As we have seen before as recently as November of 2021, cannabis stocks are floating higher on cannabis legalization movement in Washington, D.C. However, what happened back in November seems to likely recur now: no tangible progress on federal cannabis legalization. The Marijuana Opportunity Reinvestment and Expungement (MORE) Act made its way through the U.S. House of Representatives by a vote of…
220-204. Cannabis legalization reform has cleared the House of Representatives again and is on the table for a vote in the Senate now.
In addition, here is a quick summary of the major (and action-worthy!) cannabis stock news from last week:
For an in-depth look at Canadian cannabis trailblazer Tilray (NASDAQ:TLRY) stock’s major boost off of earnings delivered on Tuesday, click here.
Manitoba Harvest, a wholly-owned subsidiary of TLRY, announced the launch two new hemp-based products at Whole Foods Markets, wholly owned by Amazon.com (NASDAQ:AMZN), nationwide on Wednesday. The two new products, Hemp+ Matcha and Hemp+ Supergreens powders will be available for purchase this month.
On Tuesday, InterCure Ltd. (NASDAQ:INCR) released record-breaking results for the fourth quarter of 2021. The record-breaking revenue of $33 million CAD ended up being three times higher than its year-over-year counterpart in 2020. Q4 of 2021 marked INCR’s sixth consecutive quarter of positive operational cash flow and INCR’s eighth consecutive quarter of double-digit year-over-year growth. To round it out, InterCure delivered more than one ton of medical cannabis product and effectively delivered 30% of Israel’s total medical cannabis for the quarter.
News broke on Wednesday that, upon the launch of PepsiCo, Inc’s (NASDAQ:PEP) new Rockstar drink infused with hemp, the U.S. Naval War College’s (NWC) Drug and Alcohol Program Advisor to send out a notice members of the U.S. Navy. According to the advisory, “Rockstar Energy now produces ‘Rockstar Unplugged, a newer energy drink infused with hemp seed oil that will cause you and your Sailors to pop-positive on drug tests.” Additionally, “Sailors and Marines are prohibited from using any product made or derived from hemp, including CBD, regardless of the product’s THC concentration, claimed or actual, and regardless of whether such product may lawfully be bought, sold, and used under the law applicable to civilians. Please be mindful of the food / beverages you consume.” While hemp is legal in the United States, the military’s position is that consumption of these potentially mislabeled products could cause service members to test positive for THC until there is definitive regulation by the FDA.
Agrify Corporation (NASDAQ:AGFY) announced a new partnership with Greenlight Cannabis on Wednesday with the assignment of providing premium grow solutions for Greenlight’s cultivation facilities. As part of the partnership agreement, AGFY will install…
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