9 Pot Stocks That Made Big Moves This Week

A quick round-up of major marijuana stock news this week

Nov 20, 2020 at 12:58 PM
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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 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 last 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 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. This week, the New Jersey State Senate voted 29-4 on a bill on November 16, which will decriminalize possession of up to 6 ounces of marijuana, as well as lower the penalties for other related offenses. This bill must also pass the New Jersey Assembly.

Here's a quick roundup of a major cannabis stock news last week (Nov. 16 through Nov. 20):

Aphria Inc. (NASDAQ:APHA)
, a leading global cannabis company inspiring the worldwide community to live their best life, announced on November 18 that all seven of the director nominees listed in the Company's management information circular were elected to serve as directors of the company at its Annual Meeting of Shareholders on November 17.

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA), announced on November 19 that the Compensation Committee of its Board of Directors granted 13 new employees inducement of stock options to purchase an aggregate of 96,025 shares of ARNA stock and 17,590 inducement restricted stock units ("RSUs") on November 15.

Aurora Cannabis Inc. (NYSE:ACB), the Canadian company defining the future of cannabinoids worldwide, announced on November 16 that the company is closing its previously announced overnight marketed public offering of units of the ACB stock for total gross proceeds of $172 million. Aurora sold 23 million shares at a price of $7.50 per share, including three million shares sold pursuant to the exercise in full of the underwriters’ over-allotment option.

Greenlane Holdings, Inc. (NASDAQ:GNLN), one of the largest global sellers of premium cannabis accessories, announced on November 18 that its retail partnership with Stündenglass will bring the Gravity Hookah to consumers and wholesale purchasers in the U.S., Canada, and Europe.

GW Pharmaceuticals PLC (NASDAQ:GWPH), a UK-based cannabis company engaged in research and development as well as commercialization of cannabinoid prescription medicines, announced on November 18 that the company CEO, Justin D. Gover, just sold 108,492 shares of GWPH stock on November 17. Its CEO and its board of directors have sold around 500,000 shares of GWPH combined.

Innovative Industrial Properties (NYSE:IIPR), announced on November 17 that the company will expand its long-term real estate relationship with one of California’s top cannabis producers — Kings Garden Inc. — by acquiring a Southern California property for $25.4 million, in a bid to grow its portfolio and bank on the healthy market fundamentals. This property, comprising 192,000-square-foot industrial space, expands the company’s footprint to 64 properties, with 5.2 million rentable square feet across 16 states.

NewAge, Inc. (NASDAQ:NBEV), the Colorado-based social selling and distribution company with a network of independent business owners across 75 countries worldwide, announced on November 19 that it has appointed Dr. Fred W. Cooper, Ph.D., as a member of its board of directors.

Organigram Holdings Inc. (NASDAQ:OGI), a leading licensed producer of cannabis, announced the launch of Edison RE:MIX dissolvable cannabis powder on November 17. RE:MIX is the latest innovation from the Company’s Edison brand portfolio of products, offering Canadian adults the opportunity to enjoy cannabis their own way.

Therapix Biosciences Ltd. (NASDAQ:TRPX), a specialty clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, announced on November 19  the pricing of an offering for the issuance of an aggregate of 835,447 units, each consisting of (i) one American Depositary Share ("ADS") and (ii) two warrants to purchase one ADS each, at a purchase price of $5.02 per unit. The warrants will have an exercise price of $5.02 per ADS, will be exercisable upon issuance and will expire five years from the date of issuance.

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