The Holiday-Shortened Week Didn’t Stop These 8 Cannabis Stocks — Schaeffer’s Investment Research
Originally published at https://www.schaeffersresearch.com on June 3, 2022.
InterCure just launch medical marijuana pharmacy in Israel
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:
A Flora Growth Corp. (NASDAQ:FLGC) subsidiary, JustCBD, announced the launch of its CBD products on Amazon.co.uk first thing on Monday. This comes less than a week after cannabis competitor, Tilray, announced the distribution of its POLLEN CBD products on the United Kingdom’s Amazon marketplace. Starting in October of 2021, UK’s Amazon marketplace began allowing pre-approved vendors in compliance with YK CBD Novel Food regulations to list products and is still in an initial pilot-only program stage. Flora Growth stock lost 37% of its value in May.
On Tuesday, urban-gro, Inc. (NASDAQ:UGRO) signed a definitive agreement with E29 Labs, Inc. The agreement is that UGRO will provide all architecture, engineering and design services for E29’s application to build a New York cannabis production facility. Pending a license being secured, this agreement obligates urban-gro to partner with E29 in designing and building this facility. urban-gro stock price is down approximately 42% year-to-date.
High Tide Inc. (NASDAQ:HITI) dropped two big announcements this week. First, President and CEO Raj Grover was officially named cannabis person of the year at the O’Cannabiz Industry Awards Gala. According to O’Cannabiz, this award “honours an individual’s exemplary service and dedication to our ever-changing industry, this person makes a true global difference and stands well above the crowd, bringing their strength and leadership to our vital and changing industry.” On top of that, HITI also acquired two additional retail cannabis stores in Ontario. The purchase of Livonit Foods Inc. had a price tag of $2.8 million CAD. High Tide stock is trading down 67% year-over-year.
A new short path, thin film distillation system was launched by Agrify Corporation (NASDAQ:AGFY) on Wednesday. The CannaBeast 13 is a product created through a partnership between AGFY and InCon Process Systems. CannaBeast 13’s selling points are as follows: features largest feed tank, produces increased batch size, more evaporator efficiency, reduction in manpower required to operate, and increased overall production. Agrify stock is down nearly 75% year-to-date.
Aurora Cannabis Inc. (NASDAQ:ACB), per last week’s update, closed the bought deal offering for approximately $172.5 million on Wednesday. In an effort to reduce overall company debt and annual cash interest costs, Aurora repurchased $19.2 million worth of its convertible senior notes on Friday. Aurora stock price dropped 47% in the month of May.
On Thursday, InMed Pharmaceuticals (NASDAQ:INM) announced $5 million in direct and private placement offerings per Nasdaq market guidelines. This securities purchase agreement is with a single institutional investor is intended to generate revenue that INM will use to continue pipeline development, advance commercial activities and for other working capital purposes. InMed Pharmaceuticals stock is down nearly 50% year-to-date and down over 75% year-over-year.
June is National Pride Month and WM Technology Inc (NASDAQ:MAPS) aka WeedMaps is collaborating with Cann, an LGTBQ+ founded cannabis-infused beverage company as part of its 2022 Pride campaign. The campaign will include an original song and music video calling for radical inclusivity and featuring a star-studded lineup. According to Cann, “By casting the most diverse supergroup of trailblazers imaginable, spanning sexuality and gender identity spectrums, this campaign reminds everyone just how empty the world would be if we submit to narratives of LGBTQ+ erasure. In a world where ‘Don’t Say Gay’ is gaining momentum, we’re excited to promote a utopia of queer joy.” WeedMaps stock is trading down over 60% over the past year.
The flagship Cookies pharmacy by InterCure Ltd. (NASDAQ:INCR) opened in Be’er Sheva, Israel on Thursday. According to INCR, this will be the largest medical cannabis dedicated pharmacy in the world with over 1,000 square meters of space. As part of the celebration, there were be grand opening festivities throughout the day including live music, good food, and special offers for medical marijuana patients. According to InterCure, “Be’er Sheva is the ideal location for the launch of our flagship Cookies pharmacy, meeting the needs of local patients suffering from a lack in professional service and high-quality products. We are proud to invest in the capital of the south and to open the largest medical cannabis dedicated pharmacy with the widest selection of high-quality branded products, meeting the needs of patients and laying the infrastructure for the future adult use market.” InterCure stock price increased nearly 15% in the month of May while most cannabis stocks stayed in the red.
Originally published at https://www.schaeffersresearch.com on June 3, 2022.
