CGC will be acquiring Wana Brands upon U.S. federal legalization
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.
Catch up with Schaeffer’s Investment Research’s Matthew Timpane CMT as he digs deep into the cannabis industry, featuring his advice on capitalizing on blazing marijuana investments, his macro take on the cannabis industry, and an easy-to-follow breakdown of state legalization progress in 2021.
Here is a quick roundup of major (and action-worthy!) cannabis stock news from this week:
Turning Point Brands (NYSE:TPB) announced on Monday that the Zig-Zag rolling papers producer has increased its share repurchase authorization to $50 million, marking a $30.7 million increase. The $30.7 million increase includes $19.3 million available for repurchases under the previous authorization which was approved in February of 2020.
Tilray, Inc. (NASDAQ:TLRY) was chosen by the Luxembourg Ministry of Health as a supplier of medical marijuana products for the country’s recently announced medical cannabis program on Tuesday. Tilray’s product line offered in Luxembourg will include extracts and dried flower with varying degrees of THC and CBD.
Two brand new seasonal cannabis product offerings were announced this week. Aurora Cannabis Inc. (NASDAQ:ACB) partnered with The Valens Company in a mint-flavored edible holiday products called Canna Cane Mints. Meanwhile, Canopy Growth Corp. (NASDAQ:CGC) partnered with Martha Stewart and Marquee Brands launched a new CBD line featuring a limited-edition edibles called Mini CBD Peppermint Ribbons and Snowflake CBD Gummy Sampler.
Agrify Corporation (NASDAQ:AGFY) signed a definitive agreement with Olive El Mirage Partners to officially enter the Arizona cannabis market in the form of a joint build-out of a 30,000 square foot facility featuring 400 vertical farming units.
Valley National Bancorp (NASDAQ:VLY) subsidiary, Valley National Bank announced the creation of an innovative and cannabis-centric digital payment platform on Tuesday. According to VLY Chief Digital Product Officer, Stuart Cook, “This new digital payment platform is the first of its kind servicing the critical payment needs of cannabis-related businesses.”
Cresco Labs (NASDAQ:CL) announced that the cannabis company’s “Summer of Social Justice” initiative, a charity focused on social justice and the support of the expungement process for over 1,000 people charged with cannabis-related crimes.
Lexaria Bioscience’s (NASDAQ:LEXX) released promising results on Tuesday from its THC absorption animal study featuring Lexaria’s patented DehydraTECH(TM) technology for drug delivery. The study demonstrated that LEXX’s technology took less time to deliver the same THC levels as compared to concentration-matched controls.
Village Farms International, Inc. (NASDAQ:VFF) subsidiary, Balanced Health Botanicals, launched the new Synergy Collection geared toward enhancing the already-established benefits of the hemp plant. The Synergy Collection features a CBD and Functional Mushroom combination, Kava Root, and Cannabidiolic Acid products.
Flora Growth Corp. (NASDAQ:FLGC) received the Good Agricultural and Collection Practices certification presented by the Control Union Medical Cannabis Standard on Monday. Later in the week, on Thursday, FLGC’s Flora Beauty division signed with GlossWire to feature its products in GlossWire’s digital beauty marketplace on November 10.
High Tide Inc. (NASDAQ:HITI) expanded its retail locations in Saskatchewan and Ontario on Monday. The latest Canna Cabana store will bring the total retail locations in Saskatchewan to six.
Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM) announced its plans to acquire Innovative Growers Equipment for $58 million, adding to HYFM’s capabilities in producing horticulture benches, racking and LED lighting systems. Tuesday’s acquisition marks Hydrofarm’s fifth major acquisition so far in 2021.