Benchmark Botanicals Inc.
Operating ACMPR producer Benchmark Botanicals Inc. (BBT.C) share price looks some what more attractive as compared to some of the rest of the medical cannabis stocks that recently plunged from their record highs.
Since peaking in early January, the Canadian Marijuana Index – representing 24 leading cannabis stocks – has tumbled 35%, wiping out 7 billion Canadian dollars ($5.6 US billion) in market cap.
Some of the biggest losers since Jan. 9 include Canopy Growth (TSE: WEED), down 44%; Aphria (TSE: APH), down 43%; and Cronos Group (TSX: MJN), down 52%.
In October 13, 2017, Benchmark Botanicals Inc.'s 100% owned subsidiary Potanicals Green Growers received its License to Cultivate Marijuanna. (ACMPR)
The company completed a Private Placement of $5.3 million and listed on CSE in November 2017.
A 50,000 sq ft Phase II facility expansion for plantlet production is underway.
The company has its own Aeroponic Production Technology, a methodology that employs the highest production standards to grow plantlets available on the market.
Chris Damas, editor of the Barrie, Ontario-based BCMI Cannabis Report, said the recent volatility could “take the bloom off the rose” for companies looking at M&As, because raising capital by potential acquirers has suddenly become problematic.
Damas said the current meltdown is no surprise, given the recent gains. “The technical indicators have been flashing on this,” he said.
Benchmark could be setting an example for the rest of the medical cannabis stocks, by building the asset value first, followed by stock market value.