A quick recap from the world of pot stocks in the first week of 2021
Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks over the past week, and look ahead to how the cannabis industry will develop in the new year.
Investor interest in the cannabis industry is growing at an explosive growth rate, and the leading players continue to break through legal barrier after legal barrier, especially in the United States. More than 40 U.S. states legalized recreational and/or medical marijuana by the end of 2020. Now, more and more companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.
As the cannabis sector continues to grow, investors can anticipate many more marijuana stock initial public offerings (IPOs) on the horizon for the cannabis industry.
Here is a quick roundup of major cannabis stock news this week (Jan. 4 through Jan. 8):
Cannabis accessory manufacturer Greenlane Holdings, Inc. (NASDAQ: GNLN), just announced its partnership with Last Prisoner Project (LPP) -- a nonprofit organization dedicated to clemency and reentry programs, advocating for individuals with cannabis convictions. Per the partnership, announced Jan. 6, Greenlane will make monetary contributions to Last Prisoner and participate in the organization's 'Roll It Up For Justice' program, which will prompt customers to donate to LPP when checking out online.
Hexo Corp. (NYSE: HEXO) filed a report on Jan. 6. claiming that its top executives compensation grew by total almost 20% year-over-year to $14.4 million CAD ($11.1 million USD) in the fiscal year 2020, per a financial disclosure filed with the U.S. Securities and Exchange Commission (SEC). What's more, the company's CEO Sebastien St. Louis' compensation rose 26% to $11.2 million CAD in 2020, despite a "voluntary reduction" to Quebec's minimum wage for three pay periods in the second quarter, according to the filing.
The only real estate company focused on the U.S. cannabis industry, Innovative Industrial Properties, Inc. (NYSE: IIPR), announced on Jan. 8 that it signed a long-term lease with Holistic Industries Inc. for its Los Angeles, California property.
Sundial Growers Inc's (NASDAQ: SNDL) subsidiary special purpose vehicle which owns $51.9 million of the aggregate principal amount of senior secured debt, Zenabis Global Inc. announced on Jan. 6 that it had received a principal repayment of $7.0 million on the last day of 2020, per the terms of the Senior Loan.
Therapix Biosciences Ltd. (NASDAQ: TRPX), a clinical-stage pharmaceutical company focused on cannabinoid-based treatments, announced on Jan. 5 that it agreed to a non-binding letter of intent with Cyntar Ventures Inc., a company focused on development and commercialization of products and therapies in the psychoactive pharmaceutical space.
Aphria Inc. (NASDAQ: APHA), announced that its financial results for its fiscal second quarter, and for the six months ending on Nov. 30, would be slated for release on Thursday, Jan. 14 next week.
Organigram Holdings Inc (NASDAQ: OGI), a leading licensed producer of cannabis, announced. on Jan. 4 that the company will report earnings results for its first fiscal quarter of 2021 on Jan. 12.