Cannabis Capital Markets Roundup Week Ending October 8th, 2021

3.3 min readPublished On: October 12th, 2021By HCN News Team

NEW YORK- Welcome to the week that was on Highly Capitalzied. Here’s a round up of latest financial news moving the cannabis stock markets. Week ending October 8th, 2021.

1) Tilray Inc (NASDAQ:TLRY)

Tilray’s Q.1 revenue fell well short of analysts’ estimates on October 7, despite jumping 43% year-over-year thanks to strong demand for cannabis products in the pandemic. Tilray’s quarterly losses of 8 cents per share didn’t cause any surprises.

2) ETFMG 2x Daily Inverse Alternative Harvest ETF (NYSE:MJIN)

A new cannabis ETF, came out on October 6. This new cannabis ETF was issued by ETF Managers Group LLC. Their goal is delivering leveraged investment results of two times the inverse (or opposite) of the performance of the Prime Alternative Harvest Index, allowing investors access to cannabis companies worldwide and leveraging the rapidly-accelerating legalization efforts worldwide.

2) High Tide Inc. (NASDAQ:HITI)

High Tide shares are to be included in The Cannabis Growth ETF (NASDAQ:BUDX) for a fourth time. According to Raj Grover of High Tide, ” The number of equity research analysts covering High Tide has doubled from two to four over the same time period, with more likely on the way. All of this demonstrates that our growth strategy and the execution of our business plan are not going unnoticed.”

The cannabis brand also finalized the agreement for its $12.32 million acquisition of 80% of Enigmaa Ltd.

3) Flora Growth Corp. (NASDAQ:FLGC)

Flora Growth Corp launched a study on cannabis and fibromyalgia and chronic pain patients. Flora Growth president and CEO, Luis Merchan, “Our team is incredibly excited to announce our entry into cannabinoid science which will help us achieve our goal of developing pharmaceutical cannabis products while working to advance global cannabinoid research and become a thought leader in the space.”The study primarily focused on the USA and the UK. By running trials in multiple locations, Flora Growth stated it expects to fast-track the longer expected trials.

5) Molson Coors Beverage Company (NYSE:TAP) and Hexo Corp (NASDAQ:HEXO)

Despite their small category share, drinks brands are launching weekly in cannabis. Not to be left out, TAP and HEXO announced the beverage brand name of Verywell is expanding its footprint within the US outside of its previously exclusive offering in Colorado.

Verywell’s product line features “non-alcohol, adaptogenic, hemp-derived CBD sparkling waters and unflavored beverage drops. All Veryvell products use broad-spectrum hemp and contain <0.3% THC, zero sugar and zero calories.”

6) Clever Leaves Holdings Inc. (NASDAQ:CLVR)

CLVR announced they’d exported some 30 kilos of cannabis flower from Portugal to US-based Biopharmaceutical Research Company.

This is their first commercial cannabis export from Portugal to the USA, solidifying both Clever Leaves’ access to the U.S. medical cannabis market.

7) Agrify Corporation (NASDAQ:AGFY)

AGFY announced the $50 million acquisition of both Precision Extraction Solutions and Cascade Sciences on October 4. Both of these acquisitions are of companies focused on the most attractive areas of the supply chain: extraction, post-processing, and testing equipment.

8) Akerna Corp. (NASDAQ:KERN)

Akerna, a cannabis ERP software company, acquired 365 Cannabis at a price tag of $17 million on Monday, October 4. Through this acquisition, Akerna is now able to offer a Microsoft ERP that is cannabis compliant covering a huge number of aspects of the cannabis market including cultivation, production, compliance, distribution, and more.

Akerna signed a securities purchase agreement for a $20 million convertible debt financing with existing institutional investors who hold the cannabis company’s currently outstanding convertible notes. The purpose of this agreement is to secure capital needed for ongoing growth initiatives and is expected to produce approximately $14.6 million.

10) Canopy Growth Corporation (NASDAQ:CGC)

More drinks activity this time with CGC: Karma Water with plans to launch Karma CBD water, a new brand line of CBD beverages. According to Tara Rozalowsky of Canopy Growth, “This collaboration pairs Canopy Growth’s best in class CBD distillate with Karma’s innovative push cap technology, instantly infusing cannabinoids into pristine water and guarding against the natural deterioration that occurs in shelf-stable pre-mixed beverages.”

About the Author: HCN News Team

The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.