Cannabis

Recreational marijuana laws vary between states. Elections are around the corner, and more states have recreational use laws on the 2020 ballot.

Cannabis stocks have underperformed broader equity markets. However, we can expect a strong performance from select cannabis stocks in this year’s second half.

As the demand for Cannabis 2.0 products continues to rise, Aurora Cannabis announced the appointment of Miguel Martin as its new chief commercial officer.

Curaleaf Holdings (OTCMKTS:CURLF) continued its expansion by completing the acquisition of Curaleaf NJ, which owns a medical license in New Jersey.

Charlotte’s Web Holdings (NYSEARCA:CWEB) is one of the main players in the CBD business. The company plans to keep expanding in 2020.

Canopy Growth laid off an unspecified number of employees on Thursday. So far, the company has laid off 800 employees this year.

Earlier this week, Rahul Sarugaser of Raymond James upgraded Cronos Group (NASDAQ:CRON) from “market perform” to “outperform.”

The growth in Illinois’s cannabis market is evident from its record sales in May. The state sold adult-use cannabis worth $44.3 million in May.

The Virginia Board of Pharmacy voted not to extend MedMen’s conditional license to operate a medical marijuana dispensary in Staunton, Virginia.

Bermuda wants to expand its legal cannabis market. The government wants public feedback before the upcoming Bermuda Parliament sessions.

The cannabis market in Illinois has been growing despite the COVID-19 pandemic. Illinois legalized recreational cannabis on January 1, 2020.

George Floyd’s death has led to mass protests in the US. Notably, social injustice was one of the main motives behind legalizing marijuana.

Amid the protests following George Floyd’s death in the US, MedMen temporarily closed all of its stores. The stock fell after the news.

OrganiGram (NASDAQ:OGI) had good news for patients who use cannabis for medical purposes. The company expanded its medical cannabis offerings.

MedMen Enterprises (OTCMKTS:MMNFF) is scheduled to report its financial results for the third quarter of fiscal 2020 on May 27 after the market closes.

Earlier this week, Curaleaf (OTCMKTS:CURLF) reported its first-quarter earnings. The company missed analysts’ revenue expectations.

Aurora Cannabis (NYSE:ACB) reported its third-quarter results on May 14. The earnings report was a surprise for most analysts and investors.

Charlotte’s Web Holdings (OTCMKTS:CWBHF)(NYSEARCA:CWEB) will likely report its first-quarter earnings before the market opens on May 14.

Constellation Brands (NYSE:STZ) expressed its confidence in Canopy Growth (NYSE:CGC)(TSE:WEED) by increasing its stake in the company.

Cannabis stocks have underperformed the broader markets. Despite the underperformance, Aphria’s recent financial performance was impressive.

Hexo (TSE:HEXO) has been struggling for a while now and things aren’t looking good. The stock has lost close to 70.2% year-to-date.

Aurora Cannabis announced its plan to raise capital and strengthen its liquidity position through a reverse stock split amid the financial crisis.

Marijuana is gaining a lot of attention amid the coronavirus pandemic. Many people think that Joe Biden should support marijuana legalization.

Medical marijuana legalization won’t happen in Idaho in 2020 due to the coronavirus pandemic. The ICC couldn’t gather the required signatures.

New York lawmakers decided to delay marijuana legalization due to the COVID-19 pandemic. As a result, New York won’t see marijuana legalization in 2020.

Hexo (TSE:HEXO) reported its second-quarter earnings on March 30. For the quarter, the company missed analysts’ revenue expectations marginally.

MedMen stock fell by 12.0% on March 30 after the company released some corporate updates. MedMen has been struggling with a cash crunch.

Marijuana activists in Arizona started the “Smart & Safe Arizona Initiative” as a ballot measure for 2020. The group gathered enough signatures.

As the markets start to rebound, three cannabis stocks could deliver strong returns. Cannabis sales have increased amid the coronavirus outbreak.

On Tuesday, Canopy Growth (NYSE:CGC)(TSE:WEED) announced that it will temporarily close all of its company-owned Tokyo Smoke and Tweed retail stores.

Hexo (TSE:HEXO) has been struggling for a while now. The string of bad news started in October 2019 when CFO Michael Monahan resigned.

The Tennessee Senate passed a medical marijuana bill due to the rising benefits of medical marijuana. However, the bill includes a poison pill.

Aurora Cannabis (NYSE:ACB) stock has fallen below $1 on the NYSE, which puts it at the risk of being delisted from the exchange.

The marijuana legalization process in US states is speeding up in 2020. Many new states are coming up with their own proposals to legalize marijuana.

On Monday, Curaleaf (OTCMKTS:CURLF) announced that it will acquire BlueKudu—a company that produces premium cannabis chocolates and gummies.

Recently, the House proposed a bill to legalize recreational cannabis. However, marijuana legalization hopes have crashed in New Mexico for this year.

Due to rising financial constraints, US cannabis companies are seeking bankruptcy protection from Canada. In the US, marijuana still isn’t legal at the federal level.

Canopy Growth will report its earnings for the third quarter of fiscal 2020 before the market opens on Friday. Analysts expect the revenue to rise.

Tulsi Gabbard has been a big supporter of marijuana legalization. Recently, she spoke about how she wants all illicit drugs to be legal and not just marijuana.

Acquisitions could boost Curaleaf’s production and retail footprint significantly. With the EBITDA expected to rise over the next two years, there’s significant upside.