- BioHarvest Sciences Inc., Icanic Brands Co Inc. & Cann Group Ltd. Among Top Cannabis Gainers For The Week.
- TerrAscend Corp & Columbia Care Inc Made the Headlines with Positive News.
- Key Developments to Note in the Proceedings of the Federal Legalization of Marijuana
With State cannabis legalization ramping up across the U.S. and chances of Federal Legalization improving, here is a breakdown of the top cannabis movers for the week and an outline of the essential news and reporting that developed throughout the week.
Top Cannabis Gainers For This Week & Top Cannabis Stocks to Keep a Close Eye On
#1: Icanic Brands Co Inc (CNSX: ICANF)
Icanic Brands Co Inc. (ICANF) (ICAN.CN) is a wellness company focused on the development, manufacturing, marketing, and distribution of botanically-based consumable products. They offer an optimal oral spray delivery system under the brand name GanjaGold and Taylor’s. The Company has one reportable business segment being the cannabis sector. Geographically, it derives a majority of revenue from the United States.
This week, Icanic Brands was one of the top gainers in the cannabis sector. The shares of Icanic Brands closed up 11.32% at $0.26, with an estimated market cap of $59.3M. The catalyst for this high percentage gain was the announcement of a Proposed Acquisition by Icanic Brands. They announced that the Company had signed a binding letter of intent to acquire LEEF Holdings, Inc. This was an excellent follow-up to the Record Financial Results that Icanic Brands announced from the last quarterly report.
#2: Bioharvest Sciences Inc (CNSX: BHSC)
BioHarvest Sciences Inc. (CNVCF) (BHSC.CN) is a developer and owner of proprietary and patent-protected bio-farming technology. Its industrial large-scale plant cell growth technology can directly and constantly produce the active plant ingredients without the necessity to grow the plant itself. BioHarvest has already validated this technology through the production of VINIA™, a red grape cells functional food/dietary supplement produced and sold by BioHarvest. By adopting this technology to the Cannabis plant and building adequate cells production capacity, the Company’s objective is to be the supplier of Cannabis for both medicinal and recreational legal use.
BioHarvest was also another top gainer in the cannabis sector this week. The shares of BioHarvest closed up 7.64% at $0.32. BioHarvest’s market cap is at an estimate of $138.0M. BioHarvest high percentage gain was triggered by BioHarvest announcement that it had successfully scaled its Cannabis cells with trichomes production by a factor of 250x. BioHarvest also stated that they are now growing Cannabis in medium-scale bioreactors, paving the way for their next scale-up milestone, where they will reach industrial-scale production
#3: Cann Group Ltd (ASX: CAN)
Cann Group Limited (CNGGF) engages in the cultivation of medicinal Cannabis for medicinal and research purposes. Cann’s vision is to be a leading developer and supplier of Cannabis, cannabis resin, and medicinal cannabis products.
Cann was also another top gainer in the cannabis sector this week. Its shares closed up 9.2% at $0.24. Cann has an estimated market cap of $73.5M.
#4: TerrAscend Corp (CSE: TER:CNX)( OTCQX: TRSSF)
TerrAscend Corp. (TRSSF) (TER.CN) is a leading North American cannabis operator. It carries out licensed marijuana cultivation and processing operations in Maryland and has licensed marijuana production in Canada.
Recently TerrAscend has been making the headlines severally, and this week they were at it again. This week they announced the East Coast launch of its premium edible brand Valhalla Confections. Valhalla’s soft lozenges gained popularity on the West Coast as one of the most prevalent cannabinoids; therefore, this launch of Valhalla in the East Coast can be an excellent move by TerrAscend; subsequently, this stock must be watched with a keen eye.
#5: Columbia Care Inc. (OTCMKTS: CCHWF)
This week the Company announced that it had received approval from the Florida Department of Health’s Office of Medical Marijuana Use (OMMU) to operate as Cannabist. They aim to rebrand their Florida dispensaries as Cannabist. We all know that ‘approvals’ can be a massive catalyst for a Stock to spike; approvals can bring liquidity and volatility to the stock. This is why we feel that Columbia Care is an excellent stock to put on any trader’s watch list.
#6: Cresco Labs Inc. (OTCMKTS: CRLBF)
Cresco Labs Inc. (CRLBF) (CL.CN) is another company that should be on any smart Trader radar. Cresco Labs is one of the largest multi-state, vertically integrated cannabis companies. They control the cultivation, manufacturing, extraction, and packaging of their cannabis products.
Cresco Labs stock is up 58.27% over the last 12 months, and on Thursday, Sep 2, Cresco had a huge spike; this is because the Company closed its $90 million acquisition of Cultivate in Massachusetts. This is a massive deal for Cresco Labs, and this is why you should closely watch out for Cresco in the coming few days.
Key Developments in the Federal Legalization of Marijuana
Democratic Governor of California Gavin Newsom signed a bill that will exclude and exempt states regulations on Cannabis produced under a research production permit (DEA). In addition, the state’s top cannabis regulator said that they are working on uniting rulemaking and oversight.
Another critical development in the cannabis sector this week was the rally and support for the Sector by a few significant industries and organizations, who are advocates and stakeholders in the cannabis sector. They showed their support to the Sector by submitting comments to the Senate on The Democratic Senate Majority Leader Chuck Schumer’s government draft bill, which aims to legalize marijuana.
The National Cannabis Industry Association (NCIA) was one of the organizations which commented on Schumer’s bill of federal legalization of marijuana. In their statement, they said, “Given our demonstrated focus on engaging with the people most directly impacted by cannabis policy reform, we hope the breadth and depth of our feedback will enable you to enact sound legislation which fosters the growth of a thriving and equitable legal cannabis industry.” The organization also added on their remarks by stating that “NCIA is committed to creating a vibrant legal industry that can sustain thousands of well-paying jobs while responsibly serving adult consumers and medical patients who rely on cannabis for relief.”
In another report, The Marijuana Policy Project (MPP) said in its letter that even if federal legalization is a necessity, the rollout should be carried out thoughtfully and gradually. This will, in turn, avoid jeopardizing efforts to promote equity in the industry throughout the various states in The United States of America. In the Statement, MPP said that “While we are enthusiastic about the goals of the CAO Act Discussion Draft, we believe the regulatory aspects need significant clarification and revision to avoid unintended consequences,” In addition to this, MPP states policies director, Karen O’Keefe, wrote. “Our two major areas of concern are the possible upending of state licensing and regulatory systems—driving sales underground—and the impact on medical cannabis access, including for those under the age of 21.”
Elsewhere, Republican Thomas Massie, who is the Representative for Kentucky’s 4th congressional district, tweeted, “I will defend your right to ingest, consume, or receive any vaccine, food, drug, or treatment you want, whether the government approves it or not… I don’t care if you take mushrooms or marijuana.”