HEXO and IIPR released financial statistics for the third quarter
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.
Here’s a quick recap of this week’s top (and actionable!) Cannabis stock news:
July 7th Tilray, Inc. (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, announced then its wholly-owned subsidiary in Germany, Aphria RX GmbH, completed the first successful harvest of medical cannabis grown in Germany for distribution to German pharmacies.
cbdMD, Inc. (NYSE: YCBD), one of the leading and most trusted and recognized CBD companies, announced that its recently established division cbdMD Therapeutics started talks on July 8th with one of the leading US cannabinoid research institutes to identify new cannabinoids for therapeutic use.
Flora Growth Corp. (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has busy, engaged Brigitte Baptiste as strategic advisor to FLGC on July 8th. Brigitte, along with academics and researchers from EAN University, will support the research and development of Flora Growth’s sustainable and bio-prospecting initiatives across FLGC’s global premium brand portfolio and the new ones. oversee and develop cannabis and hemp research programs at EAN University.
Hexo Corp (NYSE: HEXO) reported Adult non-beverage net income grew 169% in Canada (excluding Quebec) compared to Q3 2020 while remaining number one in Quebec. Ontario net income (excluding beverage receipts) increased 14% compared to the last quarter. Total net deals decreased $ 10.2 million from the last quarter.
On July 6th, Innovative Industrial Properties, Inc. (NYSE: IIPR), the first and only real estate company on the NYSE to focus on the US regulated cannabis industry, released its operations, investing and capital markets activities beginning in the second quarter of 2021. From April 1 to July 6, the IIPR made four home purchases in Massachusetts, Michigan and Pennsylvania and made three lease amendments to provide additional tenant enhancements to its Florida and Pennsylvania properties.
Sundial Growers Inc. (NASDAQ: SNDL) announced on July 7th that it increased its exposure to SunStream Bancorp Inc. from its previously announced exposure of $ 188 million to $ 538 million.
On July 7th, the ETF Managers Group launched a new leveraged cannabis ETF called ETFMG 2x Daily Alternative Harvest ETF (NYSE: MJXL) with the aim of using twice the exposure of its Prime Alternative Harvest benchmark index. The ETF Managers Group also has the largest cannabis ETF, the ETFMG Alternative Harvest ETF (NYSE: MJ).