Tilray and Aphria signed a major cannabis deal this week
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 develop 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.
Here’s a quick recap of this week’s top cannabis stock news:
Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) provided a company update and reported financial results for the first quarter of 2021 on May 5. Revenue for the first quarter was zero compared to $ 0.3 million for the first quarter of 2020. The net loss for the first quarter was $ 118.4 million compared to a net loss of $ 100.2 million for the same period in Year 2020.
cbdMD, Inc. (NYSE: YCBD), one of the world’s leading, most trusted and recognized health and wellness CBD companies, announced A conference call will be held on May 3 after market close on Wednesday May 12 to discuss the company’s financial results and business progress for the second quarter of 2021. YCBD too announced Today the company signed an exclusive sponsorship agreement as the official CBD partner of the NOBULL CrossFit Games, which will take place July 27th through August 1st in Madison, Wisconsin.
FSD Pharma Inc. (NASDAQ: HUGE) announced the appointment of Nathan Coyle, Corporate Controller of HUGE, as Interim Chief Financial Officer on May 5 following the departure of Donal Carroll, effective immediately.
Jazz Pharmaceuticals (NASDAQ: JAZZ) provided the completion of the acquisition of GW Pharmaceuticals plc (NASDAQ: GWPH), a leader in the science, development and marketing of cannabinoid-based prescription drugs on May 5th.
HEXO Corp (NYSE: HEXO) announced on May 3 for repaying the entire outstanding balance of its credit facility established under its loan agreement with the Canadian Imperial Bank of Commerce as sole bookrunner, co-lead arranger and administrative agent. The Bank of Montreal will serve as co-lead arranger and syndication agent along with accrued interest and related fees of approximately $ 28.9 million.
Innovative Industrial Properties, Inc. (NYSE: IIPR), the first and only real estate company focused on the U.S. medical cannabis industry, announced Financial results for the first quarter of 2021 on May 5th.
Organigram Holdings Inc. (NASDAQ: OGI) Approved on May 3, Greg Engel will step down from his role as CEO effective Monday. However, he will continue to act as special advisor to the Board of Directors during the transition period.
Tilray, Inc. (NASDAQ: TLRY) and Aphria, inc. announced The completion of the previously announced business combination heralded a new era in the global cannabis industry on May 3rd. The combined company will act as Tilray. The TLRY shares will continue to be traded on NASDAQ. As of May 5, Tilray’s shares began trading on the Toronto Stock Exchange.
22nd Century Group, Inc. (NYSE: XXII), a hemp / cannabis research company, announced on May 6 that it filed its first quarter of 2021 financial results. Net sales for the first quarter of 2021 were $ 6.8 million, compared to the first quarter of 2020 at $ 7.1 million. The first quarter of 2021 was $ 5.0 million compared to $ 4.0 million in the year-ago quarter.