Opportunities for Cannabis Acquisition
The cannabis sector had a tough time lately, hitting an all-time low with the New Cannabis Ventures Global Cannabis Stock Index dropping 2.0% to 6.84 and down 15.7% year-to-date. But amidst the struggle, two stocks stood out by soaring up—WM Technology (NASDAQ: MAPS) and Vireo Growth (OTC: VREOF) (CSE: VREO). Both have seen significant gains in December.
WM Technology, part of the index, closed at $1.39, showing a 13.9% gain and up 93% year-to-date. Co-founders made a non-binding bid of $1.70 per share, signaling potential growth. Vireo Growth, planning to expand its operations, announced acquisitions in four states at 4-5X adjusted EBITDA. The company is raising capital at $0.625 per share to fund these acquisitions and also introduced a new CEO.
Other MSOs are also making moves, with Green Thumb Industries and Ascend Wellness buying back stock. Organigram in Canada and others in the U.S. are showing signs of life in the sector. The industry continues to face challenges, but these recent actions reflect confidence in a potential turnaround.
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With hope and optimism for the future of the cannabis industry,
– Alan
