12 Cannabis Stocks That Lit Up Wall Street This Week

IIPR and PW continue acquisitions for cannabis-seeking opportunities

May 28, 2021 at 10:11 AM
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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 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.

Power REIT (NYSE:PW) reported its intentions to purchase a greenhouse cannabis cultivation and processing facility in Michigan on May 25. The purchase will be approximately $18.5 million. As part of PW's press release, Power REIT's chairman and CEO said, “This acquisition is a great opportunity for Power REIT to gain scale. Like our other Controlled Environment Agriculture properties, this has significant potential for expansion. Once operational, this will be one of the largest cannabis greenhouse cultivation facilities in the United States even before any expansion.”

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.


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