Today, investors’ optimism over strong earnings and the progress in the US-China trade war appear to have driven the US markets higher. At 2:10 PM EDT, the S&P 500 Index and the Dow Jones Industrial Average were up by 0.6% and 0.5%, respectively. However, the cannabis sector was trading in the red today.
HEXO receives licenses from Health Canada
Today, Hexo (HEXO) announced that it had received new licenses from Health Canada. The company received a Research and Development License for its Centre of Excellence located in Belleville, Ontario. Plus, it received an amended license for its Gatineau campus, which allows it to sell cannabis-derived products.
Notably, Hexo plans to report its fourth-quarter earnings today after the market closes. At 1:56 PM EDT, HEXO stock was trading 1.3% lower. For analysts’ expectations for its fourth-quarter earnings, please read Could HEXO’s Q4 Earnings Boost Its Stock Price? On Friday, CIBC downgraded the company’s stock.
Aphria implements new management solution
Today, Aphria (APHA) announced that it had implemented ComplianceQuest’s Enterprise Quality Management System. The company expects the new management solution to support the maintenance of its GMP compliance and improve its operational efficiency.
Today, Aphria stock was trading 4.3% lower at 1:51 PM EDT. So far this month, the company has outperformed the broader equity market and its peers. On October 25, the company’s stock price has increased 5.8% month-to-date. However, the S&P 500 Index has risen 1.5% month-to-date. Notably, the company’s better-than-expected first-quarter EBITDA and EPS appear to have led to a rise in the company’s stock price.
MedMen rise over 5.5%
Today at 1:51 PM ET, MedMen Enterprises (MMEN) (MMNFF) stock was trading 5.8% higher. On Friday, the company opened two new stores in Florida, one each in Central Orlando and Tallahassee. With these two new stores, the company’s total store count has increased to seven in the state. MedMen plans to open five more stores this year.
Overall, MedMen has a license to operate 35 stores in the state. This month, the company has lost 11.3% of its stock value through October 25. For analysts’ recommendations, please read MedMen: Analysts’ Lower Target Price and Ratings.
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