5 Cannabis Stocks That Lit Up Wall Street This Week

KERN confirmed Friday, September 3, was the second-biggest cannabis sales day of 2021

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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:

📣 On Tuesday, September 7, Aurora Cannabis Inc. (NASDAQ:ACB) announced that the cannabis company would release its fourth quarter of full fiscal year of 2021 financials on Tuesday, September 21, after the closing bell. There will also be a conference call with the leadership team including Miguel Martin , Chief Executive Officer, and Glen Ibbott , Chief Financial Officer at Aurora.

📝 Flora Growth Corp. (NASDAQ:FLGC) signed agreements with TruTrace Technologies, Inc. and Applied DNA Sciences, Inc. (NASDAQ:APDN) with the goal of together launching international marijuana product validation and authentication platform catering to the needs of consumers, distributors and government regulators. This project will work to minimize concerns over counterfeit market products through molecular tagging.

According to Flora Growth's CRO, Jason Warnock, "In today’s globalized market, supply chain provenance is becoming an increasingly important component for every major international CPG company. This is particularly true for the cannabis industry, where concerns over the sale and distribution of products from the illicit market persist for businesses. Flora anticipates that the added assurance, efficiency, and transparency brought by these technologies will optimize our value proposition to customers, differentiate us from peers, and increase our sales opportunities.”

Later in the week, on Thursday, Flora Growth Corp. announced that it had signed a commercial agreement with Zulily, LLC to promote FLGC's Stardog Loungewear which features hemp-based apparel and footwear. Zulily will launch a marketing campaign for Stardog's most popular product, hemp shoes, within the next 30 days.

 

💊 Lexaria Bioscience (NASDAQ:LEXX) launched its human clinical study HYPER-H21-2 featuring Lexaria's DehydraTECH(TM)-processed cannabidiol. According to the partial results that were released on September 3 on adults suffering from mild to moderate hypertension, this medication is showing a 23% blood pressure decrease when compared to a placebo within 24 hours of dosing. These results are especially promising because most hypertension medication takes several weeks before producing comparable results. 

🥈 Akerna (NASDAQ:KERN) had released projections regarding Labor Day weekend cannabis sales earlier this month. On Thursday, September 9, business intelligence from KERN confirmed that Friday, September 3, was the second-biggest grossing sales day of 2021 with over $90 million in sales across the U.S. The only day with higher grossing sales was April 20, the unofficial cannabis consumption holiday.

According to Akerna's Business Intelligence Architect, James Ahrendt, "This further shows the trend that when holidays fall on weekends, the Friday of that weekend will have the largest spikes in spending. Dispensaries can leverage our prediction reports to prepare staff, inventory, and promotions to optimize the in-store experience and offer deals on the products consumers are seeking. By meeting the consumers' preferences, dispensaries will likely increase sales and create more loyal customers."

💨 On Thursday, September 9, STORZ & BICKEL GmbH, a subsidiary of Canopy Growth Corporation (NASDAQ:CGC), launched three new vaporizer updates including a limited edition release of VOLCANO ONYX, an enhanced CRAFTY+, and a newly launched MIGHTY+.
 

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