7 Cannabis Stocks Kicking Off August With Some Heat

One major marijuana company is partnering with the Denver Broncos

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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:

At this time, the ETFMG Alternative Harvest ETF (MJ), a fund tracking the cannabis industry, has lost 65% of its value over the past 12 months, but is now up nearly 4% in the last 30 days.

Flora Growth Corp. (NASDAQ:FLGC) announced the signing of a joint venture agreement with Indigena Misak Manasr Sas, the largest indigenous tribe in Colombia. This agreement defines the partnership as defining cultivation best practices, creation, distribution, and marketing of its cannabis products. According to FLGC, "Through this partnership, we will collaborate with the tribe on the processing and distribution of their Colombian-grown cannabis while offering Manasr a powerful platform for product distribution. In return, Flora will be able to leverage the tribe's unique regulatory positioning to expedite exports and increase global market penetration of Colombian cannabis goods.” Flora Growth stock is actually up nearly 11% in the past month, despite dropping nearly 94% over the past 12 months.

Scotts Miracle-Gro Company (NYSE:SMG) released its quarterly financial report for its fiscal third quarter, unfortunately featuring that company-wide sales have dropped 26% compared to Q3 of 2021. Additionally, net loss increased to $443.9 million compared to $225.9 million last year. Finally, gross profit dropped off a cliff, showing a 52% decrease year-over-year. According to SMG, "The lower-than-expected sales in our U.S. consumer segment, combined with continued pressure on Hawthorne sales due to oversupply issues in the cannabis industry, leave us unsatisfied with our financial results and with higher leverage than we want to maintain." Scotts Miracle-Gro stock is down a little over 50% year-to-date.

Innovative Industrial Properties, Inc. (NYSE:IIPR) released its quarterly financial report for the second quarter of 2022, featuring a revenue increase of 44% year-over-year. IIPR also increased its dividend 25% year-over-year and stayed very busy on the investment side of things in Q2. Innovative Industrial Properties made four major acquisitions totaling nearly $240 million. IIPR is trading down 55% over the past 12 months.

High Tide Inc. (NASDAQ:HITI) announced the acquisition of eight retail cannabis stores in Canada for a total price of $3.27 million with a ninth acquisition pending approvals. High Tide stock has lost 31% of its value just over the past 30 days.

Fresh Hemp Foods Ltd., operating under the umbrella of Tilray Brands, Inc. (NASDAQ:TLRY), signed an exclusive partnership agreement with Southern Glazer’s Wine & Spirits to utilize Southern Glazer's distribution network. According to TLRY, “This agreement helps Tilray uniquely position itself to enter the multi-billion-dollar adult beverage category with a non-alcoholic, CBD beverage alternative, for consumers who want to relax and unwind.” Additionally, Breckenridge Distillery, also under the Tilray Brands umbrella, is partnering with the Denver Broncos to launch two brand-new Mile High Bourbon Blends. Tilray stock is up nearly 25% over the past 30 days.

GrowGeneration Corp. (NASDAQ:GRWG) released its quarterly financial report for the second quarter of 2022 this week, featuring a net sales decline of $44 year-over-year. Gross profit dropped to $20.2 million compared to $35.7 million for the same time last year. GrowGeneration stock has fallen 67% year-to-date.

Canopy Growth Corporation (NASDAQ:CGC) released its quarterly financial results for its first quarter of fiscal 2023, featuring a net revenue decline of 19% year-over-year. However, international medical marijuana net revenue doubled compared to Q1 of fiscal 2022. According to CGC, "Through advancements in our North American brand led strategy we delivered a record quarter from BioSteel and maintained #1 share in the premium flower and pre-rolled joint segment, while driving growth of our premium Doja and mainstream Tweed brands." Canopy Growth stock price has jumped nearly 15% over the last 5 trading days.

 

  

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