Curaleaf shines in falling cannabis sector on news of surprising CVS deal

大麻股价跳水, Curaleaf 宣布与CVS合作后股价逆势上涨3.3%

2019-03-22 07:55:00 MarketWatch


Cannabis stocks were mostly lower Thursday, with Curaleaf Holdings Inc. a standout after announcing a partnership with drugstore chain CVS Health Corp. on a line of CBD products. Curaleaf shares CURLF, +14.61% rose 3.3%, after the company said CVS CVS, +1.57% is already selling products including creams, sprays, roll-ons, lotions and salves in eight states. But CBD, the non-psychoactive ingredient in the cannabis plant, is not actually legal yet. While hemp was fully legalized in the 2018 Farm Bill passed in December, CBD was not included but instead was put under the purview of the U.S. Food and Drug Administration. The FDA has promised to hold talks on CBD legalization in April and is aiming to come up with pathways that would allow companies to add it to food, drinks or health products. But for now, it is viewed as a medical drug, because it is the key ingredient in GW Pharmaceuticals PLC’s GWPH, +3.19% Epidiolex, the first cannabis-based drug to win FDA approval as a treatment for severe forms of childhood epilepsy. The FDA cannot allow a drug to be added to products without the clinical tests and trials required of drug developers that can take years to complete. Companies, keen to take advantage of the perceived health benefits of CBD, are hoping the regulator will act sooner, rather than later. CVS said that it is selling CBD products in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland and Tennessee. Recreational marijuana is legal in California and Colorado, medical marijuana is legal in Illinois and Maryland, but marijuana has not been made legal for recreational nor medicinal uses in the other states. Representatives for the Attorney’s General of Kentucky, Alabama, Indiana and Tennessee were not immediately available for comment. Korey Bauer, portfolio manager of the Cannabis Growth Fund CANNX, -0.67% a mutual fund recently launched by Foothill Capital Management, agreed that CBD is a gray area for now. “This is why there needs to be legislation, because right now it’s a little messy,” he said. “We need clarity on whether companies can at least add low dosages of CBD to products. Right now, it’s definitely risky for a company like CVS. But as soon as we have legalization, I’m sure all these companies will be participating.” A research report from consumer data company MRI-Simmons published on Wednesday found that of the 36 million Americans that are cannabis consumers, 10% use CBD products, mostly for medicinal purposes. Curaleaf, which is backed by Russian billionaires, as MarketWatch sister publication Barron’s has reported, also reported widening net losses, while growing revenue more than 400%. The company reported fourth-quarter net losses of $16.5 million, or 4 cents a share, compared with profits of $624,000, or zero cents a share in the year-ago quarter. Revenue rose to $32 million from $6.3 million in the year-ago period, excluding revenue from managed entities. In New York, Gov. Andrew Cuomo told CNN that he has dropped revenue from cannabis legalization from his budget for the coming fiscal year after facing pushback from lawmakers. Cuomo, who announced his plan to fully legalize the substance for adult recreational use in January, said he doesn’t expect the state legislature to come up with a bill by June and will now aim to get it done in the ensuing legislative session. A group of lawmakers are seeking to ensure legislation will guarantee access to the new market for communities of color who have suffered disproportionate penalties and rates of incarceration for possession in the past. Shares of Canada’s Plus Products Inc. PLPRF, -1.26% were down 3%, a day after Canaccord initiated coverage of the stock with a speculative buy rating. “Through its popular line of gummies, PLUS has attained leading share of the legal edibles market in California (10% in 2H 2018), arguably the world’s most competitive,” analyst Bobby Burleson wrote in a note. “We believe PLUS will be able to leverage this leadership into continued strong growth for existing SKUs (shopkeeping units) and gains in additional edibles categories, where the company is poised to convert shelf space, brand awareness, and operational excellence into penetration of baked goods and mints.” Elsewhere in the sector, Canopy Growth Corp. stock CGC, -1.60% WEED, -0.82% was down 2.0% and Cronos Group Inc. CRON, -2.27% was down 2.0%. Aleafia health Inc. ALEF, -0.44% ALEF, -0.44% was down 3.5% and CannTrust Holdings Inc. was up 0.7%. OrganiGram Holdings Inc. OGRMF, +0.22% was down 1.5%. Tilray TLRY, -1.27% was down 0.8%. Hexo Corp. HEXO, -1.79% was down 1.9% and Aphria Inc. APHA, -1.28% APHA, -0.52% was down 1.6%.
大麻股价周四大多下跌, Curaleaf 控股公司( Curaleaf Holdings Inc .)在宣布与医药连锁企业 CVS Health Corp .合作开发 CBD 系列产品后表现突出。 Curaleaf 股价上涨3.3%,此前该公司表示, CVS CVS CVS ,+1.57%已经在8个州销售包括乳霜、喷雾剂、滚子、洗剂和销售的产品。 但是生物多样性公约,大麻植物中的非精神活性成分,实际上还不是合法的。尽管大麻在12月通过的2018年农业法案中被完全合法化,但 CBD 并未被包括在内,而是被置于美国食品药品监督管理局(Food and Drug Administration)的管辖之下。FDA 已经承诺将在4月举行 CBD 合法化的谈判,并打算提出允许公司将其添加到食品、饮料或保健品中的途径。 但是目前,它被认为是一种药物,因为它是 GW 制药公司的 GWPH +3.19% Epidelex 的关键成分,这是第一个获得 FDA 批准的用于治疗严重形式儿童癫痫的大麻药物。FDA 不能允许药品添加到产品中,没有药物开发人员需要花费数年时间才能完成的临床试验和试验。渴望利用 CBD 的健康益处的公司希望监管机构能更快行动,而不是更晚行动。 CVS 表示,它正在阿拉巴马州、加利福尼亚州、科罗拉多州、伊利诺伊州、印第安纳州、肯塔基州、马里兰州和田纳西州销售 CBD 产品。娱乐性大麻在加利福尼亚州和科罗拉多州是合法的,医用大麻在伊利诺伊州和马里兰州是合法的,但大麻在其他州并未被合法用于娱乐或医药用途。 肯塔基、阿拉巴马、印第安纳和田纳西司法部长的代表没有立即得到置评。 Cannabis Growth Fund CANNX 的投资组合经理科利?鲍尔( Korey Bauer )同意, CBD 目前是一个灰色地带。 “这就是为什么需要立法,因为现在有点混乱,”他说。“我们需要澄清,企业是否至少可以在产品中添加低剂量的 CBD 。现在,像 CVS 这样的公司肯定有风险。但一旦我们合法化,我相信所有这些公司都将参与其中。” 消费者数据公司 MRI-Simmons 周三发布的一份研究报告显示,在3600万美国大麻消费者中,10%的人使用 CBD 产品,主要用于医药用途。 正如 MarketWatch 姊妹出版物 Barron's 报道的那样,俄罗斯亿万富翁支持的 Curaleaf 公司也报告了不断扩大的净亏损,同时收入增长超过400%。该公司公布第四季度净亏损1650万美元,合每股4美分,上年同期利润为62.4万美元,合每股0美分。收入从一年前的630万美元增加到3200万美元,其中不包括管理实体的收入。 在纽约, Gov 。Andrew Cuomo 告诉 CNN ,在面临立法者的阻挠后,他已经从下一个财政年度的预算中放弃了大麻合法化的收入。今年1月,库莫宣布了将成人娱乐用物质完全合法化的计划。他说,他预计州立法机构不会在6月之前提出法案,现在他打算在接下来的立法会议上完成法案。 一群议员正在寻求确保立法将保证过去因占有而受到过不成比例的处罚和监禁的有色人种进入新市场。 加拿大 Plus Products Inc .股价下跌3%,该公司股价下跌1.26%,此前 Canaccord 对该公司股票进行了投机性买入评级。 “通过其广受欢迎的口香糖系列, PLUS 在加州合法食用品市场取得了领先地位(2018年2H 时为10%),可以说是世界上最具竞争力的市场,”分析师 Bobby Burleson 在一份简报中写道。“我们相信, PLUS 将能够利用这一领先优势,继续推动现有 SKU (商店保留部门)的强劲增长,并在更多的食用产品类别中获得收益,在这些类别中,公司将把货架空间、品牌知名度和卓越运营成果转化为烘焙产品和薄荷的渗透。” 在该行业其他领域, Canopy Growth Corp .股价下跌2.0%, Cronos Group Inc .股价下跌2.0%。Aleafia Health Inc .股价下跌3.5%, CannTrust Holdings Inc .股价上涨0.7%。 OrganiGram Holdings Inc . OGRMF ,+0.22%下跌1.5%.Tilray TLRY ,-1.27%下跌0.8%.Hexo Corp .和 Aphria Inc .分别下跌1.9%和0.52%和1.6%。