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A Potential Biden’s Win Could Be Good News for the Cannabis Industry

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Marijuna stocks latest news

Election day is always a big deal. This election day in particular, brought with it more stress than usual, and the election “day” alone lasted a bit longer with plenty of drama. With all this turbulence that marked the entire year, it’s no surprise that more and more voters are supporting cannabis legalization, as more and more states are legalizing and decriminalizing cannabis use. Moreover, cannabis legalization is going beyond democratic states. South Dakota, Montana, and Mississippi, which are traditionally conservative states, are also boarding the train.

Aurora Cannabis

The US election had a significant impact on cannabis companies as well as the overall market. Aurora Cannabis Inc. (NYSE:ACB) went up 135% in just a couple of days after the Election day. This came as a much needed relief to its shareholders, as the stock was dropping since the beginning of the year. Unlike its competitors, Aurora is struggling to expand internationally despite the potential of medical cannabis.

On Monday, Aurora delivered better than expected fiscal 2021 first quarter results. It posted total net revenue of CA$67.8 million, while the company’s latest forecast was in the range between CA$60 million and CA$64 million. Although the result is better than expected, this is only a small increase of 0.4% compared to the previous quarter as well as a decrease of 10% comparing to the same quarter last year. Company favors to present profitability on the level of EBITDA (adjusted earnings before interest, taxes, depreciation, and amortization) as CA$57.9 million, which is an increase of 79% when comparing quarter over quarter. It is important to note that recent restructuring activities are included in this figure. After reporting higher-than-forecast sales and narrowing losses, Aurora Cannabis (ACB) jumped 20% whereas its Canopy Growth Corp. (NYSE: CGC) surged 10%.

Cannabis peers

Aurora was not the only one cannabis company which made some gains in the previous days. Tilray Inc. (NASDAQ: TLRY) enjoyed a boost of 71.6%. Cronos Group Inc. (NASDAQ: CRON), which has a big investment from tobacco giant and Marlboro owner Altria (NYSE: MO), jumped 35.9%. Moreover, Canopy Growth reported a record CA$135 million in net revenues during the last quarter, followed with a 14% stock jump. Cronos Group’s shares rose 17%, while Tilray reported a Q3 loss of $2.3 million or 2 cents a share, which is an improvement from a loss of 36 cents a share from the same quarter last year.

A bright era ahead

Cannabis stocks soared on sold results and Biden’s win, inspiring hopes of further legalization. Canopy’s CEO, which has the financial backing of Constellation Brands (NYSE: STZ) believes that Biden’s win is an important step towards federal permissibility of cannabis in the U.S. Although the voting part of 2020 US presidential election is complete, it could be weeks and probably several stress-causing situations before Joe Biden becomes the official winner as incumbent President Donald Trump refuses to admit defeat. Bear in mind that most of these good results came from short squeezes, which might be what happened to Aurora as some short-sellers could have rushed to cover their positions. Unfortunately, most short squeezes collapse, and their artificially driven momentum comes to an end at some point.  There could have also been investors who aren’t short-sellers and are simply waiting for the boom of marijuana legalization. But the overall picture is that the world is opening towards the cannabis industry, more precisely, medical marijuana, CBD and THC-bearing cannabinoids as well as those do not contain THC, the psychoactive component of cannabis.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaEditorial

EV News

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Europe’s EV market is leaving the United States in its dust. According to a recent report obtained by Bloomberg News that is scheduled to be published next week, the European Commission seeks to have at least 30 million EVs on its roads by the end of the decade. This ambitious plan would require stricter emission regulations and the auto industry to massively accelerate its transformation.

At the moment, approximately 1.4 million EVs are being driven in Europe, according to BloombergNEF. Therefore, this research is forecasting there will be 28 million plug-in hybrid and battery-electric vehicles on the road by 2028. But, it’s no secret that young and old-school automakers are gearing up for the race with December being the month that the EV pioneer Tesla (NASDAQ: TSLA) will finally be included in the S&P 500.

Germany’s EV market is poised to overtake California’s

Until the end of September, Germany registered 98,370 battery-powered cars this year, according to a report by Berlin-based Schmidt Automotive Research. California is significantly behind with 73,166, as growth has slowed this year. Meanwhile, growth in Germany has been fueled by aggressive subsidies of up to 9,000 euros per car, as reported by Bloomberg News. But this is great news for Tesla who is Berlin Gigafactory Berlin is set to open in 2021 with an annual target capacity of building 500,000 vehicles annually, which is greater than its total 2019 sales. But Tesla’s entry in the backyard of automotive legends has not gone unnoticed as Volkswagen Group’s (OTC: VWAGY) CEO Herbert Diess revealed its plans is to become, on the technological basis, competitive with Tesla. The German giant has committed last month to launch approximately 70 all-electric vehicles by 2030, of which 20 are already in production.

Hyundai revealed a modular EV-only platform

By now, automakers have come to the realization that shoving electric vehicle parts into ICE built vehicles won’t do the trick. For this reason, the industry leader, Tesla, designs its own motors. Same goes for the EV startup, Lucid Motors, who just finished the first phase of its $700 million EV factory in Arizona as it invested heavily to follow Tesla’s footprints. With that in mind, Hyundai is the latest automaker to introduce an EV-only platform. It also revealed it will produce 23 battery-electric vehicles by 2025. The new Electric-Global Modular Platform (E-GMP), which stands for “Electric-Global Modular”, will be the underpinning of Hyundai and Kia’s electric future beginning next year.

The first vehicle will be the Hyundai Ioniq 5that we’ve so far only seen in concept form. Hyundai didn’t share details on battery pack size on Wednesday, but revaled that the EVs will come with a 500 kilometres driving range.

The race is just getting started

The global electric vehicle market has evolved immensely over the past decade. But even though we’ve already seen some incredible growth across the globe, these developments and industry predictions suggest that we’ve only seen a trailer of the EV blockbuster that will take place across the globe.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaEditorial

EV Updates – Europe and China Are Going Full Speed Ahead

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Europe’s EV market is leaving the United States in its dust. According to a recent report obtained by Bloomberg News that is scheduled to be published next week, the European Commission seeks to have at least 30 million EVs on its roads by the end of the decade. This ambitious plan would require stricter emission regulations and the auto industry to massively accelerate its transformation.

At the moment, approximately 1.4 million EVs are being driven in Europe, according to BloombergNEF. Therefore, this research is forecasting there will be 28 million plug-in hybrid and battery-electric vehicles on the road by 2028. But, it’s no secret that young and old-school automakers are gearing up for the race with December being the month that the EV pioneer Tesla (NASDAQ: TSLA) will finally be included in the S&P 500.

Germany’s EV market is poised to overtake California’s

Until the end of September, Germany registered 98,370 battery-powered cars this year, according to a report by Berlin-based Schmidt Automotive Research. California is significantly behind with 73,166, as growth has slowed this year. Meanwhile, growth in Germany has been fueled by aggressive subsidies of up to 9,000 euros per car, as reported by Bloomberg News. But this is great news for Tesla who is Berlin Gigafactory Berlin is set to open in 2021 with an annual target capacity of building 500,000 vehicles annually, which is greater than its total 2019 sales. But Tesla’s entry in the backyard of automotive legends has not gone unnoticed as Volkswagen Group’s (OTC: VWAGY) CEO Herbert Diess revealed its plans is to become, on the technological basis, competitive with Tesla. The German giant has committed last month to launch approximately 70 all-electric vehicles by 2030, of which 20 are already in production.

Hyundai revealed a modular EV-only platform

By now, automakers have come to the realization that shoving electric vehicle parts into ICE built vehicles won’t do the trick. For this reason, the industry leader, Tesla, designs its own motors. Same goes for the EV startup, Lucid Motors, who just finished the first phase of its $700 million EV factory in Arizona as it invested heavily to follow Tesla’s footprints. With that in mind, Hyundai is the latest automaker to introduce an EV-only platform. It also revealed it will produce 23 battery-electric vehicles by 2025. The new Electric-Global Modular Platform (E-GMP), which stands for “Electric-Global Modular”, will be the underpinning of Hyundai and Kia’s electric future beginning next year.

The first vehicle will be the Hyundai Ioniq 5that we’ve so far only seen in concept form. Hyundai didn’t share details on battery pack size on Wednesday, but revaled that the EVs will come with a 500 kilometres driving range.

The race is just getting started

The global electric vehicle market has evolved immensely over the past decade. But even though we’ve already seen some incredible growth across the globe, these developments and industry predictions suggest that we’ve only seen a trailer of the EV blockbuster that will take place across the globe.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaEditorial

Snowflake Is Keeping The Magic Alive

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Snowflake Inc’s (NYSE: SNOW) September magic will go down in history as the world’s hottest software IPO. When Snowflake announced its public debut, the demand for its shares was far higher than the supply. It seems that it still is. The initial share price expectation was between $75 and $85. However, the company went public at $120 a share, and it skyrocketed to an amazing $300 on its first day of trading, breaking the record and becoming the largest company to ever double its value on its opening day. This is how Snowflake’s blockbuster debut became the largest software IPO on record.

One of Snowflake’s key innovations in keeping the data storage separate from computing, allowing the businesses to get insights from the stored data. Snowflake came out with this service before Microsoft (NASDAQ: MSFT), Amazon.com (NASDAQ: AMZN), and Google (NASDAQ: GOOG) offered their equivalent products, making it easier for Snowflake to grab a part of the data warehousing market.

Snowflake’s earnings report

Snowflake’s revenues jumped 119% to $159.6 million in the fiscal third quarter which ended October 31st. Revenue growth in the previous quarter was 121%. There is an improvement in the segment of losses – in the year-ago quarter, losses were $1.92 per share, whereas this time around, the company showed a loss of $1.01 per share. The company also reported an adjusted loss of 62 cents per share. Although the earnings report pulled down the share price by 16.1%, with the closing price that day at $339.89, we cannot forget that the company went public with a share price of $120.

Microsoft’s answer

The cloud data management service market is expected to be worth around $13 billion next year. Amazon has been improving its AWS cloud unit so it’s not only Snowflake who has the answer for more and more customers trying to understand all the data and information stored in the cloud and corporate data centers. Microsoft also decided to take on Snowflake and Amazon by unveiling another product designed to enable companies to analyze and keep track of data. Azure Synapse Analytics tool is already used by companies like ABN AMRO Bank N.V. (OTC: ABN.AS), Wolters Kluwer N.V. (OTC: WKL.VI), FedEx Corporation (NYSE: FDX), and The Procter & Gamble Company (NYSE: PG).

Outlook

Snowflake’s management was satisfied with the company’s performance in its first quarter as a public company. Forecasted revenues for the quarter ending in January are within a range between $162 million and $167 million. As many businesses are increasingly shifting their activities to the cloud, the demand for warehousing solutions, like Snowflake’s, will stay high, and it is safe to say that more growth is ahead of us. Having in mind that the demand is expected to increase, the cloud data management service market should follow suit. Therefore, Snowflake’s expectation to generate revenues of $540 million in fiscal 2021 seems doable.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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