3 Marijuana Stocks Aiming To Get Higher Before October
It’s no secret that marijuana stocks are capturing a lot of attention lately and because of this, it’s no wonder why one of the few cannabis ETFs that track the industry, the ETFMG Alternative Harvest ETF (MJ), has jumped by more than 30% since March.
Alcoholic-beverage maker Constellation Brands’ $4 billion investment in Canadian marijuana company Canopy Growth was a big catalyst in recent weeks. This was followed up by a number of other companies like Molson Coors and even Coca-Cola eyeing the cannabis market. Since the Constellation deal, investments in the ETF have doubled according to reports.
According to Grand View Research, “The global legal marijuana market size was valued at USD 9.3 billion in 2016 and is expected to exhibit a CAGR of 34.6% during the forecast period. The market is expected to witness significant growth owing to legalization in several countries and high demand for both medical and recreational purposes.”
With this new market trend in mind, there are several marijuana stocks that have followed the latest industry move.
Integrated Cannabis Company (ICNAF) (ICAN)
This company has been climbing higher this month as the company has released key announcements on new corporate developments. In fact, this morning Integrated Cannabis Company announced the completion of a Letter Agreement to collaborate on X-SPRAYSTM products for the Canadian market with GTEC Holdings Ltd (TSXV: GTEC)(OTCPK:GGTTF), a Canadian License Producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations. Over the coming weeks, the companies will engage with their science, marketing, and distribution teams to streamline the logistics of developing and ultimately introducing products to the Canadian marketplace.
This news comes after the company recently completed the signing of a distribution agreement with Empower Clinics Inc. As of August 31, Empower has more than 25,000 patients under care across 15 locations with medical cannabis treatments in Oregon, Washington, and Illinois. In addition, Empower has a historical patient database of more than 120,000 in the two states.
The latest move in shares of Integrated Cannabis has seen the price jump from $0.6698 to a high price of $0.98 on Tuesday. This represents a move of roughly 46%.
GW Pharmaceuticals (GWPH)
This pot stock is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform. As discussed above, the company, along with its U.S. subsidiary Greenwich Biosciences, announced on Thursday that EPIDIOLEX® oral solution has been transferred to Schedule V, the lowest restriction classification, by the U.S. Drug Enforcement Administration (DEA).
EPIDIOLEX, which was approved by the U.S. Food and Drug Administration (FDA) on June 25, 2018 for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome in patients two years of age or older, is the first prescription pharmaceutical formulation of highly-purified, plant-derived cannabidiol (CBD), a cannabinoid lacking the high associated with marijuana, and the first in a new category of anti-epileptic drugs (AEDs).
“We are pleased that the DEA has placed EPIDIOLEX in the lowest restriction Schedule, because it will help ensure that patients with LGS and Dravet syndrome, two of the most debilitating forms of epilepsy, can access this important new treatment option through their physicians,” said Justin Gover, GW’s Chief Executive Officer. “With this final step in the regulatory process completed, we are working hard to make EPIDIOLEX available within the next six weeks as we know there is excitement for a standardized version of cannabidiol that has undergone the rigor of controlled clinical trials and been approved by the FDA.”
Shares were up once again during pre market trading on Friday.
MariMed Inc. (MRMD)
Another marijuana stock that has also caught attention this week. The company released news this week that it had consummated its strategic investment in Sprout, an all-in-one CRM and marketing software company for marijuana dispensaries and cannabis brands. This completes the previously announced MariMed LOI for investment in Cannabis Venture Partners, the parent company of Sprout.
“The cannabis industry needs a comprehensive software solution which integrates a full-featured CRM engine and platform for marketing, education, and analysis for brands, dispensaries, educators, and researchers,” said MariMed CEO Robert Fireman. “The Sprout platform has the foundation for these functions and more. MariMed will work with the Sprout team to make this software the best for the cannabis industry. This product enables MariMed to provide a bundled technology solution for its brands, facilities, and strategic partnerships incorporating both B2B and B2C communications.”
Shares of MariMed are up more than 30% this month.
Midam is being paid $25,000 per month by Integrated Cannabis Company for a period of 6 months beginning September 4, 2018 and ending March 9, 2019. We own ZERO shares of Integrated Cannabis Company. We may buy or sell additional shares of (ICNAF)/(ICAN) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about Integrated Cannabis Company.
