What Happened with Marijuana Stocks This Week?

XXII, IIPR, and ARNA released quarterly financial results this 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 look ahead to how the cannabis industry will continue to develop 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 cannabis stock news this week:

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) provided a corporate update and reported financial results for the first quarter of 2021, on May 5. Revenues for the first quarter were nil compared to $0.3 million in the first quarter of 2020. Net loss for the first quarter was $118.4 million compared to a net loss of $100.2 million for the same period in 2020.

cbdMD, Inc. (NYSE:YCBD), one of the world's leading and most highly trusted and recognized health & wellness CBD companies, announced on May 3 that it will host a conference call after the market closes on Wednesday, May 12, to discuss the company's second quarter of 2021 financial results and business progress. YCBD also announced today that it has signed an exclusive sponsorship agreement to be the official CBD partner of the NOBULL CrossFit Games, which will be held in Madison, Wisconsin from July 27 to Aug. 1.

FSD Pharma Inc. (NASDAQ:HUGE) announced the appointment of Nathan Coyle, HUGE's Corporate Controller, as its Interim Chief Financial Officer on May 5, following the departure of Donal Carroll, effective immediately.

Jazz Pharmaceuticals (NASDAQ:JAZZ) provided the completion of its acquisition of GW Pharmaceuticals plc (NASDAQ:GWPH), a leader in the science, development, and commercialization of cannabinoid-based prescription medications on May 5.

HEXO Corp (NYSE:HEXO) announced on May 3 that it has repaid the total outstanding balance on its credit facility established under its credit agreement with the Canadian Imperial Bank of Commerce as sole bookrunner, co-lead arranger and administrative agent. The Bank of Montreal will act as co-lead arranger and syndication agent, together with accrued interest and associated fees, in the ‎amount of approximately $28.9 million.

Innovative Industrial Properties, Inc. (NYSE:IIPR), the first and only real estate company focused on the medical-use U.S. cannabis industry, announced its first quarter of 2021 financial results on May 5. 

Organigram Holdings Inc. (NASDAQ:OGI) confirmed on May 3 that Greg Engel is stepping away from his role as CEO effective Monday. However, he will continue to act as a special advisor to the board of directors through the transition period.

Tilray, Inc. (NASDAQ:TLRY) and Aphria, inc. announced the completion of the previously announced business merger, ushering in a new era in the global cannabis industry on May 3. The combined company will operate as Tilray. TLRY's shares will continue trading on the NASDAQ. Starting on May 5, Tilray's shares commenced 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 revenue for the first quarter of 2021 was $6.8 million, comparable 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 same quarter last year.

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