YCBD announced sponsorship of controversial golfer Patrick Reed
Welcome back to our weekly series, Schaeffer’s Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks last week, and look ahead to how the cannabis industry will continue to develop in the 2021.
Investor interest in the cannabis industry is growing at an explosive growth 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, more and more companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.
Here is a quick roundup of major cannabis stock news this week:
Canopy Growth Corporation (NASDAQ:CGC) and The Supreme Cannabis Company announced on April 8 that it had entered into a definitive arrangement agreement under which Canopy Growth will acquire Supreme Cannabis in a transaction valued at approximately $435 million on a fully diluted basis.
cbdMD, Inc. (NYSE:YCBD), one of the leading and most highly trusted and recognized cannabidiol (CBD) brands, announced on April 8 that it has signed an exclusive CBD sponsorship with highly decorated yet controversial professional golfer and 9-time PGA TOUR winner, Patrick Reed, to become the latest high profile member of Team cbdMD.
FSD Pharma Inc. (NASDAQ:HUGE) received a Notice of Appeal on April 5 from FSD related to the March 5 decision by the Ontario Superior Court of Justice. The decision ordered FSD Pharma to move up the date of its previously called annual shareholders meeting from June 29 to May 14 and to retain an independent chair to preside over the meeting, and prevent directors from voting recently issued shares.
Another law firm, Rigrodsky Law, P.A and Monteverde & Associates P.C., announced on April