NBEV and GNLN announce important acquisitions
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.
Schaeffers Investment Research was honored to be included in Benzinga’s Cannabis Capital Conference last week. You can get the full segment from our own senior market strategist Matthew Timpane CMT on Facebook. You can also read this post if you are interested in more of the cannabis stocks we are monitoring here at Schaeffer.
Here’s a quick recap of this week’s top cannabis stock news:
Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) On March 2, the topline results of the randomized, double-blind, placebo-controlled Phase 2b CAPTIVATE clinical trial were announced in which three doses of olorinab, a novel oral full cannabinoid receptor 2 (CB2) agonist, were tested for abdominal pain due to irritability Bowel Syndrome (IBS). The study did not meet the primary endpoint in the broad study population.
Greenlane Holdings, Inc. (NASDAQ: GNLN), a global brand house and one of the largest sellers of premium cannabis accessories, announced on March 3 that GNLN had acquired the Eyce brand and essentially all of the assets of Eyce, a leading manufacturer of specialty silicone smoking products.
NewAge, Inc. (NASDAQ: NBEV)The Colorado-based healthy products company, which aims to become the world’s leading social sales and distribution company, announced on March 4th that it had entered into an agreement to acquire Aliven Inc, a hugely successful Japanese direct sales company. This acquisition by NBEV increases global reach by 20%. NewAge announced on March 5 that NBEV was making changes to its leadership team. As part of the changes made by Carin Casso Reinhardt, he will be added as Chief People Officer. Gregory Gould will leave the company until July 2, 2021.
22nd Century Group, Inc. (NYSE: XXII), a leading herbal and cannabis research company, announced on March 3 that it has entered into an exclusive agreement with CannaMetrix to use its proprietary human cell-based testing of its technology that will enable XXII to commercialize new, disruptive cannabis to accelerate plant lines and intellectual property. The 22nd Century also announced on March 4 that it had received net proceeds of $ 8.1 million in cash from the outstanding warrants in February and March 2021.