cbdMD extended its exclusive advertising partnership with the Joe Rogan Experience
Welcome back to our weekly series, Schaeffer’s Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks and look ahead to how the cannabis industry continues to shape up in 2021.
Investor interest in the cannabis industry is growing at an explosive rate, and the leading players continue to break through legal barrier after legal barrier, especially in the United States. More than 40 U.S. states legalized recreational and/or medical marijuana by the end of 2020. Now, companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.
Here is a quick roundup of major (and action-worthy!) cannabis stock news from this week:
Neptune Wellness Solutions Inc. (NASDAQ:NEPT) released its Q2 of fiscal 2022 financial results after the market closed on Monday. NEPT reported its third consecutive quarter with quarter-over-quarter growth, up 27% in Q2 over Q1. The senior leadership team at NEPT will be implementing major cost-cutting initiatives over the coming months as part of its newly updated action plan.
InterCure Ltd. (NASDAQ:INCR) released its Q3 of 2021 financial results on Monday, featuring an all-time quarterly revenue record of $19.97 million. InterCure’s Q3 revenue marked a 200% increase year-over-year. During the third quarter, INCR captured a 30% stake in the Israeli cannabis market.
Greenlane Holdings, Inc. (NASDAQ:GNLN) released its Q3 of 2021 financial results on Monday, featuring a 16% year-over-year increase in revenue. GNLN completed the acquisition of KushCo during Q3, marking a huge milestone for the company’s growth trajectory.
TerrAscend Corp. (NASDAQ:TER) released its Q3 of 2021 financial results on Tuesday, November 16. TER reported net sales of $49.1 million which is a 16% decrease quarter-over-quarter and a 29% increase year-over-year. TerrAscend also reported a net loss of $14.6 million compared to the net gain of $62.3 million reported in Q3 of 2020.
On Tuesday, Aurora Cannabis Inc. (NASDAQ:ACB) launched its genetics licensing business unit, Occo. Occo is designed to become the leader of innovation in the identification and commercialization of novel cannabis cultivars with the largest catalog of high-quality genetics available for licensing nationwide in Canada. According to Aurora, “Occo already has more than 30 high-quality cultivars, not available anywhere else on the market, that are ready for immediate trial and exclusive licensing.”
Entourage Health Corp. (NASDAQ:ENTG) released its Q3 of 2021 financial results on Nov. 16. ENTG reported record-breaking revenue of $14.9 million, marking a jaw-dropping 94% revenue increase year-over-year following its rebrand from WeedMD. Entourage Health also reported net revenue growth of 71% year-over-year which was a result of higher direct-to-consumer sales.
On Tuesday, Nov. 16, Flora Growth Corp. (NASDAQ:FLGC) announced the completion of its $30 million acquisition of Vessel Brand Inc. According to FLGC, “With this acquisition now closed, we can focus on the execution of our combined expansion strategy. The integration of our two organizations is well underway and the Vessel team is expected to substantially enhance the branding and marketing function of Flora Growth as we look to further increase market share in the global cannabis and wellness markets.”
Evogene Ltd. (NASDAQ:EVGN) released its Q3 of 2021 financial results on Nov. 17. The cannabis company based in Israel reported a small increase in year-over-year revenue. Along with the financial report, EVGN also announced plans to break off some of its subsidiaries into public companies in the near-term.
Poseidon Investment Management launched the AdvisorShares Poseidon Dynamic Cannabis ETF (NYSE:PSDN) which began trading on November 17. The cannabis-centric ETF is focused on identifying companies positioned to benefit from the growing cannabis industry and its supporting infrastructure in the U.S. as well as emerging global cannabis markets. According to Poseidon, “Our track record speaks to our deep knowledge of the space and our commitment to understanding the needs of the companies we invest in. PSDN broadens the reach of our unique investment philosophy and provides simple, secure, accessible investing into one of the world’s most exciting asset classes.”
On Wednesday, Canopy Growth Corporation (NASDAQ:CGC) announced the launch of a new line of premium cannabis flower products. According to CGC, these premium strains have been meticulously cultivated to meet the growing demand of the Canadian cannabis market. The new premium strains will be available for purchase throughout Canada.
Organigram Holdings Inc. (NASDAQ:OGI) announced the launch of its latest wellness brand, Monjour, which is focused on offering high-quality, vegan, sugar-free, and CBD-forward products before the opening bell on Nov. 18. With a goal of providing customers with easy ways to include cannabis into their personal wellness routines, Monjour will serve the Canadian cannabis market with affordable and dosage-controlled CBD products.
On Thursday afternoon, cbdMD, Inc. (NYSE:YCBD) announced an advertising contract extension with Spotify (NYSE:SPOT) and, specifically, the Joe Rogan Experience podcast. cbdMD became the exclusive CBD advertiser back in 2019 and the contract extension will continue this exclusive agreement through 2022. According to cbdMD, “Joe Rogan’s audience are some of the most dedicated listeners, and they’ve always welcomed the CBD community with open arms. Just like Joe, we’re fans first. cbdMD and the Joe Rogan Experience is the perfect partnership of product endorsement and real-life application.”