This Week's Cannabis Stock News: 7 Companies Make Headlines

Marijuana stocks continue to experience pain in current market

Jun 10, 2022 at 11:50 AM
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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:

Kicking off the week on a high note, Village Farms International, Inc. (NASDAQ:VFF) was named by Corporate Knights on its list of Future 50: The Fastest Growing Sustainable Companies in Canada. VFF sports the highest annual increase in clean revenue of more than 6,000 companies who were considered for the list. According to Village Farms, "We are firm believers that what's good for the earth is good for our business, good for our employees, and good for our stakeholders." Village Farms stock is currently trading down 55% year-to-date.

High Tide Inc. (NASDAQ:HITI) opened its 126th recreational cannabis store in Canada with its Canna Cabana branding in Saskatoon, Saskatchewan on Monday. High Tide stock price has dropped nearly 70% over the past year.

In a report issued to investors on Wednesday, Canopy Growth (NASDAQ:CGC) was downgraded by the covering analysts at BMO Capital Markets from a “market perform” rating to an “underperform” rating. Canopy Growth stock is down nearly 85% year-over-year.

The Scotts Miracle-Gro Company (NYSE:SMG) released reduced guidance for the remainder of fiscal 2022 early on Wednesday. Earnings are now expected to be between $4.50-$5.00 per share and consumer sales are expected to drop 4-6%. Specifically to the hydroponics sector, Hawthorne, SMG expects a decline of 40-45% year-over-year for fiscal 2022. According to SMG, “Obviously, we are focused on implementing aggressive plans to improve cash flow, reduce debt, and return leverage to our target levels as quickly as possible.” Scotts Miracle-Gro stock plunged over 11% pre-market on the news and SMG is currently trading down nearly 45% year-to-date.

Neptune Wellness Solutions Inc. (NASDAQ:NEPT) is officially exiting the cannabis business according to Wednesday's press release. NEPT launched a new strategic plan focused on consumer packaged goods (CPG), complete with plans to divest in the company's cannabis business by selling Mood Ring and PanHash brands and terminating 50% of employees. According to Neptune Wellness Solutions, "This is the final stage of our transition to a pure play, purpose driven consumer packaged goods company. This strategic divestiture greatly simplifies our overall structure, enabling us to hyper-focus on those areas of the business we believe are best positioned for profitability and growth." Neptune Wellness stock price is down more than 90% over the past year.

Cantourage GmbH and Clever Leaves Holdings Inc. (NASDAQ:CLVR) announced on Wednesday an expansion to their preexisting strategic partnership designed for distributing medical marijuana in Germany's pharmaceutical cannabis market. After a successful launch of Clever Leaves' IQANNA No 7' flower, Cantourage and Clever Leaves launched 'IQANNA No 10'. The new product is cultivated at a CLVR facility in Portugal and then processed by Cantourage. Clever Leaves stock price has tanked 89% year-over-year.

On Thursday, BayMedica LLC, a wholly-owned subsidiary of InMed Pharmaceuticals Inc. (NASDAQ:INM), announced the launch of a rare cannabinoid delta 9-dominant tetrahydrocannabivarin. This cannabinoid is a non-intoxicating cannabinoid. According to INM, “THCV is one of the few rare cannabinoids that has been researched in early clinical trials for various therapeutic effects, fueling significant interest by end-product manufacturers and consumers alike. As this market continues to mature, we are well positioned to be a leading supplier of rare cannabinoids to the health and wellness industry. We currently have several high-value, rare cannabinoids in various stages of commercial development and will continue to expand our cannabinoid portfolio over the coming years”. InMed stock is currently down approximately 50% year-to-date.


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