10-of-staff-amid-profitability-push-source-1.1385552">BNN Bloomberg</a> on Wednesday. </p><p>Aurora will also take a $740 million to $775 million goodwill write-down, mainly related to assets the company acquired in Denmark and South America, "given market current cannabis market conditions and the slower than expected near-term industry growth," according to the statement. </p><h2>Cannabis companies face executive shake-ups, layoffs, and other cost-cutting measures </h2><p>Other Canadian cannabis giants have announced <a href="https://www.businessinsider.com/pax-eaze-weedmaps-hexo-canntrust-layoffs-job-cuts-in-cannabis-2019-10">cost-cutting layoffs</a> in recent weeks. Tilray on Tuesday let go of 10% of its workforce. amounting to approximately 144 jobs.</p><p>"Tilray restructured its global organization to meet the needs of the current industry environment and for continued growth in 2020 and beyond," Tilray CEO Brendan Kennedy said in a statement provided to Business Insider.</p><p>Canopy Growth founder Bruce Linton stepped down from his role in July of last year. He was replaced by David Klein, a former senior exec at Canopy's largest investor, Constellation Brands. </p><p>NASDAQ-listed Sundial Growers <a href="https://www.prnewswire.co.uk/news-releases/sundial-announces-departure-of-ceo-and-other-leadership-changes-and-optimization-initiatives-850424669.html">shook up its executive team in January as well</a>, replacing longtime CEO Torsten Kuenzlen and laying off an undisclosed number of employees. </p><p>"We have implemented several streamlining and efficiency initiatives to position the Company for long-term, sustainable growth. These initiatives include workforce optimization, along with enhancement of facility workflows and processes, realignment of product lines and product formats to areas of stronger demand and a heightened discipline in cost management," a Sundial spokesperson said in a statement provided to Business Insider. </p><p>And on Tuesday, Canadian cannabis cultivator WeedMD replaced its CEO, Keith Merker, with Angelo Tsebelis, the company's present.</p><p>On the US side, MedMen's co-founder and CEO Adam Bierman <a href="https://www.businessinsider.com/medmen-ceo-adam-bierman-to-step-down-setbacks-stock-losses-2020-1">stepped down from his role</a> and surrendered his super-voting shares in January, after the company laid off over 200 employees and was hit with a litany of lawsuits, executive departures, asset sales, and corporate controversies.  </p><p>Analysts welcomed the executive shakeups and job cuts at Aurora and Tilray.</p><p>"From a financial standpoint, we're supportive of these moves," Jefferies analysts Owen Bennett and Ryan Tomkins wrote on Wednesday. "Both companies have a relatively clouded path to profitability right now, very large operational footprints, a history of aggressive investments, and will likely need to raise capital in the near future (in our view)."</p><p>Cowen analyst Vivien Azer called the cuts "prudent" in a note on Wednesday.</p><p>"With cash scarce and profits elusive, we find these cuts prudent," Azer wrote. </p><ul class="read-more-links"><li><strong>Read more:</strong></li><li><a href="https://www.businessinsider.com/pax-eaze-weedmaps-hexo-canntrust-layoffs-job-cuts-in-cannabis-2019-10">Tilray just laid off 10% of its workers amid an industry slump. We're keeping track of all the job cuts across cannabis here.</a></li><li><a href="https://www.businessinsider.com/medmen-ceo-adam-bierman-to-step-down-setbacks-stock-losses-2020-1">The CEO of embattled cannabis company MedMen is stepping down on February 1</a></li><li><a href="https://www.businessinsider.com/caliva-ditching-eaze-cutting-over-200-workers-in-dtc-pivot-2020-2">California cannabis company Caliva is ditching Eaze and cutting more than 200 workers in a bet that building up its direct-to-consumer operation will pay off</a></li><li><a href="https://www.businessinsider.com/cannabis-startups-popular-hot-in-2020-according-to-vcs-2020-1">These are the 15 buzziest cannabis startups to bet on in 2020, according to top investors</a></li></ul><p class="tagline"><a href="/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=health&amp;itm_campaign=digital-health"></a></p><p>Featured Digital Health Articles:<br />- <a href="/telehealth-industry-explained">Telehealth Industry: Benefits, Services &amp; Examples</a><br />- <a href="/value-based-care-pay-for-performance-healthcare-model">Value-Based Care Model: Pay-for-Performance Healthcare</a><br />- <a href="/senior-care-market-trends">Senior Care &amp; Assisted Living Market Trends</a><br />- <a href="/wearable-technology-healthcare-medical-devices">Smart Medical Devices: Wearable Tech in Healthcare</a><br />- <a href="/artificial-intelligence-healthcare">AI in Healthcare</a><br />- <a href="/remote-patient-monitoring-industry-explained">Remote Patient Monitoring Industry: Devices &amp; Market Trends</a></p>

The CEO of cannabis giant Aurora just stepped down and the company is cutting 500 jobs as turmoil hits the industry

<p><strong><em></em></strong></p><p><strong><em>Welcome to <keyword id="11910360" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis" source="Orion">Insider Cannabis</keyword>, our weekly <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="11910359" type="UNKNOWN" weightage="100" keywordseo="cannabis" source="Orion">cannabis</keyword> boom.</em></strong></p><p><strong><em><a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.</em></strong></p><p>Hello everyone,</p><p>In some respects, the fight over how to legalize cannabis is a microcosm of larger social debates, pitting social justice activists against more free-market-oriented folks. </p><p>Take the debate this week over the <strong>SAFE Banking Act</strong>. </p><p>The cannabis banking bill <a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">passed the House for the fifth time last night</a>. This go-around, language from the bill - which would open up the banking system to cannabis companies and allow consumers to pay with credit cards - was shoehorned into the <strong>National Defense Authorization Act</strong>.</p><p>The NDAA usually passes the Senate without much fanfare. But <strong>Senate Majority Leader Chuck Schumer</strong>,<strong> Sen. Ron Wyden</strong>, and<strong> Sen. Cory Booker </strong>have their own more comprehensive cannabis bill, <strong>The Cannabis Opportunity and Administration Act. </strong>Booker has said that <a href="https://twitter.com/natsfert/status/1440809596902273028?s=20">he opposes</a> adding cannabis banking protections to the Senate's version of the NDAA ahead of broader criminal justice reforms.</p><p>It remains to be seen whether SAFE will be included in the Senate's version of the NDAA. Many cannabis activists say that the SAFE Act would only help banks and large cannabis companies make more money in the industry. They'd rather see full-scale legalization or at least record expungement and other criminal and social justice measures passed first.</p><p>But supporters of the SAFE Act say it's a necessary tool to help protect and grow small businesses since many social equity license holders are unable to get loans or open lines of credit to start their businesses, and that dealing in all cash is a safety risk. </p><p>In other news, <strong>Amazon</strong> <a href="https://www.businessinsider.com/amazon-lobbying-us-government-to-make-pot-legal-2021-9">doubled down on its support for cannabis legalization</a> and said it was lobbying the federal government for legalization. <strong>Aurora Cannabis</strong> closed a major facility and <a href="https://ca.finance.yahoo.com/news/aurora-cannabis-lays-off-12-of-its-workforce-135806426.html">cut around 8% of its workforce</a>. The company delayed its earnings until next week. <strong>Tilray</strong> <a href="https://www.thestar.com/business/2021/09/20/tilray-to-close-nanaimo-office-and-facility-months-after-aphria-merger.html">closed</a> its <strong>Nanaimo, British Columbia</strong> facility as well. </p><p>California will be <a href="https://www.businesswire.com/news/home/20210921005433/en/CA-State-Fair-First-ever-Cannabis-Competition-Announced">adding a cannabis competition to its state fair</a>, where farmers will show off their best buds. </p><p>I'll be <a href="https://www.cannabisnewyork.live/">moderating a panel about the New York cannabis opportunity</a> at the <strong>Prohibition Partners</strong> <strong>x</strong> <strong>Business of Cannabis</strong> conference in <strong>New York City</strong> on <strong>Wednesday, September 29</strong>. I'm looking forward to seeing many of you in person, and let me know if you'll be around. </p><p><em>- Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>)</em></p><p><strong><em>If you like what you read, <a href="http://newsletter.businessinsider.com/join/cultivated">share this newsletter</a> with your colleagues, friends, boss, spouse, strangers on the internet, or whomever else would like a weekly dose of cannabis news. </em></strong></p><p><strong><em>Here's what we wrote about this week:</em></strong></p><h3><a href="https://www.businessinsider.com/investors-push-founders-out-cannabis-startup-civilized-memo-2021-9"><strong>Investors are pushing out the founders of troubled cannabis startup Civilized. We got ahold of the full memo.</strong></a></h3><p>Investors are pushing Civilized founders Derek and Terri Riedle out of the company, according to a memo circulated among investors on Monday and obtained by Insider. The investors say the founders, Derek and Terri Riedle, saddled the company with debt.</p><h3><a href="https://www.businessinsider.com/founders-factory-woven-science-accelerator-for-psychedelics-startups-2021-9"><strong>A startup accelerator that's worked with J&amp;J and L'Oréal is getting into psychedelics as the industry goes mainstream</strong></a></h3><p>A new accelerator program is targeting early-stage ancillary startups focused on <keyword id="11964815" type="UNKNOWN" weightage="60" keywordseo="psychedelics" source="Orion">psychedelics</keyword>, in the latest sign that psychedelics are entering the mainstream and that funding dollars are trailing closely behind. </p><h3><a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3"><strong>The House just passed cannabis reforms as part of a defense bill. Here's what would change for businesses and their customers.</strong></a></h3><p>The US House of Representatives has passed the Secure and Fair Enforcement Banking Act, or SAFE Banking Act, yet again.</p><p>Lawmakers tucked the cannabis banking bill into the National Defense Authorization Act that passed lower chamber on Thursday. It's not clear whether the Senate will include cannabis reforms in its version of the defense package once the upper chamber takes it up. </p><h2>Executive moves</h2><ul><li><strong>New York Governor Kathy Hochul </strong>on Wednesday <a href="https://www.governor.ny.gov/news/governor-hochul-announces-appointments-office-cannabis-management-board">announced</a> two more appointees - <strong>Reuben R. McDaniel, III</strong> and <strong>Jessica Garcia</strong> - to the board of the Office of Cannabis Management, the regulatory body responsible for building out the adult-use cannabis industry in the state. </li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Cannabis tech company <strong>Dispense</strong> <a href="https://www.prnewswire.com/news-releases/dispense-closes-2m-seed-funding-led-by-nextview-ventures-and-poseidon-asset-management-301381177.html">said</a> on Tuesday that it had raised a $2 million seed round led by <strong>NextView Ventures</strong> and <strong>Poseidon Asset Management</strong>.</li><li>Michigan-based cannabis company <strong>SKYMINT</strong> <a href="https://www.prnewswire.com/news-releases/skymint-acquires-3fifteen-cannabis-and-completes-concurrent-78-million-financing-from-sunstream-bancorp-and-merida-capital-solidifying-its-position-as-michigans-top-cannabis-cultivator-manufacturer-retailer-and-employer-301381672.html">said on Tuesday</a> that it raised $78 million and acquired <strong>3Fifteen Cannabis</strong>. Investors in the round include <strong>Tropics LP</strong>, an affiliate of <strong>Sundial Growers' JV SunStream Bancorp Inc.</strong>, and <strong>Merida Capital Holdings</strong>.</li><li><strong>Christine De La Rosa</strong>, the CEO of <strong>The People's Ecosystem</strong>, is <a href="https://thepeoplesgroup.fund/">raising a $50 million fund</a> to invest in BIPOC and women-led cannabis businesses. </li><li>Psychedelics company <strong>Delic Holdings Corp</strong> <a href="https://www.prnewswire.com/news-releases/delic-to-acquire-ketamine-wellness-centers-inc-becoming-largest-psychedelic-wellness-chain-in-united-states-301380325.html">said on Monday</a> it would acquire <strong>Ketamine Wellness Centers Inc</strong>, increasing its footprint to 12 clinic locations across the US, in a $5 million cash-and-stock deal. </li><li><strong>Crain Communications</strong> <a href="https://www.crain.com/news/crain-communications-acquires-cannabis-financial-news-brand-green-market-report/">is acquiring</a> cannabis financial media site <strong>Green Market Report</strong>. The terms of the deal were not disclosed.</li></ul><div type="image" title="cannabis legalization" height="1333" width="2000" msid="86490084" hostid="261"></div><h2>Policy moves</h2><ul><li>The <strong>House of Representatives </strong>on Thursday passed the <strong>SAFE Banking Act</strong>, <a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">a cannabis banking bill</a>, as part of the <strong>National Defense Authorization Act</strong>. It's not clear whether the Senate will include cannabis reforms in its version of the defense package once the upper chamber takes it up. </li><li><strong>Italy</strong> is expected to hold a referendum on legalizing cannabis early next year after organizers gathered the 500,000 signatures within a week, <a href="https://www.reuters.com/breakingviews/italy-will-be-first-light-up-europes-weed-biz-2021-09-22/">reports Reuters</a>.  </li></ul><h2>Research and data</h2><ul><li>A <a href="https://www.epi.org/publication/ensuring-the-high-road-in-cannabis-jobs/">new report</a> from the nonprofit <strong>Economic Policy Institute</strong> found that unionized cannabis workers could make $8,690 more per year than non-unionized peers. </li><li>Psychedelics company <strong>Atai Life Sciences</strong> <a href="https://www.atai.life/2021/09/21/demerx-doses-first-subject-in-phase-1-2a-study-of-dmx-1002-ibogaine-in-opioid-use-disorder/">said</a> on Tuesday that its platform company <strong>DemeRx</strong> has started its early-stage clinical trials of ibogaine to treat opioid use disorder.</li><li>Cannabis data firm <strong>BDSA</strong> <a href="https://www.globenewswire.com/news-release/2021/09/21/2300624/0/en/BDSA-Reports-Global-Cannabis-Sales-Surge-41-YoY-in-2021-Will-Surpass-62-Billion-by-2026.html">says in a report</a> that cannabis sales will hit $31 billion this year, a 41% increase over last year. By 2026, BDSA expects cannabis sales to exceed $62 billion. </li></ul><h2>Earnings</h2><ul><li><strong>MedMen</strong> <a href="https://www.businesswire.com/news/home/20210923005896/en/MedMen-Reports-55-Year-Over-Year-Quarterly-Revenue-Growth-and-Second-Consecutive-Quarter-of-Growth-in-Both-Revenue-and-Retail-Adjusted-EBITDA">reported its Q4 and FY21 results</a> on Thursday. The company reported $42 million in revenue and a net loss of $46 million in Q4. For the full year, the company reported $145 million in revenue and a net loss of $157.6 million. </li></ul><h2>What we're reading </h2><p><a href="https://www.businessinsider.com/amazons-labor-shortage-solution-relax-cannabis-testing-2021-9">Why Amazon wants to make sure everyone knows it's totally cool with smoking pot now</a> (Insider)</p><p><a href="https://www.politico.com/news/2021/09/18/illinois-weed-experiment-512626">Lawyers, race and money: Illinois' messy weed experiment</a> (Politico)</p><p><a href="https://mjbizdaily.com/millions-of-pounds-of-legal-marijuana-diverted-to-illicit-market-california-lawsuit-alleges/">'Millions of pounds' of legal marijuana diverted to underground market, California lawsuit alleges</a> (MJ Biz Daily)</p><p><a href="https://www.insider.com/weed-could-help-motivate-you-to-exercise-athletes-say-2021-9">Getting high before exercise is the secret to sticking with a fitness routine, some athletes say</a> (Insider)</p><p><a href="https://apnews.com/article/business-environment-and-nature-oregon-droughts-marijuana-333e813d352fd2343e3adfe4f954e61a">Illegal marijuana farms take West's water in 'blatant theft'</a> (Associated Press)</p><p><a href="https://www.marijuanamoment.net/marijuana-banking-sponsor-discusses-path-through-senate-after-house-approves-reform-for-fifth-time/">Marijuana banking sponsor discusses path through Senate after House approves reform for fifth time</a> (<keyword id="12068962" type="UNKNOWN" weightage="60" keywordseo="marijuana" source="Orion">Marijuana</keyword> Moment)</p>

Civilized founders pushed out

<p><strong><em></em></strong></p><p><strong><em>Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword> where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.</em></strong></p><p><strong><em><a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.</em></strong></p><p>Welcome to this week's Insider Cannabis.</p><p>First off, <a href="https://www.businessinsider.com/aurora-ceo-miguel-martin-genetics-will-dominate-cannabis-industry-2021-4">my interview with Aurora Cannabis CEO Miguel Martin</a> seemed to have struck a chord with readers on social media - many did not appreciate the thought of comparing cannabis to Monsanto, a company that was often a lightning rod for criticism over GMOs and pesticides and their role in our food supply and agricultural economy.</p><p>Despite that, the point stands: Cannabis is an agricultural commodity. Growing will shift to more cost-effective strategies as legalization spreads to new jurisdictions.</p><p>Whether there will be a cannabis company that ends up looking like Monsanto is a difference of opinion, based on who you talk to. Many artisanal growers don't agree with that and don't want that to happen.</p><p>But when the CEO of one of the largest cannabis companies in the world says that's what he expects to see, it's worth listening, whether you agree or not.</p><p>Next, Yeji and I spoke with new Tilray CEO Irwin Simon after the <a href="https://markets.businessinsider.com/news/stocks/tilray-stock-price-upgrade-buy-jefferies-aphria-merger-cannabis-2021-5-1030402522">long-awaited merger with Aphria</a> closed on Monday.</p><p>Simon, a legendary dealmaker in his own right - he was the CEO of Nasdaq-listed health foods and supplements company Hain Celestial - told us that putting together the Tilray-Aphria merger was one of the hardest deals to close in his career.</p><p>That's because so many of Tilray and Aphria's shareholders are retail investors who bought stock on platforms like Robinhood and TD Ameritrade, it was really hard to get them to show up to the proxy vote.</p><p>"You know, nobody has home phones anymore. No one answers their cell phone to an unknown number. When you mail a proxy to someone's house or apartment, it goes in the garbage," Simon told us when we asked about why the vote was delayed. They've had to come up with new strategies to get around this, like texting shareholders directly, among other ideas.</p><p>We'd love to hear from you if this is a problem you've seen at your company. Get in touch with us at <a href="mailto:jberke@businessinsider.com">jberke@businessinsider.com</a>, and <a href="mailto:ylee@businessinsider.com">ylee@businessinsider.com</a>.</p><p>Last, I'll be moderating a panel with Steve Hawkings, the CEO of the US Cannabis Council and executive director of the <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">Marijuana</keyword> Policy Project, and others at the <a href="https://www.prnewswire.com/news-releases/prohibition-partners-live-returns-for-third-edition-with-agenda-set-to-push-forward-cannabis-transformation-301284737.html">Prohibition Partners Live (virtual) conference</a> on May 18-20. Yeji will be moderating a panel at the <a href="https://events.benzinga.com/">Benzinga Global Small Cap</a> conference on Thursday.</p><p>Tune in if you can.</p><p>And as always, if you like this newsletter, please share it with your friends, colleagues, boss, spouse, or whoever would also enjoy it.  </p><p><em>- Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) </em></p><p><strong><em>Here's what we wrote about this week:</em></strong></p><h3><a href="https://www.businessinsider.com/aurora-ceo-miguel-martin-genetics-will-dominate-cannabis-industry-2021-4">The CEO of cannabis giant Aurora explains why he's laser focused on plant genetics and predicts a 'Monsanto' of cannabis will emerge</a></h3><p>Aurora CEO Miguel Martin said in an interview with us that a 'Monsanto' of cannabis with a deep genetic library will soon emerge. Cannabis consumers are picky, and they want specific tastes, smells, and "highs" from their weed.</p><p>Companies with IP and genetics will be able to jump into new markets more easily, Martin said.</p><h3><a href="https://www.businessinsider.com/cannabis-company-ascend-wellness-holdings-ceo-talks-ipo-future-plans-2021-5">Ascend Wellness is the newest cannabis company to go public. Its CEO says its IPO is a sign that the industry is growing up.</a></h3><p>Ascend Wellness Holdings, a US cannabis company, began trading on the CSE on Tuesday. CEO Abner Kurtin said in an interview he opted for an IPO over a reverse merger to attract top-tier investors.</p><p>He added he wanted to take the 3-year-old company public to have a "currency" for acquisitions.</p><h3><a href="https://www.businessinsider.com/pornhub-has-been-in-sale-talks-with-canadian-cannabis-entrepreneur-2021-5">Pornhub has been in acquisition talks with an investor group led by a Canadian cannabis entrepreneur</a></h3><p>Pornhub has been in talks to sell to an investor group led by Chuck Rifici, a former official of Canada's Liberal Party, sources say. It's unclear if Rifici has raised money for the deal or if other investors are involved.</p><p>Lawmakers in Canada are going after Pornhub after recent controversies.</p><h3><a href="https://www.businessinsider.com/cannabis-investing-tip-look-for-companies-impacted-by-280e-2021-5">2 top cannabis investors say their best advice is to buy stock in cannabis companies held back by a weird rule</a></h3><p>If you're looking for an opportunity in cannabis, invest in companies impacted by 280E, top investors said in a webinar hosted by Yeji and myself. 280E is a section of the federal tax code that prevents cannabis companies from deducting regular expenses.</p><p>Industry experts say they expect this rule to change - uncorking massive growth and profit potential.</p><h3><a href="https://www.businessinsider.com/why-two-cannabis-giants-are-a-wall-street-analysts-top-picks-2021-5">2 cannabis giants have conquered the market using polar opposite strategies. A Wall Street analyst outlines why they're his top picks.</a></h3><p>Over the past year, a handful of US cannabis companies have become frontrunners. Curaleaf and Trulieve, both giants in the space, have pursued opposite strategies.</p><p>But a top analyst told us they're both poised to succeed if federal legalization happens.</p><h3><a href="https://www.businessinsider.com/new-york-cannabis-companies-like-gti-curaleaf-react-to-state-legalization-2021-3">4 New York cannabis companies told us they're planning to ramp up cultivation and prepare for wholesale now that the state has legalized recreational marijuana</a></h3><p>New York has legalized cannabis. The cannabis companies currently in New York say they're generally happy with the law. Companies like GTI and Curaleaf told us they're looking to ramp up cultivation to meet demand.</p><h2>Executive moves</h2><ul><li>It's out with the old and in with the new at Tilray, after the long-awaited merger with Aphria closed on Monday, per securities filings. Irwin Simon officially took over as CEO, and he brought much of his executive team from Aphria with him: Carl Merton took over from Michael Kruteck as CFO, and Jon Levin is out as COO - his replacement is yet to be named. </li><li>Greg Engel is <a href="https://mjbizdaily.com/organigram-ceo-greg-engel-exits-struggling-marijuana-producer/">stepping down</a> from his role as the CEO of Canadian cannabis producer Organigram. He'll be replaced by Peter Amirault, the board chair, on a day-to-day basis until a new CEO is found.</li><li>Tahir Johnson is <a href="https://www.mpp.org/news/press/marijuana-policy-project-hires-director-of-social-equity-and-inclusion/">joining the nonprofit Marijuana Policy Project</a> as director of social equity and inclusion. Johnson also serves in the same role at the US Cannabis Council, an industry trade group.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Tilray and Aphria officially <a href="https://markets.businessinsider.com/news/stocks/tilray-shareholders-approve-aphria-merger--creating-worlds-biggest-cannabis-company-by-revenue-10087347">closed their long-awaited merger</a> - first <a href="https://www.businessinsider.com/tilray-aphria-ceo-interview-explain-merger-strategy-strategic-partner-2020-12">announced in mid-December</a> - after a delayed vote and some consternation that the deal wasn't going to get over the finish line. </li><li>Ascend Wellness Holdings went public on the CSE on Tuesday, raising $80 million in the process. We spoke to CEO Abner Kurtin <a href="https://www.businessinsider.com/cannabis-company-ascend-wellness-holdings-ceo-talks-ipo-future-plans-2021-5">about why he went the IPO route</a>, and how it's a sign of the industry growing up.</li><li>Poseidon Asset Management <a href="https://www.benzinga.com/markets/cannabis/21/05/20997945/poseidon-launches-50m-fund-to-support-post-seed-stage-cannabis-companies">is launching a $50 million fund</a> to invest in seed-stage cannabis companies. </li><li>Canadian cannabis company <a href="https://www.newswire.ca/news-releases/high-tide-increases-u-s-presence-through-acquisition-of-leading-cbd-e-commerce-retailer-fabcbd-873786179.html">High Tide is acquiring FABCBD</a>, a US CBD brand, for $20.64 million with a three-year option to acquire the remaining 20% of FABCBD at any time. </li><li>Embattled cannabis tech company MassRoots is buying Empire Services Inc., which operates 10 metal recycling facilities in Virginia and North Carolina, <a href="https://www.businesswire.com/news/home/20210505005501/en/MassRoots-Enters-into-Letter-of-Intent-to-Acquire-Empire-Services-Inc">in a $14 million stock deal</a>.</li><li>Cannabis data company <a href="https://www.prnewswire.com/news-releases/headset-raises-1-825m-to-expand-its-leading-data-platform-into-new-markets-301280996.html?tc=eml_cleartime">Headset raised $1.825 million led by Silverleaf Venture Partners</a> to fuel expansion into new states. </li></ul><h2>Earnings roundup</h2><ul><li>Cronos Group released its <a href="https://www.globenewswire.com/news-release/2021/05/07/2225419/0/en/Cronos-Group-Reports-2021-First-Quarter-Results.html">fiscal Q1 results on Friday morning</a>, reporting $12.6 million in net revenue and a $37 million EBITDA loss.</li><li>Next week, we'll have a busy week of earnings (deep breath): Curaleaf, Charlotte's Web, Acreage Holdings, MedMen, Trulieve, Sundial Growers, Aleafia Health, Village Farms, and Aurora Cannabis are set to report next week. We'll be talking to a good chunk of the companies and listening in on the calls where we can - look out for our takeaways next week. </li></ul><h2>Policy moves</h2><ul><li>Rep. Peter Meijer and Rep. Lou Correa last Friday reintroduced the <a href="https://correa.house.gov/imo/media/doc/CORREA_008_xml.pdf">VA Medicinal Cannabis Research Act of 2021</a>, which would allow the VA to perform clinical trials with medicinal cannabis. Sen. Jon Tester and Sen. Dan Sullivan introduced the bill's Senate companion. </li></ul><h2>Chart of the week</h2><p>Marijuana is popular - look no further than New York's projected weed demand. By 2027, MPG Consulting and Viridian Capital Advisors predict that New Yorkers will consume 1.185 million pounds of the stuff: </p><div type="image" title="NY weed demand newsletter" height="880" width="1280" msid="82467509" hostid="261"></div><h2>What we're reading</h2><p><a href="https://www.newyorker.com/news/annals-of-populism/is-there-a-case-for-legalizing-heroin">Is There a Case for Legalizing Heroin?</a> (The New Yorker)</p><p><a href="https://www.pbs.org/newshour/nation/as-more-states-legalize-marijuana-people-with-drug-convictions-want-their-records-cleared">As more states legalize marijuana, people with drug convictions want their records cleared</a> (PBS)</p><p><a href="https://www.nytimes.com/2021/05/05/style/arizona-cannabis-snowflake.html">A Religious Community and the Weed Farm in the Middle of It</a> (The New York Times)</p><p><a href="https://www.weedweek.net/stories/cannabis-crypto-temptation/">Cannabis' crypto temptation</a> (WeedWeek)</p><p><a href="https://www-nytimes-com.cdn.ampproject.org/c/s/www.nytimes.com/2021/05/04/business/cannabis-real-estate-new-york.amp.html">'A Land Grab' for a Piece of New York's Marijuana Business</a> (The New York Times)</p>

The Monsanto of cannabis

<ul class="summary-list"><li><keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> has bought a load of <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> and other corporates may follow.</li><li>The big fund managers are due to disclose their holdings — did they buy bitcoin in late 2020?</li><li><keyword id="29454" type="COMPANY" weightage="60" keywordseo="Platinum">Platinum</keyword> has soared to its highest in six years as the clean energy revolution creates new winners.</li></ul><p>Last week saw some game-changing events for the cryptocurrency market, which pushed the prices of bitcoin, ether and others to record highs. Meanwhile, on the commodities front, a broad sweep higher in raw materials prices has got market-watchers pondering if we are on the verge of a new super-cycle. This coming week may reveal if big investors are buying into crypto, as well as the resilience of star precious metal, platinum. </p><h3><strong>Bitcoin to the moon... and beyond</strong></h3><p>Bitcoin hit a record of nearly $50,000 last week and this time around, it wasn't a motley crew of amateur traders organizing an effort to squeeze the price higher. <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>, a long-time advocate of <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> and of bitcoin, in particular, had already ignited a frenzy in "meme crypto" Dogecoin.</p><p>But it was Tesla - the electric vehicle maker he founded and runs - unveiling a $1.5-billion purchase of bitcoin that fueled this latest leg higher. Tesla said it would also consider allowing customers to pay using the digital token, possibly opening the floodgates to other large companies to do the same.</p><p>Online payment groups like PayPal and Square already allow users to buy and sell with crypto. Last week, <a href="https://markets.businessinsider.com/currencies/news/mastercard-allow-cryptocurrencies-use-payments-network-2021-2-1030071595">Mastercard</a> joined their ranks and said it would allow the use of some cryptocurrencies on its network.</p><p>RBC suggested Apple could be the next big corporation to adopt bitcoin, and the CFO of Twitter told CNBC on Wednesday that it too could buy the token. But bitcoin isn't ready to go mainstream, according to the world's biggest asset manager, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-outlook-price-not-ready-mainstream-3-reasons-ubs-warns-2021-2-1030068586">UBS</a>. And Treasury Secretary <a href="https://markets.businessinsider.com/currencies/news/janet-yellen-bitcoin-misuse-cryptocurrencies-growing-problem-tesla-2021-2-1030071724">Janet Yellen</a> has, again, voiced reservations about cryptocurrencies in general, saying their use in online crime and for money laundering is growing.</p><p><a href="https://markets.businessinsider.com/currencies/news/blackrock-adds-bitcoin-futures-investing-opportunity-two-funds-cryptocurrency-2021-1-1029989282">BlackRock</a>, the world's biggest fund manager, last month said it would allow two of its funds to invest in bitcoin futures. So who's next? </p><p>This week could bring the answer to that question, when Wall Street's big guns report how they invested their money in the final three months of 2020.</p><p><strong>Read more: </strong><a href="https://www.businessinsider.com/bitcoin-bull-bear-cases-elon-musk-tesla-invests-goldman-novogratz-2021-2"><em>Tesla just invested $1.5 billion in bitcoin. Here are the bull and bear cases for the crypto, according to legendary macro trader Mike Novogratz and Goldman's wealth-management CIO.</em></a></p><h3><strong>"Hey big spender" - how the funds spent their funds</strong></h3><p>This coming week, the biggest US investors will release details of what they put money into -and sold off - in the fourth quarter of 2020. The so-called <keyword id="9794566" type="UNKNOWN" weightage="60" keywordseo="13-f">13-F</keyword> filings with the Securities and Exchange Commission offer a breakdown of the holdings at the end of December of any fund with more than $100 million under management.</p><p>However, in the wake of the GameStop short-squeeze in January, anyone hoping to get a look at what stocks the funds are betting against will be disappointed. A 13-F filing contains long positions only, along with a fund's options holdings, convertible notes and American Depository Receipts (ADRs) - or holdings of US-listed stock of foreign companies. But no short positions. </p><p>Even so, most investors - professional and amateur - scour the 13-Fs to see what the "smart money" did last quarter. Warren Buffett, "Big Short" investor Michael Burry - who must be one of the lone Tesla shorts standing -, Ray Dalio, David Einhorn, Seth Klarman and Ryan Cohen will all release details of what they bought and sold.</p><p><strong>Read more:</strong> <a href="https://www.businessinsider.com/investing-strategy-avoid-speculative-market-bubbles-crit-thomas-touchstone-investments-2021-2"><em>It could take just 2 catalysts for pockets of speculation to snowball into a widespread bubble, one global strategist says. He recommends 3 ways to capitalize on this frothy environment.</em></a></p><h3><strong>Platinum-star performance</strong> </h3><p>The price of platinum rocketed by 15% to above $1,200 an ounce its highest in over six years last week, driven by a heady cocktail of a weaker dollar and a broad investor push into commodities and making it the best-performing raw material of the past week. It scorched past crude oil, copper and lumber and is on track to top the charts for the month of February. </p><p>Until around last March, in the depths of the coronavirus crisis, platinum had been on a long, painful downtrend. Aside from its use in jewellery, platinum's main industrial use was in the catalytic converters of diesel-powered vehicles. The diesel-emissions scandal, which led to a drastic drop in sales of diesel vehicles and several punitive measures aimed to reduce the number of them on the roads, has eaten into platinum demand - so much so that for the past six years it has been worth less than gold, despite being far more scarce. </p><p>As the world transitions to using cleaner sources of energy and cutting emissions, several commodities are emerging as being central to this effort, platinum being one of them. </p><p>Platinum, together with iridium, is used as a catalyst in proton exchange membrane electrolysis - used to extract <keyword id="169046" type="COMPANY" weightage="60" keywordseo="hydrogen">hydrogen</keyword> from water as a source of zero-emissions sustainable fuel. </p><p>Johnson Matthey, the world's largest refiner of platinum group metals, said in a report on February 10 the global platinum market ran a deficit for the second year in a row in 2020. It looks likely to see a shortfall again this year. </p><p>"The move towards an expected supply deficit is occurring at a time of increased focus on tightening emission regulation in regular combustion engines while accelerating green hydrogen production has increased demand for platinum-based electrolyser capacity," Saxo Bank head of commodity strategy Ole Hansen said in a note last week.</p><p>"Having been in a downtrend for nearly a decade, platinum's breakout last November helped attract renewed investment demand, not least after gold hit $2000/oz and its premium to platinum rose above $1000/oz. These developments helped attract increased switching activity between the two metals," Hansen said.</p><h3><strong>Chart of the week - pot luck</strong></h3><p>Last week, cannabis stocks went parabolic, driven by double-digit percentage rallies in the likes of Aphria, Tilray and Sundial Growers. Joe Biden's victory in the presidential election and Democrat promises to decriminalize cannabis have given a number of investors, including the Reddit traders, <a href="https://www.businessinsider.com/cannabis-stocks-tilray-aphria-sundial-surge-on-reddit-analysis-2021-2">reason to pile in</a>. Cannabis was the top-performing investment theme last week, according to broker CMC <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword>' <a href="https://www.cmcmarkets.com/en-gb/opto/thematic-etf-screener?utm_source=eCRM&amp;utm_medium=email&amp;utm_content=Opto&amp;utm_campaign=Opto%20Weekly%20newsletter%208%20Feb%20-%20Week%206%20part%201%20-%2020211%20-%202021">Global Thematic ETF</a> screening too, with a gain of nearly 40%, compared to runner-up uranium, with a 11% increase.</p><div type="image" title="Relative performance of the ETFMG Alternative Harvest ETF vs S&amp;P 500" height="1318" width="2144" msid="80909499" hostid="261"></div><p><a href="https://markets.businessinsider.com/economic-calendar">Economic calendar for the w/c Feb 15</a></p><p>Feb 14 Japan GDP </p><p>Feb 16 Eurozone GDP growth Q4</p><p>Feb 17 US retail sales/FOMC minutes</p><p>Feb 17 Australia unemployment rate</p><p>Feb 17 ECB monetary policy meeting minutes</p><p>Feb 18 Australia retail sales</p><p>Feb 18 Philadelphia Fed business activity index</p><p>Feb 19 UK retail sales/consumer inflation </p><p>Feb 19 Canada retail sales</p><p>Feb 21 PBOC rate decision</p><p>Feb 21 New Zealand retail sales</p><p><a href="https://markets.businessinsider.com/earnings-calendar">Earnings calendar for the w/c Feb 15</a></p><p>2/15 BHP Billiton</p><p>2/15 BHP Group</p><p>2/16 CVS Health Corp</p><p>2/16 Glencore</p><p>2/16 Palantir Technologies</p><p>2/17 BAT (British American Tobacco)</p><p>2/17 Garmin </p><p>2/17 Rio Tinto</p><p>2/17 Shopify </p><p>2/18 Airbus</p><p>2/18 Barclays</p><p>2/18 Carrefour</p><p>2/18 Credit Suisse</p><p>2/18 Daimler</p><p>2/18 EDF (Electricité de France)</p><p>2/18 Nestlé</p><p>2/18 Newmont Mining</p><p>2/18 Walmart</p><p>2/19 Allianz</p><p>2/19 Danone</p><p>2/19 Renault</p>

You Searched For "sundial growers" and got 11 results

Sundial Growers surges 15% after cannabis distributor enters liquor business with $346 million acquisition of Alcanna

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A rotation into cannabis stocks by retail investors has a lot more room to run as the latest meme-stock rally fades, research firm says

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Investors pile into cannabis stocks after Biden announces federal pardons for marijuana possession

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Cannabis stocks soar after report says Congress plans vote on federal legalization of the drug next week

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Merida Capital raising $250 million

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The CEO of cannabis giant Aurora just stepped down and the company is cutting 500 jobs as turmoil hits the industry

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Civilized founders pushed out

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The Monsanto of cannabis

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What you need to know in markets this week: Bitcoin and beyond; 'Hey big spenders' - what the funds did with their cash; a platinum opportunity?

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