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A lawsuit sheds light on New York's licensing of 10 medical marijuana operators in 2015 and 2016, raising questions about how regulators scored the applications.
Has the Canadian cannabis bubble popped again?
Investors poured into pot stocks this week, fueled by fervent social media posts and optimism that the drug would become legal in the U.S. sometime this year. Cannabis companies - large and small, American or Canadian, profitable or perennial losers - all recorded significant gains over the past month.
However, many of those names came back to earth on Thursday, potentially spelling an end to the early-2021 run. Nanaimo, B.C.-based Tilray Inc. plummeted 50 per cent to close at US$32.16. Meanwhile, Aphria led the TSX laggards with a nearly-36-per-cent drop. Hexo Corp., Aurora Cannabis Inc., Cronos Group Inc., and Canopy Growth Corp. all fell more than 20 per cent on the day.
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Chatter in the Reddit forum Wall Street Bets has turned to pot stocks like Tilray and Aphria.
Cannabis stocks have soared, buoyed Democrats plans to federally decriminalize cannabis.
But investors say those looking to bet on US legalization are looking in the wrong place.
The traders who hang out on the Reddit forum Wall Street Bets have a new target as GameStop shares fall back to earth: cannabis.
Canadian cannabis stocks like Tilray and Aphria which agreed to merge in a $4 billion deal in December have surged since President Joe Biden took office and top Senate Democrats have said they want to federally decriminalize cannabis.
Post money valuation: $25 million
Biggest funding round of 2020: $1 million raised in a convertible note deal. The company said it is looking to raise Series A funding this year.
Total raised to date: $2 million
What the company does: Abstrax is a California-based research firm that creates terpene profiles active chemicals in the cannabis plant for use in isolates, vaporizers, or even as food and beverage additives.
Why investors like the company:
Panther Opportunity Fund s principal
Jordan Tritt says that Abstrax is pioneering consumer sensorial experiences in the cannabis industry. Their cutting edge research, development and formulations have the potential to revolutionize various consumer packaged goods products, he continued.