Curaleaf Holdings (OTC:) (CSE:) was one of the best-performing cannabis stocks last week, gaining nearly 10%, underlining once again that expansion is still the name of the game among marijuana growers.
The rise in Curaleaf's stock price came on the back of news that it had opened its second pharmacy in the state of New Jersey. The location is the company's 107th in the United States.
The company also announced that its second growing facility in that state is now fully operational and has just completed its first harvest. This triples the growing capacity of Curaleaf in New Jersey, which produces both medicinal and recreational weed.
The multi-state marijuana grower operates in 23 states in the US, has 22 growing facilities and just over 30 processing locations. Globally, Curaleaf International is the largest vertically integrated cannabis company in Europe, meaning it handles everything from cultivation, processing and marketing to retail clients.
Shares of Curaleaf opened last week for US$13.31. They closed yesterday at $14.59, up 9.6%, but still slightly below the June 2 high of $15.14. Over the past year, Curaleaf's stock is up 147% and given its manufacturing footprint in the US, it is well positioned to take full advantage of the country's full federal legalization of cannabis. — this time through acquisition — Canopy Growth (NASDAQ:) (TSX:) stocks saw a healthy acceleration last week, jumping only about 9%. The catalyst for this gain can be traced back to confirmation that the company has completed its acquisition of Supreme Cannabis. Shares of Canopy Growth opened for $22.82 last week. They closed yesterday at $24.88, up 9%. And, like Curaleaf, still below the high hit earlier in the month of US$26.34.
Over the past year, Canopy Growth stocks are up 54.35%.
The acquisition of Supreme Cannabis Company is part of Canopy's plan to expand its market share by emphasizing its premium offerings. With Supreme Cannabis now firmly in the Canopy stable, the company is reported to be in charge of just under 20% of the Canadian recreational market, setting a new all-time monthly record in April. the country's cannabis industry now operates at an annual run rate of C$3.71 billion (US$3 billion). ]The United Nations says cannabis use is on the rise worldwide.
That's just one of the findings in the UN's 2021 World Drug Report. It found that about 200 million people around the world now consume the drug regularly. That amounts to about 4% of the world's population.
The report also found that marijuana use has increased by about 18% over the past decade, with North Americans leading the way. According to the report, 14.5% of the population in North America consumes some form of marijuana.
The report also recommends that UN member states ban the advertising and promotion of cannabis, a similar step it has taken toward tobacco.
