leadf
logo-loader
viewMMJ Group Holdings Ltd

MMJ Group eyes strong gains on investments as benchmark ETF surges in January and February

Sales of marijuana concentrates increased 40.5% last year in the adult-use states of California, Colorado, Nevada and Washington as well as the recreational and medical markets in Oregon.

MMJ Group Holdings Ltd - MMJ Group eyes significant gains on investments as benchmark ETF surges in January and February
The benchmark Alternative Harvest ETF has surged 115% through January and February.

MMJ Group Holdings Ltd (ASX:MMJ) stock has remained flat at 12 cents per share over the course of January 2021 compared to a 0.3% rise for the broader market as represented by the ASX 200.

However, the benchmark Alternative Harvest ETF has dramatically risen in January by about 33% from US$14.35 to US$18.97.

Thus far in February the ETF has moved up another 82% and closed at US$34.6 on February 11.

MMJ is witnessing significant follow through on the buying action that now appears to have come “down cap” into many of its investee companies as well.

Harvest One and WeedMD have seen significant gains over the last several weeks.

New federal legalisation bill

Furthering the progress in the US, key US Senate leaders from the Democratic party held a meeting with marijuana stakeholders on Friday, seeking input in creating a new federal legalisation bill.

The senators released a joint statement announcing the plan earlier this week that decried the failures of marijuana criminalisation and called for a federal policy change that prioritises repairing the harms of prohibition.

The senators did not go in-depth into the details of the forthcoming reform proposal, but one commitment from the start, according to attendees, is that the Senate bill will at a minimum de-schedule cannabis and seek to regulate it with a justice- and equity-focused approach.

Marijuana concentrates sales jump

According to MJBizdaily and Seattle-based data analytics firm Headset, sales of marijuana concentrates surged 40.5% last year in the adult-use states of California, Colorado, Nevada and Washington as well as the recreational and medical markets in Oregon as consumers become more comfortable with dabbing and associated technologies.

This bodes well for MMJ’s portfolio names such as Embark Health which recently shipped their first batch of concentrates to the provincial buyer of cannabis in British Columbia with the company’s Hank brand available across the province.

Quick facts: MMJ Group Holdings Ltd

Price: 0.1175 AUD

ASX:MMJ
Market: ASX
Market Cap: $27.02 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of MMJ Group Holdings Ltd named herein, including the promotion by the Company of MMJ Group Holdings Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

MMJ Group says portfolio is 'extremely stable' and primed for growth

MMJ Group Holdings Ltd's (ASX:MMJ) (OTCMKTS:MMJJF) (FRA:2P9) Mike Curtis caught up with Proactive's Andrew Scott soon after announcing they recorded a 182% hike in revenues to A$192,000 in the six months to December 31, 2020. Curtis says the portfolio they had last year is extremely stable now...

2 days, 2 hours ago

2 min read