9 Cannabis Stocks Making Moves During an Explosive U.S. Election Week

A quick round-up of marijuana stock news during 2020 election week

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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 we will look ahead at the pot stocks to watch in the upcoming week.

Investor interest in the cannabis industry continues to grow and the leading players continue to break through legal barrier after legal barrier, especially following the 2020 election. Prior to this week's election, nine states and D.C. have legalized recreational marijuana, and 29 states have legalized medicinal marijuana. After the election, five more states have joined in legalization of marijuana sales. More and more companies are starting to see the opportunity in cannabis selling, suggesting there are more marijuana initial public offerings (IPOs) on the horizon.

Here's a quick roundup of a major cannabis sector news last week (Nov. 2 through Nov. 6):

Canopy Growth Corp (NYSE:CGC), a Canadian-based cannabis company, announced on Wednesday that it would move its U.S. stock listing to the Nasdaq Composite (IXIC) from the New York Stock Exchange (NYSE) on Nov. 16 -- a move it expects will save costs. The company also was looking at the U.S. presidential election and its tight race, with hopes of marijuana decriminalization at the federal level on the line. CGC's Schaeffer's Volatility Scorecard (SVS) ranks high at 83 out of 100, meaning CGC has tended to exceed these expectations during the past year -- a boon for premium buyers.

Aphria Inc. (NASDAQ:APHA), a leading global cannabis company, announced on Nov. 4 that the company has entered into an agreement to acquire SW Brewing Company, LLC. SweetWater Brewing Company is one of the largest independent craft brewers in the United States. According to Schaeffer’s proprietary research, Aphria stock currently sports attractively priced premiums at the moment.

cbdMD, Inc. (NYSE:YCBD), one of the nation’s leading cannabidiol (CBD) brands, confirmed on Nov. 5 that it is on track to submit its Novel Foods Dossier with the United Kingdom’s Food Safety Agency (FSA) by the required regulatory filing deadline of March 31, 2021.

Cronos Group Inc. (NASDAQ:CRON), announced its third-quarter financial results on Nov. 5. The company reported a net loss of $41.2 million which is an increase of 25% year-over-year.

Intec Pharma Ltd. (NASDAQ:NTEC), announced its third quarter earnings and provided a corporate update on Nov. 5. The company reported a net loss of $3.7 million, coming after the company announced a 1-for-20 reverse share split of its outstanding ordinary shares last week. Intec Pharma is a clinical-stage biopharmaceutical company focused on developing drugs based on its proprietary Accordion Pill platform technology

Innovative Industrial Properties, Inc. (NYSE:IIPR), the first and only real estate company on the New York Stock Exchange focused on the medical-use U.S. cannabis industry, announced strong third-quarter results on November 4. IIPR shares jumped up 16.7% the following trading day after the real estate investment trust (REIT) delivered its earnings reports.

22nd Century Group, Inc. (NYSE:XXII), a leading plant-based company that is focused on cannabis research, announced on Nov. 5 that the company released its third-quarter earnings. The company's quarterly net loss improved by $6 million year-over-year, though still showing a significant loss. Revenue reports topped estimates.

GW Pharmaceuticals plc (Nasdaq:GWPH), a world leader in the commercialization of cannabinoid prescription medicines, announced its quarterly financial results for the third quarter of 2020 on Nov. 5. Net loss for the quarter was reported at $12.2 million compared to a net loss of $13.8 million reported in the third quarter of 2019.

Village Farms International, Inc. (NASDAQ:VFF), announced on November 2 that it has completed the acquisition from Emerald Health Therapeutics, Inc. of Pure Sunfarms Corp. (owned by Emerald) for approximately $80 million CAD. According to the CEO, "With one of the largest greenhouse footprints in the U.S., located in one of the best regions for growing in the country, alongside our cannabis success in Canada, we believe there is no company better positioned for long-term success in the U.S. cannabis industry. We are ready to move quickly and aggressively as soon as the regulatory environment permits."

The biggest news in the sector this week is the results of the U.S. election. Election Day hit a high note in several states with the passage of a number of pro-drug measures — ranging from the decriminalization of low amounts of cocaine and heroin in Oregon to the legalization of recreational marijuana in New Jersey and Arizona. New Jersey, Arizona, South Dakota, Montana, Mississippi, and Washington D.C passed laws to further legalize cannabis sales, thereby significantly increasing opportunity in the cannabis industry within the U.S.


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