Welcome to the Cannabis Countdown. In This Week’s Edition, We Recap and Countdown the Top 10 Marijuana and Psychedelic Stock News Stories for the Week of July 27th – August 2nd, 2020.
Without further ado, let’s get started.
* Yahoo Finance readers, please click here to view full article.
Many Investors Placed Their Bets on the Illinois Cannabis Market, But Michigan is Now Surging, and When All is Said and Done, the Great Lakes State Could Be the Come Behind Winner
By September 2020, Michigan will generate $390 million in adult-use sales and nearly $1.5 billion by the end of 2021 before maturing into a $3 billion industry over the next few years. An effective combo of being in the right place, at the right time, with the right people has seen burgeoning multi-state operator (MSO), Red White & Bloom (OTCQX:RWBYF) establish a dominant 22% market share in Michigan’s cannabis market.
The Psychedelics Space is Heating Up, and Major Players Have Taken Notice
The market is bolstered by a growing number of Psychedelics reform movements across the U.S., as well as an increasing number of market participants, including names like Champignon Brands (OTCQB:SHRMF), Hollister (OTC:HSTRF) and Revive Therapeutics (OTCPK: RVVTF). Cannabis firms and notable sector leaders are joining the market. Notable names include former Canopy Growth (NYSE:CGC) CEO Bruce Linton, now a director at MindMed (OTCQB:MMEDF) and chairman of the advisory board for Red Light Holland (CSE:TRIP).
Adding to a 29% Gain in Q2 Despite a Pullback in June, the American Cannabis Operator Index Rocketed Higher in July, Increasing 26.7%
As Cannabis Investors Increasingly Cross Over to the Psychedelic Side of the Aisle, the Race is on to See Which Company Will Be the Leader
Here are the top 5 Psychedelic Stocks as measured by market cap:
- MindMed (OTCQB:MMEDF)
- Champignon Brands (OTCQB:SHRMF)
- Revive Therapeutics (OTCPK: RVVTF)
- Mydecine Innovations Group (OTC:MYCOF)
- Numinus Wellness (OTC:LKYSD)
Previously, Aleafia’s Service Offered Next-Day Delivery Only
Psychedelic Stocks Aren’t Yet Getting Cannabis-Level Attention, But There Interesting Opportunities Here
Yes, there’s some credibility to psychedelics and, potentially, investment rewards. Here are a few Psychedelic Stocks to consider.
Following the Acquisition’s Close, Red White & Bloom’s Financials Will Be Consolidated Under the Umbrella of the Public Company
MindMed, Seeing Early Success, Will Advance Preparations for a Phase 2a Clinical Trial in Opioid Addiction
MindMed (OTCQB:MMEDF) has concluded dosing in a Phase 1 Single Ascending Dose (SAD) study of 18-MC. The dosing of 18-MC was well tolerated in humans and will help advance planning for a Phase 2a clinical trial in opioid addiction.
Last Week, Aphria Reported Year-End and Q4 Earnings Featuring Q4 Net Revenue of CDN $152.2 Million and EBITDA of CDN $8.6 Million
PI Financial reiterated its buy recommendation on Aphria (NYSE:APHA) and upgraded its 12-month price target from CDN $8 to CDN $12. Canaccord reiterated their 12-month price target of CDN $10, or a 56.5% upside while keeping its speculative buy recommendation.
The Phase 3 Clinical Study Titled, “A Multi-Center, Randomized, Double-Blind, Placebo-Controlled Study of Bucillamine in Patients with Mild-Moderate COVID-19”, Will Enroll Up to 1,000 Patients
Revive Therapeutics (OTCPK: RVVTF) announced that the U.S. Food & Drug Administration (FDA) has approved the company to proceed with a randomized, double-blind, placebo-controlled confirmatory Phase 3 clinical trial protocol to evaluate the safety and efficacy of Bucillamine in patients with mild-moderate COVID-19.