Which companies announced developments on cannabis-based clinical trials
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.
At this time, the ETFMG Alternative Harvest ETF (MJ), a fund tracking the cannabis industry, has lost 69% of its value over the past 12 months, and about 6% in the last 30 days.
Here is a quick roundup of major cannabis stock news this week:
InMed Pharmaceuticals Inc. (NASDAQ:INM) dropped a press release first thing on Monday, announcing its phase 2 clinical trial using INM-755 cannabinol cream to treat epidermolysis bullosa has been expanded to also include adolescent patients. What’s more, INM was granted 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 increased number of patients available for screening, the target remains to complete enrollment of 20 patients in 2022.” InMed Pharmaceuticals stock remains down 72% this year, though.
Sundial Growers Inc. (NASDAQ:SNDL) jumped back into the news this week with a summary of its annual meeting of shareholders in July. Stockholders voted to change the company’s name to SNDL Inc., elected five directors, and approved a plan in relation to Alcanna, which was acquired in May for $255 million. The plan will go into effect when the board feels it’s in SNDL’s best interest, but no later than July 2023. The security is down a whopping 32% in the past 30 days.
Village Farms International, Inc. (NASDAQ:VFF) announced subsidiary Pure Sunfarms launched into the following additional Canadian markets this week: Yukon, Northwest Territories, New Brunswick. The company plans to expand into Newfoundland and Labrador as well. According to Pure Sunfarms, “As Canada’s favorite flower brand, consumers in northern and Atlantic Canada have been asking about Pure Sunfarms products for a while – and now, we’re so happy we can supply them.” Village Farms stock is up 7% in the past 30 days, though it remains down a massive 70% in 2022.
Turning Point Brands, Inc. (NYSE:TPB) released second-quarter financial results this week. TPB’s gross profit dropped 14.2%, net sales dropped 16.1%, and net income fell 64.7% on an year-over-year basis. Nonetheless, Turning Point Brands noted “Zig-Zag and Stoker’s sales were steady despite weakness in the wraps and loose leaf subsegments.” Turning Point Brands stock is now down 31% year-to-date.
Lexaria Bioscience Corp. (NASDAQ:LEXX) announced the completion of its human clinical hypertension study utilizing Lexaria’s DehydraTECH-processed CBD without any reported adverse side effects. Per a statement, “demonstrating a noteworthy safety and tolerability profile relative to conventional anti-hypertensive medications is one of Lexaria’s major goals with this program.” Still, LEXX is down 37% so far in 2022.
Tilray Brands, Inc. (NASDAQ:TLRY) released its financial results for the fiscal fourth quarter. The report featured net revenue growth of 8% year-over-year, but also included a net loss of over $450 million. TLRY still has the benefit of the extra $80 million shared cost savings, synergies, and financial benefits as part of 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 received a 180 calendar day extension to regain compliance with the Nasdaq’s minimum $1.00 bid price requirement, with a new deadline of January 23, 2023. According to HEXO, “This extended grace period will provide the runway we need to position HEXO for long-term success.” Unsurprisingly, HEXO is down 96% year-over-year.
High Tide Inc. (NASDAQ:HITI) officially took over shares of Halo Kushbar Retail. HITI had sold Kushbar Stores to Halo Collective, but after a series of breaches to the original agreement, HITI quickly seized the shares again. High Tide received $3.9 million on the original sale and, effective in August, will regain full ownership of Kushbar. Checking in on the charts, High Ride stock has fallen 28% in the last 30 days.
Canopy Growth Corporation (NASDAQ:CGC) announced on Thursday it will release a new spectrum of premium flower products throughout the summer from both 7ACRES and Doja. This new premium flower will be available at brick-and-mortar locations and via e-commerce. On the charts, Canopy Growth stock is down 86% over the past 12 months
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