Cannabis Update: GTII, KSHB, IIPR, and CTST

Rajiv  Nanjapla - Author

Dec. 11 2019, Published 1:45 p.m. ET

Today, the cannabis sector was trading in the red. The cannabis ETFs, the ETFMG Alternative Harvest ETF (MJ) was down 0.5% at 12:25 PM ET, while the Horizons Marijuana Life Sciences Index ETF (HMMJ) had fallen by 0.7% at 12:06 PM ET. The S&P 500 Index was subdued as investors were waiting for the outcome of the Federal Reserve’s monetary policy meeting, which will end today. Meanwhile, let’s look at the cannabis stocks that are in news today.

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GTII opens new cannabis retail store in West Palm Beach

The owner of the Rise and Essence retail stores, Green Thumb Industries (GTII) announced that it will open its sixth retail store in Florida at West Palm Beach today. The Rise brand store will be located at 430 Clematis Street in West Palm Beach. The Rise stores will also offer a delivery service to registered cardholders in the state. Customers can place their orders through risecannabis.com or call the store directly. Today, the company was trading 0.3% lower at 12:12 PM ET.

KSHB adds new CBD partners

Today, KushCo Holdings (KSHB) announced that it has added four new hemp-derived CBD partners. Through its retail services partnership with C.A. Fortune, the company will provide mass distribution of HeavenlyRx, B GREAT, Maye, and Level Select across the US where CBD products are legal. Today at 12:19 PM, the company was trading 0.6% higher. However, the company has lost over 70% of its stock value this year as of December 10.

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IIPR announces dividends

Yesterday, Innovative Industrial Properties (IIPR) announced quarterly dividends of $1.0 per share for the fourth quarter of 2019. It represents a rise of 28% from $0.78 per share in the third quarter and 186% from $0.35 per share in the fourth quarter of 2018. The company’s dividend yield stood at 5.3% with its stock trading at $74.01 as of December 10. The company had reported an impressive third-quarter performance. For more, read IIPR Stock Rises after Revenue and EPS Beat. The company’s stock has increased by 63.3% year-to-date as of December 10.

CannTrust receives notice from NYSE

Yesterday, CannTrust Holdings (CTST) announced that it had received a notice from the New York Stock Exchange (or NYSE) that it was no longer in compliance with the NYSE’s continued listing standard rules. According to the NYSE’s requirement, the company’s 30-day average closing price should be greater than $1.00. However, CannTrust’s 30-day average closing price fell to $0.97 on December 9. The company will have six months from receiving the notice to regain its compliance. During this period, the company will continue to trade as usual. As of December 10, CannTrust had lost 83.7% of its stock value this year. The series of compliance issues with Health Canada and subsequent suspension of its cannabis cultivation license has led the company’s stock to fall. For more on cannabis-related news, follow 420 Investor Daily.


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