9 cannabis stocks on fire this week
Welcome to our weekly series, Schaeffer Cannabis Stock News Updatewhere we recap what’s been happening in the world of marijuana stocks this week, and see how the cannabis industry will continue to grow in 2022.
At that time, the ETFMG Alternative Harvest ETF (MJ)a cannabis industry tracking fund, has lost 69% of its value in the last 12 months and around 6% in the last 30 days.
Here’s a quick roundup of the top cannabis stock news this week:
InMed Pharmaceuticals Inc. (NASDAQ:INM) released a press release first thing Monday announcing its Phase 2 the clinical trial using INM-755 cannabinol cream to treat epidermolysis bullosa has been expanded to also include adolescent patients. In addition, INM has obtained a patent in Japan for the use of INM-755 cannabinol cream to treat the disease. In a statement, the company said “with the inclusion of adolescents and an increase in the number of patients available for screening, the goal remains to complete enrollment of 20 patients in 2022.” Shares of InMed Pharmaceuticals, however, remain down 72% this year.
Sundial Growers Inc. (NASDAQ: SNDL) was back in the news this week with a recap of its July annual meeting of shareholders. Shareholders voted to change the company’s name to SNDL Inc., elected five directors and approved a plan for Alcanna, which was acquired in May for $255 million. The plan will come into effect when the board deems it to be in SNDL’s best interests, but no later than July 2023. Safety has dropped by 32% in the past 30 days.
Village Farms International, Inc. (NASDAQ: VFF) announced the launch this week of the Pure Sunfarms subsidiary in the following additional Canadian markets: Yukon, Northwest Territories, New Brunswick. The company also plans to expand into Newfoundland and Labrador. According to Pure Sunfarms, “As Canada’s favorite flower brand, consumers in northern and Atlantic Canada have been asking for Pure Sunfarms products for some time – and now we are so happy to be able to supply them.” Village Farms stock is up 7% in the past 30 days, although it remains down a massive 70% in 2022.
Turning Point Brands, Inc. (NYSE:TPB) released its second quarter financial results this week. TPB’s gross profit fell 14.2%, net sales 16.1% and net profit 64.7% year-over-year. Nevertheless, Turning Point Brands noted “Zig-Zag and Stoker sales were flat despite weakness in the wraps and loose-leaf sub-segments.” Turning Point Brands stock is now down 31% year-to-date.
Lexaria Bioscience Corp. (NASDAQ: LEXX) announced the completion of its clinical study in human hypertension using Lexaria’s DehydraTECH processed CBD with no reported adverse side effects. By a statement, “Demonstrating a remarkable safety and tolerability profile compared to conventional antihypertensive drugs is one of Lexaria’s primary goals with this program.” Still, LEXX is down 37% so far in 2022.
Tilray Brands, Inc. (NASDAQ:TLRY) released its financial results for the fourth fiscal quarter. The report showed net revenue growth of 8% year over year, but also included a net loss of more than $450 million. TLRY continues to benefit from the additional $80 million shared cost savings, synergies and financial benefits from the HEXO transaction. On the charts, Tilray stock is up 10% over the past month.
Speaking of HEXO Corp. (NASDAQ:HEXO)the struggling cannabis stock was given a 180-calendar-day extension to regain compliance with Nasdaq’s $1.00 minimum bid price requirement, with a new deadline of January 23, 2023. According to HEXO, “This extended grace period will provide the track we need to position HEXO for long-term success.” UNsurprisinglyHEXO is down 96% year over year.
High Tide Inc. (NASDAQ: HITI) officially took over the shares of Halo Kushbar Retail. HITI had sold Kushbar Stores to Halo Collective, but after a series of breaches of the original agreement, HITI soon seized the shares again. High Tide received $3.9 million on the initial sale and, effective August, will take over full ownership of Kushbar. Checking the charts, High Ride’s stock has fallen 28% in the past 30 days.
Canopy Growth Corporation (NASDAQ: CGC) announced on Thursday that it will launch a new line of premium floral products throughout the summer from both 7ACRES and Doja. This new premium flower will be available in physical stores and via e-commerce. On the charts, Canopy Growth stock has fallen 86% in the past 12 months
7 outdoor stocks to buy before investors leave for the summer
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See “7 Outdoor Living Stocks to Buy Before Investors Leave for the Summer”.