In a news-heavy week, we witnessed big earnings releases, with Aurora Cannabis Inc (NYSE: ACB) (TSE: ACB) getting the most attention.The Edmonton, Canada-based company reported a 35% sequential sales increase for the third quarter, far exceeding analyst expectations. Net revenue came in at $78.4 million, excluding provisions of $2.9 million. That's an increase of 18% over the prior quarter.While its EBITDA loss was about $10 million worse than consensus forecasted, international medical sales and Canadian recreational sales beat estimates, and gross margins expanded to 42.2%."This was clearly a case of the patient being presumed dead, when indeed it's not," Alan Brochstein, founder of 420 Investor and New Cannabis Ventures, told Benzinga.Following the release, analysts at Cantor Fitzgerald reiterated an Overweight rating and CA$22 price target, while Piper Sandler trimmed its target from CA$12 to CA$10. Brochstein expects the price to strike about CA$15.On the other hand, Tilray Inc (NASDAQ: TLRY) announced a first-quarter year-over-year revenue increase of 126.2% to $52.1 million, beating the Street's estimate of $50.62 million. The net loss of $184.1 million or $1.73 per share represents an increase from the $29.4 million, or 31-cent-per-share, loss from one year ago.Other notable earnings reports included those for Emerald Health Therapeutics Inc. (TSXV:EMH)(OTC: EMHTF), Supreme Cannabis Co. Inc. (TSX: FIRE) (OTC: SPRWF), GrowGeneration Corp. (NASDAQ: GRWG), Vireo Health International, Inc. (CNSX:VREO) (OTC: VREOF), Aleafia Health Inc. (TSE: ALEF) (OTC: ALEAF). Check out details on all of these and more at our cannabis earnings center.ETFs posted moderate gains. Over the five trading days of the week: * ETFMG Alternative Harvest ETF (NYSE: MJ): rose 1.9%. * AdvisorShares Pure Cannabis ETF (NYSE: YOLO): advanced 3.7%. * Cannabis ETF (NYSE: THCX): was up 1.1%. * Amplify Seymour Cannabis ETF (NYSE: CNBS): gained 1.5%. * SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period down 1.4%."While most of us are dealing with lots of COVID-19 fallout, it seems it hasn't hurt the cannabis industry as much as we thought. Granted, many companies are blaming the pandemic for cutbacks and such, but it apparently isn't impacting the industry dramatically. That's pretty encouraging," said Debra Borchardt, CEO of Green Market Report.Find our cannabis, hemp and psychedelics news in Spanish on El Planteo.In other news, Dutchie partnered with Hypur to provide U.S. cannabis customers with a contactless, digital payments solution for curbside pickups, in-store orders and deliveries.On the policy front lawmakers in the U.S. House of Representatives pass additional coronavirus relief legislation, providing continued economic and government support to those struggling during these tough times."The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act includes the language of the SAFE Banking Act, which would prevent federal financial regulators from punishing financial institutions that provide services to state-legal cannabis businesses," explained the Marijuana Policy Project.Executive director Steve Hawkins said he's "encouraged that the House recognizes the urgency of this issue and has taken this strong and necessary position." Hawkins thanked Chairwoman Maxine Waters and Rep. Ed Perlmutter for their leadership on the issue.View more earnings on ACB"Continuing to exclude the cannabis industry from accessing basic and essential financial services during this time will result in more harm than good. Not only will it make the country's economic recovery that much harder, but the provisions intended to help minority-owned businesses would continue to be absent within the industry," he said.And in the international realm, Israel's Economy Minister Eli Cohen signed the final approval for companies in the country to start exporting cannabis products worldwide. As reported by Benzinga, cannabis companies can start submitting license requests within 30 days from May 13, when the free export order became effective. The country had legalized cannabis exports in January 2019, but final procedures for obtaining licenses had become stalled.The Health Ministry will now provide licenses.Don't miss this opportunity to connect with THE cannabis movers and shakers from across the globe during Benzinga's first Virtual Cannabis Capital Conference on June 1.More News From The Week Curaleaf (OTC: CURLF) announced a partnership with Mango Cannabis, a medical dispensary in Oklahoma, to distribute Curaleaf's Select brand products."As we expand the Select brand across the country, entering the rapidly growing Oklahoma market was key. During COVID-19, cannabis businesses have been deemed essential in the state, and we look forward to serving the health and well-being of medical patients in Oklahoma through our partnership with Mango Cannabis," Joe Bayern, President of Curaleaf, told Benzinga. The company also received a $50 million investment from CapStone Holdings Inc. Previously, Capstone was one of many investors totakepartinCuraleaf's $300-million senior loan facility deal, which the company closed in mid-January.The U.S. Patent and Trade Office awarded a composition-of-matter patent to Artelo Bioscience's novel cocrystal, solid form of CBD (cannabidiol) and TMP (tetramethypyrazine), ART12.11, providing intellectual property protection for the drug candidate until December 10, 2038."Cocrystallization is an FDA-recognized strategy that enables a novel solid dosage form with the same therapeutic profile as the active ingredient, but improves its drug properties such as bioavailability, stability, absorption and dosing consistency – potentially leading to greater efficacy and safety. This patent not only recognizes the novelty of ART12.11 but provides the potential for return-of-investment on its development for major indications like PTSD or IBD, which will require large and costly clinical trials," said Gregory D. Gorgas, Artelo's President and CEO.Mota Ventures Corp. agreed to acquire psilocybin company Verrian Ontario Ltd. for CA$20 million (US$14.2 million).MediPharm Labs Corp. (TSX: LABS) (OTC: MEDIF) agreed to a white-label supply deal with a subsidiary of Cannaray Ltd. in Australia, as well as a manufacturing and IP licensing agreement with biopharmaceutical company Avicanna Inc. (TSX: AVCN) (OTC: AVCNF).Psychedelic-focused health company Champignon Brands (CSE: SHRM) (OTC: SHRMF) made a string of announcements. The company confirmed Dr. Roger McIntyre as its new CEO, a private placement raise of $10 million, and the acquisition of a California-based ketamine treatment centre, which marks the company's expansion into the U.S.Jeb Spencer, TVC Capital's co-founder and managing partner, announced he is joining GrowFlow's board of directors after his firm led an $8.4-million Series B funding round for the Los Angeles-based software-as-a-service startup.Balanced Health Botanicals announced the official rebrand of its flagship brand CBDistillery. The rebrand includes an updated design to the brand website and packaging to better educate the masses on the value CBD can bring to their lives, as well as to showcase how consumers can take control of their health with the use of CBD."CBD has helped a countless number of people with ailments ranging from sleep to pain after physical activity as well as mild or temporary anxiety, yet most Americans are still unaware of the benefits CBD can offer. Our survey data shows most of our consumers (85%) think our new design educates them better about CBD, which helps further our mission to educate the masses on the benefits of CBD," said Majid Boroujerdi, Vice President of Brand and Consumer Insights.Top Stories Of The Week Check out the top stories on Benzinga Cannabis this week: * Israeli Cannabis Company To Co-Develop Anti-Inflammatory Products For Respiratory Conditions * Harvest Health Q1 In Review: Heavy M&A Action Leading Up To Earnings Call * Video Interview: Stoner Icon Kevin Smith Didn't Actually Start Smoking Weed Until He Was 38 * Cannabis Entrepreneurs With Detroit Roots: Dutchie's Ross Lipson On The Delivery Platform's Development * Exclusive: Watch The 'Trailblazers' Virtual Session On New Technology In Cannabis * Medical Cannabis Clinical Evidence Is Becoming Immune To State Borders * The Coronavirus Pandemic And 'Essential' Medical Marijuana As Medicine * COVID Pandemic Accelerates Recreational Cannabis Industry * A Snapshot of America's Medical Cannabis Markets: Washington, D.C. * As The Coronavirus Thwarts Cannabis Tax Reform In California, Federal Reform Could Be Last Hope * Sen. McConnell Rips 'Unserious' Dems For Pro-Pot Measures In Federal Aid PackageCheck out these and many other cannabis stories on Benzinga.com/cannabisLead image by Ilona Szentivanyi. Copyright: Benzinga.See more from Benzinga * ESPAÑOL • Acciones de Tilray Caen Luego de Reporte Trimestal, Harmless, Ketamina en Farmacias, Lo Nuevo de Netflix, y Más * The Week In Cannabis: Cannabis Stocks At Par With The S&P, Cronos Posts Q1 Results, Historic Export Out Of Colombia * The Week In Cannabis: Stocks Back Down, New Corporate Shakeups, M&A, And Policy Moves Around The World(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Canadian Prime Minister Justin Trudeau said on Saturday he would look at possible ways to help airlines further, but laid out no new measures after the country’s biggest airline announced mass layoffs due to the coronavirus pandemic. Air Canada said on Friday it would cut its workforce by up to 60% as the airline tries to save cash amid the COVID-19 pandemic and adjust to a lower level of traffic. “This pandemic has hit extremely hard on travel industries and on the airlines particularly,” Trudeau said in a briefing in Ottawa.
Tesla Inc. (TSLA) is said to have been given a green light by health officials to resume production at its main Fremont auto plant ending a stand-off between the electric automaker and Alameda County.Tesla informed employees it received approval to resume operations at its factory after Alameda County’s interim health officer had approved its Fremont work plan and safety measures, according to an email seen by Bloomberg.“We have local support to get back to full production at the factory starting this upcoming week,” Laurie Shelby, Tesla’s vice president for environmental, health, and safety told employees.The Alameda decision comes after Tesla’s CEO Elon Musk last week had restarted production defying Covid-19 health orders currently in place throughout Alameda County. Furthermore, Musk filed a lawsuit against the County claiming its lockdown orders have prevented the electric automaker from resuming operations at its California plant planned for earlier this month.The outspoken billionaire also threatened to move the carmaker’s operations out of California to Texas or Nevada saying that if the company retains its “manufacturing activity at all, it will be dependant on how Tesla is treated in the future”.The value of Tesla shares has more than doubled in the past two months. The stock fell 0.5% to $799.17 as of the close on Friday.Commenting on the stock after a meeting with Tesla’s investor relations, Emmanuel Rosner at Deutsche Bank, still maintained a Hold rating with a $850 price target, despite saying that the company’s message was positive.“While management provided few details about its 2Q/2020 outlook, it believes Fremont production can ramp back up very quickly given its experience in China and that the supply chain is already coming back online,” Rosner wrote in a note to investors. “Tesla’s record backlog of orders should provide strong pipeline of deliveries regardless of near-term conditions.”Overall, the rest of Wall Street analysts is sidelined on the stock. The Hold consensus rating is based on 10 Sells, 9 Holds, and 8 Buys. Following the stock’s recent rally it comes as little surprise that the $603.58 average price target projects 25% downside potential in the shares in the next 12 months. (See Tesla’s stock analysis on TipRanks).Related News: Fiat Chrysler Shares Decline on Dividend Payout Withdrawal Tesla’s California Auto Plant Gets Go-Ahead to Reopen Next Week GM Plans To Reopen Lucrative Mexican Pickup Plant Next Week- Report More recent articles from Smarter Analyst: * Fiat Chrysler In Talks For $6.8 Billion State-Backed Loan In Italy * Amazon’s Response To Judiciary Committee ‘Unacceptable’ Tweets Jerry Nadler * President Trump Takes Aim at Digital Tech Giants From Google to Twitter * Soros Fund Ramps Up Peloton Stake, Exits JP Morgan