Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks last week and look ahead to how the cannabis industry continues to take shape in 2021.

Investor interest in the cannabis industry is growing at an explosive rate, and the leading players continue to break through legal barrier after legal barrier, especially in the United States. More than 40 U.S. states legalized recreational and/or medical marijuana by the end of 2020. Now, more and more companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.

Here is a quick roundup of major (and actionable!) cannabis stock news this week:

Akerna Corp (NASDAQ:KERN)  posted growth of 31% year-over-year to $4 million in revenues in the first quarter of 2021 on May 28. KERN reported $3.8 million (up 62% year-over-year) from its software arm. Akerna also reported a profit of $2.6 million. This represents an increase of 53% year-over-year for the first quarter of 2021. Akerna holds a cash balance of $15.4 million as of the conclusion of the first quarter of 2021.

Aurora Cannabis Inc. (NASDAQ:ACB), a Canadian cannabis company defining the future of cannabinoids worldwide, announced on May 24 that ACB has completed the transfer of its stock exchange listing to The NASDAQ Global Select Market from the New York Stock Exchange after the market close on May 24.

Cara Therapeutics, Inc. (NASDAQ:CARA), a biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pruritus by selectively targeting peripheral kappa opioid receptors, announced on May 25 that Derek Chalmers, Ph.D., D.Sc., President, and Chief Executive Officer, will participate in a fireside chat at the Jefferies Healthcare Conference on Tuesday, June 1, at 11:00 a.m. ET.

Coffee Holding Co., Inc. (NASDAQ:JVA), the company that owns 'The Jordre Well,' a hemp and CBD beverage brand incubator with a 49% stake made the marijuana stock news list this week. On May 21, JVA announced that the company was just awarded a three-year hemp processing license by the Ohio Department of Agriculture this week.

Evogene Ltd. (NASDAQ:EVGN), a leading computational biology company targeting to revolutionize life-science product discovery and development across several market segments, released its financial results for the first quarter of 2021 on May 26. EVGN's loss for the first quarter of 2021 was $7.1 million compared to $7.2 million Evogene reported for the first quarter of 2020.

Greenlane Holdings, Inc. (NASDAQ:GNLN), and KushCo Holdings, Inc, announced the expiration of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the previously announced proposed merger on May 25. The transaction is expected to close during the third quarter of 2021, subject to the satisfaction or waiver of all remaining conditions in the agreement, including receiving all necessary approvals.

Village Farms International, Inc. (NASDAQ:VFF) announced on May 2 that the Toronto Stock Exchange has accepted a notice filed by VFF of its intention to make a normal course issuer bid.

GrowGeneration Corp. (NASDAQ:GRWG), the nation's largest specialty hydroponic and organic garden centers, announced its acquisition of The Harvest Company, a northern California-based hydroponic supply center and cultivation design innovator with stores in Redding and Trinity County on May 25. The Harvest Company serves growers in Northern California's Emerald Triangle – the largest cannabis-producing region in the country.

HEXO Corp (NYSE:HEXO) announced on May 27 that HEXO has closed an offering of $360 Million aggregate principal amount of senior secured convertible notes directly to an institutional purchaser and certain of its affiliates or related funds.

Innovative Industrial Properties, Inc. (NYSE: IIPR), the first real estate company on the NYSE focused on the regulated U.S. cannabis industry, announced that IIPR closed on the acquisition of a property in North Adams, Massachusetts, comprising approximately 70,000 square feet of industrial space on May 27. The purchase price for the property was $3.1 million (excluding transaction costs).

Neptune Wellness Solutions Inc. (NASDAQ:NEPT), a diversified and fully integrated company, announced the new launch of PanHash™ in Quebec on May 27.

Schaeffer's Investment Research's Senior Market Strategist, Tony Venosa, will be presenting at Benzinga's Virtual Cannabis Capital Conference running next week on June 3-4. Schaeffer's invites all readers to join Tony and learn more about what cannabis stocks the trading team at Schaeffer's is keeping their eyes on. Here is the link to join.

Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks last week and look ahead to how the cannabis industry continues to take shape in 2021.

Investor interest in the cannabis industry is growing at an explosive rate, and the leading players continue to break through legal barrier after legal barrier, especially in the United States. More than 40 U.S. states legalized recreational and/or medical marijuana by the end of 2020. Now, more and more companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.

In adjacent previously-illegal drug news, a bill to study the therapeutic effects of psilocybin and MDMA has been quietly advancing through the Texas legislature. Introduced in February by Texas State Representative, Alex Dominguez, the bill would direct the Department of State Health Services and Texas Medical Board to study psilocybin, MDMA, and ketamine to treat post-traumatic stress disorder (PTSD) and other ailments. The bill passed a House vote earlier this month. On May 19, the bill received clearance from the Senate Veteran Affairs & Border Security Committee in a 5-0 vote.

Here is a quick roundup of major cannabis stock news this week:

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) announced on May 19 that its Board of Directors granted to 22 new employees inducement stock options to purchase an aggregate of 74,905 shares of its common stock and 32,050 inducements restricted stock units ("RSUs") on May 15.

Aurora Cannabis Inc. (NYSE:ACB), the Canadian company defining the future of cannabinoids worldwide, filed a prospectus supplement on May 20 establishing a new at-the-market equity program that allows the company to issue and sell up to the $300 million USD of common shares in the capital of ACB from treasury to the public, from time to time, at the company's discretion.

Canopy Growth Corp. (NYSE:CGC) announced on May 21 that it is deepening its business ties with consumer-packaged-goods maven and CBD brand leader, Martha Stewart, as the company's official strategic adviser. CGC announced that it will be naming Stewart the company's official strategic advisor. Martha Stewart is the founder of Martha Stewart 'Living Omnimedia.' Her branded products can be found in more than 70 million U.S. households.

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced on May 19 that its operating partnership, IIP Operating Partnership, LP, priced a private offering of $300 million aggregate principal amount of 5.50% senior notes due in 2026. The notes mature on May 25, 2026. Interest on the notes is payable semiannually on May 15 and November 15 each year, with the first payment on November 15 of this year.

Neptune Wellness Solutions Inc. (NASDAQ:NEPT), a diversified and fully integrated health and wellness company focused on plant-based, announced on May 17 that Richard Schottenfeld has resigned as a director of the company for personal considerations, effective immediately.

Organigram Holdings Inc. (NASDAQ:OGI), a leading licensed producer of cannabis, announced the launch of Big Bag o' Buds, a lineup of dried flower products featuring a roster of well-known genetics and an exciting rotation of one-time offerings (OTO) in a 28g format on May 18.

Petalfast, a sales and marketing agency for the cannabis industry, announced the closing of $2.8 million capital raise led by Merida Capital Holdings on May 20. Petalfast plans to allocate the proceeds to expand its client portfolio and strengthen its role in helping established as well as up-and-coming cannabis brands to achieve rapid and long-term growth.

Schaeffer's Investment Research's Senior Market Strategist, Tony Venosa, will be presenting at Benzinga's Virtual Cannabis Capital Conference running June 3-4. Schaeffer's invites all readers to join Tony and learn more about what cannabis stocks the trading team at Schaeffer's is keeping their eyes on.

Today will be a jam-packed day to close to the week and the trading month featuring personal income, consumer spending, and core inflation data. An advance report on trade in goods deficit, the Chicago purchasing managers' index (PMI), and the consumer sentiment index are on the docket too.

The following public companies are slated to release quarterly earnings reports today, May 28:

Big Lots Inc. (NYSE:BIG -- $64.54) operates as a retailer in the United States. Big Lots will report its Q1 earnings of 2021 before the bell today.

Caleres Inc. (NYSE:CAL -- $27.28) engages in the retail and wholesale of footwear in the United States, China, Canada, China, and Guam. Caleres will report its Q1 earnings of 2021 before the bell today.

Hibbett Sports Inc. (NYSE:CAL -- $87.32) engages in the retail of athletic-inspired fashion products. Hibbett Sports will report its Q1 earnings of 2022 before the bell today.

The following companies reported quarterly earnings yesterday, May 27:

American Woodmark Corp. (NASDAQ:AMWD -- $95.02) manufactures and distributes kitchen, bath, and home organization products for the remodelling and new home construction markets in the United States. American Woodmark reported $1.28 EPS for the quarter, missing analysts' consensus estimates of $1.71 by $0.43. The company earned $473.40 million during the quarter, compared to analyst estimates of $463.77 million.

Anaplan Inc. (NYSE:PLAN -- $56.99) provides a cloud-based connected planning platform to connect organizations and people. Anaplan reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by $0.01. The business had revenue of $129.80 million for the quarter, compared to analyst estimates of $127.08 million.

Best Buy Co. Inc. (NYSE:BBY -- $116.96) retails technology products in the United States and Canada. Best Buy reported $2.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.96. The company had revenue of $11.64 billion for the quarter, compared to analyst estimates of $10.43 billion

Burlington Stores Inc. (NYSE:BURL -- $328.20) operates as a retailer of branded apparel products in the United States. Burlington Stores reported $2.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $1.76. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $1.78 billion.

Canadian Imperial Bank of Commerce (NYSE:CM -- $328.20) provides various financial products and services to personal, business, public sector, and institutional clients. Canadian Imperial Bank of Commerce reported $3.59 earnings per share for the quarter, beating analysts' consensus estimates of $2.17 by $1.42. The business had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.97 billion.

Dollar General Corp. (NYSE:DG -- $199.98) provides various merchandise products in the southern, southwestern, Midwestern, and eastern United States. Dollar General reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.19 by $0.63. The firm earned $8.40 billion during the quarter, compared to analyst estimates of $8.28 billion.

Dollar Tree Inc. (NASDAQ:DLTR -- $108.47) operates discount variety retail stores. Dollar Tree reported $1.60 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.20. The business earned $6.48 billion during the quarter, compared to analysts' expectations of $6.43 billion.

Frontline Ltd. (NYSE:FRO -- $8.51) engages in the seaborne transportation of crude oil and oil products. Frontline reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by $0.05. The business had revenue of $100.63 million for the quarter, compared to analyst estimates of $105.33 million.

Genesco Inc. (NYSE:GCO -- $58.32) operates as a retailer and wholesaler of footwear, apparel, and accessories. Genesco reported $0.79 EPS for the quarter, beating the consensus estimate of ($0.53) by $1.32. The firm earned $538.70 million during the quarter, compared to the consensus estimate of $449.15 million.

Hamilton Lane Inc. (NASDAQ:HLNE -- $93.80) is an investment firm specializing in direct and fund of fund investments. Hamilton Lane reported $0.95 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.20. The company had revenue of $76.90 million for the quarter, compared to analysts' expectations of $87.17 million.

HeadHunter Group plc (NASDAQ:HHR -- $40.60) operates an online recruitment platform in Russia, Kazakhstan, Belarus, and internationally. HeadHunter Group reported $16.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $12.02 by $4.44. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.39 billion.

Medtronic plc (NYSE:MDT -- $40.60) develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients. Medtronic reported $1.50 earnings per share for the quarter, topping analysts' consensus estimates of $1.42 by $0.08. The business had revenue of $8.19 billion for the quarter, compared to analysts' expectations of $8.13 billion.

Royal Bank of Canada (NYSE:RY -- $102.69) operates as a diversified financial service company. Royal Bank of Canada reported $2.69 EPS for the quarter, topping analysts' consensus estimates of $2.22 by $0.47. The business had revenue of $12.94 billion for the quarter, compared to the consensus estimate of $11.47 billion.

Sanderson Farms Inc. (NASDAQ:SAFM -- $166.90) produces, processes, markets, and distributes fresh, frozen, and prepared chicken products in the United States. Sanderson Farms reported $4.34 EPS for the quarter, topping analysts' consensus estimates of $2.29 by $2.05. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.05 billion.

Titan Machinery Inc. (NASDAQ:TITN -- $25.56) owns and operates a network of full-service agricultural and construction equipment stores. Titan Machinery reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.30. The business earned $372.70 million during the quarter, compared to analysts' expectations of $337.65 million.

The Toronto-Dominion Bank (NYSE:TD -- $73.33) provides various personal and commercial banking products and services. Toronto-Dominion Bank reported $1.83 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.33. The company had revenue of $10.81 billion for the quarter, compared to the consensus estimate of $9.67 billion.

Autodesk Inc. (NASDAQ:ADSK -- $292.51) provides 3D design, engineering, and entertainment software and services. Autodesk reported $1.03 EPS for the quarter, topping the consensus estimate of $0.94 by $0.09. The company earned $989.30 million during the quarter, compared to the consensus estimate of $964.76 million.

Box Inc. (NYSE:BOX -- $23.17) provides a cloud content management platform that enables organizations of various sizes. Box reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.01. The company had revenue of $202.40 million for the quarter, compared to analyst estimates of $200.43 million.

Costco Wholesale Corp. (NASDAQ:COST -- $385.62) engages in the operation of membership warehouses. Costco reported $2.75 earnings per share for the quarter, beating analysts' consensus estimates of $2.28 by $0.47. The firm had revenue of $44.38 billion for the quarter, compared to analyst estimates of $43.82 billion.

Dell Technologies Inc. (NYSE:DELL -- $99.66) designs, develops, manufactures, markets, sells, and supports Information technology solutions, products, and services. Dell reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.59. The business earned $24.50 billion during the quarter, compared to analyst estimates of $23.35 billion.

Domo Inc. (NASDAQ:DOMO -- $65.14) operates a cloud-based platform in the United States. Domo reported ($0.26) EPS for the quarter, topping analysts' consensus estimates of ($0.44) by $0.18. The firm had revenue of $60.10 million for the quarter, compared to analyst estimates of $57.24 million.

The Gap Inc. (NYSE:GPS -- $34.02) operates as an apparel retail company. Gap reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.53. The company earned $3.99 billion during the quarter, compared to the consensus estimate of $3.47 billion.

Guess' Inc. (NYSE:GES -- $29.89) designs, markets, distributes, and licenses lifestyle collections of apparel and accessories. Guess' reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.53. The company earned $3.99 billion during the quarter, compared to the consensus estimate of $3.47 billion.

Ollie's Bargain Outlet Holdings Inc. (NASDAQ:OLLI -- $80.41) operates as a retailer of brand name merchandise. Ollie's Bargain Outlet reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.15. The business earned $452.50 million during the quarter, compared to analyst estimates of $422.13 million.

Salesforce.com Inc. (NYSE:CRM -- $229.68) develops enterprise cloud computing solutions with a focus on customer relationship management. Salesforce.com reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.33. The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.89 billion.

Ulta Beauty Inc. (NASDAQ:ULTA -- $327.49) operates as a retailer of beauty products in the United States. Ulta Beauty reported $4.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.72 by $2.38. The firm earned $1.94 billion during the quarter, compared to analyst estimates of $1.64 billion.

Veeva Systems Inc. (NYSE:VEEV -- $267.61) provides cloud-based software for the life sciences industry. Veeva Systems reported $0.91 EPS for the quarter, beating the consensus estimate of $0.78 by $0.13. The business had revenue of $433.57 million for the quarter, compared to analysts' expectations of $410.07 million.

VMware Inc. (NYSE:VMW -- $160.74) provides software in the areas of hybrid and multi-cloud, modern applications, networking, security, and digital workspaces. VMware reported $1.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.83. The company had revenue of $2.99 billion for the quarter, compared to analysts' expectations of $2.95 billion.

Yext Inc. (NYSE:YEXT -- $12.53) organizes business facts to provide answers to consumer questions in North America and internationally. Yext reported ($0.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.04. The firm had revenue of $92 million for the quarter, compared to the consensus estimate of $88.60 million.

Looking ahead to a holiday-shortened week next week, investors will have no shortage of economic data and earnings to look forward to. They'll have to stave off their anticipation though, as the markets are closed on Monday in observance of Memorial Day. Once markets reopen on Tuesday, the deluge of data includes an update to the Federal Reserves latest Beige Book report, more initial and continuing jobless claims data, and an ADP employment report.

Additionally, few more earnings reports will trickle in as earnings season starts to wind down. Some highlights include quarterly reports from Broadcom (AVGO), Canopy Growth (CGC), Cloudera (CLDR), Lululemon Athletica (LULU), and Zoom Video (ZM). All economic dates listed here are tentative and subject to change.

As a reminder to all traders, the U.S. stock markets are closed in observation of Memorial Day on Monday, May 31. The markets will reopen for normal hours from 9:30 a.m. ET to 4:00 p.m. ET on Tuesday to kick off the month of June.

As May comes to a close and June gets underway, investors have no shortage of economic data and earnings to look forward to. They'll have to stave off their anticipation though, as the markets are closed on Monday in observance of Memorial Day. Once markets reopen on Tuesday, the deluge of data includes an update to the Federal Reserves latest Beige Book report, more initial and continuing jobless claims data, and an ADP employment report.

A few more earnings reports will trickle in as earnings season starts to wind down. Some highlights include quarterly reports from Broadcom (AVGO), Canopy Growth (CGC), Cloudera (CLDR), Lululemon Athletica (LULU), and Zoom Video (ZM)

Below is a list of key market events scheduled for the upcoming week. All economic dates listed below are tentative and subject to change.

The markets will be closed on Monday, May 31 in observance of Memorial Day.

Markets will reopen on Tuesday, June 1, with the final Markit manufacturing purchasing managers' index (PMI), the ISM manufacturing index, and data on construction spending. on tap 

The Federal Reserve's latest Beige Book report is due out on Wednesday, June 2, as is data concerning motor vehicle sales.

Thursday, June 3 is absolutely packed, complete with initial and continuing jobless claims data, the ADP employment report, and a productivity revision. In addition, the ISM services index, the final Markit services PMI, and a revision to unit labor costs will be reported.

Going out with a bang, Friday, June 4 features nonfarm payrolls, a monthly unemployment rate update, average hourly earnings data, and factory orders numbers.