NEPT launched a brand new product this week in Quebec
Welcome back to our weekly series, Schaeffer’s Cannabis Stock News UpdateHere we round up what happened in the world of marijuana stocks last week and look ahead to how the cannabis industry will evolve in 2021.
Investor interest in the cannabis industry is growing explosively, and leading players continue to break legal barriers after legal barriers, particularly in the US. By the end of 2020, more than 40 US states had legalized recreational and / or medical marijuana. Now more and more companies are seeing the possibility of growing, marketing, distributing, and technology cannabis.
Here’s a quick recap of this week’s most important (and actionable!) Cannabis stock news:
Akerna Corp (NASDAQ: CORE) saw revenue grow 31% year over year to $ 4 million for the first quarter of 2021 on May 28. KERN reported $ 3.8 million (up 62% year over year) from its software division. Akerna also reported a profit of $ 2.6 million. This represents a year-over-year increase of 53% for the first quarter of 2021. Akerna had $ 15.4 million in cash at the end of the first quarter of 2021.
Aurora Cannabis Inc. (NASDAQ: ACB), a Canadian cannabis company defining the future of cannabinoids worldwide, announced On May 24th, ACB completed the transfer of its listing from the New York Stock Exchange to the NASDAQ Global Select Market after the market closed on May 24th.
Cara Therapeutics, Inc. (NASDAQ: CARA), a biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pruritus by selectively targeting peripheral kappa opioid receptors, announced On May 25th, Derek Chalmers, Ph.D., D.Sc., President and Chief Executive Officer, will attend a fireside chat at the Jefferies Healthcare Conference on Tuesday, June 1st at 11:00 a.m. (CET).
Coffee Holding Co., Inc. (NASDAQ: JVA)The company, which owns The Jordre Well, a hemp and CBD beverage brand incubator with a 49% stake, was added to the list of marijuana stocks this week. On May 21st JVA announced that the company received a three-year hemp processing license from the Ohio Department of Agriculture this week.
Evogene Ltd. (NASDAQ: EVGN), a leading computational biology company committed to revolutionizing the discovery and development of life science products in multiple market segments, released The financial results for the first quarter of 2021 on May 26th. EVGN’s loss for the first quarter of 2021 was $ 7.1 million compared to $ 7.2 million that Evogene reported for the first quarter of 2020.
Greenlane Holdings, Inc. (NASDAQ: GNLN)and KushCo Holdings, Inc, announced the end of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the previously announced proposed combination on May 25th. The transaction is expected to close in the third quarter of 2021, subject to the fulfillment or waiver of all remaining terms of the agreement, including receipt of all necessary approvals.
Village Farms International, Inc. (NASDAQ: VFF) announced on May 2 that the Toronto Stock Exchange has accepted notice filed by VFF of its intention to make a normal offer for issuers.
GrowGeneration Corp. (NASDAQ: GRWG), the largest hydroponic and organic garden centers in the country, announced Acquired The Harvest Company, a Northern California-based hydroponics supply center and cultivation design innovator with businesses in Redding and Trinity Counties on May 25th. The Harvest Company serves growers in Northern California’s Emerald Triangle – the largest cannabis producing region in the country.
HEXO Corp (NYSE: HEXO) announced On May 27, HEXO completed a $ 360 million offer of senior convertible bonds direct to an institutional buyer and certain of its affiliates or related funds.
Innovative Industrial Properties, Inc. (NYSE: IIPR), the first real estate company on the NYSE to focus on the US regulated cannabis industry, announced that on May 27, IIPR completed the purchase of a property in North Adams, Massachusetts, with approximately 70,000 square feet of commercial space, the property totaling to USD 3.1 million (excluding transaction costs).
Neptune Wellness Solutions Inc. (NASDAQ: NEPT), a diversified and fully integrated company, announced the new launch of PanHash ™ in Quebec on May 27th.
Tony Venosa, Senior Market Strategist at Schaeffer’s Investment Research, will present next week on June 3rd and 4th at Benzinga’s Virtual Cannabis Capital Conference. Schaeffer invites all readers to join Tony and learn more about what cannabis stocks the Schaeffer trading team is watching. Here it is Link to join.