Cannabis Industry Movers and Shakers This Week

A new cannabis ETF was launched 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 and look ahead to how the cannabis industry continues to shape up 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, companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.

Here is a quick roundup of major (and action-worthy!) cannabis stock news this week:

On July 7, Tilray, Inc. (NASDAQ:TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, announced on that its wholly-owned subsidiary in Germany, Aphria RX GmbH, has completed the first successful harvest of medical cannabis cultivated in Germany for distribution to German pharmacies.

cbdMD, Inc. (NYSE:YCBD), one of the leading and most highly trusted and recognized CBD companies, announced that its recently formed division, cbdMD Therapeutics, has initiated talks with one of the leading U.S. cannabinoid research institutes, to identify novel cannabinoids for therapeutic use on July 8.

Flora Growth Corp. (NASDAQ:FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has engaged Brigitte Baptiste as a strategic advisor to FLGC on July 8. Brigitte, along with academics and researchers from EAN University, will assist in the Flora Growth’s research and development of sustainable and bioprospection initiatives across FLGC’s global premium brand portfolio and will oversee and develop the new cannabis and hemp research programs at EAN University.

Hexo Corp (NYSE:HEXO) reported non-beverage adult-use net incomes in Canada, excluding Quebec, increased by 169% compared to the third quarter of 2020 while upholding the number one position in Quebec. Net income (discounting drink income) increased 14% in Ontario compared to last quarter. Total net deals dropped $10.2 million CAD from last quarter.

On July 6, Innovative Industrial Properties, Inc. (NYSE:IIPR), the first and only real estate company on the NYSE focused on the regulated U.S. cannabis industry, released its operating, investment, and capital markets activity from the second quarter of 2021.  From April 1 through July 6, IIPR made four acquisitions for properties located in Massachusetts, Michigan, and Pennsylvania and executed three lease amendments to provide additional tenant improvements at properties located in Florida and Pennsylvania.

Sundial Growers Inc. (NASDAQ: SNDL) announced on July 7 that it had increased its commitment to SunStream Bancorp Inc. to $538 million CAD from its previously announced commitment of $188 million CAD.

On July 7, ETF Managers Group launched a new leveraged cannabis ETF titled ETFMG 2x Daily Alternative Harvest ETF (NYSE:MJXL) with the goal of leveraging double the exposure of its Prime Alternative Harvest benchmark index. ETF Managers Group also launched the largest cannabis ETF, the ETFMG Alternative Harvest ETF (NYSE:MJ).

 

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