Weed-friendly Canada is gearing up to legalize adult-use cannabis in October of this year. As a result, cannabis news surfaces daily, informing us of new deals, acquisitions, mergers, and legislation.
We are even hearing of innovations such as cannabis beer!
Since the law passed, marijuana business has grown exponentially — not only in Canada but also in the US — where a leniency towards the drug is definitely kicking in.
So with that in mind, let’s look at some eye-catching cannabis news to have occurred this week.
Starting with Hydropothecary Corp., but why is it so hot?
Cannabis News: Hydropothecary Corp
In a little over a year, Hydropothecary Corp has seen its stock jump an astronomical 203%. (Wow!)
The Hydropothecary Corporation (OTC:THCX) is a Quebec-based licensed medical marijuana producer. But today, the company announced the first harvest of its plants for its HEXO brand — the company’s new recreational brand, created specifically to supply recreational demand.
This first harvest has come from its brand new 250,000 sq. ft. greenhouse and signals that HEXO is company ready to take on this new market.
This cannabis news should reflect well in the HEXO stock.
Province Brands
Province Brands announced Yesterday that it was investing a cool $38 million into what will be the world’s first cannabis brewery. Now that is innovative!
The company is creating cannabis beers made out of what is usually the unused part of the marijuana plant — the stalks and leaves. The drinks will be alcohol-free and will include IPA’s, pilsners, and stouts in its product line. All drinks are created using marijuana as the main ingredients – no hops or yeast here!
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CannTrust Holdings
And in other cannabis news, announced on Tuesday were some record Q2 numbers from CannTrust Holdings (TSE:TRST) which has gotten some investors excited!
The highlight of the release shows a massive $9 Million CAD in Q2 revenue which represents a massive 99% increase from the comparable prior year period. Not to mention, the company announced it has begun construction its new 600,000 sq ft Niagra Falls facility.
It seems CannTrust is on a high since it released its results:
So there you have it, some positive cannabis news so far this week! Keep your eyes on this market, because its an exciting one.
Featured Image: Deposit Images/SonSam
