The North American Marijuana Index continued to climb on Tuesday, buoyed still by the major news of Cronos Group Inc.’s (NASDAQ:CRON) (TSX-V:CRON) jump to the Nasdaq exchange and further moved by speculation of the Canopy Growth Corporation (TSX:WEED) purchase of Spanish poppy firm Alcaliber SA. Pot stocks rose 7.53 points, or 2.85 percent to close out the day at 271.44. Indices in both the United States and Canada jumped on Tuesday, gaining nearly two percent and almost three percent, respectively.
A dull day on Wall Street exploded after hours when reports surfaced that President Donald Trump’s chief economic advisor Gary Cohn would resign. Cohn’s departure is a likely sign that Trump’s proposed steel and aluminum tariffs may now be passed. Despite a positive day on the markets, stock futures fell dramatically, with the Dow dropping 290 points, and the S&P 500 and the Nasdaq falling one percent and 0.9 percent respectively. Up north, Canadian stocks fared rather well with Standard & Poor's/TSX Composite Index up 3.91 points, or 0.03 percent, closing the day at 15,545.19.
“I have come under enormous pressure both to resign and to remain in my current position,” Cohn said in an interview with the Financial Times. “As a patriotic American, I am reluctant to leave my post as director of the National Economic Council because I feel a duty to fulfill my commitment to work on behalf of the American people. But I also feel compelled to voice my distress over the events of the last two weeks.”
Horizons Marijuana Life Sciences ETF (HMMJ.TO) edged up $0.28 per share, or 1.43 percent, closing out Tuesday at CAD$19.81 per share. The Evolve Marijuana ETF (SEED) climbed $0.31 per share, a 1.51 percent increase to end the day at CAD$20.80 per share
Winners and Losers
Cannabix Technologies Inc. (CSE:BLO) (OTC:BLOZF) climbed 14.94 percent on lower than average trading volume, closing the day at $2.00 per share… Freedom Leaf Inc. (OTC:FRLF) rose 42.77 percent on higher than average trading volume to end the day at $0.247 per share… Kush Bottles, Inc. (OTC:KSHB) jumped 5.46 percent on lower than average trading volume on, closing the day at $5.02 per share.
Abattis Bioceuticals Corp. (CSE:ATT) (OTC:ATTBF) dropped 4.5061 percent Tuesday on lower than average trading volume. Shares closed at $0.2649 per unit… Affinor Growers Inc. (CSE:AFI) (OTC:RSSFF) fell 8.49 percent on higher than average trading volume, closing the day at $0.138 per share... CLS Holdings USA, Inc. (OTC:CLSH) dropped 7.14 percent on lower than average trading volume to finish Tuesday trading at $0.65 per share.
News and Notes
Pivot Pharmaceuticals Inc. (CSE:PVOT) (OTCQB:PVOTF) announced on Tuesday the acquisition of privately held North Carolina company Thrudermic, LLC. Included in the acquisition comes intellectual property rights to TDL Transdermal Nanotechnology, which, according to a statement is intended for the formulation and delivery of dosable bio-cannabis products.
Tetra Bio-Pharma Inc. (TSX-V:TBP)(OTCQB:TBPMF) announced on Tuesday their push into the European cannabis market through their partner PS Innovations, who will seek CE Marking for its Rx Princeps Inhalation Device. "This is significant for Tetra since there are a number of European countries, with Germany at the forefront, where medical cannabis has been legalized," remarked Bernard Fortier, Tetra's CEO.
"We're excited to start off this year strong and have the largest revenue month ever for the second month in a row. As the cannabis industry continues its rapid expansion as the fastest-growing in the U.S., we aim to continue to be pioneers in the industry and offer the most high-quality products on the market." -Medical Marijuana, Inc. (OTC:MJNA) CEO Dr. Stuart Titus on news of the largest revenue sales month in company history.
Kush Bottles, Inc. (OTCQB: KSHB) announced their selection by FunkSac, LLC as the exclusive distributor for the company’s line of FunkGuard products. According to a statement, Entrepreneur Magazine named FunkSac as one of "10 Cannabis Startups You Need to Watch."
Organigram Holdings Inc. (TSX-V:OGI) (OTCQB:OGRMF) received Health Canada approval for their remaining new grow rooms, the company announced in a statement on Tuesday. "We are seeing some harvest yields that are more than 400 grams per square foot a year and have witnessed the quality, density and size of flowers improve tremendously," commented Greg Engel, CEO, and "With these results we are revising our current production forecast estimates as well as those for our next expansion, set to break ground in April 2018, so that by early 2020 we will be producing over 110,000 kg/annum from fully funded operations".
In The Weeds
In Idaho, the failed vote that killed the state’s proposed CBD bill was vacated on Tuesday after a Senate panel declared the decision was held after an open meeting violation.
The Cannabist reports that Senate Health and Welfare Chairman Lee Heider (R-Twin Falls) asked to vacate Monday’s vote at a Tuesday meeting after acknowledging Senate rule violations.
“If this administration has real valid reasons to oppose the CBD oil legislation, they should present them in a public, open forum,” said U.S. Rep. Raul Labrador, according to The Cannabist. “They should defeat ideas in committee, not hide behind a committee chairman to avoid the public debate.” Labrador is running in the GOP gubernatorial primary.
It is as yet unknown if the bill will be allowed to advance in another hearing.
“Decriminalization does not achieve the racial and social justice goals that our legislators and Governor Murphy have expressed. It still leads to arrests if people can’t pay fines,” she said. “It does nothing to take marijuana off the street or prevent access to children. And it does nothing to create jobs or generate revenue to pay for much-needed community programs. We can achieve these goals with a well-constructed legalization bill that keeps racial and social justice at its core.” - Dianna Houenou, policy counsel for the ACLU of New Jersey, in an interview with Leafly over the state’s stalled legalization bill.
— NJ Marijuana Reform (@NJU4MR) March 5, 2018
SinglePoint, Inc. (OTC: SING) is a publicly traded holding company that provides products and services to the cannabis industry through its subsidiary company SingleSeed. Watch as the company discusses the launch of their cannabis payment solution, along with other key shareholder updates.