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.

On this week’s US cannabis news in the Louisiana House of Representatives approved a cannabis bill on May 12 following a 67-25 vote that removed prison sentences for low-level cannabis possession violations. House Bill 652 was first approved unanimously by the House Committee on Administration of Criminal Justice last week. It is now being sent to the Louisiana Senate for review.

Looking at the worldwide cannabis market news this week, the Chinese government has announced that all synthetic cannabinoids will be added to the list of prohibited drugs on May 11th. Synthetic cannabinoids are manufactured chemicals that target the same receptors in the brain as the natural cannabinoids in marijuana. This is the second time China has banned an entire category of substances after vetoing fentanyl-related drugs in 2019.

Here’s a quick recap of this week’s top cannabis stock news:

Akerna Corp (NASDAQ: CORE) released The financial and operating results for the third quarter of fiscal 2021 on May 10th. Akerna’s revenue increased 31% to $ 4 million for the third quarter of fiscal year. Quarterly earnings per share were negative at – $ 0.28.

Applied DNA Sciences (NASDAQ: APDN) reported The financial and operating results for the third quarter of fiscal 2021 on May 13th. APDN posted a quarterly loss of $ 0.33 per share versus the Zacks Consensus estimate of a loss of $ 0.18. That’s a loss of $ 0.79 per share a year ago.

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced On May 12th, Arena was rated Prime in the ISS ESG Corporate Rating with effect from May 4th. Companies are rated Prime if their ESG performance exceeds the threshold criteria for companies in their industry, meaning they meet ambitious absolute performance requirements.

Aurora Cannabis Inc. (NYSE: ACB), the Canadian company that defines the future of cannabinoids worldwide, released The financial and operating results for the third quarter of fiscal 2021 on May 13th. Net sales of cannabis, excluding provisions, were $ 58.4 million, a decrease of 20.3% year over year. The total net loss of cannabis, including provisions, was $ 24.0 million for the third quarter, compared to a loss of $ 49.6 million a year earlier. Prior to opening May 14, ACB was down 5.1%.

Cara Therapeutics, Inc. (NASDAQ: CARA), a biopharmaceutical company focused on developing and commercializing new chemical entities to relieve itching by targeting KOR, reported Financial results and operating highlights for the first quarter on May 10th. Cara Therapeutics’ total revenue was $ 1.9 million for the first quarter of 2021, compared to $ 8.1 million for the first quarter of 2020.

cbdMD, Inc. (NYSE: YCBD), one of the leading and most trusted and recognized cannabidiol (CBD) brands in the country, announced The financial results and business highlights for the second quarter on May 12th. CbdMD’s net sales of $ 11.8 million in the second quarter of 2021 increased 26% year over year from $ 9.4 million in the second quarter of 2020. That quarter, net sales hit a record high for YCBD. Operating losses decreased 25.6% to $ 4.1 million in the second quarter of 2021, compared to $ 5.6 million in the second quarter of 2020.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP), a clinical-stage drug development company pioneering transformative drugs targeting the endocannabinoid system, reported Financial results for the first quarter of 2021 on May 13th. CRBP reported a net loss of approximately $ 16.1 million or a net loss per diluted share of $ 0.14 for the first quarter of 2021, compared to a net loss of approximately $ 29.7 million or a net loss per diluted share of $ 0.43 for the first quarter of 2020.

GrowGeneration Corp. (NASDAQ: GRWG), the largest chain of specialty hydroponic and organic garden centers with 53 locations in 12 states, reported Record in the first quarter of 2021 on May 12, 2021, revenue of $ 90 million compared to $ 33 million for the same period last year. GRWG’s net income was $ 6.1 million, or $ 0.10 per share, based on a fully diluted weighted average share count of $ 60.3 million.

Seth Rogen and Evan Goldberg’s cannabis lifestyle brand Houseplant, brought to life in the US on May 12th with three different varieties and a range of innovative housewares. It should be noted that although the houseplant has a partnership with Canopy Growth Corp (NASDAQ: CGC) In Canada, Houseplant operates independently in the USA. While the housewares ship nationwide, the cannabis itself is only available in California at a few select pharmacies. Cannabis products launched include: Diablo Wind (Sativa), Pancake Ice Cream (Sativa), and Pink Moon (Indica).

HEXO Corp. (NYSE: HEXO) announced The partnership with REQ, a leading digital marketing and brand awareness company, took place on May 13th. HEXO too announced that it created an at-the-market share program (ATM) that will allow it to issue and sell up to $ 124 million in shares on May 11th. Under the ATM program, shares may be sold from the Treasury to the public from time to time at the Company’s discretion.

Organigram Holdings Inc. (NASDAQ: OGI) announced the appointment of Borna Zlamalik as Vice President of Innovation on May 10th. Zlamalik will take over his new role with immediate effect.

Sundial Growers Inc. (NASDAQ: SNDL) reported The financial and operational results for the first quarter of 2021 on May 11th. Reported income from operations was $ 1.7 million compared to a loss of $ 32.7 million for the last quarter. A reported net loss of $ 134.4 million for SNDL resulted from non-cash amounts of $ 130.0 million reflecting the impact of share price volatility on the accounting valuation of derivative warrants.

Village Farms International, Inc. (NASDAQ: VFF) announced The financial results for the first quarter of 2021 on May 11th. Total VFF sales increased 62% year over year to $ 52.4 million.

Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE)ZYNE, the leader in innovative pharmaceutically-engineered transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders, reported financial results for the first quarter of 2021 on May 12th. ZYNE’s net loss for the first quarter of 2021 was $ 8.0 million diluted loss per share from – $ 0.20.

Flora Growth Corp. (NASDAQ: FLGC), a Colombia-based cannabis breeder and producer, announced The market price on May 11th consisted of 3,333,333 ordinary shares. A high-end price range of $ 5 per share to the public would earn the company $ 16,666,665 in funds. Flora’s common stock went live on the Nasdaq Capital Market on Tuesday. The offer closed on May 13th.

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