Tilray
Another interesting development took place towards the end of October when the Canadian cannabis company Tilray announced that it has exported cannabis to the United States for the purposes of a clinical study. It is an important development since it shows that the interest in medical cannabis is rising in the country. The study is going to be conducted by experts at the Columbia University Irving Medical Center and it is going to be tested whether it can help patients suffering from breast cancer.
Cronos
Cronos Group (CRON) is one of the biggest cannabis companies in the industry and back in the middle of October, the stock soared considerably on the back of developments with regards to block trades. On October 16, it emerged that two huge block deals had been completed in the Cronos stock and that fuelled a massive spike in the stock. In two separated deals, 810,000 and 350,000 shares of Cronos changed hands in two separate block deals.
MedMen
MedMen Enterprises (MMNFF) was one of those companies that had a rough time in October due to a disappointing performance in its fourth quarter. The company released its earnings report on October 28. MedMen generated revenues of $41.87 million but it fell short of analysts’ estimates of $42.2 million. On the other hand, the losses per share for the quarter were also higher than analysts’ estimates. Losses came in at 15 cents a share for the quarter, which was higher than analysts’ estimates of 13 cents. The MedMen stock plunged by as much as 20% after the earnings were announced.
214