Weekly Roundup: Key Takeaways:

• Cresco Labs to Acquire 3 High-Performing Pennsylvania Dispensaries in a $90 Million Deal.
• Flora Growth is The Top Gainer in The Cannabis Sector This Week with Over 33% Gains.
• MedMen Reports 55% Year-Over-Year Quarterly Revenue Growth and Second Consecutive Quarter of Growth in Revenue and Retail Adjusted EBITDA.
• SOL Global to Repurchase Up to $30 Million in Shares between $4.05 and $4.25.
• Awakn Acquires Exclusive Rights to MDMA Research from Imperial College London.
• Curaleaf Introduces New Vape Hardware, Cliq by Select, which Features a Gravity-fed Pod.
• S. House Votes SAFE Banking Legislation into Defense Bill.
• House Committee Will Vote On Federal Marijuana Legalization Bill Next Week, Days After Banking Reform Advances.

Top Cannabis Gainer for This Week

Flora Growth Corp. (NASDAQ: FLGC)

Flora Growth Corp. (FLGC) is an internationally focused cannabis company that leverages natural, low-cost cultivation practices to supply cannabis derivatives to its diverse business divisions. The Company develops products that positively impact people’s health and wellness, from pharmaceuticals to consumer products.

Flora Growth brands include; Mambe, Mind Naturals, Almost Virgin, Flora Lab, and Stardog Loungewear. The Company was incorporated in 2019, and its headquarters are in Toronto, Canada.

This week Flora Growth Corp was the top gainer in the Cannabis Sector. On Friday, September 24, shares of Flora Growth closed up 33.72% at $6.90, with an estimated market cap of $289.9M. This massive gain in FLGC shares was contributed mainly by Flora Growth Corp. announcement that it intends to make an early leap into opening Cannabis Trade in Panama.

Just a few weeks ago, Panama’s National Assembly congress passed legislation that legalized medical marijuana. This move will undoubtedly attract many Companies in the Cannabis Sector to Panama, and Flora Growth is already making this ambitious move. This move will be beneficial to the growth of Flora Growth, and investors can already see the bigger picture; this is why Flora Growth’s share skyrocketed on Friday after this announcement.

Top Cannabis Stocks to Keep a Close Eye On

#1: MedMen Enterprises Inc. (OTCMKTS: MMNFF)

MedMen Enterprises Inc. (MMNFF) (MMEN.CN) cultivates, produces, distributes, and retails recreational and medicinal cannabis. The Company operates 25 retail stores in 6 states. MedMen Enterprises Inc. was founded in 2010, and its headquarters are in Culver City, California.

This week MedMen reported 55% year-over-year quarterly revenue growth and the second consecutive quarter of growth in revenue and retail adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).

In their Fourth Quarter Financial Report, MedMen reported that the Net revenue across MedMen’s continuing operations in California, Nevada, Illinois, Arizona, and Florida was $42.0 million for the fourth quarter, up 55.4% year-over-year. They also reported that the retail adjusted EBITDA margin rate from continuing operations was 22.0% for the fourth quarter. This is a sign of good progress from MedMen, and this is why investors should pay close attention to the Company.

#2: Cresco Labs Inc. (OTCMKTS: CRLBF)

Cresco Labs Inc. (CRLBF) (CL.CN) has appeared a couple of times in our weekly roundup articles on the cannabis sector. This week, Cresco Labs appears again because the Company continues to perform very well in the market.

On Thursday, September 23, Cresco Labs announced the execution of a definitive agreement to acquire 100% of the outstanding equity interests in Bay, LLC d/b/a Cure Pennsylvania (“Cure Penn“). The aggregate consideration amount for the Transaction is equal to Ninety Million Dollars (US$90,000,000) and will be satisfied at closing through the payment of cash and stock. The Transaction will be completed on a cash-free, debt-free basis with a mutually agreed-upon normalized target level of working capital. The closing of the Transaction is subject to, among other things, the approval and receipt of all required CSE and regulatory approvals. The Transaction is expected to close in Q4 of 2021.

This significant announcement had a substantial impact on Cresco Labs’ shares. On Friday, shares of Cresco Labs closed up 7.65% at $11.82, with an estimated market cap of $3.2B. Cresco Labs shares are expected to continue doing very well in the market, and this is why we feel that investors and traders must keep a close eye on Cresco Labs.

#3: SOL Global Investments Corp. (CNSX: SOL)

SOL Global Investments Corp. (SOLCF) (SOL.CN) is a principal investment firm focusing on the biopharmaceutical and cannabis industry in the United States. The Company is based in Toronto, Canada.

On Thursday, September 23, SOL Global announced its plans to repurchase up to $30 million in shares between $4.05 and $4.25. The announcement was a follow to the Company’s press release dated September 7, 2021.

In the announcement, SOL Global said that its board of directors had approved the launch and terms of a substantial issuer bid under which SOL Global will offer to purchase for cancellation up to $30,000,000 of its outstanding common shares (the “Common Shares”).

Subject to filing and/or obtaining the necessary exempted relief under applicable securities laws, the Offer will proceed through a “Dutch auction.” Holders of Common Shares wishing to tender to the Offer will be entitled to specify the number of Common Shares being tendered at a price of not less than $4.05 and not more than $4.25 per Common Share in increments of $0.05 per Common Share. Currently, shares of SOL Global are trading at $2.99 so the Company offering to buy shares at $4.05 means that the insiders know that the Shares are underpriced, and this is why investors should keep a close eye on SOL Global.

#4: Awakn Life Sciences Corp. (OTCMKTS: AWKNF)

Awakn Life Sciences Corp. (AWKNF) (AWKN.NE) has also been in the news with some good announcements and critical developments.

On Thursday, September 23, Awakn announced that it had acquired the exclusive rights to the data from the phase IIa Bristol Imperial MDMA in Alcoholism Study (BIMA) from Imperial College London, which has one of the world’s leading psychedelics research centers.

This data acquired will assist Awakn’s progress by enabling a better design and more efficient execution of its clinical program. Awakn will now accelerate its clinical research into a phase IIb randomized controlled trial (RCT) in the U.K. This is part of its strategy to secure marketing authorization for MDMA to treat AUD in both the U.K. and the European Union, a 400 million person territory.

The Chief Medical Officer of Awakn and the principal investigator of the BIMA study, Dr. Ben Sessa, said, “Drinking behavior outcomes from the BIMA phase IIa study that Awakn just acquired indicates that MDMA has the potential to be more effective at treating AUD, with only a 20% relapse rate within the first nine months. This compares very favorably with the current best available traditional treatments for patients’ post-detox with AUD”.

#5: Curaleaf Holdings, Inc. (OTCMKTS: CURLF)

Curaleaf Holdings, Inc. (CURLF) (CURA.CN) operates as an integrated medical and wellness cannabis operator in the United States. It operates in two segments, Cannabis Operations, and Non-Cannabis Operations. The Cannabis Operations segment engages in the production and sale of cannabis through retail and wholesale channels. The Non-Cannabis Operations segment provides professional services, including cultivation, processing, retail know-how, back-office administration, intellectual property licensing, real estate leasing services, and lending facilities to medical and adult-use cannabis licensees under management service agreements.

Wednesday, September 22, 2021, Curaleaf announced that it had introduced new vape hardware, Cliq by Select, which features a gravity-fed pod. The new vape hardware is designed to upgrade the consumer’s vaping experience significantly.

This new hardware debuted at Hall of Flowers on Wednesday, September 22, and will launch in Oregon, California, and Arizona in the following week. The hardware will then continue to roll out nationwide in states such as Massachusetts, Colorado, Florida, Maryland, Michigan, Nevada, New York, Connecticut, Maine, Utah, Ohio, and Pennsylvania. This is why we believe that Curaleaf is worth keeping a close eye on in the coming weeks.

Essential News and Reporting that Developed Throughout the Week in the Legislation and Legalization of Marijuana

A bill to federally legalize marijuana will be voted on by the House Judiciary Committee next week, the panel announced on Friday.

This development came one day after the House voted in favor of a defense spending bill that includes an amendment that would protect banks that service state-legal cannabis businesses from being penalized by federal regulators.

The bill was titled the SAFE Banking Act. The move by the U.S. House to vote SAFE Banking Legislation into Defense Bill is excellent progress as far as the Cannabis Sector is concerned because now bankers can help in financing companies in this sector without worrying about being penalized by federal regulators.

Democratic Party U.S. Representative for Colorado, Ed Perlmutter, who has relentlessly supported the bill, wrote in a tweet, “ICYMI – This week #SAFEBanking passed the House for a 5th time with overwhelming support. We cannot wait any longer to address this urgent public safety issue, and I will continue to push for its inclusion in the final NDAA.”