1st July 2022
Stock Market

5 Information To Know Before Opening Bell For CEA Stocks

Many publicly traded controlled environment agriculture companies will have announced their financial results for the first quarter of 2022 within the upcoming two weeks, Cannabis legalization accelerates as 18 states officially authorize the recreational use of the drug and fears of ‘stagflation’.

Here is the 5 information to know before this week’s opening bell for CEA stocks:

1- AppHarvest Q1 2022 Earnings Conference Call

AppHarvest, Inc. (NASDAQ: APPH, APPHW), a leading AgTech company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, announced today that it will release its financial results for the first quarter 2022 on Tuesday, May 3, 2022. The company will host a conference call and webcast to review its results the same day at 4:30 p.m. ET.

  • Live Webcast: The call will be streamed over the internet and accessible through the “Investors” section of the AppHarvest website at https://investors.appharvest.com. A replay will be available following the event.

  • Telephone: The call will be accessible by dialling 1-833-665-0607 (U.S./Canada) or 1-929-517-0397 (International) with the code 9520669. An audio replay will be available approximately two hours after the end of the conference call until May 10, 2022, at 1-855-859-2056 (U.S./Canada) or 1-404-537-3406 (International) with the code 9520669.

2- CubicFarms Appoints Carlos Yam as Chief Financial Officer

CubicFarm® Systems Corp. (“CubicFarms” or the “Company”) (TSX:CUB), a leading local chain agricultural technology company, has appointed Carlos Yam as Chief Financial Officer (“CFO”) of the Company, effective June 27, 2022.

Previously, Yam served for three years as CFO of Agora Wealth Corp., a company offering a digital wealth platform and services for investment dealers and financial advisors in Canada. Prior to that, he served for over a decade until 2018 as CFO of publicly-traded WesternOne Inc., where he led deals in the construction and infrastructure services sectors and executed related financing. He also helped integrate the operations of new acquisitions for its global operations in Canada, the United States, and Australia. In his role as Director of Financial Planning at Intrawest ULC, held until 2007, Yam was part of the finance team that successfully steered its US$2.8B privatization.

 

3- Cannabis Legalisation Gains Traction As 18 States Have Officially Legalised Recreational Consumption For Adults

Cannabis is one of the fastest-growing industries in the US; sales of adult-use and medical marijuana products hit $25 billion in 2021 and, by one Wall Street estimate, could reach $100 billion by 2030. Eighteen states have legalized cannabis for adult use, and another 19 currently have at least a comprehensive medical marijuana program. As of 2020, one in three Americans lived in a state with access to legal marijuana, according to Politico, and that number is quickly growing as the East Coast catches up with the West — last year, Connecticut, New Jersey, New York, and Virginia all passed adult-use cannabis laws, joining Maine, Massachusetts, and Vermont. Rhode Island lawmakers are expected to approve a legalization bill this month. Just this week, state lawmakers in South Carolina heard new testimony about medical marijuana and the New Hampshire House passed a pot bill. New Mexico Gov. Michelle Lujan Grisham made cannabis legislation such a priority that she called the legislature into a special session to legalize its recreational use. Sales began a few days ago. The governor says while she has never used marijuana, she might purchase some at some point.

 

4- Big Fed rate hikes ahead, amid early signs hot inflation is peaking

U.S. Federal Reserve policymakers look set to deliver a series of aggressive interest rate hikes at least until the summer to deal with hot inflation and surging labour costs, even as two reports Friday showed tentative signs both may be cresting. Sharply higher food and gas prices lifted overall inflation to a new 40-year high of 6.6% in March, data from the Commerce Department showed. At more than triple the Fed’s target, hot inflation is why the central bank is widely expected to ramp up the pace of rate hikes with a half-point increase at each of its next three meetings and continue raising rates through the end of the year. Contracts tied to the Fed’s policy rate now show heavy bets on interest rates rising to a range of 3%-3.25% by the end of the year, putting borrowing costs well into territory U.S. central bankers believe will put the brakes on growth.

 

5- Eurozone growth slowed in the first quarter while inflation hit a fresh record high in April, data released by the EU statistics agency showed Friday, stoking fears of stagflation.

Economic growth slowed to 0.2 per cent in the quarter from 0.3 per cent in the final three months of last year. At the country level, GDP grew by 0.3 per cent in Spain and 0.2 per cent in Germany, while France stagnated and Italy contracted. Overall, the GDP numbers point to a sharp slowdown across the eurozone after a broad rebound in 2021. In the year, eurozone growth was up 5.0 per cent. Inflation accelerated further to 7.5 per cent in April from 7.4 per cent in the previous month. High prices continue to be driven primarily by energy costs, which were up 38 per cent on the year. Core inflation, which excludes the volatile factors of food and energy, accelerated from 3.2 per cent to 3.9 per cent — suggesting that high prices are becoming more entrenched.

 
 

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