Real estate cannabis company IIPR announced its quarterly dividend payment
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 take a look at how the cannabis industry will continue to shape 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 more and more companies are seeing the opportunity in cannabis cultivation, marketing, distribution and technology.
This week we’ve seen a lot of legislative momentum in several US states. Over in Rhode Island, for the first time ever, an adult-only cannabis use bill reached the General Assembly on Monday. Rhode Island Governor Dan McKee is keen to get the bill signed. The bill will provide guidelines for retail licensing with an emphasis on the use of a dedicated social justice fund.
Louisiana Governor John Bel Edwards signed a law decriminalizing marijuana on June 14. What is specifically decriminalized in the state of Louisiana is possession of a small amount, defined as 14 grams, of cannabis for personal use. Violations of this law only result in fines, not prison terms.
Here’s a quick recap of this week’s top (and actionable!) Cannabis stock news:
Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced the appointment of Steven Schoch to the company’s Board of Directors and Chairman of the Audit Committee on June 14th. Mr. Schoch brings over 20 years of financial and operational leadership and expertise in a variety of fields in the biopharmaceutical, media and technology sectors, including building, building and scaling businesses and leading innovation. ARNA was last traded at $ 65.97.
On 15th of June The Supreme Cannabis Company, Inc. (TSX: FIRE), announced notifying him of the final court order of the Ontario Superior Court of Justice approving the plan of the agreement. was granted Canopy Growth Corporation (NYSE: CGC), Canopy will acquire all of the issued and outstanding common stock of Supreme for consideration of 0.01165872 of one Canopy common share and $ 0.0001 in cash in exchange for each share of Supreme held, previously announced April 8th. CGC was last at 3. down% to trade at $ 23.19.
Coffee Holding Co., Inc. (NASDAQ: JVA), a fairly new player in the cannabis stocks arena, announced its operating results for the past three months and six months on June 14th. Net sales were $ 14.4 million for the past three months, down $ 5.6 million, or 28%, from $ 20 million last year. The CEO said, “We are currently planning to officially launch our CBD-infused brands during our third fiscal quarter of 2021. We have identified at least 27 states that will allow sales of CBD beverage products, subject to certain restrictions, as we prepare our go-to-market strategy for our CBD -infused brands before. ” JVA was last traded 2.9% to 5.25 USD.
June 14th Cronos Group Inc. (NASDAQ: CRON) and PharmaCann Inc, one of the largest vertically integrated cannabis companies in the United States, announced that the companies have entered into an agreement under which a wholly owned subsidiary of CRON has acquired an option to acquire approximately 10.5% of the shares in PharmaCann on a fully diluted basis. CRON is down 1% to stand at $ 8.48.
HEXO Corp. (NYSE: HEXO) reported its financial results for the third quarter of fiscal 2021 on June 14th. Total net sales decreased $ 10.2 million from the previous quarter. HEXO’s total net loss was flat on a quarterly basis. HEXO started trading pre-profit at $ 5.97 this week after slipping from last week’s closing price of $ 6.60. HEXO stock traded around $ 6 for most of the week but is down 7% to trade at $ 5.66 over the weekend.
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 June 15 that its board of directors announced a dividend of $ 1.40 per common share for the second quarter, an increase of about 6% over the IIPR’s first quarter dividend payout of $ 1.32 per common share and one About 32% increase over IIPR’s equivalent to dividend for the second quarter of 2020 of $ 1.06 per common share. IIPR was last traded at $ 186.32.
Amyris, Inc. (NASDAQ: AMRS), a leading synthetic biotechnology company developing synthetic cannaboids, announced on June 15 that AMRS signed a binding term sheet for the acquisition of the award-winning, clean wellness company OLIKA Inc. On June 17th, Amyris also has announced its partnerships with UNCF (United Negro College Fund) and 10,000 Degrees® to establish a $ 180,000 scholarship fund to support Black and African American students pursuing a higher education in STEM (science, technology, engineering, and Mathematics), economics and marketing. While AMRS was down mid-week this week, Amyris stock broke $ 16 on today’s negative move.
In other cannabis news unrelated to the stock market (so far), Tiger King star Joe Exotic announced that he was about to release a cannabis line from prison. Paul Pierce, a former Boston Celtics player, also announced that he will be launching a cannabis brand himself.