Major moves announced within the cannabis industry during the holiday-shortened trading week
Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks last week and look ahead at the pot stocks to watch in the upcoming week.
Investor interest in the cannabis industry continues to grow, and the leading players continue to break through legal barrier after legal barrier especially following the 2020 election. Prior to that, nine states and D.C. have legalized recreational marijuana, and 29 states have legalized medicinal marijuana. After the election, five more states joined in legalization of marijuana sales. More and more companies are starting to see the opportunity in cannabis selling, suggesting there are more marijuana initial public offerings (IPOs) on the horizon. Last week, the New Jersey State Senate voted 29-4 on a bill on November 16, which will decriminalize possession of up to 6 ounces of marijuana, as well as lower the penalties for other related offenses. This bill must also pass the New Jersey Assembly.
Here's a quick roundup of a major cannabis stock news last week (Nov. 23 through Nov. 27):
Aphria Inc. (NASDAQ:APHA), a leading global cannabis company inspiring and empowering the worldwide community to live their very best life, announced yesterday that the company will be expanding its 510 Vape offering across its award-winning adult-use brand portfolio.
Aurora Cannabis Inc. (NYSE:ACB), the Canadian company defining the future of cannabinoids worldwide, announced on November 25 that it has entered into a strategic Supply Agreement with Cantek Holdings, one of Israel's leaders in the medical cannabis field.
Organigram Holdings Inc. (NASDAQ:OGI), a leading licensed producer of cannabis, announced on November 24 that it will report earnings results for its fourth quarter and full fiscal year of 2020 on Monday, November 30 before market opens for the day.
Tilray, Inc. (NASDAQ:TLRY), a global pioneer in cannabis research, announced on November 24 that it has entered into privately negotiated exchange agreements with certain holders of its 5.00% Convertible Senior Notes due 2023. Pursuant to the exchange agreements, the Company will exchange approximately $72.9 million in aggregate principal amount of Notes plus accrued interest, for approximately 6.4 million shares of the Company's common stock.
22nd Century Group, Inc. (NYSE:XXII), a leading plant-based, a biotechnology company that is focused on cannabis research, announced on November 24 that Morning Consult, a global data intelligence company with an editorial division that issues an influential newsletter reaching more than 300,000 audience members on the Hill and within federal agencies, published a powerful op-ed article penned by John Pritchard, 22nd Century Group's Vice President of Regulatory Science.
TerrAscend Corp (NASDAQ:TER) announced it would begin to serve medical marijuana patients at the first New Jersey dispensary, the Apothecarium Phillipsburg, on November 24. On Tuesday, the company obtained the final required authorization from the department of health in New Jersey to distribute the medical marijuana. According to TerrAscend CEO Jason Ackerman: ""I'm thrilled to open the first of our three Apothecarium retail dispensaries in New Jersey and look forward to providing medical cannabis patients with access to the essential medicine they need. I'm proud of our team for their efforts in achieving this milestone and look forward to providing outstanding care and service to support the health and well-being of New Jersey residents."
Village Farms International, Inc. (NASDAQ:VFF), announced on November 25 that its wholly-owned Canadian cannabis subsidiary, Pure Sunfarms, has entered into an agreement with Medical Cannabis by Shoppers, a subsidiary of Shoppers Drug Mart, under which Pure Sunfarms will supply a range of its brand new, high quality, B.C.-grown cannabis products to be made available to Medical Cannabis patients vby Shoppers customers.
In other cannabis industry news this week:
Music industry mogul Jay-Z is set to join a newly formed cannabis company that's expected to become the largest in California. The venture was formed via a partnership between Caliva, Left Coast Ventures, Subversive Capital Acquisition Corp, and Roc Nation, the entertainment company Jay-Z launched in 2008. Under the agreement, Caliva will buy OG Enterprises Branding Inc., which is currently owned by Caliva and Carter at a 50/50 ratio. This is one of the largest Cannabis SPAC deals ever. Carter will receive compensation in the form of the new company’s stock.
Israel could have a legal recreational cannabis market up and running just nine months from now according to Israel's justice minister on November 26. Two bills are currently in front of the Israeli parliament to legalize adult-use, possession, and regulate marijuana sales.
The bill to legalize cannabis across the country of Mexico was brought before the Mexican Senate Committees on November 25 and went to the chamber for a vote the next day. This move paves the way for the creation of the world’s largest legal marijuana market in Mexico. Per Reuters, the initiative needs to pass another obstacle — the lower house of Congress. Cannabis legalization in Mexico has a deadline set to December 15, 2020.
https://www.schaeffersresearch.com/conte...ck-updates
from potads 420 forums for free advertising your products - All Forums learn more
