XXII announced a partnership that will allow it to deliver growing capacity year round
Welcome back to our weekly series, Schaeffer’s Cannabis Stock News Update, where we round up what happened in the world of marijuana stocks and how the cannabis industry will continue to 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 United States. By the end of 2020, more than 40 US states had legalized recreational and / or medical marijuana. Now companies see the opportunity in cannabis cultivation, marketing, distribution and technology.
Headset, the leading provider of data and analytics for the cannabis industry, released a quarterly update on its long-term projections for the US and Canadian cannabis markets. In this report, the U.S. forecast for 2022 is over $ 30 billion, largely due to the legalization of marijuana in several states. The U.S. market’s growth is not expected to slow in the short term, and Headset expects a higher year-over-year growth rate over the next year. Headset did not report any major changes in the original Canadian cannabis market forecast.
Here’s a quick recap of this week’s top (and actionable!) Cannabis stock news:
Aurora Cannabis Inc (NASDAQ: ACB), one of the world’s leading suppliers of cannabis based in Canada, announced the delivery of one of the largest single shipments of cannabis to Israel. The shipment, which was completed on July 15, was valued at approximately $ 8 billion. Aurora Cannabis CEO Miguel Martin said, “We are delighted with the development of the cannabis industry in Israel and commend the Ministry of Health and the Israeli Medical Cannabis Agency for ensuring well-thought-out regulation of cannabis in the best interests of Israeli cannabis patients look forward to continuing to deliver high quality cannabis to Israel as part of our strategy to expand our medical cannabis portfolio in key international markets. “
July 15th, High Tide Inc. (NASDAQ: HITI), a retail-focused cannabis company, together with Halo Collective Inc. Approved the completion of Halo’s purchase of KushBar’s retail cannabis assets from High Tide. Specifically, the sale of HITI’s three cannabis retail locations to Halo’s subsidiary Halo KushBar for $ 5.7 million was completed. HITI lost around 7% on news of the sale.
Proprietary Enterprise Resource Planning (ERP) software technology, MJ Platform®, from Akerna (NASDAQ: CORE) shared data which collapsed cannabis industry Independence Day sales. Friday, July 2nd, was the cannabis industry’s second largest day of sales this year, with retail sales of $ 89.6 million. According to Akerna’s Business Intelligence Architect James Ahrendt, “The weekend of July 4th is historically one of the top 10 cannabis sales days of the year, and this year’s holiday weekend has fueled that trend. We correctly predicted the holiday weekend this Friday, the beginning of the year, would see the most traffic, which was a trend for other holidays this year as well. “
22nd Century Group Inc (NYSE: XXII), a plant-based biotechnology company with a focus on hemp / cannabis research, announced signed a new strategic partnership agreement with Sawatch Agriculture and Folium Botanical on July 14th. This new strategic partnership allows XXII, in conjunction with the existing partnership between the 22nd Century Group and Aurora Cannabis (ACB), to offer year-round growing capacity.
Organigram Holdings Inc (NASDAQ: OGI) released its financial report for the third quarter, dated July 13, highlighting remarkable increases of 51% in gross sales and 39% in net sales. Gross sales increased 31% year over year, while net sales increased 13% year over year.
SweetWater Brewing Company, a subsidiary of Tilray Inc (NASDAQ: TLRY), announced plans to open a full-service brewery in Colorado on July 12th as part of SweetWater’s expansion plans in the US The opening of this new brewery will expand the availability of SweetWater products, including 420 spirits, in Colorado. With this latest addition, SweetWater’s specialty beers portfolio will now be available in 34 states and Washington, DC
July 15th, Neptune Wellness Solutions Inc (NASDAQ: NEPT) announced its financial and operating results for the fourth quarter of the fiscal year and the full fiscal year 2021 that ended March 31, 2021. Fourth quarter revenue was $ 6.8 million compared to this point last year when the company had revenue of $ 9.5 million. Fourth quarter gross income was a loss of $ 24.8 million for the fiscal year, compared to a loss of $ 1.1 million for the same quarter last year.
KushCo Holdings, Inc. and Greenlane Holdings Inc (NASDAQ: GNLN) announced a merger agreement for all shares on July 15th. The merger is expected to close in the third quarter through August 26th, allowing both companies to sell products and services to each respective customer base with expected total cost growth of $ 15 million to $ 20 million in savings in synergies per year.