NBEV and GNLN announce major acquisitions
Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks last week, and look ahead to how the cannabis industry will continue to develop in the 2021.
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.
Schaeffer's Investment Research was honored to be included in Benzinga's Cannabis Capital Conference last week. You can catch the full segment by our very own senior market strategist, Matthew Timpane CMT, on Facebook. You can also check out this post if you are interested in more of the cannabis stocks we are watching here at Schaeffer's.
Here is a quick roundup of major cannabis stock news this week:
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) announced on March 2 topline results from the randomized, double-blind, placebo-controlled Phase 2b CAPTIVATE clinical trial evaluating three doses of olorinab, a novel, oral, full agonist of the cannabinoid receptor 2 (CB2), for abdominal pain due to Irritable Bowel Syndrome (IBS). The trial did not meet the primary endpoint in the broad study population.
Greenlane Holdings, Inc. (NASDAQ:GNLN), a global house of brands and one of the largest sellers of premium cannabis accessories, announced on March 3 that GNLN has acquired the Eyce brand and substantially all of the assets of Eyce, a leading manufacturer of specialty silicone smoking products.
NewAge, Inc. (NASDAQ:NBEV), the Colorado-based healthy products company intending to become the world's leading social selling and distribution company, announced on March 4 that it has entered into an agreement to acquire Aliven Inc, a highly successful Japan-based direct selling company. This acquisition by NBEV will increase its global reach by 20%. NewAge subsequently announced on March 5 that NBEV is making changes to its senior leadership team. As part of Carin Casso Reinhardt's changes, he will be joining as Chief People Officer. Gregory Gould will be transitioning out of the company between now and July 2, 2021.
22nd Century Group, Inc. (NYSE: XXII), a leading plant-based and cannabis research, announced on March 3 that it has secured an exclusive agreement with CannaMetrix for the use of their proprietary, human cell-based testing its technology that will enable XXII to accelerate the commercialization of new, disruptive cannabis plant lines and intellectual property. 22nd Century also announced on March 4 that it has received net proceeds of $8.1 million from the cash exercise outstanding warrants during February and March of 2021.