Major Marijuana Stock News to Watch Before This Week Ends

marijuana stock news

The coronavirus pandemic has proven to be a blow for many sectors, and in that regard, the marijuana industry was no exception. That being said, a turnaround is expected to come at some point, so investors need to keep an eye on marijuana stock news. There were a lot of bullish sentiments surrounding marijuana stocks at the beginning of the year. Many believed that things were going to turn around this year after all the trouble marijuana companies went through in 2019. However, the coronavirus pandemic dashed those hopes, and consequently, marijuana stocks experienced steep declines.

The lockdowns all over the place have affected business adversely, but it is also believed if the social distancing norms are maintained by the members of the public diligently, then the crisis might end by May. If that happens, then there is a distinct possibility of the heavily beaten down marijuana stocks to record gains, and that is why it is necessary for investors to keep track of marijuana stock news.

Major Marijuana Stock News: Organigram Holdings (TSX:OGI) (NASDAQ:OGI)

marijuana stock news

The coronavirus pandemic has forced cannabis companies to take proactive steps in order to protect their businesses. On Tuesday, Organigram announced that it was going to temporarily lay off 45% of its employees in order to promote the social distancing norms. That works out to around 400 employees.

In addition to that, Organigram announced that the majority of those who have been temporarily laid off also took up the option of voluntary layoff packages from the company. However, the company stated that it has enough inventories to ensure that it is able to meet the demand from customers.

Other than this, the company has set up hand sanitizing stations at its facilities, and cleaning and sanitizing activities at its facilities have also been increased. Employees who can perform their roles from home have been told to do so.

>> Are These 3 CBD Penny Stocks a Good Buy Right Now?

Organigram is still regarded as one of the more promising marijuana stocks in the market at this point in time. The company is also regarded as one of the best-run companies in the country, and over the past quarters, Organigram has displayed impressive fiscal discipline. Investors could keep an eye on this stock whenever they look for marijuana stock news.

Major Marijuana Stock News: Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF)

On Monday, it emerged that Green Thumb's president, Armen Yemenidjian, has resigned from his position.

However, it should be noted that the company did not reveal whether it has found a replacement yet for Yemenidjian. The press release stated that he stepped down from his position in order to devote more time to his family. Yemenidjian is, however, going to continue in his position over the next six months, and he stated that he is going to continue to help Green Thumb in its quest to achieve its goals. He is going to focus on the company’s business in the lucrative markets of California and Nevada.

Both states legalized the consumption and sale of recreational marijuana, emerging as key battlegrounds in the marijuana industry. Green Thumb has managed to create a significant presence in Nevada, establishing three Essence-branded retail outlets in the state. GTBIF stock is trading higher by 4% this morning.

Major Marijuana Stock News: HEXO Corp (TSX:HEXO) (NYSE:HEXO)

marijuana stock news

On Wednesday, HEXO announced that it is going to amend its prospectus for its proposed public offering of shares. It should be noted that HEXO had filed for the public offering back in December 2018.

In its announcement, the company stated that the shares are going to be priced with the current state of the market in mind. The company disclosed the amendment details on the recommendation of its auditors. The stock declined by 25% in today's trading.

HEXO stock has had a poor run in recent times due to a range of issues. The delay in announcing its quarterly results and the high levels of cash burn had proven to be the two main factors behind the poor performance. However, some analysts believe that it might have been an overreaction from the market, so the stock could well prove to be a bargain.

>> Read More Investing & Finance News

Featured image: DepositPhotos © albund

Please See Disclaimer

If You Liked This Article Click To Share


Risks and Disclosure:

Information provided in this correspondence is intended solely for informational purposes and is obtained from sources believed to be reliable. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained on this website is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions made or suggested and the actual results.

All statements and opinions expressed are the opinions of the author and not of Potstocknews.com or its officers. The author is wholly responsible for the validity of all statements. Potstocknews.com was not involved in any aspect of the article preparation. The author was not paid by Market Jar Media Inc for this article. The author did not pay Potstocknews.com to publish or syndicate this article.

This article does not constitute as investment advice. Each reader is encouraged to consult with his or her individual financial advisor; any and all actions taken by a reader as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Potstocknews.com's terms of use and full legal disclaimer. This article is in no way a solicitation for investment. Potstocknews.com does not render general or specific investment advice. Any information on Potstocknews.com should not be considered a recommendation to buy or sell any security. Potstocknews.com does not endorse or recommend the business, products, services or securities of any company mentioned on Potstocknews.com.

Futures, stocks and options trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, stocks, and options may fluctuate, and, as a result, clients may lose more than their original investment and possibly their entire investment. Any content on this website should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to confirm and decide which trades to make. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

Please see our full disclaimer here for additional details before making any investment decisions.