These 9 Cannabis Stocks Caught Fire This Week

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.

Here is a quick roundup of major cannabis stock news this week:

Canopy Growth Corporation (NASDAQ:CGC) and The Supreme Cannabis Company announced on April 8 that it had entered into a definitive arrangement agreement under which Canopy Growth will acquire Supreme Cannabis in a transaction valued at approximately $435 million on a fully diluted basis.

cbdMD, Inc. (NYSE:YCBD), one of the leading and most highly trusted and recognized cannabidiol (CBD) brands, announced on April 8 that it has signed an exclusive CBD sponsorship with highly decorated yet controversial professional golfer and 9-time PGA TOUR winner, Patrick Reed, to become the latest high profile member of Team cbdMD.

FSD Pharma Inc. (NASDAQ:HUGE) received a Notice of Appeal on April 5 from FSD related to the March 5 decision by the Ontario Superior Court of Justice. The decision ordered FSD Pharma to move up the date of its previously called annual shareholders meeting from June 29 to May 14 and to retain an independent chair to preside over the meeting, and prevent directors from voting recently issued shares.

Another law firm, Rigrodsky Law, P.A and Monteverde & Associates P.C., announced on April 5 that the companies are both investigating Greenlane Holdings, Inc. (NASDAQ:GNLN) regarding possible breaches of fiduciary duties and other violations of law related to Greenlane Holding's agreement to merge with KushCo Holdings.

Organigram Holdings Inc. (NASDAQ:OGI), a leading producer of cannabis, announced on April 6 that Organigram Holding had acquired all of the issued and outstanding shares of The Edibles & Infusions Corporation ("EIC") for consideration of $22.0 million, plus up to an additional $13.0 million in shares payable upon the EIC, business achieving certain earn out milestones.

Innovative Industrial Properties, Inc. (NYSE:IIPR), the first and only real estate company on the New York Stock Exchange, focused on the regulated U.S. cannabis industry, announced on April 5 that it had amended the lease with a subsidiary of Jushi Holdings Inc. at its Scranton, Pennsylvania grower-processor facility, making available an additional $30.0 million in funding for the completion of the buildout of the existing 89,000 square foot building and approximately 40,000 square foot expansion of the facility. 

Later in the week, Innovative Industrial Properties, Inc. (NYSE:IIPR) announced its operating, investment, and capital markets activity year-to-date through April 5. As of April 5, IIPR owned 68 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington This represents a total of approximately 6.0 million rentable square feet (including approximately 2.2 million rentable square feet under development), which were 100% leased with a weighted-average remaining lease term of approximately 16.7 years.

HEXO Corp (NYSE:HEXO) launched its latest brand on April 6 called Bake Sale. Bake Sale offers Canadian consumers one of the lowest prices per gram in the country, in some cases as much as 20% less than competitor's products.

Akerna (NASDAQ:KERN), an enterprise software company, leading compliance technology provider, and developer of the cannabis industry's first seed-to-sale enterprise resource planning (ERP) software, announced on April 6 that Akerna  closed on the acquisition of Viridian Sciences, a cannabis business management software system built on SAP Business One.

Sundial Growers Inc. (NASDAQ:SNDL), a Health Canada licensed cannabis producer recognized for its small-batch-at-scale individualized room approach, announced on April 6 that Sundial has entered into a third-party production agreement with Stigma Grow to produce a variety of Sundial's hydrocarbon (BHO) concentrates.