See Why a Slew of Pot Stocks Made the News This Week

EVGN, GNLN, CRON, and FLGC all launched new cannabis products 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.

Last week during Benzinga's Cannabis Capital Conference, Matthew Timpane CMT, Senior Market Analyst at Schaeffer's Investment Research, shared his cannabis stock trading ideas and cannabis sector outlook.

 

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

Flora Growth Corp. (NASDAQ:FLGC) launched a brand new cannabis wellness brand on Thursday through its Flora Lab division. The new brand, Munzhi, has zeroed in on a target demographic of Colombia, initially featuring products like shampoo, conditioner, body wash, body lotion, and more. According to president and CEO of FLGC, Luis Merchan, "Through market studies, consumers have indicated they want the wellness benefits of cannabis, but at an affordable price. The collection combines the benefits of cannabidiol as an active ingredient, with other plant-based ingredients such as lavender oil and chamomile coconut amongst others.”

Canopy Growth Corporation (NASDAQ:CGC) partially owns BioSteel Sports Nutrition Inc., which announced on Wednesday that it has been named the Official Sports Drink of the Miami HEAT. This news comes on the heels of other major basketball franchise partnerships including the Brooklyn Nets, the Los Angeles Lakers, the Philadelphia 76ers, the Dallas Mavericks, and the Toronto Raptors.

GrowGeneration Corp. (NASDAQ:GRWG) made an investment in Total Grow Control on Tuesday. GRWG, a major player in the hydroponics market, will now have the right to purchase 100% of Total Grow Control's assets. According to GrowGeneration CEO, Darren Lampert, "More than ever, commercial growers are turning to technology to streamline and optimize their operations. Total Grow Control's plug and play systems and software, nutrient delivery systems, and water filtration solutions are unmatched, which is why they're the perfect complement to GrowGen's complete commercial cultivation outfitting offerings." 

Cronos Group Inc. (NASDAQ:CRON) launched its first cannabis edible that contains THHC and cultured cannabigerol (CBG) in Canada on Wednesday. SPINACH FEELZ Chill Bliss 2:1 THC|CBG gummy aims to provide relaxation for adult consumers. Under the SPINACH FEELZ brand, Cronos Group will develop and distribute a variety of marijuana products with the unique feature of rare cannabinoids.

Tilray, Inc. (NASDAQ:TLRY) chose to partner with Great North Distributors and sign a national brokerage agreement. This means that Great North will have exclusive representation rights of Tilray cannabis products throughout most of Canada. According to TLRY chairman and CEO, Irwin Simon, “Great North have been great partners in helping us achieve our leadership position in Canada. This agreement will further drive exceptional route-to-market efficiencies for our comprehensive portfolio of adult-use cannabis brands and innovative 2.0 products."

High Tide Inc. (NASDAQ:HITI) kept things exciting for shareholders this week. First, on Monday, HITI shared that the company entered into a credit agreement with ATB Financial to formalize a $25 million revolving credit facility. High Tide also completed its fifth ecommerce acquisition of 2021, this time acquiring Enigma Ltd. which operates as Blessed CBD for $12.32 million. This acquisition will have a meaningful impact on the company's ecommerce side of its business.

High Tide also made a major shift in its cannabis retail store concept this week. On Wednesday, the company announced the conversion of all of its current marijuana retail locations into cannabis discount clubs featuring lower prices for Cabana Club loyalists. The club discounts will be available to members in addition to exclusive benefits and access to members-only consumption accessories. Raj Grover of High Tide released a statement saying, “While other retailers have made moves to service the value segment, our strategy sets us apart as the only retailer in Canada which will have a discount club loyalty plan. Today’s news represents an acceleration of our value-focused strategy."

HEXO Corp. (NASDAQ:HEXO) announced some major c-suite shakeups this week. On Monday, HEXO confirmed the departure of co-founder and CEO, Sebastien St-Louis, as well as COO Donald Courtney's resignation. Shortly following these announcements, HEXO announced that Scott Cooper would be serving as the new president and CEO. Cooper had previously worked as president and CEO for Truss Beverage Co. which is a joint venture between HEXO and Molson-Coors Co. 

Greenlane Holdings, Inc. (NASDAQ:GNLN) will acquire DaVinci, a producer of premium portable vaporizers, as announced on Tuesday. DaVinci is dedicated to delivering the cleanest possible technology in the production of its products. Then, on Wednesday, Greenlane launched a uniquely shaped pre-roll called The Cali by VIBES following its latest launch of Organic Hemp rolling papers earlier this year. The Cali is designed based on rapper Berner's signature rolling style. 

Innovative Industrial Properties, Inc. (NYSE:IIPR) completed its acquisition of a large industrial property in Desert Hot Springs, California on Monday. IIPR also signed a long-term lease with Gold Flora, LLC as part of this transaction. Per the deal, Gold Flora will complete tenant property improvements to ensure all is up to regulations at the cultivation and processing facility in exchange for reimbursement of up to $9 million. 

Evogene Ltd. (NASDAQ:EVGN) has a wholly-owned subsidiary, Canonic Ltd. that is fully focused on the development of medical cannabis product. Canonic launched two new medical cannabis inflorescence products, G200 and G150, on Tuesday. The products will be available in pharmacies in Israel and Evogene is looking to expand the product reach into the full European market next. 

 

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