What Happened With These 11 Cannabis Stocks 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 last week:

Kicking things off for the week, Flora Growth Corp (NASDAQ:FLGC) announced the appointment of Holly Bell as Vice President of Regulatory Affairs. Bell's focus will primarily be on domestic and global expansion strategy, including international government relations. Flora Growth stock is down 61% year-over-year and has dropped 20% just over the past month. Later in the week, Vessel, the marijuana accessories brand under Flora Growth Corp., launched a partnership with Ricky Williams and his cannabis lifestyle brand, Highsman. The collaboration's first product is a one-hitter accessory featuring Highsman branding. Flora Growth stock is down nearly 60% year-over-year and has dropped nearly 30% just over the past month.

InterCure Ltd (NASDAQ:INCR) released its financial results for the first quarter of 2022 on Monday. INCR reported record-setting quarterly revenue of $34 million which is almost triple the first quarter of 2021. Intercure stock is actually in the green year-to-date, up 16% since January 1.

Additionally, Sundial Growers Inc. (NASDAQ:SNDL) released its financial results for the first quarter of 2022 on Monday. Highlights include a 78% increase year-over-year in quarterly net revenue following Sundial's acquisition of Alcanna Inc. for $255 million. According to SNDL, "We are now Canada's largest private-sector distributor of both liquor and cannabis with 354 retail locations." Sundial stock jumped over 20% on Monday as a positive reaction to the earnings report. However, Sundial stock is still down nearly 45% over the past 12 months.

On Tuesday, Akerna (NASDAQ:KERN) announced an engagement with JMP Securities in an effort to fully evaluate strategic alternatives which will lead to maximized stakeholder value. According to KERN, "We are confident in our ability to capitalize on the strength of our business, and we remain intensely committed to our clients, our team members and all other stakeholders.” Akerna stock is currently trading down 88% year-over-year.

In cannabis real estate news, Innovative Industrial Properties, Inc. (NYSE:IIPR) acquired a 104,000 square foot industrial property in Massachusetts for $40 million. The property is already fully operational as a regulated cannabis production facility. IIPR, concurrent with this purchase, signed a long-term lease agreement with a TILT Holdings Inc subsidiary. Innovative Industrial Properties stock is down 45% just since the beginning of 2022.

 

Incannex Healthcare ADR (NASDAQ:IXHL), one of the newest cannabis stocks on the market as of March 1, announced a pre-investigational new drug application meeting with the FDA (U.S. Food and Drug Administration) focused on the development of IHL-42X which combines dronabinol and acetazolamide with the goal of treating obstructive sleep apnea in adults. Since its IPO, Incannex stock has dropped over 40%.

Greenlane Holdings, Inc. (NASDAQ:GNLN) released financial results for the first quarter of 2022 this week, featuring a 37% increase in quarterly revenue year-over-year. GNLN attributed a majority of its revenue growth to its acquisition of KushCo. The press release didn't dp much to boost Greenlane stock which has lost nearly 90% of its value over the past 12 months. 

On Wednesday morning, Aurora Cannabis Inc. (NASDAQ:ACB) announced that it has received EU-GMP certification for its medical marijuana production facility in Germany. According to ACB, "As a leading provider of medical cannabis in Germany and several other European markets, we are eager to accelerate patient access to high-quality, reliable cannabis produced in accordance with the most stringent criteria." Aurora stock, however, is trading down 60% year-over-year.

On Wednesday, GrowGeneration Corp. (NASDAQ:GRWG) announced it will begin selling Drip Hydro, a liquid fertilizer for commercial growers, in select stores. GrowGeneration stock has fallen nearly 65% since the beginning of 2022.

 

Leafly Holdings Inc (NASDAQ:LFLY) announced the launch of its online cannabis delivery services in delivery-legal states throughout the U.S. on Wednesday. Delivery orders can be placed on the Leafly app or through the company's website. This major announcement links Leafly's strain database, user reviews, and delivery services into one convenient platform for customers. According to LFLY, “By adding the ability to place orders for delivery, we’re combining our expertise and deep content catalog with a new layer of convenience for consumers. Leafly remains committed to expanding options and access for consumers, brands, and retailers through new features like delivery. It’s one way we support the regulated cannabis market in California and elsewhere.” Leafly stock is a little less in the red this year than its cannabis sector counterparts, tapping in at a drop of just 8% year-to-date.

Lemurian, Inc. (Jetty) and Canopy Growth Corporation (NASDAQ:CGC) announced the execution of a definitive agreement that will provide CGC the right to acquire up to 100% of the outstanding capital stock of Jetty for approximately $69 million. This agreement is contingent on the federal legalization of THC in the United States. According to CGC, “Canopy Growth is building a house of premium cannabis brands with a focus on the core growth categories that will power the market’s path forward, now including Jetty – a pioneer of solventless vapes." Canopy Growth stock has taken a beating over the past year, currently trading down 75% year-over-year.