9 Cannabis Stocks Lighting Up The News Cycle

Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks and look ahead to how the cannabis industry continues to shape up in 2021.

Investor interest in the cannabis industry is growing at an explosive rate, and the leading players continue to break through legal barrier after legal barrier, especially in the United States. More than 40 U.S. states legalized recreational and/or medical marijuana by the end of 2020. Now, companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.

Cannabis stocks, marijuana stocks, pot stocks, CBD stocks

Here is a quick roundup of major (and action-worthy!) cannabis stock news from this week:

Akerna (NASDAQ: KERN) announced that the cannabis-focused enterprise company plans to acquire 365 Cannabis in a move to "become the most comprehensive cannabis ERP system offering a complete portfolio of tax, financials, reporting and compliance systems," according to Monday's press release. The acquisition is expected to cost KERN approximately $17 million.

After becoming the Official CBD Partner of the 2021 NOBULL CrossFit Games in July, cbdMD, Inc (NYSE: YCBD) announced four new CrossFit athlete ambassadors including Justin Medeiros, Annie Thorisdottir, Noah Ohlsen, and Brent Fikowski. According to the September 13 announcement, these ambassadors have a total reach of 3 million on Instagram and provides YCBD with significant access to the CrossFit worldwide network of gyms and members.

On September 13, InMed Pharmaceuticals (NASDAQ: INMexpanded its reach in the rare cannabinoids development space through the intent to definitively acquire privately-owned rare cannabinoid manufacturer, BayMedica. With this transaction, INM will officially become a revenue-generating company. According to InMed's President and CEO Eric Adams, "This is a transformative transaction for InMed. This acquisition gives us a breadth of synthetic cannabinoid manufacturing capabilities to deliver high quality, cost-effective rare cannabinoids for any segment of the market from consumer-packaged goods to prescription pharmaceuticals.”

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