5 Cannabis Stocks That Lit Up Wall Street This Week

📝 Flora Growth Corp. (NASDAQ:FLGC) signed agreements with TruTrace Technologies, Inc. and Applied DNA Sciences, Inc. (NASDAQ:APDN) with the goal of together launching international marijuana product validation and authentication platform catering to the needs of consumers, distributors and government regulators. This project will work to minimize concerns over counterfeit market products through molecular tagging.

According to Flora Growth's CRO, Jason Warnock, "In today’s globalized market, supply chain provenance is becoming an increasingly important component for every major international CPG company. This is particularly true for the cannabis industry, where concerns over the sale and distribution of products from the illicit market persist for businesses. Flora anticipates that the added assurance, efficiency, and transparency brought by these technologies will optimize our value proposition to customers, differentiate us from peers, and increase our sales opportunities.”

Later in the week, on Thursday, Flora Growth Corp. announced that it had signed a commercial agreement with Zulily, LLC to promote FLGC's Stardog Loungewear which features hemp-based apparel and footwear. Zulily will launch a marketing campaign for Stardog's most popular product, hemp shoes, within the next 30 days.

💊 Lexaria Bioscience (NASDAQ:LEXX) launched its human clinical study HYPER-H21-2 featuring Lexaria's DehydraTECH(TM)-processed cannabidiol. According to the partial results that were released on September 3 on adults suffering from mild to moderate hypertension, this medication is showing a 23% blood pressure decrease when compared to a placebo within 24 hours of dosing. These results are especially promising because most hypertension medication takes several weeks before producing comparable results. 

🥈 Akerna (NASDAQ:KERN) had released projections regarding Labor Day weekend cannabis sales earlier this month. On Thursday, September 9, business intelligence from KERN confirmed that Friday, September 3, was the second-biggest grossing sales day of 2021 with over $90 million in sales across the U.S. The only day with higher grossing sales was April 20, the unofficial cannabis consumption holiday.

According to Akerna's Business Intelligence Architect, James Ahrendt, "This further shows the trend that when holidays fall on weekends, the Friday of that weekend will have the largest spikes in spending. Dispensaries can leverage our prediction reports to prepare staff, inventory, and promotions to optimize the in-store experience and offer deals on the products consumers are seeking. By meeting the consumers' preferences, dispensaries will likely increase sales and create more loyal customers."