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Cannabis

S3 Analytics: TLRY Update

TLRY US\CN short interest is $286 million; 3.43 million shares shorted; 33.24% of the float with a stock borrow rate on existing short positions at 182% fee (per annum).

There is very little stock loan available in this name and there is not enough stock available for any large short sales.

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S3 Analytics: Profitable December for Cannabis Short Sellers

The mergers and acquisition activity in the Cannabis Sector continued today with Green Growth Brands Ltd. offering $2.1 billion in a hostile takeover of Aphria Inc (APHA). This follows Altria Inc’s announced $1.8 billion investment in Cronos Group (CRON); Constellation Brands purchase of 5.5% of Canopy Growth Corp (CGC); Molson Coors Brewing Co’s joint venture with HEXO Corp (HEXO); and Anheiser-Busch Inbev’s research partnership with Tilray Inc (TJRY).

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S3 Analytics: Cannabis Shorts Up $157 Million After Tilson Conference

Author: Ihor Dusaniwsky

Both Tilray Inc (TLRY US) and Aphria Inc (APHA US) were mentioned as attractive short plays at Whitney Tilson’s recent conference. Chris Brown of Aristides Capital LLC maintains that cannabis is in actuality a commodity business and therefore most cannabis related stocks are overvalued, and in the case of TLRY overvalued by over 40%. Fabriel Grego of Quintissential Capital expects “massive” asset write-offs at Aphria relating to South American company acquisitions which are “largely worthless.”

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S3 Analytics: Shorts Down $23 Billion as U.S. Indexes Rally Over 3% Over the Last Week

The weeklong rally from last week’s lows has taken a bite out of the $93.7 billion of mark-to-market profits, +11.12%, short sellers have earned since the beginning of October. Over the last week the S&P 500 index increased by 3.31%, the Nasdaq by 4.3% and the Russell 3000 by 3.23%. The S3 Blacklight platform tracks over 8,000 U.S. domestic equity shorts worth over $825 billion, which incurred mark-to-market losses of $23.3 billion, or -2.86%, over the last week.

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S3 Analytics: New Age Beverage Corp (NBEV US) Short Interest is at $46.17 Million

New Age Beverages Corp (NBEV US) short interest is $46.17 million, with 12.75 million shares shorted, for 24.30% of float.

Stock borrow fees are easing as more lendable inventory are hitting the street. Stock borrow fees averaged a 36% fee over the first three quarters of 2018, hit a 120% fee in late September, and averaged over a 46% fee in early November. They have now dropped to 27.69% fee. Average NBEV short interest for the year has only been $21 million, but those short sellers have paid just over $7 million in stock borrow costs.

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S3 Analytics: Cannabis Short Sellers Nearly Recoup Wednesday’s Losses

Cannabis stocks rallied over 8% yesterday on euphoria that Attorney General Jeff Session’s resignation would bode well for U.S. cannabis policy. Today, clearer minds prevailed and cannabis stocks gave back most of yesterday’s run-up when investors realized the likelihood that there would be short term legislative changes to federal cannabis policy was unlikely.

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S3 Analytics: New Age Beverage (NBEV) Real-Time Short Interest

NBEV real-time short interest:   11.55 million shares short / 55.8% of float / $58.7 million at risk betting on a share decline.

New Age Beverages sells teas and water, but more notably announced recently, it’s ready to launch cannabis-based drinks.

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S3 Analytics: Namaste Technologies (NXTTF) Short Interest is at $17.16 Million

Namaste Canada short interest is at $17.16 million with 11.77 million shares shorted. This represents 4.90% of the float. The stock borrow fee is at 34%. With the average Cannabis stock borrow cost at a 15.75% fee, Namaste is a very expensive stock to borrow.

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S3 Analytics: Cannabis Shorts Up Over $450 Million On 2 Day Price Weakness

Cannabis stocks have been on a weeklong slide after a year-long rally prior to the full legalization of adult marijuana use in Canada. The ETFMG Alternative Harvest ETF (MJ US), Horizons Marijuana Life Sciences ETF (HMMJ CN) and Evolve Marijuana ETF (SEED CN) were up over 30% by October 15th and are now down over 20% since then, including over an 8% drop today.

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S3 Analytics: The Highs and Lows of Shorting Cannabis Stocks

Cannabis stock short sellers are down $490 million in year-to-date mark-to-market losses as cannabis related stocks rallied over the last year as seen by the Horizons Marijuana Life Sciences ETF (HMMJ CN) being up +26% in 2018 and +169% one year return.

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