Support for full federal legalization of cannabis is at an all-time high, with 60% of adults believing that marijuana should be legal for both medical and recreational use. This is consistent with the fact that Americans now have access to either medical or adult-use cannabis under state laws in most states: Since 2012, 18 states and Washington, D.C., have legalized adult-use marijuana, while 37 states have legalized medical marijuana.
Republicans have introduced a bill to legalize the cash crop federally, it is only a matter of time before a lot of the red tape holding some companies back is removed.
If you are interested in this industry, several companies have made announcements this week that could move their markets.
Greenlane Holdings, Inc. (NASDAQ:GNLN)
GNLN announced their Q3 numbers this week and they were quite impressive. Total revenue increased 16% to $41.3 million for the third quarter, compared to $35.8 million last year at this time. This was driven by their Greenlane Brands recording its second-highest sales level in Company history, $8.4 million, up 26% from last year’s $6.7 million mark. The company now targets $70 million for 2022 and $100 million for 2023. Their recent merger with KushCo, could help the company achieve these numbers.
Neptune Wellness Solutions, Inc. (NASDAQ:NEPT)
NEPT another health & wellness CBD play, announced this week its Board of Directors has approved a comprehensive action plan to unlock shareholder value. The plan aims to deliver over $10 million USD in annual savings by streamlining their operations to focus on their 3 core operations: Sprout Foods, Biodroga, & cannabis.
Curaleaf Holdings, Inc. (OTCMKTS:CURLF)
CURLF announced a distribution deal this week with Southern Glazer’s Wine & Spirits, the world’s largest distributor of beverage alcohol. The Agreement will bring Curaleaf’s lineup of products from their eponymous Hemp and Select CBD product lines into Southern Glazer’s distribution network.
OrganiGram Holdings, Inc. (NASDAQ:OGI)
OGI announced this week the company will report earnings results for its fourth quarter and full year fiscal 2021 ended August 31, 2021 on Tuesday, November 23, 2021 before market open. Investors who want to register for the 8:00 am EST conference call discussing the numbers should visit the following link:
CV Sciences, Inc. (OTCMKTS:CVSI)
CVSI a supplier and manufacturer of hemp cannabidiol (CBD) products, announced a convertible note financing with an institutional investor for a gross total of $5.3 million. The convertible notes, due 2022 in the aggregate original principal amount of $1.06 million. This note will allow the company the option of offering and selling up to an additional $4.24 million in aggregate principal amount of notes at additional closings.
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