9 Smoking Hot Marijuana Stocks Making Big Moves

Akerna reported record-breaking 4/20 holiday sales of $154.4 million

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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 last week:

High Tide Inc. (NASDAQ:HITI) kicked off last week by announcing $1.07 million in total gross revenues on the 4/20 holiday. Additionally, HITI granted 40,000 stock options to some of its employees. According to High Tide, "These robust 4/20 sales numbers exceeded our expectations and are a reflection of our successful, rapid organic and acquisition-based growth strategy." Later in the week, HITI announced the completion of its acquisition of three Crossroads Cannabis marijuana retail stores in Ontario for the price of $1.48 million, paid in High Tide common shares.

On Monday, Superette and DoorDash, Inc. (NYSE:DASH) announced a new partnership geared toward providing cannabis pickup services in Toronto, Canada. According to Superette, "We are super excited to be able to partner with DoorDash to continue to transform how consumers engage with cannabis! In true Superette fashion, every element of the experience has been carefully considered with the goal of making our retail experience digital on the DoorDash platform."

Akerna Corp. (NASDAQ:KERN) released a flash report on Tuesday that confirmed a record-breaking 4/20 holiday in cannabis sales. The cannabis industry brought in $154.4 million in sales that include both recreational and medicinal. This represents a 38.1% growth compared to last year's 4/20 holiday which was the previous record-holder. According to Akerna, "Using our historical Akerna data, we released a prediction report that the period around 4/20 would bring in a total of $494 million, only –1.79% variance from the actual sales of $485.3 million. This is a testament to the power of our data analytics. By leveraging data-driven insights, cannabis businesses can make strategic predictions and decisions for their businesses."

Scotts Miracle-Gro Company (NYSE:SMG) announced the payment of a cash dividend of $0.66 per share was approved by its board of directors. The dividend is payable on June 10 to shareholders of record as of May 27.

Cost-cutting initiatives were announced by Canopy Growth Corp. (NASGAQ:CGC) this week. These initiatives include layoffs, improving cultivation-related efficiencies, streamlining the organization, and more. Specifically, Canopy Growth announced that its employees "will be impacted as the Company will operate with a reduced headcount moving forward," although CGC did not provide insight into how many layoffs are planned.

Turning Point Brands, Inc. (NYSE:TPB) released its first quarter of 2022 financial results on Wednesday. According to the press release, net sales dropped 6.3%, gross profit dropped 2.8%, net income dropped 6.7%, and earnings per share dropped $0.02 compared to the first quarter of 2021. TPB shrugged these negative results off, stating, "Our first quarter results were in-line with our expectations as we continued to grow our market share for both Zig-Zag and Stoker’s while navigating a difficult consumer and regulatory environment to drive profitability in each of our segments, including NewGen."

Clever Leaves Holdings Inc. (NASDAQ:CLVR), through its affiliate Clever Leaves Germany GmbH, announced that it has received all regulatory licenses, permits, and certifications in Germany required to distribute medical cannabis on Wednesday. According to CLVR, “Germany is one of the most important international markets for Clever Leaves. We have been developing our regulatory foundation and are confident that the suite of licenses, permits, and certifications obtained will support our platform to continue penetrating such an important market."

Sundial Growers Inc. (NASDAQ:SNDL) released its fourth quarter of 2021 financial results on Thursday. According to the press release, net revenue increased 63%, gross margin loss dropped from $4.7 million CAD to $2.5 million CAD, and net loss dropped from $64.1 million CAD to $54.8 million CAD compared to the fourth quarter of 2020. According to Sundial's CEO, "2021 was a transformational year for Sundial. We increased the sustainability of our business model, establishing a strong balance sheet, positive Adjusted EBITDA results, and significant improvements in gross margin."

On Thursday, Flora Growth Corp. (NASDAQ:FLGC) announced that it has kicked off the process of integrating its licensed, Control Union Medical Cannabis Standard GACP certified cannabis products into its global roster of marijuana products. According to Flora Growth, “The key to unlocking the potential of the global cannabis market is supply chain mastery - this is our focus."
 

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