Stocks

Canada will conduct a legislative review of its landmark cannabis legalization law, its first such review since cannabis became legal for adults nationwide in October 2018.

Researchers at California Polytechnic State University and The University of New Mexico found that stock market returns for major pharmaceutical firms were 1.5-2% lower 10 days after the passage of cannabis legalization reforms.

Dan Bilzerian’s Ignite International Brands is being investigated by the US Security and Exchange Commission and under regulatory investigation in Canada for alleged financial violations.

A recent memo from the Biden Administration suggests that White House applicants who have invested in the legal cannabis industry may be denied security clearances.

Tilray CEO Irwin Simon said the growing U.S. cannabis industry will represent a $100 billion opportunity by the time widespread legalization is achieved.

Hightimes Holding Corp. has purchased a cannabis social consumption lounge in California for $6 million in a mostly stock deal although the current stock value for the media company is essentially zero.

Canopy Growth announced its plan to acquire Jetty Extracts as soon as the U.S. federal government legalizes cannabis.

Canadian cannabis producer Canopy Growth announced this week it was laying off 245 employees — about 8% of its workforce — in an effort to reduce losses and approach profitability.

In celebration of 4/20 today, the team at Leafly rang the opening bell this morning for the Nasdaq stock exchange.

Leafly Holdings Inc. commenced trading this week on NASDAQ under the ticker symbol LFLY.

Pfizer is making its move into the cannabis space with the acquisition of Arena Pharmaceuticals, Inc. in a $6 billion, all-cash deal.

springbig, a cannabis industry loyalty and marketing company, is planning to go public on the Nasdaq after their merger with Tuatara Capital Acquisition Corp. closes early next year.

Curaleaf has agreed to acquire Tryke Companies, which owns and operates two retail dispensaries in Arizona and four in Nevada, for $286 million in a cash and stock deal.

Two executives for cannabis company CanaFarma Corp. are accused of defrauding investors out of at least $4 million.

Cannabis firms Ayr Wellness Inc., Curaleaf Holdings Inc., and The Parent Company each announced acquisition deals on Monday for $80 million, $67 million, and $65.2 million, respectively.

Republican Congresswoman Virginia Foxx has made six investments in Marlboro cigarettes’ parent company, Altria Group Inc., which in turn, has invested $1.8 billion into a Canadian cannabis producer.

TerrAscend Corp. is set to acquire Michigan-based Gage Growth Corp. in a $545 million all-stock deal. The combined business will have operations in five states and Canada.

TILT Holdings is partnering with Long Island, New York’s Shinnecock Indian Nation to establish vertical cannabis operations on their tribal territory in the Hamptons.

Tilray has acquired the majority of outstanding senior secured convertible notes of MedMen, setting the Canadian firm up to obtain a “significant equity position” in the U.S.-based MSO.

PharmaCann is planning an initial public offering that could value the company at over $1 billion, according to a Reuters report.

Leafly announced on Monday it plans to go public on the NASDAQ via a reverse takeover with Merida Merger Corp.

Green Thumb Industries last week acquired Dharma Pharmaceuticals, one of Virginia’s four medical cannabis processing companies and the only cannabis producer in Southwest Virginia.

Former CannTrust officials have been charged for making efforts to conceal the illegal growing of cannabis at CannTrust facilities over a 10-month period—the investigation ultimately forced the company to destroy $65 million worth of inventory.

Weedmaps Holding Company LLC on Wednesday began trading on the Nasdaq following a takeover of Silver Spike Acquisition Corp.