(MENAFN- Baystreet.ca) It's a crowded field, the cannabis sector, but appears there's room enough for operators big and small to make a decent living. Two such companies are the subjects of this feature.
Firstly, Denver-based Schwazze, formerly operating as Medicine Man Technologies, Inc. (OTC: SHWZ) trumped the signing of definitive acquisition agreements for 14 Star Buds locations in the state of Colorado as part of the Company's pending acquisitions.
The purchases include 13 retail operations located throughout the Colorado front-range with four dispensaries in Denver, others scattered around the 'Centennial State', as well as one cultivation center in Denver.
Shares in Schwarze rocketed 26 cents, or nearly 14%, Monday afternoon to veer near the close at $2.12, on volume of 393,000 shares.
On the other side of the border (by way of California?) Toronto-based Halo Labs Inc. (OTC: AGEEF) announced retail sales of its Hush™ branded products have been have been growing in the Golden State. In addition progress has been made on other initiatives in California.
Halo's Monday news release points to how cannabis sales have stalled in California during the COVID-19 pandemic. According to BDS Analytics, in April 2020, cannabis sales for state licensed retailers and delivery services reached $252 million, declining by nine percent from the trailing month and growing four percent compared to April 2019. Concentrate sales were $78.1 million, down 9.9% from April 2019.
Despite the flat overall trend and downward category trend, Hush™ vape cartridges have been growing rapidly with unaudited wholesale sales in April of $298,000. Unaudited May 2020 wholesale sales of Hush™ branded products were $417,000.
AGEEF shares sprang up 6.7% to 10.67, on volume of 481,000 shares.
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