Manhattan DA’s Office Drops More Than 3,000 Open Marijuana Cases
Manhattan District Attorney Cyrus Vance on Wednesday decided to drop more than 3,000 open marijuana possession cases dating back to the 1970’s. Vance moved to vacate 3,042 outstanding warrants and dismiss the charges before New York City Criminal Court.
Yesterday Canopy Growth (WEED.T) CEO Bruce Linton went on BNN to talk about his involvement in the brand new tech stock Martello (MTLO.C). Martello completed an RTO of a Vancouver-based shell company to achieve its listing on the TSX Venture Exchange.
Martello opened at $0.50 on Wednesday morning, giving the firm a valuation around $85.9 million. The market didn’t jump until Thursday morning, when over 48 million shares were traded, upping the price to $1.11.
Canopy has been one of the hottest cannabis stocks over the past few years and has gotten even more attention after a 5 billion dollar investment from Constellation Brands. Bruce Linton is also a favourite among the investment community as he is seen as an honest and transparent guy. The market has proven that it will leap at any chance to get involved with something related to Canopy.
Dosecann will have the option to purchase cannabis for distribution to certain international markets, including Mexico, Portugal, and Serbia, as well as a limited amount for distribution into the Canadian market.
Dosecann will have the option to purchase up to 20,000 kilograms of Cannabis Products on an annual basis, until such time, Dosecann will have the option to purchase up to 100 kilograms of Cannabis Products on a monthly basis. The Agreement extends until January 31st, 2022 and may be renewed for additional 12-month terms.
Tilray Continues Blue Sky Breakout
Ever since Tilray’s (TLRY.Q) IPO back in July the stock has gone absolutely nuts. Seattle based cannabis cultivator Tilray Inc. generated $7.8 million USD revenue in Q1 of 2018 before going public and sells its products internationally, often with great price points and margins.
Tilray’s founder owns a disproportionate amount of stock and voting power, so the amount of shares in circulation for the general public is low, around 15M. With so few shares available to trade, the impact on supply and demand can be significant and share prices can move very quickly in either direction. With so much hype in the cannabis sector, these shares are changing hands constantly as retail investors swarm for the hottest recent IPO.
Aurora Acquires ICC Labs
Aurora (ACB.T) signed an agreement to acquire South American cannabis company ICC Labs (ICC.C). for $290 million. Under the agreement, ICC shareholders will receive 0.2448 of an Aurora share for each ICC share, making the deal worth $1.95 per share.
Aurora says ICC has over 70 per cent market share in Uruguay, the first country to legalize cannabis for adult consumer use. ICC also holds licences in Colombia for the production of medical cannabis.
The transaction is subject to court approval and a two-thirds majority vote by ICC shareholders.