8 of the Hottest Cannabis Stocks Right Now

ANEB secured a patent for drug to treat acute cannabinoid intoxication

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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:

1) Cresco Labs (NYSE:CL)

Cannabis company, Cresco Labs, dropped the news on Oct. 14 that they had executed a definitive agreement to pursue the $80 million acquisition of 100% of the outstanding equity interests in Laurel Harvest Labs, LLC. The deal is expected to be completed by the end of 2021. This strategic acquisition provides CL with additional distribution point in Pennsylvania, a new indoor cultivation facility, and lays the groundwork for further expansion of the facility.

2) Canopy Growth Corporation (NASDAQ:CGC)

One of the most well-known cannabis companies, Canopy Growth, acquired the right to buy the most well-known cannabis edibles brand, Wana Brands, when marijuana is legalized in the United States. This will come with a price tag of $297.5 million. An acquisition of Wana Brands means that CGC has signed an agreement with the companies that make up Wana Brands including Mountain High Products, LLC, Wana Wellness, LLC, and The Cima Group, LLC.
 
According to CEO of Canopy Growth Corp. David Klein, “As we establish Canopy Growth as the world’s leading cannabis company, acquiring the #1 cannabis edibles brand in North America will serve to strengthen our market position in both Canada and the United States."

3) GrowGeneration Corp (NASDAQ:GRWG)

GrowGeneration announced they will no longer be pursuing an asset purchase agreement with HGS Hydro, per a mutual decision made on Oct.13. With this announcement, GrowGeneration also made an downward adjustment its full year of 2021 revenue outlook down to $440 - $452 million from the previous $455 - $475 million. Shares of GRWG took a nearly 10% cut following the news on Wednesday.

4) Lexaria Bioscience Corp. (NASDAQ:LEXX)

Breaking news came from LEXX last week, with the announcement that its THC absorption study, THC-A21-1, revealed that its branded oral-delivery DehydraTECHTM-THC required only 15 minutes to deliver THC levels in blood plasma. This compares to an average 45-minute delivery time for comparable formulations. This is comparable to levels achieved at 45 minutes with concentration-matched controls.

According to Lexaria Bioscience CEO Chris Bunka, "The cannabis industry continues to use outdated formulations and processes that ignore the needs of modern THC users. THC users today include recreational, medicinal and pharmaceutical users, all of whom need technology that doesn't rely on harmful delivery methods such as smoking but still provides rapid onset and high bioavailability which common oral formats do not offer. Our study findings demonstrated rapid delivery, increased overall THC delivery, and higher brain tissue delivery; all of which is consistent with the wants and needs of THC customers."

5) Aurora Cannabis Inc. (NASDAQ:ACB) 

On Oct.12, ACB's leadership team announced its plans to donate $50,000 to support Alternative Land Use Services, an agriculture and biodiversity-focused charity, in areas surrounding Aurora's existing facilities. This donation will steward 50 acres of New Acre Project geared toward the restoration of wetlands and grasslands, creation of pollinator and wildlife habitats, and reforestation. According to Aurora CEO Miguel Martin, "As a proudly Canadian company, and global leader, Aurora deeply values the communities where we work and live."

6) High Tide Inc. (NASAQ:HITI)

HITI pushed out a press release on Oct. 12 to confirm Canna Cabana Inc., a wholly-owned subsidiary of High Tide, has been provincially licensed to operate in British Columbia, following due diligence approval from the British Columbia Liquor Distribution Branch. Along with this announcement, HITI granted 25,000 stock options to certain employees.

According to Raj Grover president and CEO of High Tide stated. “I am very proud of our team's perseverance over the last three years to achieve this major milestone. This approval allows us to expand into Canada's third-most populous province which, being famous for its 'BC Bud', has a long history of accepting cannabis culture and was ground zero for legalization in Canada."

7) Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB)

ANEB released exciting news last week as the United States Patent and Trademark Office issued a patent describing the usage of Anebulo's investigational drug, ANEB-001, geared toward the treatment of acute cannabinoid overdose. Anebulo Pharma has been providing groundbreaking work in an effort to develop new solutions for people suffering from acute cannabinoid intoxication and substance addiction.

According to Anebulo Pharma, "ANEB-001 is a competitive antagonist at the human CB1 receptor, good oral bioavailability and brain penetration (brain:plasma ratio of approximately 1.5). ANEB-001 has been shown to antagonize THC-induced hypolocomotion in mice, a CB1 receptor-mediated response. ANEB-001 is being developed for oral administration, reaches potentially therapeutic blood levels within 30 minutes and is believed to rapidly reverse the signs and symptoms of acute cannabinoid intoxication in as little as one hour."

8) Akerna Corp (NASDAQ:KERN)

According to Viridian Capital Advisors, its client, 365 Cannabis, has officially been sold to Akerna. KERN's acquisition plan for 365 Cannabis, the largest cannabis-compliant Microsoft ERP on the market, was announced originally on Oct. 4 and was completed on Monday, October 11. Akerna can now combines its compliance gateway and feature-rich reporting with 365 Cannabis' Microsoft ERP solution to create the cannabis sector's most complete portfolio of tax, financials, operations, reporting, and compliance systems.

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