It's 420 Holiday Week! These 9 Cannabis Stocks Are on Fire

AGFY launched a new product to help cultivation facilities to growing even faster

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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 this week, and look ahead to how the cannabis industry will continue to develop in 2022.

Here is a quick roundup of major cannabis stock news this week:

High Tide Inc. (NASDAQ:HITI) kicked off the holiday week announcing it has entered into a non-binding letter of intent with Connect First Credit Union Ltd. for $23.8 million in credit facilities over the initial 5-year term. HITI plans to use the new credit facilities in lieu of its current credit facilities. On Tuesday, High Tide also announced it would be celebrating the 4/20 cannabis holiday with the opening of two new stores in Alberta and Ontario

cbdMD, Inc. (NYSE:YCBD) announced early on Tuesday that the company's Novel Food Application for its hemp extract formulation received validation from the European Union's Food Safety Authority. This is a major milestone that now allows YCBD to expand with an addressable population now in excess of 500 million people worldwide. This validation from the EU comes just weeks after cbdMD received validation from UK's Food Standards Agency.

On Tuesday, Neptune Wellness Solutions Inc. (NASDAQ:NEPT) announced the launch of Mood Ring's latest line of flavor-forward strains with green features like compostable packaging and biodegradable hemp plastic. According to Neptune Wellness Solutions, "With this launch we're adding more variety to the brand in the form of pre-rolls, flower and vapes. And these products are high quality, sustainable and accessible, everything consumers have come to expect from and love about Mood Ring."

The Flowr Corporation entered into a share purchase agreement on Tuesday with the plan of selling its wholly-owned subsidiary, Holigen Holdings Limited to Cannahealth Limited, a wholly-owned subsidiary of Akanda Corp. (NASDAQ:AKAN) for a total payment of $35 million CAD. 

On 4/20, Clever Leaves Holdings Inc. (NASDAQ:CLVR) confirmed the execution of a two-year supply agreement with Biom Therapeutics. CLVR will provide Biom Therapeutics with high-quality, EU GMP compliant CBD isolate that Biom will use to develop formulations to be used in research to address rare neurological and developmental diseases. According to Clever Leaves, “The United States market is a key focus for Clever Leaves in 2022 and partnering with strong bio-pharmaceutical companies like Biom Therapeutics will help us further grow our pharmaceutical presence and establish our superior standard of product quality in the United States.”

Agrify Corporation (NASDAQ:AGFY) launched a line of VFU Rapid Deployment Packs on April 20. These Rapid Deployment Packs will allow AGFY to release 10, 15, 30, or 28 Agrify Vertical Farm Units in a single setup for customers. This means that Agrify RDP customers will be able to immediately begin cultivating cannabis at their facilities. The VFUs will all fully integrate with Agrify Insights SaaS cultivation software, providing a very comprehensive product for AGFY customers.

*NEW CANNABIS STOCK ALERT* In celebration of 'weed day', a brand new cannabis-centric exchange traded fund (ETF) went live! Roundhill Investments' Roundhill Cannabis ETF (WEED) began trading on April 20. The ETF is designed to provide defined exposure to the full spectrum of the cannabis sector. At launch, WEED features about 63% U.S. cannabis stocks and 37% Canadian cannabis stocks. According to Roundhill Investments, "While publicly-listed cannabis companies have recently underperformed, we believe that the cannabis market may be entering an inflection point in terms of both profitability and regulatory momentum."

AFC Gamma, Inc. (NASDAQ:AFCG), one of the leading institutional lending providers to cannabis businesses, provided a senior secured credit facility to Bloom Medicinals Holding Company of up to $82.5 million on Thursday. Bloom Medicinals is a multi-state operator (MSO) active in Missouri, New Jersey and Ohio. According to AFC Gamma, “We are excited to support Bloom’s business as they acquire a level 1 cultivation license in Ohio, which coupled with their five existing dispensaries gives them a vertical presence in Ohio, a state that we believe has an attractive medical cannabis program. This acquisition allows their business operations to be vertically integrated in both Ohio and Missouri,” 

The Valens Company Inc. (NASDAQ:VLNS) via its wholly-owned subsidiary, Green Roads, announced an agreement with Signifi Solutions, Inc. on Thursday. The agreement will provide Green Roads with smart kiosks to place in premium shopping malls across the U.S. The first kiosk from this partnership is expected to launch in June.

On Thursday, Ayr Wellness Inc. (NASDAQ:AYR) announced the expansion of its product portfolio being sold at Liberty Health Sciences dispensaries in the state of Florida. AYR will now be offering its premium flower brand, Kynd, featuring launch strains that include “Blueberry Headband,” “Extraterrestrial Bananas,” “True OG,” “Purple Trainwreck,” “Polyjuice #4,” and “Lemon Haze.”

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