MAPS was added to the Russell 3000, Russell 2000 and Russell Microcap indexes this week
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:
Ora Pharm and Agrify Corporation (NASDAQ:AGFY) signed a definitive agreement for AGFY to supply the New Zealand-based wellness company with its full suite of end-to-end hardware and software products to support a 5,000-square-foot medicinal cannabis facility. The value of this purchase has a base value of $1.625 million. According to Ora Pharm, “We look forward to further enhancing our capabilities in a major way with the addition of these Agrify technologies. The Agrify VFUs and clean extraction technologies will help Ora Pharm’s research and development program in the minor cannabinoids, ensuring that we are able to produce the best quality and value medicinal cannabis.” Agrify stock is down nearly 85% over the past 12 months.
In partnership with Geocann, Cronos Group Inc. (NASDAQ:CRON) launched its first product utilizing the VESIsorb delivery system, the CBD Gel Capsules by Lord Jones. The patented VESIsorb delivery system improves the bioavailability of cannabinoids and terpenes and speeds up absorption. According to CRON, “Working with Geocann’s technology enables us to expand our product offering to bring consumers a fast-acting cannabinoid product with a quicker onset than previously available, along with improved efficacy, helping enhance and differentiate effect and experience.” Cronos stock is currently trading down over 30% year-to-date.
Greenlane Holdings, Inc. (NASDAQ:GNLN) announced the signing of a definitive agreement with a single institutional investor, for the purchase and sale of 21.6 million shares of its common stock and warrants to purchase 21.6 million shares of common stock at a purchase price per share of $0.25 in a registered direct offering. The deal is expected to close this week, with gross proceeds of approximately $5.4 million. Shares of Greenland stock have lost over 95% of their value over the past year.
This marijuana stock is moving on up! WM Technology, Inc. (NASDAQ:MAPS) was added to the Russell 3000, Russell 2000 and Russell Microcap indexes effective with the opening of the markets on June 27. According to MAPS, “Our addition, on top of our 2021 listing on the Nasdaq, is yet another milestone event that will allow us to be more accessible to the investment community and support us in expanding our shareholder base.” However, WM Technology stock is still trading down nearly 50% year-to-date.
In 2021, Remy Cointreau sued Canopy Growth Corporation (NASDAQ:CGC), alleging trademark infringement over CGC’s CBD-infused beverage, Quatreau. Because the product names sound similar, Cointreau claimed that Canopy Growth’s goal was to “trade-off the market dominance and fame of the Cointreau mark.” This week, Cointreau and Canopy Growth Corporation have settled their legal battle and a judge dismissed the case on Monday.
CGC also launched its new ‘Just Hits Different’ brand campaign this week in Canadian retail cannabis locations, featuring an interactive sampling program. Stilll, Canopy Growth stock has dropped nearly 40% in just the past month alone.
Turning Point Brands, Inc. (NYSE:TPB) announced a partnership with Petalfast Inc. aimed at accelerating distribution of TPB’s rolling paper brand, Zig-Zag. The partnership agreement stipulates that Petalfast will provide sales and marketing support to Zig-Zag to retail cannabis customers in California. According to Petalfast, “Modeling Zig-Zag’s success in traditional retail outlets, like convenience stores, alongside the Petalfast team’s marketing and sales expertise in the cannabis industry, creates a real win-win combination.” Turning Point stock is down approximately 42% year-over-year.
Wholly-owned subsidiary of Akanda Corp. (NASDAQ:AKAN), CanMart Ltd., announced partnerships with Phlo Connect and Cellen Life Sciences with a goal of creating a digital dispensing product for medical cannabis. to create a fully digital dispensing collaboration for medical cannabis in the United Kingdom. Akanda stock is down over 90% in value year-to-date.
Tilray Medical, the medical cannabis division of Tilray Brands, Inc. (NASDAQ:TLRY) announced an expansion of its medical marijuana offerings in the United Kingdom this week. According to TLRY, “The demand for medical cannabis in the UK is growing rapidly. We are incredibly proud to provide patients in the UK with high-quality, consistent medical cannabis products they can rely on and are accessible to them.” Tilray stock price has dropped 25% in just the past month.
urban-gro, Inc. (NASDAQ:UGRO) announced the the company has signed and executed seven design-build and construction management contracts since acquiring Emerald Construction Management about three months ago. According to UGRO, “We are thrilled to announce these new contracts with several marquee companies, each of which are global leaders within their respective industries. Our ability to penetrate these markets and service a set of high-profile customers speaks to our full suite of capabilities that we’ve built through leveraging our balance sheet and making accretive and synergistic acquisitions.” urban-gro stock is currently down approximately 55% in 2022.
Green Thumb Industries and Innovative Industrial Properties, Inc. (NYSE:IIPR) amended their original lease for the facility in Danville, Pennsylvania this week. As part of the amendment, Green Thumb will receive a $55 million reimbursement because of the completion of a cultivation and processing building and efforts to enhance electrical load capacity. IIPR is down 55% year-to-date.
Finally, as we close out the week, Akerna Corp. (NASDAQ:KERN) announced an underwritten public offering of 29.38 million units of KERN at a public offering price of $0.23 per unit. Akerna stock is down over 92% in 2022.