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 develop in 2021.
Investor interest in the cannabis industry is growing at an explosive rate, 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.
The US House of Representatives passed law on April 19 that would allow banks to provide services to cannabis companies in states where it is legal. This is a step to remove what analysts see as an obstacle to the development of the national industry. Legislature voted 321-101 to approve the bill and send it to the Senate.
Here’s a quick recap of this week’s top cannabis stock news:
Aphria Inc (NASDAQ: APHA), CEO Irwin Simon appeared on CNBC’s “Squawk on the Street” on April 20 to discuss the cannabis company’s upcoming merger Tilray Inc (NASDAQ: TLRY). Aphria shareholders overwhelmingly voted in favor of the merger with Tilray, and Tilray will vote on April 30th. The required two-thirds majority of Aphria shareholders supported a motion for approval of the deal at the company’s general meeting. Aphria announced that Tilray’s reverse purchase of 99.38% of the shares represented at the AGM has been approved.
Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced on April 16 that the Compensation Committee of its Board of Directors has granted 17 new employees incentive stock options to purchase a total of 50,785 common shares and 20,490 share restrictions.
cbdMD, Inc. (NYSE: YCBD), one of the leading cannabidiol brands, announced on April 21 that it officially submitted its novel food application to the UK FSA on March 26. The application contained all the necessary data to enable a validated submission and a thorough scientific evaluation. A similar template was also submitted to the European Food Safety Authority (EFSA) to ensure compliance with European markets. The company’s products have been on sale in the UK since mid-2019.
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP), a clinical-stage drug development company pioneering transformative drugs targeting the endocannabinoid system, announced On April 20, the final participant entered a phase 2 study of Lenabasum for the treatment of systemic lupus erythematosus (SLE).
GW Pharmaceuticals plc (NASDAQ: GWPH), the medical cannabis giant, has received the European Commission (EC) approval on April 20 for the treatment of seizures related to tuberculosis complex.
Jazz Pharmaceuticals plc (NASDAQ: JAZZ) announced The pricing of the previously announced $ 1.5 billion offering with a total principal amount of 4.375% senior secured notes due April 18, 2029 by Jazz Securities Designated Activity Company.
Innovative Industrial Properties, Inc. (NYSE: IIPR), the first and only real estate company on the New York Stock Exchange focused on the US regulated cannabis industry, announced on April 19, it completed a property purchase in Windsor, Michigan. The purchase price for the property was approximately USD 15.6 million.
22nd Century Group, Inc. (NYSE: XXII), a leading plant research and cannabis research, announced on April 21 that the company announced its annual letter to shareholders as part of Annual report 2020 of the group of the 22nd century.
Village Farms International Inc. (NASDAQ: VFF)owns and operates agricultural greenhouse facilities together with its subsidiaries. It produces, markets and sells tomatoes, peppers and cucumbers. Village Farms International CFO Stephen Ruffini, announced On April 17, 2021, he sold 70,000 VFF shares at an average price of $ 11.6 per share. Total sales were $ 812,000.
cbdMD, Inc. (NYSE: YCBD) announced The product range for spring 2021 includes an expanded suite of the award-winning cbdMD gummies and a new range of cbdMD beverage mixes on April 20th.
Power REIT (AMEX: PW) announced On April 20, the company acquired two adjacent properties for a total of 4 acres in Crowley County, Colorado. The property is strategically located in a very favorable business environment in Southern Colorado that offers a growing environment for efficient and sustainable greenhouse cultivation.
Turning Point Brands, Inc. (NYSE: TPB), Manufacturer, marketer and distributor of branded consumer goods, announced A strategic investment of $ 8.7 million in Docklight Brands, Inc., a pioneering consumer goods company with well-known brands including Marley Natural® Cannabis and Marley ™ CBD on April 20th.
Canopy Growth Corporation (NASDAQ: CGC), the global leader in diversified cannabis, CBD and vaporizers, announced Southern Glazer’s Wine & Spirits, the world’s leading distributor of beverage alcohol, will act as distributor for its US portfolio of CBD-infused beverages on April 21.
Neptune Wellness Solutions Inc. (NASDAQ: NEPT) Neptune announced its product distribution and strategy, and announced several new product launches on April 19th. Neptune expanded its product distribution in the Canadian cannabis market and received approval to sell its Mood Ring and PanHash products in British Columbia, Ontario, Alberta and Quebec.