NY Inches Toward Legalization, Plus 4 Pot Stocks are Blazing

GRWG announces yet another major acquisition

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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 to how the cannabis industry will continue to develop in the 2021.

Investor interest in the cannabis industry is growing at an explosive growth 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.

On March 22, a top New York senator  said that lawmakers and the governor have successfully resolved an outstanding issue in marijuana legalization negotiations in New York related to impaired driving. This sets the stage for a formal introduction of a new bill within days.

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

Akerna (NASDAQ:KERN), developer of the cannabis industry's first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®), reported its unaudited financial results on March 22 for the quarter ending on December 31. Total revenue was $4.1 million, up 24% year-over-year. Total revenue reported was$4.1 million, also up 24% year-over-year.

GrowGeneration Corp. (NASDAQ:GRWG) confirmed its eighth acquisition in 2021, this time purchasing the wholesale agriculture platform, Argon.io. The platform developed by Argon.io offers greenhouses, controlled environmental systems, HVAC, and industrial cannabis gear. According to GrowGeneration CEO, "The Agron.io platform is a strategic and exciting addition to our portfolio and comes with a highly skilled team of customer service experts trained to help growers navigate the complexities of planning, growing and sustaining a commercial agriculture facility." He further stated, "By joining forces with GrowGen, we can reach even more commercial growers with enhanced services, competitive pricing and drop-shipping from the nearest GrowGen distribution center."

22nd Century Group, Inc. (NYSE:XXII), a leading plant-based, biotechnology company focused on tobacco harm reduction, very low nicotine content tobacco, and cannabis research,  congratulated Xavier Becerra on March 19 as the new Secretary of the U.S. Department of Health and Human Services (HHS).

Greenlane Holdings Inc. (NASDAQ:GNLN), in a joint venture with Berner entited VIBES Fine Rolling Papers, launched a new brand of organic hemp rolling papers and cones. The launch features papers that are 100% organic hemp fibers that come in three different sizes. According to Greenlane's CEO, "Greenlane is proud to work alongside Berner to produce new and innovative products for VIBES. Discerning connoisseurs that demand nothing short of the finest quality are top of mind when we develop products like the VIBES Organic Hemp line."


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