8 Blazing-Hot Cannabis Stocks That Made Headlines Last Week

France's medical marijuana program received first shipment from ACB

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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 from this week:

⚛️ In partnership with Ginkgo Bioworks, Cronos Group Inc (NASDAQ:CRON) announced a major milestone in their pursuit of producing eight cultured cannabinoids on Monday, Aug. 23. Ginkgo focuses on facilitating the development of new and better products using biology research. Through this partnership, originally launched in 2018 with Gingko, Cronos Group has reached its productivity target for cannabigerolic acid (CBGA). This milestone will provide support for CRON's CBG product launch later this year, which will support the Cronos Group’s planned CBG product launch this fall.

💧💧 On Monday, Aug. 23, GrowGeneration Corp (NASDAQ:GRWG) announced its acquisition of Hoagtech Hydroponics. Hoagtech is a large hydroponic equipment and indoor gardening store located in Washington. According to Darren Lampert, GrowGeneration's CEO, "This transaction expands our footprint in the Pacific Northwest and puts us in close proximity to some of the state's largest commercial operators. Further, Bellingham is located near two major Pacific Northwest sites, Vancouver, British Columbia and Seattle, WA."

Not even 24 hours later, GRWG announced another hydroponic store acquisition on Tuesday, Aug. 24.GrowGeneration completed the acquisition of Commercial Grow Supply, the largest hydroponic store in Los Angeles County. According to Lampert, "As the leading hydroponics retailer in Santa Clarita, Los Angeles County's third largest city, Commercial Grow Supply boasts a devoted customer base and unmatched cultivation expertise which will help GrowGen better serve Southern California's growers."

🏡 Hexo Corp (NASDAQ:HEXO) found a new home for its common shares on Tuesday, Aug. 24. HEXO announced its Nasdaq Capital Market stock exchange listing as the stock was simultaneously delisted from the New York Stock Exchange where it previously lived. This move, according to Hexo CEO and co-founder, Sebastien St-Louis, will allow HEXO to more quickly pursue profitability.

🌍 On Tuesday, Aug. 24, Flora Growth Corp (NASDAQ:FLGC), a cannabis brand with an international presence, completed a $2.4 million dollar investment into Hoshi International Inc. This investment clears the way for Flora to cleanly distribute to European countries and introduce its own products to the European market. 

💰 Scotts Miracle-Gro Co's (NYSE:SMG) cannabis-centric subsidiary, The Hawthorne Collective, finalized the purchase of an unsecured convertible note from RIV Capital with the price tag of $150 million on Wednesday, Aug. 25. This cash injection is meant to speed up the expansion of The Hawthorne Collective's platform and delineate RIV Capital as the investment vehicle for cannabis-related expansion under SMG's portfolio of products. 

 

🌿 The first successful shipment of cannabis to the French medical market was completed on Wednesday, Aug. 25, by Aurora Cannabis Inc. (NASDAQ:ACB) subsidiary, Aurora Germany GmbH, and Ethypharm. ACB and Ethypharm were authorized by the National Agency for the Safety of Medicines and Health Products (ANSM) to supply all dried flower cannabis products during the pilot program. "The first prescriptions of dried medical cannabis as part of the French pilot program are a significant step toward providing access to patients and will support the destigmatization of medical cannabis in France," says Miguel Martin, CEO of Aurora Cannabis.

🤑 According to Akerna Corp (NASDAQ:KERN) business intelligence released on Aug. 25, the upcoming Labor Day weekend will be one for the books. The cannabis tech company predicts that cannabis sales over the long weekend (Sept. 3-6) will bring in $240 million through legal channels across the United States. Estimates expect that Friday, September 3, will produce $90 million in sales alone which would make that the second biggest sales day for legal cannabis behind April 20th.

🗳️ Greenlane Holdings Inc (NASDAQ:GNLN) and KushCo recently announced their merger. On Friday, Aug. 27, KushCo stockholders voted to approve the merger agreement at a special meeting of stockholders after Greenlane stockholders also approved the merger through a vote. Per the terms of the agreement, KushCo will be a wholly-owned subsidiary of Greenlane. This merger will be all-stock and tax-free.

 

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