What Happened with These 7 Marijuana Stocks This Week

MAPS released an enhanced Apple iOS app 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.

In a unanimous vote, Panama's National Legislative Assembly approved the legalization of medical marijuana this week. Panama is now the first Central American country to govern the usage of cannabis.

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

🏪 On Monday, Aug. 30, High Tide Inc (NASDAQ:HITI) announced that its Ontario-based Canna Cabana cannabis retail store began to sell recreational cannabis products, marking HITI's 92nd retail location in Canada. According to Raj Grover, president and CEO of High Tide, "despite running into delays in securing building permits due to the pandemic, we remain hopeful that High Tide will have 30 branded retail cannabis locations across Ontario by the end of September. We expect to continue expanding our retail portfolio in the province through both organic growth and strategic acquisitions in the coming months."

🌱 22nd Century Group Inc (NASDAQ:XXII) released an announcement on Monday that it will be diving into the worldwide specialty hops market. According to 22nd Century Group, it will be able to provide a notable competitive advantage to its partners while also joining the $500 billion global brewing industry while still maintaining itself as cannabis-focused biotechnology company. 

 

👨🏻 Village Farms International Inc (NASDAQ:VFF) announced its newly acquired subsidiary, Balanced Health Botanicals has appointed Alejandro de Gortari as Chief Financial Officer (CFO). According to Michael DeGiglio, CEO Village Farms, "We look forward to Alex's contributions as Balanced Health continues to grow their cannabinoid platform, with future additional growth opportunities through potential pathways to the high-THC cannabis market in the U.S."
 
💰 On Aug. 30, HEXO Corp (NASDAQ:HEXO) confirmed the completion of its acquisition of Redecan, Canada’s largest privately-owned licensed producer, for $925 million. According to HEXO CEO and co-founder Sebastien St-Louis, "The completion of this transaction is aligned with our corporate growth strategy and will further strengthen our position as a leader in the Canadian cannabis industry, bolstering the combined company as we look towards becoming a top three global cannabis products company and continue on the path towards positive EPS.” Additionally, HEXO announced the completion of yet another acquisition on Wednesday, Sept. 1. The acquisition of 48North Cannabis Corp. was completed for $50 million.

 

🗺️ Weedmaps, a subsidiary of WM Technology Inc (NASDAQ:MAPS)launched a new and improved Apple iOS app on Monday. The new functionality included in the update allows users to actually order from licensed cannabis retailers on the app. 

🤝 On Wednesday, Sept. 1, Greenlane Holdings, Inc (NASDAQ:GNLN) and KushCo Holdings  confirmed the completion of its merger under the name of Greenlane. According to Nick Kovacevich, CEO of Greenlane, “As we turn the page to an exciting new chapter as Greenlane, I am more confident than ever in our ability to build the industry’s leading ancillary cannabis company by leveraging our size, scale, strategy, and talent to take advantage of the significant growth opportunities that lie ahead. “

 

🏈 On Thursday, Sept. 2, BioSteel Sports Nutrition signed University of Miami's quarterback, D’Eriq King. BioSteel, which is part-owned by Canopy Growth Corp (NASDAQ:CGC), making King its first collegiate NIL (name, image, and likeness) deal.

 

 
 

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