Akerna released technology to enhance relationships between dispensaries and customers
Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks and look ahead to how the cannabis industry continues to shape up in 2021.
Investor interest in the cannabis industry is growing at an explosive 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, companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.
Here is a quick roundup of major (and action-worthy!) cannabis stock news from this week:
🤑 On Monday, August 16, Village Farms International, Inc. (NASDAQ:VFF) announced that VFF has acquired 100% interest in Balanced Health Botanicals, a major CBD brand based in Colorado, in a transaction with a price tag of $75 million. This purchase provides VFF with access to the U.S. CBD market in the consumer products category.
🏀 Sports Nutrition Inc., a sports hydration brand that is partially owned by Canopy Growth Corp (NASDAQ:CGC) announced a major partnership deal as the official sports drink of the Los Angeles Lakers. According to Tim Harris, the president of business operations for the Lakers, the organization plans to devote resources to providing the NBA players with performance-enhancing products.
🌎 "The investment we are announcing in MedMen securities today, one of the most recognized brands in the $80 billion U.S. cannabis market, is a critical step towards delivering on our objective as we work to enable Tilray (NASDAQ:TLRY) to lead the U.S. market when legalization allows," Tilray's CEO Irwin Simon said in a press release on Tuesday, August 17. TLRY announced a deal to purchase $165.8 million in convertible debt from U.S. rival MedMen Enterprises. The agreement could boost Tilray if U.S. regulations change, as Canada-based companies are not yet allowed to own U.S. weed businesses.
📈 On Tuesday, August 17, Greenlane Holdings (NASDAQ:GNLN), a major player in the production and sales of cannabis accessories, released it Q2 of 2021 financial results. GNLN posted a revenue increase of 7.1% year-over-year. According to Greenlane's Chairman and CEO Aaron LoCascio, "Our focus on growing our portfolio of owned brands and driving strong performance from our existing brand portfolio, combined with our pending merger with KushCo, has positioned our business to be the leader in the ancillary cannabis space and to build strong, long-term value for both our customers, partners, employees, and shareholders."
🔥 Aurora Cannabis Inc (NASDAQ:ACB) had to evacuate Aurora Valley, one of its outdoor cannabis farms in Westwold, British Columbia, due to nearby wildfire activity. According to ACB officials, Aurora’s employees are unharmed and the evacuation did not impact company operations.
💻 On Wednesday, August 18, Akerna Corp (NASDAQ:KERN) went live with a brand new cannabis industry technology offering, Akerna Connect. KERN supports the cannabis industry with technology including enterprise software, compliance software, and enterprise resource planning (ERP) software. Akerna Connect is a platform that will provide cannabis dispensaries with the ability to offer clients online ordering, loyalty programs, and text messaging communications.
According to Akerna's CEO, Jessica Billingsley, "Akerna Connect allows dispensaries to convert more sales, increase customer engagement and remain competitive. This new product continues to bolster our portfolio of technologies built for the cannabis industry, and we are proud to offer the most comprehensive ERP system in the industry. Through our ecosystem, cannabis businesses can manage, strategize, report on, and plan every facet of their business and supply chain."