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The cannabis industry scored five major ballot wins this past week as the U.S. voters went to the polls. New Jersey, Arizona, Montana, and South Dakota passed bills permitting adult-use cannabis, while Mississippi voted to allow medical marijuana.

On the heels of voters approving a the constitutional amendment in New Jersey, Gov. Phil Murphy tapped Senior Policy Advisor Dianna Houenou to chair the Garden State’s Cannabis Regulatory Commission. Houenou — who also serves as Gov. Murphy’s associate counsel — will be responsible for defining the state’s cannabis laws and also reducing the harmful impact marijuana laws have had on communities of color.

In addition, Oregon decriminalized the possession of small amounts of all illegal drugs, creating a support program for drug abuse and addiction, as well as a program for the therapeutic use of psilocybin — the active ingredient in “magic mushrooms.” Finally, the District of Columbia approved an initiative that aims to effectively decriminalize the use of several psychedelic substances.

The good news drove cannabis stocks up, helping them post massive gains on Thursday and Friday.

Over the five trading days of the week:

  • The ETFMG Alternative Harvest ETF (NYSE:MJ): gained 27.3%
  • The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was up 22.86%
  • The Cannabis ETF (NYSE:THCX): rose 30.6%
  • The Amplify Seymour Cannabis ETF (NYSE:CNBS): advanced 23.2%
  • The SPDR S&P 500 ETF Trust (NYSE:SPY) was up 7.41%.

In other local news, Illinois adult-use cannabis sales, which have been noticeably increasing month over month, reached the highest point in October with a total of $75.28 million. Out of that $75.28 million, around $55 million came from in-state consumers and almost $21 million from out-of-state tourists.

Earnings Reports

Net sales at TerrAscend Corp. (CSE:TER) (OTCQX:TRSSF) amounted to CA$51 million in the company’s third quarter earnings report for 2020. That’s a sequential increase of 8% and a 90% year-over-year.

Moreover, adjusted EBITDA amounted to CA$17.8 million for the same period, up by 56% sequentially.

Biopharmaceutical company GW Pharmaceuticals plc (NASDAQ:GWPH) said its revenue for the third quarter hit $137.1 million, up by 51% year-over-year. For the first nine months of this fiscal year, total revenue amounted to $378.6 million versus $202.3 million for the same period of 2019.

For the quarter, net loss was $12.2 million, down by 13.1% compared to last year’s corresponding quarter. As of Sept. 30, the company had $480.3 million in cash and cash equivalents.

The Scotts Miracle-Gro Co.’s (NYSE:SMG) announced its total revenue spiked 79% to $890.3 million in the fourth quarter.

For the year, company-wide sales rose 31% to $4.13 billion. Moreover, Hawthorne Gardening Company’s sales increased by 68% to $351.9 million. The other segment of Scotts…



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