MJBiz was acquired by Emerald Holding
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 at how the cannabis industry is shaping up as we kick off 2022.
A lot of changes took place on the state level after the clock struck midnight on New Year’s Day:
In California, hospitals are now required to allow certain patients to use medical marijuana. In Colorado, action has been taken to limit the purchase of high potency cannabis products — the limit per purchase is now 8 grams of concentrate, down from 40 grams.
In Montana, those aged 21 and older are now able to purchase retail cannabis. In Louisiana, medical marijuana patients can access flower cannabis products for the first time. In Arkansas, out-of-state medical cannabis patients are able to purchase cannabis for up to 90 days, and doctors are able to recommend medical marijuana via telehealth services.
In addition, here is a quick summary of the major (and action-worthy!) cannabis stock news from this week:
For an in-depth look at Canadian trailblazer Tilray (TLRY) ahead of earnings, click here.
Chicago Atlantic Real Estate Fin Inc (NASDAQ:REFI) closed out 2021 by declaring a quarterly dividend for the fourth quarter. The dividend payout will be 26 center per share, payable on Jan. 14 to shareholders of record as of Dec. 31. The company also said on Tuesday it will be the sole lender on a new senior secured credit facility for MEDfarms.
AFC Gamma, Inc (NASDAQ:AFCG) announced gross funding for its fourth quarter totaled $125.6 million, reaching a total of $302.5 million in gross funding for 2021. The company also confirmed the pricing of its underwritten public offering of 3 million shares at $20.50 per share, with gross proceeds expected to total $61.5 million. The commercial real estate name will use proceeds to fund loans to companies in the marijuana industry.
Aurora Cannabis Inc (NASDAQ:ACB) announced on Jan. 4 the completion of its largest ever marijuana shipment to Israel, which totaled $7.8 million worth of cannabis. Aurora Cannabis also said it appointed Chitwant Kohli to its board of directors, effective on Tuesday, expanding the board of directors to nine members.
Flora Growth Corp (NASDAQ:FLGC) launched sales of its Mind Naturals brand on Walmart’s (WMT) website and Coppel on Tuesday. The CBD skincare products will be sold exclusively online at first, and will eventually be available at Walmart and Coppel retail locations to capitalize on Central America and Mexico markets. Flora Growth also announced Tim Leslie was appointed as chairman of FLGC’s newly formed advisory board on Jan. 6.
On January 4, Agrify Corporation (NASDAQ:AGFY) signed a definitive 10-year agreement with Gold Leaf Florida LLC, its largest Agrify Total Turn-Key Solution partnership so far. This partnership is projected to generate over $400 million in total revenue over the term of the agreement. Subsequently, on Wednesday, Agrify also confirmed its $9 million acquisition of PurePressure.
Major business-to-business event an media company hopped into the cannabis industry on Tuesday when Emerald Holding Inc. (NYSE:EEX) confirmed the $120 million acquisition of MJBiz. Included in this acquisition is MJBiz Con, MJBizDaily, Hemp Industry Daily, MJBizMagazine, and the Emerald Conference. According to EEX, “MJBiz’s leading event and content portfolio, coupled with their 365-day engagement platform – which connects the entire cannabis supply chain – will diversify our collective product offerings, enhance our growth profile and enable us to deliver even greater value to our customers over the long term.”
GrowGeneration Corp. (NASDAQ:GRWG) acquired Mobile Media And MMI Agriculture for $9.4 million on Tuesday, allowing GRWG to greatly expand its presence in the Northeast states where indoor vertical growing will be in demand as legalization efforts continue.
On Wednesday, High Tide Inc. (NASDAQ:HITI) announced the signing of a $2.83 million purchase agreement to acquire Bud Room Inc. With this acquisition, High Tide will own 100% rights to Fastendr, a combination of retail kiosks and smart lockers to improve the efficiencies of the buying experience. According to the CEO of HITI,“This technology will also allow us to generate third-party revenue, provide data collection and monetization opportunities, while supporting an unparalleled retail shopping experience for our customers. Fastendr is a perfect solution for smaller footprint stores as well as busier retail locations, as it allows for more transactions in less time and with less square footage.”
We have featured a few interviews with cannabis industry insiders lately. Be sure to check them out: