The United States saw four other states, including New York, Virginia, New Mexico and Connecticut, legalize recreational marijuana in 2021. While South Dakota passed a voter-driven legalization measure approved in 2020, it was reversed by the Supreme Court in 2021.
This leaves the 20 states in which recreational cannabis is legal to start in 2022. As of late 2021, marijuana is classified at the federal level in the United States as a Schedule I substance under the Controlled Substances Act. In other words, the cultivation, distribution, and possession of cannabis is still illegal at the federal level.
Plus, here’s a quick summary of the most important cannabis stock news from last week (and worth the work!):
Weekend abbreviated start on Tuesday, a wholly owned subsidiary of Evogene Ltd. (NASDAQ: EVGN)Canonic has reported positive results from its preclinical studies focused on inflammation and pain modeling systems found in Israel. Based on preliminary findings, EVGN has identified certain cannabinoids from the group of precision medical marijuana products that relieve inflammation and pain. The first (hopefully) of many Canonic medical cannabis products is expected to be launched in Israel by 2023.
Tuesday also featured a socially conscious ad from a major name for hydroponics, GrowGeneration Corp. (NASDAQ: GRWG) Confirm partnership with Harvest 360 Technologies, LLC has focused on launching a program in the United States to support social equity applicants. According to the GRWG, “Today we are announcing NEXTGEN, the first initiative in our goal of supporting social justice and inclusion of diverse applicants, including minorities, women and seasoned entrepreneurs, to identify and empower small farmers.”
Board of Directors in Urban-gro, Inc. (NASDAQ: UGRO) agreed $2 million increase for the cannabis company stock buyback program on January 18. Now Urban-gro can buy up to $7 million of its common stock on the open market or in the private sector as long as UGRO follows the described guidelines. UGRO shares jumped 4% on the news.
Spotify Technology SA (NYSE:spot) Officially Viewer Brand Application of US Software Inc. for a cannabis program called POTIFY. Tuesday, tThe US Patent and Trademark Office’s Trademark Trial and Appeal Board (TTAB) has upheld the opposition that the POTIFY trademark will dilute and distort trademarks held by Spotify.
On Wednesday, Martha Stewart and Canopy Growth Corp. (Nasdaq:CGC) Martha Stewart launched CBD Wellness Topicals. Stewart’s CBD line with CGC already includes other CBD-infused products like gummies, softgels, and oils. According to Stewart, “I believe living well can be simplified by focusing on practical and effective solutions, which is why I created this line of CBD Wellness Topicals with the Canopy Growth team. “
The Queen’s Punch Court in Alberta gave final approval on Wednesday to Sundial Growers Inc. (NASDAQ:SNDL) For all available shares in Alcanna Inc. The two companies’ boards of directors have unanimously approved the deal while Alcanna shareholders have yet to approve the takeover at this time.
I.M. Cannabis Corp. (NASDAQ: IMCC) It was announced Wednesday that its wholly owned subsidiary, Trichome JWC Acquisition Corp. Completed the export of 399 kg of dried cannabis to Focus Medical Herbs Ltd. in Israel. Focus Medical is leading the launch of the medical marijuana market in Israel in the first quarter of 2022 under the WAGNERS brand.
On December 20 Agrify Corporation (NASDAQ: AGFY) It reported that bookings for the fourth quarter of 2021 closed at more than $250 million, which is $150 million more than AGFY’s previous fourth-quarter guidance of $100 million. New bookings are the unit of measure used in evaluating Agrify’s sales of its agriculture and extraction products. According to the CEO of AGFY, 2021 was a transformative year for Agrify. We have seen significant and consistent improvement in our financial results on a quarterly basis. In addition, the introduction of our TTK solution has proven to address many of the pain points in the rapidly evolving cannabis and cannabis industry, while at the same time creating compelling, long-term value for our shareholders.”
A change of management took place on Thursday at its Canadian headquarters Kronos Group (NASDAQ:krone) which included the promotion of John Grace to Senior Vice President and Chief Operating Officer for North America. Griese was previously Chief Operating Officer of The Supreme Cannabis Co until it was acquired by Canopy Growth Corp. This promotion was conducted without an official press release from Cronos Group.