Canna-Global Acquisition began trading on the Nasdaq this week under ticker CNGLU
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:
Flora Growth Corp. (NASDAQ:FLGC) had a busy week this week. First, Flora Growth announced the signing of a licensing agreement with cannabis beverage giant, Tonino Lamborghini, on Monday. Through this agreement, FLGC will produce and distribute the cannabis-infused drinks in North America and Colombia. Then, on Thursday, Flora Beauty - a division of FLGC - received initial orders for export to Mexico and Spain this month. The orders were for its Mind Naturals and Awe CBD skincare brands. Awe CBD is positioned as a luxury beauty brand while Mind Naturals is targeting a youth demographic.
On Monday, cbdMD, Inc. (NASDAQ:YCBD) and Amazon.com, Inc. (NASDAQ:AMZN) partner, Amify, announced a multi-year partnership that will allow cbdMD to offer its CBD-based products in the Amazon marketplace. YCBD products that will be available include gummies, tinctures, gelcaps, cbdMD Botanicals skincare, and more.
On the last day of November, IM Cannabis Corp. (NASDAQ:IMCC) received approval to import its premium medical cannabis flower under the WAGNERS brand from the Israeli Ministry of Health. The first shipment is expected to be available in the Israel medical marijuana marketplace in the coming weeks.
IMCC also announced its definitive agreement to acquire Jerusalem's largest medical marijuana pharmacy, Oranim, at a ticket price of approximately $4.9 million. As part of the acquisition announcement on December 1, IM Cannabis noted that this provides a strategic entry point into the most populated area of Israel's rapidly growing medical marijuana market.
A brand new cannabis company began trading on the Nasdaq Global Market on November 30. Canna-Global Acquisition Corp (NASDAQ:CNGLU) priced its initial public offering, or IPO, at $200 million. CNGLU is a blank check company focused on the support of mergers, capital stock exchanges, asset acquisitions, and more in the rapidly glowing medicinal cannabis and CBD markets.
The OLB Group, Inc. (NASDAQ:OLB) signed an agreement to acquire a slew of cannabidiol (aka CBD) merchants which will utilize OLB's SecurePay Payment Gateway as their fintech merchant solution. The goal behind this acquisition, announced on Dec. 3, is to address concerns related to payment obstacles for CBD merchants and add an additional $20 million in annual revenues for OLB Group. OLB's SecurePay permits a wide variety of payment options including Apple Pay, Google Pay, PayPal, and cryptocurrency wallets.
On November 29, High Tide Inc. (NASDAQ:HITI) confirmed that it had completed its acquisition of an 80% stake in NuLeaf Naturals, LLC for over $31 million in stock. According to the terms of the acquisition, HITI can acquire the remaining 20% stake at any point over the next three years. The transaction is anticipated to increase High Tide's U.S. revenue by $70 million CAD.
WallStreetBets' most-loved cannabis stock, Tilray, Inc. (NASDAQ:TLRY) announced that its subsidiary, Aphria, has officially launched fast-acting medical marijuana oral strips in Canada on Thursday. The oral strips are available in THC-heavy and CBD-heavy varieties using the brand's QuickStrip proprietary technology for fast relief from a long list of ailments. On Friday, TLRY's semi-newly acquired subsidiary, Manitoba Harvest, is launching a Hemp Hearts marketing campaign focused on its health benefits.
Costco Wholesale Corporation (NASDAQ:COST) announced that it will begin offering Southeast Edibles by First Foods Group, Inc. through Costco's website. The edibles, created by a brand notorious for its variety of CBD-based products, are geared toward supporting immune health, increasing energy, and boosting antioxidants.