4/20 Holiday Week Had These Cannabis Stocks Fired Up
By: Schaeffer's Investment Research | April 23, 2021
• NEPT and YCBD both announced new product launches
• CGC and NEPT announced new distribution deals
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.
The U.S. House of Representatives, on April 19, passed legislation that would allow banks to provide services to cannabis companies in states where it is legal, a step towards removing what analysts say is a barrier to the development of the national industry. Lawmakers voted 321-101 to approve the bill and send it to the Senate.
Here is a quick roundup of major cannabis stock news this week: Aphria Inc (NASDAQ:APHA)
, CEO Irwin Simon appeared on CNBC's "Squawk on the Street" on April 20 to discuss the cannabis company's pending merger with Tilray Inc (NASDAQ:TLRY). Aphria shareholders voted overwhelmingly in favor of the merger with Tilray, and Tilray will hold its vote on April 30. The required two-thirds majority of Aphria shareholders backed a motion to approve the deal at the company's shareholders meeting. Aphria said that the reverse-acquisition of Tilray was approved by 99.38% of the shares represented at its shareholders' meeting. Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)
announced on April 16 that the Compensation Committee of its Board of Directors granted to 17 new employees inducement stock options to purchase an aggregate of 50,785 shares of its common stock and 20,490 inducements restricted stock units on April 15. cbdMD, Inc. (NYSE:YCBD)
, one of the leading cannabidiol brands, announced on April 21 that it officially filed its Novel Food Application with the United Kingdom's FSA on March 26. The application included all of the requisite data to allow for a validated submission and thorough scientific assessment. A similar submission was simultaneously made to the European Food Safety Authority (EFSA) to ensure compliance for the European markets. The company's products have been offered for sale in the U.K. since mid-2019. Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)
, a clinical-stage drug development company pioneering transformative medicines that target the endocannabinoid system, announced on April 20 that the last participant was enrolled in a Phase 2 study of lenabasum for the treatment of systemic lupus erythematosus (SLE). GW Pharmaceuticals plc (NASDAQ:GWPH)
, the medicinal cannabis giant, has received European Commission (EC) approval on April 20 to treat seizures associated with tuberous sclerosis complex. Jazz Pharmaceuticals plc (NASDAQ:JAZZ)
announced the pricing of the previously announced offering of $1.5 billion in an aggregate principal amount of 4.375% senior secured notes due 2029 by Jazz Securities Designated Activity Company on April 18. 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 19 that it closed on the acquisition of a property located in Windsor, Michigan. The purchase price for the property was approximately $15.6 million. 22nd Century Group, Inc. (NYSE:XXII)
, a leading plant-based and cannabis research, announced on April 21 that the company had issued its annual letter to shareholders as part of 22nd Century Group's 2020 Annual Report. Village Farms International Inc (NASDAQ:VFF)
, along with its subsidiaries, owns and operates agricultural greenhouse facilities. It produces, markets, and sells tomatoes, bell peppers, and cucumbers. The CFO of Village Farms International, Stephen Ruffini, announced on April 17 that he sold 70,000 shares of VFF on April 14, 2021, at an average price of $11.6 a share. The total sale was $812,000. cbdMD, Inc. (NYSE:YCBD)
announced its Spring 2021 product lineup, featuring an advanced suite of its award-winning cbdMD Gummies and a new line of cbdMD Drink Mixes on April 20. Power REIT (AMEX:PW)
announced on April 20 that it had acquired two adjacent property parcels totaling 4.0 acres in Crowley County, Colorado. The property is strategically located in a very favorable business setting of Southern Colorado that offers a growing environment for efficient and sustainable greenhouse cultivation. Turning Point Brands, Inc. (NYSE:TPB)
, a manufacturer, marketer, and distributor of branded consumer products, announced an $8.7 million strategic investment in Docklight Brands, Inc., a pioneering consumer products company with celebrated brands including Marley Natural® cannabis and Marley™ CBD on April 20. Canopy Growth Corporation (NASDAQ:CGC)
, world-leading diversified cannabis, CBD, and vaporization device company, announced that Southern Glazer's Wine & Spirits, the world's pre-eminent distributor of beverage alcohol, as the distribution partner for its US portfolio of CBD-infused beverages on April 21. Neptune Wellness Solutions Inc. (NASDAQ:NEPT)
shared an update on its operations and strategy, revealing several new product launches as well on April 19. Neptune extended its product distribution in the Canadian cannabis market, obtaining approval to sell its Mood Ring and PanHash products in British Columbia, Ontario, Alberta, and Quebec. Read Full Story »»» DiscoverGold