KERN and IIPR 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 at the end of February. You can capture the entire segment from our own senior marketing strategist Matthew Timpane CMT on Facebook. You can also check out this post If you’re interested in more cannabis stocks, we’re keeping an eye on them here at Schaeffer.
Here’s a quick recap of this week’s top cannabis stock news:
Akerna (NASDAQ: CORE), an enterprise software company, developer of the cannabis industry’s first ERP software technology (MJ Platform®) available for sale; announced On March 11th, KERN signed an agreement to acquire Viridian Sciences, a cannabis business management software system based on SAP Business One.
Longboard Pharmaceuticals, a subsidiary of Arena Pharmaceuticals (NASDAQ: ARNA), a clinical-stage biopharmaceutical company focused on developing novel transformative drugs for neurological diseases, announced On March 11th, 5 million common shares will be listed at a public price of $ 16 per share. The gross proceeds from the Longboard offering are $ 80 million.
cbdMD, Inc. (NYSE: YCBD), one of the leading and most trusted and recognized cannabidiol (CBD) brands in the country, announced On March 8, the judge in the California class action lawsuit named cbdMD, Inc. granted his motion and suspended the lawsuit until the FDA finalizes its legislation and / or congressional laws regarding definitions, marketing and labeling adopted by CBD products.
Tilray, Inc. (NASDAQ: TLRY), a global pioneer in cannabis research, announced on March 10 that it received the necessary approvals from the New Zealand Department of Health and Medicinal Cannabis Agency to bring Tilray medical cannabis products to market across the country.
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 March 11, the company completed a property purchase in San Marcos, Texas and entered into a long-term lease with Surterra San Marcos LLC, a subsidiary of Parallel, one of the largest private cannabis operators in several states in the United States.
HEXO Corp (NYSE: HEXO) announced on March 11, for winning a full dismissal in the US securities class action pending in the US District Court for the southern borough of New York. The lawsuit alleged that HEXO made material misrepresentations in its prior disclosures to investors and omitted material information on various topics including, but not limited to, estimated revenues in the fourth quarter of 2019 and fiscal 2020, the supply agreement with the SQDC, and the facilities acquired from Newstrike.
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), the market leader in innovative pharmaceutically manufactured transdermal cannabinoid therapies for rare and almost rare neuropsychiatric diseases, reported The financial results on March 10 for the fourth quarter and full year ended December 31, 2020. The net loss for the full year 2020 was $ 51.3 million with a basic and diluted net loss per share of – $ 1.90.
Organigram Holdings Inc. (NASDAQ: OGI) announced on March 11, a strategic investment of $ 221 million from a wholly-owned BAT subsidiary (NYSE: BTI). The BAT subsidiary has subscribed for approximately 58.3 million common shares of OGI representing a 19.9% interest after the transaction for total proceeds of approximately $ 221 million at a price per share of $ 3.79 based on a five-day volume-weighted average price on the TSX as of March 9, 2021.