This week brought a mixed bag of news for the cannabis industry.

Aphria Inc (NYSE: APHA) announced it will transfer its stock from the New York Stock Exchange to the Nasdaq exchange after the market close June 5, and a long list of earnings reports, some better than others.

Cresco Labs Inc. (CSE: CL) (OTC: CRLBF) had a great week with numerous store-opening announcements. The company also reported first-quarter revenue of $66.4 million, up 60% from the previous quarter. “In Q1 we built, staffed, integrated, and refined our operations in the largest and most important cannabis markets in the U.S.,” said the company’s co-founder and CEO Charles Bachtell.

TerrAscend Corp. (CSE: TER) (OTC: TRSSF) reported net sales of CA$34.8 million (US$25.2 million) for the first quarter of 2020, up 34% quarter-over-quarter and 139% year-over-year. The Toronto-based company reached a positive adjusted EBITDA of CA$4.9 million versus a loss of CA$5.5 million in the corresponding quarter last year.

Amid restructuring efforts, Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) reported a fourth-quarter net loss of CA$1.3 billion ($946.4 million), up from the loss of CA$347.5 million it posted for the same quarter a year ago. On the other hand, net revenue of CA$399 million was up 76% year-over-year, but down 13% quarter-over-quarter. See the full results here.

Following the report, Eric Choe, founder of StockDweebs, said Canopy Growth is well-positioned to rally on the production, distribution and sale of its cannabis products despite the recent downfall: “It relies primarily on retail traffic and the sale of medicinal and recreational cannabis products – this could boost overall sales and top-line figures once stores start opening post-COVID.”

Cantor Fitzgerald’s Pablo Zuanic seemed to disagree, noting the company has considerable downside risk following the fourth-quarter report.

See more financial results from Vibe Bioscience Ltd. (CSE: VIBE) (OTC: VBSCF), The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTC: TGODF), Slang Worldwide (CNSX: SLNG), Evogene Ltd. (NASDAQ: EVGN), and more, at our Cannabis Earnings Center.

Don’t miss this opportunity to connect with THE cannabis movers and shakers from across the globe during Benzinga’s first Virtual Cannabis Capital Conference on June 1.

For their part, ETFs closed the week on the red. Over the five trading days of the week:

• ETFMG Alternative Harvest ETF (NYSE: MJ) lost 2%.
• AdvisorShares Pure Cannabis ETF (NYSE: YOLO) slipped 0.37%.
• Cannabis ETF (NYSE: THCX) dropped 3.85%.
• Amplify Seymour Cannabis ETF (NYSE: CNBS) shed 2.83% of its value.
• SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period up 2.95%.

Debra Borchardt, CEO of Green Market Report called the earnings results “staggering,” adding “It seems like it will be a long time before these companies can recover from past management decisions and give investors a company that they can believe in.”

In other news, real estate investment trust Innovative Industrials Properties (NYSE: IIPR) reported the upsize and pricing of an underwritten public offering of its common shares at an estimated cost of $100 million. The offering consists of 1,348,389 common shares.

Banking and payment technology company Hypur partnered with business software provider Odoo to streamline the cannabis purchasing process. Together they will provide modern, digital payments, and bolster point-of-sale operations. The partnership will also enable customers utilize Hypur’s new nationwide “safe checkout” feature, which was recently rolled out with Caliva, as well as online cannabis marketplace, Dutchie.

Psychedelics company Red Light Holland Corp. started trading on the Canadian Securities Exchange under the ticker symbol “TRIP,” and appointed Bruce Linton, the co-founder and former CEO of Canopy Growth, as chairman of its advisory board.

Advanced Flower Capital Management LLC confirmed its associate has provided Nature’s Medicines with $42 million in financing.

Louisiana is moving forward with a piece of legislation that would make medical marijuana move easily available in the state by authorizing recommendations from any state-licensed physician, while updating the list of qualifiable medical conditions.

House Bill 819 passed Senate vote on Wednesday by 28 to 6.

Find our cannabis, hemp and psychedelics news in Spanish on El Planteo.

More News From The Week

True Terpenes, a producer of GMP/ISO/FSSC-certified terpenes, formed a scientific advisory board (SAB) to advance research in the cannabis industry. The SAB will be focused on studying the entourage effect, where the benefits of medical cannabis can be enhanced when combined with terpenes. Board members include Dr. Ethan Russo, a cannabis and pharmaceutical scientist who specializes in the entourage effect. Dr. Russo previously worked with GW Pharmaceuticals on progressing Epidiolex and Sativex through clinical trials, becoming the first cannabis-based drug to be approved by the Food & Drug Administration.

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