5 Weed Stocks That Smoked Headlines This Week

Tilray announced a major expansion in product offerings

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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:

On Tuesday, HEXO Corp. (NASDAQ:HEXO) announced an exclusive partnership with Mike Tyson's cannabis company, TYSON 2.0. Per the terms of the agreement, HEXO will product TYSON 2.0 products in Canada beginning this fall. According to Mike Tyson, “We know that Canadians have been eager to try the TYSON 2.0 line and we’re excited to have signed this deal with HEXO, the ideal partner to produce the high-quality premium and affordable, cannabis flower, concentrates and consumables that we’re known for.”

Evogene Ltd. (NASDAQ:EVGN) reported financials for the second quarter of 2022 this week. The reports featured a 131% increase in revenue year-over-year. According to EVGN, "Evogene today is at a key inflection point, whereby we are meeting critical milestones and the inherent value of our subsidiaries is becoming increasingly obvious. Evogene's goal in the near term, is to continue to bring high value-adding partners and investors at the subsidiary level, who understand and can value the potential from the products that our subsidiaries are developing. This we believe will demonstrate in a very public way, the significant untapped value contained within our activities. Our target is that each subsidiary will have its own financial resources to support its activities until its success, while we at Evogene, in addition to being a major shareholder, continue to play a major role in maintaining and building their competitive advantage through our tech-engines."

Tilray Brands, Inc. (NASDAQ:TLRY) announced the expansion of its Good Supply cannabis portfolio this week, now featuring high-potency concentrates, hash bats, and live resin. According to Good Supply, "By offering our strains in new categories such as concentrates, it provides a novel experience for our consumers while delivering the personality of the strain that consumers know and love. Consumers can now explore Jean-Guy, Pineapple Express, and Orange Frost Live Resin at elevated potencies, stronger true-to-flower aromas, and different consumption styles."

SNDL Inc. (NASDAQ:SNDL) entered into a purchase and sale agreement with Superette Inc., where SNDL would require all business and assets from Superette. Included in what will be acquired are Superette's six retail locations in Canada. According to SNDL, "The Superette team has worked tirelessly to create an immersive and differentiated experience within the cannabis community and the bid seeks to further solidify SNDL's position as a prominent multi-banner cannabis retail operator. Through the CCAA Proceedings, we are committed to supporting Superette through the restructuring and ensuring the continuity and preservation of the Superette experience consumers have come to know and love."

Finally, Innovative Industrial Properties, Inc. (NYSE:IIPR) completed the acquisition of a 104,000 square feet of industrial space in Massachusetts with a price tag of $21.5 million. Concurrent with this purchase, IIPR also entered into a long-term, triple-net lease agreement for the Massachusetts property with a subsidiary of Curaleaf Holdings, Inc.

 

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