Green dollar bills: Weed companies raise record cash as stocks rally

Delivra Health Brands

08/02/2021 15:19

** Weed companies have raised record amount of money as
their stocks rally to fresh highs
    ** Cannabis capital raises $1.47 bln in first five weeks of
2021, ahead of previous record of $1.36 bln notched in 2018 -
Virdian Capital Advisors
    ** Pot stocks tracker MJ ETF  MJ.P  climbs 71% so far this
year as investors bet on new U.S. administration's promises of
passing industry-favoring laws  urn:newsml:reuters.com:*:nL4N2K9412
    ** "Capital-raise boom isn't over but may be ready to take a
break," as seven of the top 10 U.S. cannabis cultivation and
retail cos have already filed for significant capital raises -
Viridian
    ** Viridian says going by market capitalization, there lies
a "huge valuation gulf" between the top 10 and the others, and
this gap must narrow for capital raises to keep going
    ** MJ ETF rises ~6% to record high of $24.74 on Monday
    ** Shares of Canadian pot producer Aphria Inc  APHA.TO  up
~10%, Aurora Cannabis Inc  ACB.TO  up 7%, Canopy Growth Corp
 WEED.TO  up 3.2%
    ** U.S. pot producers Green Thumb Industries Inc  GTII.CD 
up 3%, Trulieve Cannabis Corp climbs 1%

 (Reporting by Shariq Khan in Bengaluru)
 ((Shariq.Khan@thomsonreuters.com; Twitter: @shariqrtrs))