Cannabis stock report: Pot stocks drop for second day as industry boardrooms do the executive shuffle
Cannabis stocks went down, down, down in a burning ring of fire today as The North American Marijuana Index fell for a second straight day, losing 0.64 pints down to 111.22. US cannabis stock investors took the brunt of the hit with the United States Marijuana Index losing 0.47 points down to 52.57. Meanwhile, Canada was the only bright spot in the marijuana market on Wednesday, with The Candian Marijuana Index gaining 0.05 points to reach 198.21.
The NASDAQ ended up 116.78 points to close at 12,056.44 for a 0.98 percent gain, while the NYSE gained 174.16 points up to 13,287.90 for a 1.33 percent increase.
It’s been a period of shake-ups for the cannabis industry as some marijuana boardrooms have gained and lost over the past few days and weeks. According to a report from Benzinga, Medical Marijuana Inc. (OTC: MJNA) promoted former HempMeds’ President Todd Morrow to Chief Financial Officer and named Michelle Sides, Esq. its Chief Legal Officer. Robert A. Wells Jr. was named Vice President of Finance.
“Our company is well supported by its employees and thus far we’ve been able to curate some of the most talented professionals in the industry,” said Medical Marijuana’s CEO, Dr. Stuart Titus, according to Benzinga.
Cannabis manufacturer CannaCraft announced that Angela Pih and Ron Gray were named Chief Marketing Officer and Vice President of Sales, respectively. Pih formerly worked at the cannabis brand Papa & Barkley, as did Gray, who was their SVP of Sales.
"Angela and Ron's experience in cannabis and consumer goods will be instrumental as we continue to grow our wellness and recreational brands," said CEO Jim Hourigan in a statement.
Ample Organics founder John Prentice left Akerna. The move comes only a few short months after Akerna acquired his company for $45 million. New Cannabis Ventures reported that there were disagreements, with Prentice arguing that he didn’t like the way senior management conducted themselves and that Jessica Billingsley should resign.
“I asked that a rigorous search be started to find a candidate with the requisite experience and skills to lead this company forward and to correct a decade of bad decisions,” said Prentice in a statement. “She declined to do so.”
IGNITE International Brands, Ltd. (CSE: BILZ) (OTCQX: BILZF), home to the always infamous Dan Bilzerian, announced that current COO John Schaefer would become the company's President. He will replace the resigning Lester Lee.
"I am pleased to be appointed President and continue my role as the Chief Operating Officer at a very exciting time in the life of IGNITE," commented Schaefer, according to Benzinga.
Cannabis stock winners and losers
Harborside Inc. (HBOR:CNX) rose $0.35 per share up to $0.95 for a gain of 58.33 percent. Green Growth Brands Inc. (GGBXF) gained $0.005 per share up to $0.029 for an increase of 20.83 percent. MediPharm Labs Corp. (LABS:CA) jumped up $0.11 per share up to $1.11 for a gain of 11.00 percent.
MedMen Enterprises Inc. (MMNFF) fell $0.0284 per share down to $0.1916 for a loss of 12.91 percent. C21 Investments Inc. (CXXIF) dropped $0.06621 per share down to $0.6947, a decrease of 8.70 percent. CV Sciences Inc. (CVSI) fell $0.045 per share down to $0.515 for a loss of 8.04 percent.
Flow Kana forms Flow Cannabis Co.
California-based Flow Cannabis Co., which works with cannabis goods and services, announced itself to the world on Wednesday, with Flow Kana, as its flagship brand. According to a statement, the company was founded by Michael Steinmetz, Flavia Cassani, Adam Steinberg, and Diego Zimet, “to promote the expression of the cannabis plant in its many forms.”
“Since 2015, when we first appeared with a consumer brand called Flow Kana, it has been our goal to usher in a sustainable cannabis industry of which we could all be proud,” explains co-founder and Chief Servant Officer Michael Steinmetz in a statement. “From the first mason jar of Emerald Triangle craft cannabis that my wife and partner Flavia Cassani and I packaged up in our San Francisco apartment and delivered to our first customer on Vespas, we have grown to be one of the largest and most diversified cannabis companies across the supply chain.”
In other news…
AdvisorShares announced that the AdvisorShares Pure US Cannabis ETF (MSOS) began trading today. The all-US ETF is in addition to their AdvisorShares Pure Cannabis ETF (YOLO). "We are pleased to offer MSOS in addition to YOLO which we believe responds further to meeting investors' demands for more U.S. cannabis investment exposure," said portfolio manager of MSOS is Dan Ahrens in a statement. "We believe that the U.S. clearly represents the most attractive opportunity for cannabis investment and remains an exponentially larger market than the Canadian cannabis market. We feel strongly that our active portfolio management serves as the most advantageous way to invest in the emerging cannabis space."
Harborside Inc. (CSE: HBOR) released their Q2 report, with gross revenues of $16.1 million. “Our second quarter results are a reflection of the improvements we began implementing earlier this year, which have allowed us to leverage the strength of our operations to accelerate our path to profitability,” said Peter Bilodeau, Chairman, and interim Chief Executive Officer, in a statement.
A new study finds that older adults are using cannabis at higher rates than ever before.