Cannabis stocks traded mostly in the green this week, as we got into earnings season.
“While there were a lot of companies reporting earnings, like Turning Point Brands who gave guidance of $422 million for 2021, I thought the biggest piece of data came from Pennsylvania
,” Debra Borchardt, editor-in-chief of Green Market Report, told Benzinga. “The state reported that in one year it had sold over $900 million in medical marijuana. This demonstrates the demand for cannabis in this state and bodes well for any future adult-use legalization. This is also a big number when one considers that the program has only just gotten underway.”
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The Week In Cannabis: 4/20, SAFE Banking Act, The NFL, Verano And Much More Benzinga 2 hrs ago © Provided by Benzinga
In the week of 4/20, the unofficial day of cannabis and top sales day for the industry, major stocks posted mixed performances.
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Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) reported single-day record sales of $543,000 on April 20. Meanwhile,
Eaze, California s largest marketplace for legal cannabis delivery, announced a 185% surge in deliveries (compared to any other Tuesday in 2021), with an average basket of $200, up 50% from the same day in 2020. “Cannabis consumers moved to delivery as their preferred way of shopping last year, so we re not surprised to see such a strong 420 in 2021,” said Ro Choy, CEO of Eaze. “Even as daily life begins to return to normal, consumers are staying with the convenience of delivery. It s the future of this industry.”