The Week In Cannabis: Stocks Skyrocket As Markets Rise, Jay-Z’s New Mega Venture And More
In a four-day week where markets were on the rise, cannabis stocks proved to be big winners. Late Friday, stocks surged on news that a federal marijuana legalization bill will get a congressional vote next week.During the holiday week: * The ETFMG Alternative Harvest ETF (NYSE: MJ): gained 12% * The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 15% * The Cannabis ETF (NYSE: THCX): advanced 14.5% * The Amplify Seymour Cannabis ETF (NYSE: CNBS): rose 14% * The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 1.5%.In other news, music industry mogul Jay-Z announced he is set to join a newly formed cannabis company that’s expected to become the largest in California.The venture was formed via a partnership between Caliva, Left Coast Ventures, Subversive Capital Acquisition Corp. (OTCQX: SBVCF) and Roc Nation, the entertainment company Jay-Z launched in 2008.Jay-Z will take on the title of “Chief Visionary Officer.” The transaction is slated to close in January 2021 with Steve Allan as CEO.In his role, Sean Carter (Jay-Z) is expected to help oversee a corporate venture fund focused on social equity measures. The fund will aim at an initial funding target of $10 million and commit to contributing at least 2% of its net income to invest in minority-owned cannabis businesses and donate to organizations seeking to rectify the wrongs of prohibition.Meanwhile, Detroit approved an ordinance that green-lights the licensing process for adult-use marijuana businesses. The Detroit City Council voted unanimously to begin granting licenses to adult-use retailer establishments, growers, processors, safety compliance facilities, temporary marihuana events, microbusinesses, consumption lounges and transporters.The ordinance includes measures to benefit “Legacy Detroiters” and people with prior marijuana convictions. Via a social equity program included in the ordinance, 50% of all licenses will be granted to Detroit Legacy applicants.Earnings Reports Cansortium Inc. (CSE: TIUM) (OTCQB: CNTMF) reported revenue of $14.3 million for the third quarter of this fiscal year. That’s a year-over-year increase of 94%.Jushi Holdings Inc. (CSE: JUSH) (OTCQB: JUSHF) said its third-quarter revenue totaled $24.9 million, up by 67% over the quarter. The revenue increase could be attributed to the revenue growth at its BEYOND/HELLO stores in Illinois and Pennsylvania, as well as Nevada operations.Moreover, the revenue increased by approximately 45% on a same-store basis compared to the previous quarter, excluding the two Philadelphia-based stores temporarily closed since June due to George Floyd-related protests.Earlier in the week, the company announced it will almost double the amount of square footage of its subsidiary’s grower-processor facility in Scranton, Pennsylvania. The expansion is expected to create more than 100 new jobs in the area.Vireo Health International Inc. (CSE: VREO) (OTCQX: VREOF) revealed third-quarter revenue of $13.4 million. That’s up by 68% year-over-year. The physician-led cannabis company generated revenue in seven states during the third quarter: New Mexico, Minnesota, Ohio, New York, Maryland, Pennsylvania and Arizona.Its quarterly adjusted EBITDA was a loss of $675,808, which stands against a loss of $5.2 million in the same quarter of the prior year.Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) saw a 219% spike in net revenue (CA$3.2 million) for the third quarter compared to the previous three-month period. This was due to greater sales volume via direct sales to provincial suppliers and under the Agro-Greens Agreement.Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) saw a 219% spike in net revenue (CA$3.2 million) for the third quarter compared to the previous three-month period. This was due to greater sales volume via direct sales to provincial suppliers and under the Agro-Greens Agreement.Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) announced third-quarter revenues of $22.8 million, up by 36.5% from $16.7 million in the corresponding quarter of 2019.View more earnings on MJAdjusted EBITDA of $6.2 million compared to $3.4 million in the third quarter of the prior year.San Diego-based Driven Deliveries Inc. (OTCQB: DRVD) announced Wednesday that gross revenue for the third quarter, as of Sept. 30, totaled record sales of $7.2 million. Net Revenue for the same period was $6 million — a 393% year-over-year increase.Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF) reported third quarter results including: * Total net revenue growth of 29% over the second quarter to $7.6 million * Net revenue growth of 163% over the comparative 2019 period * Positive adjusted EBITDA for the first time * The opening of two new Alberta retail stores in July * Completion of a large scale, indoor cultivation facility — Thunderchild Cultivation — in July.Cannabis and hemp–CBD company Pure Harvest Corporate Group Inc. (OTCQB: PHCG) unveiled an increase in revenue via its most recent quarterly report.Highlights include: * Q3 2020 revenues increased by 8,066% ($318,690) from Q2 2020 Revenue ($3,951) * Gross profit went from being in the red back in Q2 2020 to the black, now hovering $258,138 * The company’s recently opened dispensary located in Dumont-Downieville, Colorado has experienced month-after-month growth — including a 15% increase in sales in the month of October.Read all about these earnings reports and others in Benzinga Cannabis’ Earnings Center.More News From The Week A Change.org petition asking New Jersey Governor Phil Murphy to free prisoners charged with marijuana possession has gained steam after New Jersey voters overwhelmingly approved a constitutional amendment to legalize recreational marijuana earlier this month. Marquel Williams, the man who started the petition, hopes that releasing these prisoners will help to slow the spread of COVID-19, which has already devastated New Jersey’s prisons. “This is the kind of no-nonsense campaign we should all be able to get behind. New Jersey voters made it clear at the ballot box this November that they support legalizing cannabis possession, cultivation and retail. Why are we leaving folks in prison behind, when their crimes are no longer illegal and a pandemic is raging unchecked through our prison system? We have the rare opportunity to provide solutions and hope in a year that’s mostly taken that away from us. I want people to get in the mindset of actively creating changing and normalizing justice being the only option,” Williams told Benzinga.Australian cannabis company Cann Group Limited (ASX: CANN) (OTC: CNGGF) revealed Monday it has obtained credit approval from National Australia Bank (NAB) for its $50 million secured debt facility.TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) began serving medical marijuana patients in the Apothecarium Phillipsburg after obtaining the last needed authorization from the NJ Department of Health to distribute medical cannabis from its New Jersey dispensary.Auxly Cannabis Group Inc. (TSXV: XLY) (OTCQX: CBWTF) secured $12 million in financing. The Toronto-based company confirmed Tuesday it has upsized the previously announced bought-deal offering of its units to 40 million units at 30 cents per unit.Women-centric cannabis brand Her Highness said it is expanding into Nevada through a production licensing partnership with MSO Body and Mind Inc. (CSE: BAMM).Benzinga Cannabis’ content is now available in Spanish on El Planteo.Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) agreed to provide Israel-based Cantek Holdings with at least 4,000 kilograms of bulk dried flower yearly.Greenlane Holdings Inc (NASDAQ: GNLN) announced a retail partnership with Stundenglass, which will bring the Gravity Hookah to consumers and wholesale purchasers in the U.S., Canada, and the EU. The Gravity Hookah is a gravity-powered, contactless water pipe that can accommodate hookah, dry herb, and concentrate consumptions. The product features an innovative 360-degree gravity system that utilizes kinetic motion activation, cascading water, and opposing airflow technology to produce clean and flavorful hits.”The Greenlane team is honored to partner with Stundenglass and introduce the Gravity Hookah to our loyal customers, providing them with a truly unique and revolutionary consumption experience.” Aaron LoCascio, Co-Founder and Chief Executive Officer of Greenlane Holdings.MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) teamed up with Al Harrington’s Viola. The multi-state cannabis retailer will start offering Viola products in all of its California-based stores. The offering will include five cannabis flower strains, and one pre-roll option.Cannabis-focused media and tech company Weedmaps will be an official sponsor of the Mike Tyson/Roy Jones Jr. fight taking place on Nov. 28 at 8 p.m. EST.Through a partnership with viral entertainment platform Triller, Weedmaps branding will be present on the broadcast, as well as on the actual ring, the locker room and the press room.Top Stories Of The Week Check out the top stories on Benzinga Cannabis this week: * A Weed-Infused Cooking Class For Thanksgiving? One Cannabis ETF’s Unique Marketing Strategy * Glass House Shows Us Its Massive Cannabis Greenhouse * Tyson Hypes Smart Cups Ahead Of Jones Fight, Tells Benzinga It’s ‘Disrupting Beverage Industry’ * Jerry Garcia Cannabis Brand To Hit California Shelves This Month * New Cannabis Products: Live Resin Edibles, Infused Olive Oil, High Dose CBD Beverages * New Cannabis Products: A Non-Profit Brand For Justice, New Issue Of DoubleBlind Mag, CBD Consumables * Viridian Chart Of The Week: Cannabis Debt Financing Is Booming Across The U.S. * ‘CBD Is Not A Narcotic’: European Court Rules Against Restrictions On CBD Commerce * THCV: The Rare Cannabinoid That’ll Conquer The Industry * Mexico’s Cannabis Legalization Bill Will Boost Business, But There Are ConcernsTop Spanish stories: * Mexico: Preocupaciones por la Legalizacion de la Marihuana * ¿Ayudara este Cannabinoide Sintetico a Pacientes de Cancer a Recuperar el Apetito? * Porros, Viajes y Buen Contenido: Conoce a En Vola, la Plataforma Cannabica Chilena * ¿Marihuana o Cannabis?: un Vistazo a las Palabras y Frases Polemicas de la Industria * Como Hacer Hachis o Hash: Instrucciones Paso a Paso * Pandemia y Discord: Presente y Futuro de las Mujeres en el Freestyle * Las Mejores Cepas de Marihuana de Todos los Tiempos, segun Expertos * Mescalina: Todo lo que Siempre Quisiste Saber y Nunca te Animaste a Preguntar * Donde Comer Ramen en Buenos Aires * Facu Banzas: Stream, Porro y Amor por el Counter Strike * ¿Warren Buffett Invirtio en Tesla? ¿Por Que Se Especula? * Ayahuasca: Todo lo que Necesitas SaberLead image by Ilona Szentivanyi. Copyright: Benzinga.See more from Benzinga * Click here for options trades from Benzinga * A Weed-Infused Cooking Class For Thanksgiving? One Cannabis ETF’s Unique Marketing Strategy * The Week In Cannabis: Stocks Outperform S&P, Mexico Moves Forward, Earnings, And More(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.