Benzinga | Oct 29, 2021 05:35PM EDT

The Week In Cannabis: Stocks Underperform, Policy Moves, Earnings, Pitbull, Lil Kim, Justin Bieber, Martha Stewart And More

Below is a recap of the main news related to the cannabis industry and markets for the week of October 25, 2021.

Contents

2 Markets

4 Policy & Social Equity

6 M&A

8 Financings

10 Earnings Reports

12 Celebrity News

14 Science & Data

16 Canada

18 International News

20 Other News

22 Executive Moves

24 Top Stories Of The Week

Markets

Stocks traded down this week. Over the five trading days of this week:

* The ETFMG Alternative Harvest ETF (NYSE:MJ): lost 5.2%.

* The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): tumbled 4.7%.

* The AdvisorShares Pure US Cannabis ETF (NYSE:MSOS): fell 5%.

* The Cannabis ETF (NYSE:THCX): was down 4.3%.

* The Amplify Seymour Cannabis ETF (NYSE:CNBS): declined 4.8%.

* The SPDR S&P 500 ETF Trust (NYSE:SPY) closed the week up more than 1%.

Policy & Social Equity

* As the opioid crisis in the U.S. reaches alarming numbers, resulting in roughly 100,000 overdose deaths in the past 12-month period, a massive surge from a year earlier -- federal health officials are willing to try new approaches to stem the tragedy. This week, Secretary of Health and Human Services (HHS) Xavier Becerra revealed the Biden administration's strategy to deal with the epidemic, which could include allowing supervised consumption sites.

Benzinga Cannabis' content is now available in Spanish on El Planteo.

* Eaze opened applications for its Momentum business accelerator to encourage and cultivate underrepresented cannabis businesses nationally.BIPOC, women, LGBTQ+ and military veterans nationwide can apply to the company's award-winning program.

* The People's Group (TPG), led by Christine De La Rosa, has launched a $50 million nationwide fund. The fund will invest in BIPOC and women-led cannabis businesses with the goal of breaking the pattern of oppression and creating a representative future for the growing industry. TPG is led, directed and advised by BIPOC women, queer people, the differently-abled, veterans and people with chronic illness as a catalyst for community empowerment. The fund will draw attention to the lack of social equity, capital and investment opportunities within the field. It also will work toward eliminating the barriers of prosperity and unlocking efficient pathways to profitability.

Acquiring Company Acquired Company Price Conditions

Hydrofarm Holdings Group, Growers Equipment Inc. $58M Cash &Inc. (NASDAQ:HYFM) Stock

Thought Leaders Mellow $12.35M Undisclosed

Meridian 125W Cultivation TILT Holdings Inc. (NEO:Ltd. TILT) (OTCQX: TLLTF)?s Sante $728,000 Cash Veritas Therapeutics

Stem Holdings, Inc. d/b/aDriven by Stem (OTCQX: Colorado Harvest Company Undisclosed UndisclosedSTMH) (CSE:STEM)

RYAH Group, Inc. (CSE: Omni Medical Services Undisclosed UndisclosedRYAH) (OTC:RYAHF)

Financings

Company Lead Financier Amount

AFC Gamma, Inc. (NASDAQ:AFCG) Senior Note Offering $100M

Medicanja Noble Capital Fund $15M

Bloomwell Group Measure 8 Venture Partners $10M

Earnings Reports

* InterCure Ltd. (NASDAQ: INCR) (TSX:INCR) (TASE: INCR), doing business as Canndoc, reported preliminary unaudited revenue of CA$24 million ($19.41 million) for the third quarter of 2021. Israel?s largest licensed cannabis producer plans to file its full financial results for the third quarter of 2021 on Monday, November 15, 2021. * Zig-Zag rolling papers producer, Turning Point Brands (NYSE:TPB), reported its financial results for the third quarter ended September 30, 2021. Based in Louisville, Kentucky, the company announced that its net sales increased 5.5% year over year to $109.9 million, missing estimates by $3.03 million, according to Seeking Alpha. * HEXO Corp. (TSX:HEXO) (NASDAQ:HEXO) reported its financial results for the fourth quarter and fiscal year ended July 31, revealing a 71% quarter-over-quarter and a 43%year-over-year growth in total net sales. In the fourth quarter, total revenue amounted to roughly CA$38.7 million ($31.3 million), beating FactSet consensus of CA$33.7 million and marking HEXO's best quarter of sales to date. * Lifeist Wellness Inc. (TSXV:LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF), previously known as Namaste Technologies, released its third-quarter earnings Friday with gross revenue improving 12% year-over-year reaching CA$7.1 million ($5.73 million).

Find all the details on these and other earnings reports on Benzinga Cannabis?Earnings Center.

Celebrity News

* Grammy award-winning rap artist Lil? Kim announced that she is launching her own cannabis brand, Aphrodisiac, which is being produced in partnership with superbad inc. an innovative cannabis brand based in California. * Flower One Holdings Inc. (CSE:FONE) (OTCQX:FLOOF) (FSE: F11) partnered with Justin Bieber and current brand partner Palms to launch the limited-edition of PEACHES pre-rolls. Through this collaboration, the Las Vegas company will become the exclusive producer of Palms "PEACHES" in Nevada. * The one and only Martha Stewart and Marquee Brands have jointly launched a new CBD line ? Harvest Medley CBD Wellness Gummies in partnership with Canada's * Canopy Growth Corp. (NASDAQ: CGC). The "Domestic Diva" confirmed the rollout of the sweet new line of permanent and limited-edition Mini CBD Peppermint Ribbons and Snowflake CBD Gummy Sampler. The limited edition will be available only during the upcoming holiday season.

Science & Data

A new study published last month is shedding light on the cannabis plant?stherapeutic potential.

While a bipartisan group of federal lawmakers only recently introduced a billto remove federal barriers for conducting research on marijuana, researchershave come up with creative ways to study the plant?s effects on the generalpopulation by conducting observational studies.

The paper, published in the peer-reviewed journal, Frontiers In Psychiatry,found that medical cannabis use was associated with lower self-reporteddepression as well as decreased anxiety in adults. The research wasconducted by Johns Hopkins University in association with the Realm of CaringFoundation.

A study undertaken by the San Francisco-based cannabis delivery platform Eazefound an increasing crossover between cannabis use and off-the-couch activitiesincluding work, fitness and intimacy, reported Adweek.

?It may sound counterintuitive, but cannabis for responsible adults does exist,? said Elizabeth Ashford, vice president of communications at Eaze.

As more states pass laws allowing adult use of cannabis, concerns thatlegalization would make marijuana more accessible to young people arise.

A recently released poll from the National Survey on Drug Use and Health(NSDUH) found that there has been a significant drop in cannabis usage amongteenagers, aged 12-17, pointed out the National Organization for the Reform ofMarijuana Laws (NORML).

Past-year cannabis use among the young population nationwide declined from13.2% to 10.1% from 2019-2020, according to recent data gathered by theSubstance Abuse and Mental Health Services Administration (SAMHSA).

However, for those aged 18 to 25, past-year marijuana use percentages remainedalmost unchanged, dropping only slightly from 35.4% to 34.5% over the sameperiod.

Canada

Poke A Bowl selected its first brick-and-mortar dispensary chain to retail itsproducts in the Canadian market. ERBN Green, a female-founded company withmultiple locations in Ontario and 2 new ones coming soon to British Columbia,has agreed to stock the full line of Poke A Bowl products.

?This is very exciting for me,? Creagen Dow, CEO and founder of Poke ABowl said. ?Through one partner, our products become available in two ofCanadas largest cannabis markets Ontario and British Columbia. Also, this issort of a coming home for me since my family originates from Canada.?

International News

Tilray, Inc. (TSX:TLRY) (NASDAQ:TLRY) was chosen by the Luxembourg Ministry ofHealth as a supplier of medical cannabis products for the country?s recentlyannounced medical cannabis program.

The Canadian cannabis giant will supply Luxembourg with a variety of itspharmaceutical-grade and Good Manufacturing Practice-certified medicalmarijuana products. These will include extracts and dried flower with differentdegrees of THC and CBD for patients with varying medical conditions.

These prescription-based medical cannabis products will be administered toqualifying patients in Luxembourg under the supervision of physicians.

Other News

Agrify Corporation (NASDAQ:AGFY) signed a definitive agreement with its firstArizona-based customer, Olive El Mirage Partners LLC.

And an NFT game that allows the user to build a cannabis business from scratchand grow rare strains while participating in a competitive economy was launchedthis week. This wonderful invention, specifically geared towards fans of theplant and crypto, is called Cryptobuds and will be available soon.

Executive Moves

MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF) promoted Roz Lipsey to chiefoperating officer, succeeding Tim Bossidy, who served as an interim COO since2020.

Lipsey has been part of the company's executive management team since 2020.Prior to the promotion, she served as senior vice president of businessoperations.

Find out all about the latest executive moves at:

* Urban-Gro, MediPharm Labs, RWB, Isracann Biosciences, MedMen

Top Stories Of The Week

Check out the top stories on Benzinga Cannabis this week:

* Women Of Color First Cannabis Dispensary, Josephine & Billie's, With Brands From Jay-Z's The Parent Co, Curaleaf & More * This Cannabis Stock Has Beaten Microsoft, Netflix, Apple And Facebook * EXCLUSIVE: CBD Censorship Continues Amidst Ongoing Cannabis Legalization Trend * Is Aurora Cannabis' Stock Overvalued Or Undervalued? * New Cannabis Products: Dr. Dabber's Dab Attachments, An Ultrasonic Bong Cleaner * New Cannabis Products: CBD Sparkling Water, Non-Alcoholic Gin, Bourbon, Tequila, A Cannabis 'Spirit' * California Cannabis Delivery Service To Deliver Something Even More Essential: Help With Bureaucracy * Acapulco Gold For Silver Anniversary: California's Heavy Hitters Launch 'HVY Grand,' First Liquid Trichome Cannabis Tincture * These Are The Cannabis Industry's Biggest Tricks and Treats So Far * Clash of the Titans: Can Cannabis Culture and Big Business Co-Exist?

Top Spanish Stories

* Empresas de Psicode'licos que Cotizan en Bolsa en EEUU: una Lista Completa * Los Expertos Eligen a sus Candidatos: ?Quie'n Ganara' la Red Bull Argentina 2021? * ?La Marihuana es Adictiva? La Diferencia entre Adiccio'n y Dependencia

* Exclusiva: Lamar Odom Revela Todo sobre su Relacio'n con los Psicode'licos * ?Lo U'nico Constante es la Transformacio'n?: Sobre Sanar y Crearse a Si' Misma, Hongos Ma'gicos y Redes de Mujeres con Dignity * Rompiendo Prejuicios: Dos Equipos de Fu'tbol Femenino Son Sponsoreados por Emprendimientos Canna'bicos * LEGAL, Capi'tulo VII: Planta Sagrada con Meche Ponce De Leo'n * Consejos para Hablar de Cannabis en Instagram y TikTok en el 2022 * Nuevos Fichajes en la Escena Nacional: Sixto Yegros y Panther se Suman a Sponsor Dios, el Sello del Legendario YSY A * Shiba Inu (SHIB) Predicciones de Precio ?Hacia Do'nde Va la Criptomoneda ?Meme?? * Co'mo Comprar FLOKI INU, la ?Shiba Killer? Asociada a Kimbal Musk

Lead image by Ilona Szentivanyi. Copyright: Benzinga.