Welcome back to our weekly series, Schaeffer’s Cannabis Stock News Update, where 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 Meme shares with a few sector favorites like Tilray (TLRY) and Sundial Breeder (SNDL) and how they work. “ I also featured an in-depth article Analysis TLRY.
Investor interest in the cannabis industry is skyrocketing, and leading companies continue to break legal barrier after law barrier, especially in the United States. 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 opportunity in cannabis cultivation, marketing, distribution and technology.
The United States Cannabis Council (USCC) released the results of a poll that focused on voter opinions on state cannabis reform. According to the story, 70% of registered voters in Arizona, Utah, and West Virginia support cannabis legalization at the federal level. The main takeaway from this current study is that more and more Americans are accepting the concept of federal cannabis legalization.
In cannabis news around the world, Morocco has legalized the cultivation and marketing of cannabis. However, according to the Moroccan minister, “the illegal use and consumption of marijuana is still prohibited in the country”. The country wants to use the development opportunities in the cannabis industry and minimize illegal cultivation.
Here’s a quick recap of this week’s top (and actionable!) Cannabis stock news:
22nd Century Group, Inc. (NYSE: XXII), One of the leading plant biotechnology companies focuses on cannabis research, announced on June 7th that it entered into a definitive agreement with an institutional investor to sell 10 million shares of its common stock at a price of $ 4.00 per share in a registered direct offer for gross proceeds of $ 40 million. XXII too divided that it will be added to the Russell 2000, Russell 3000 and Russell Global indices later this week following the annual recomposition of the Russell US indices with effect from the opening of the US stock markets on June 28th.
Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced on June 9 that the FDA awarded orphan drug status to etrasimod, a highly selective once-daily oral sphingosine-1-phosphate (S1P) receptor modulator for the treatment of eosinophilic esophagitis.
Canopy Growth Corp (NYSE: CGC) has been approved to be sold by the shareholders of Supreme Cannabis on June 10th. For $ 435 million. According to Supreme 81.05 percent gave it the votes cast for the deal. The sale required at least a two-thirds majority to be approved. As part of the transaction, Supreme shareholders will receive 0.01165872 of one Canopy common share and 0.01 cents in cash for each Supreme share held.
June 9th Cardiff Oncology, Inc. (NASDAQ: CRDF)Onvansertib, a clinical trial biotechnology company for the treatment of cancers with greatest unmet medical need to develop new treatment options, published a press release Announcing the appointment of Mani Mohindru, Ph.D., and Renee P. Tannenbaum, Pharm.D., As independent members of the Board of Directors of Cardiff Oncology.
Cronos Group Inc. (NASDAQ: CRON), A global cannabinoid innovation company, and Ginkgo Bioworks, Inc, who builds the leading horizontal platform for cell programming, announced on June 4 that the two companies changed the collaboration and licensing agreement that will allow CRON and Gingko Bioworks to accelerate the commercialization of cultured cannabinoids at scale.
GrowGeneration Corp. (NASDAQ: GRWG), The nation’s largest chain of specialty hydroponic and organic garden centers, announced On June 7th, Power Si, a GrowGen private label, signed an exclusive distribution agreement with GreenPlanet Wholesale, one of Canada’s oldest and most trusted hydroponics distributors.
June 8th HEXO Corp (NYSE: HEXO) announced an obligation to offset the company’s operational CO2 emissions and the personal emissions of all 1,200 employees with the aim of making HEXO operations 100% climate neutral from September 2021. Then HEXO announced on June 9 for winning the dismissal of the securities class action pending in the Commercial Department of the New York State Supreme Court. HEXO and some of its current and former officers and directors have been named in class action lawsuits filed in the southern borough of New York.
Innovative Industrial Properties, Inc. (NYSE: IIPR), The first and only real estate company on the New York Stock Exchange focuses on the US regulated cannabis industry, announced on June 8th that it published its first environmental, social and governance (ESG) report. IIPRs report highlights how the company addresses key ESG priorities that matter to its shareholders, employees, tenant partners, communities and other stakeholders.
June 10th, Neptune Wellness Solutions Inc. (NASDAQ: NEPT) announced that it has launched three new Mood Ring branded cannabis products, including the first branded flower product, in the province of British Columbia.
Also on June 10th Village Farms International, Inc. (NASDAQ: VFF) released the voting results of its previous annual and special meeting of shareholders. A total of 49.3 million VFF common shares, representing 60.76% of the company’s issued and outstanding common shares, were voted in connection with the meeting of shareholders and proxies.
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), the market leader in innovative pharmaceutically manufactured transdermal cannabinoid therapies for rare and almost rare neuropsychiatric diseases, announced on June 10 that it had postponed its 2021 Annual General Meeting due to a missing quorum 46.4% of the shares were elected, just below the 50% required for a quorum.