Cannabis stocks traded down this week, despite a series of financing announcements and other good news, including a new bill from Congress.
GrowGeneration Corp. (NASDAQ:GRWG) wants to raise $125 million via a public offering. The offering was then upsized to $150 million on Wednesday, offering 5 million shares at a price of $30.00 per share.
Weedmaps is going public via a merger with Silver Spike Acquisition Corp. (NASDAQ:SSPK), while LeafLink closed a $40 million Series C funding round led by Founders Fund.
“Money keeps flowing into the cannabis space as we saw the huge $1.5 billion valuation given to the Weedmaps deal with the Silver Spike SPAC. Not only that, GrowGeneration supersized its offering from $125 million to $150 million. Despite the inconsistent stock performance, there is still a big demand for investment in this industry,” Debra Borchard, editor in chief of Green Market Report, told Benzinga.
ETFMG Alternative Harvest ETF surpassed $1 billion in assets under management. The fund has been trading on NYSE for less than three years, being the first cannabis-focused ETF to list in the United States. Jason Wilson, ETFMG Cannabis Research and Banking, told Benzinga that “there are two key takeaways as it relates to MJ and the significance of achieving this milestone.”
The U.S. House of Representatives passed a…