INCR released quarterly earnings this week
Welcome back to our weekly series, Schaeffer’s Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks this week, and look ahead to how the cannabis industry will continue to develop in 2022.
Here is a quick roundup of major cannabis stock news during this holiday-shortened week:
Through the Clever Leaves Holdings Inc. (NASDAQ:CLVR) partnership with InterCure Ltd (NASDAQ:INCR), CLVR announced this week that the first commercial export of of medicinal THC flower will ship to Israel from its facility in Portugal. According to CLVR, “Israel has been a strategic market focus for Clever Leaves and InterCure’s position as a market leader further solidifies our plans for growth in the region. In addition to this being representative of our continued global expansion, it proves that our products can meet the most stringent regulatory standards in the world.” Clever Leaves stock is down a whopping 89% over the past 12 months but has made a slight 4% recovery over the past 30 days.
In addition to being part of the first commercial export of flower to Israel this week, InterCure also released its financial results for the second quarter of 2022. The report featured a 100% increase year-over-year in revenue of $27.86 million and cited that the second quarter was INCR’s tenth consecutive quarter of high growth. According to INCR, “InterCure is focused on developing and launching the world’s leading pharmaceutical grade medical cannabis products in parallel to the global expansion of our production and distribution platform.” Unlike almost all other cannabis stocks that have stayed deep in the red on a 12-month rolling measure, InterCure stock is actually slightly in the green, up 5% year-over-year.
Tilray Medical, Tilray Brands, Inc. (NASDAQ:TLRY) subsidiary, announced the launch of its latest cannabis education platform this week in Germany, France, the United Kingdom, and Portugal. The content, called WeCare-MedicalCannabis, focuses on educating both healthcare professionals and patients in order for both to make informed decisions about medical marijuana. According to TLRY, “As global pioneers in medical cannabis, we are aware of the lack of access to science-based, medical cannabis education. As cannabis legalization continues to expand across Europe, Tilray Medical is dedicated to help provide informed and trusted guidance for those interested in learning more about medical cannabis.” Tilray stock is currently down 73% year-over-year but has recovered 16% over the past 30 days.
This week, Incannex Healthcare Limited ADR (NASDAQ:IXHL) was approved to begin its phase 1 clinical trial focused on its anti-inflammatory medication IHL-675A. The approval, received from the Bellberry Human Research Ethics Committee, allows Incannex to continue investigating IHL-675A which is a combination cannabinoid medication that contains CBD and hydroxychloroquine that has demonstrated potential in improving symptoms of rheumatoid arthritis, inflammatory bowel disease and lung inflammation. According to IXHL, “The aims of the trial are to demonstrate that there are no, or minimal, additional side effects associated with the combination of CBD and HCQ compared to each drug alone and that the uptake and metabolism, otherwise known as pharmacokinetics, of the two drugs do not materially interfere with one another”.
Greenlane Holdings, Inc. (NASDAQ:GNLN) sold off its stake in VIBES Holdings LLC for a profit of $5.3 million in an effort to get the cannabis company closer to profitability. According to GNLN, “We are pleased to bring in $5.3 million through this sale. We are even more pleased to see one of our brands privately valued at six times more than where our total business is currently being valued in the public markets. We admire the VIBES brand and its premium products and look forward to working strategically with the ownership group to ensure that VIBES continues to expand and succeed in the marketplace. As a distributor, we will continue to support our customers, while immediately improving our balance sheet through the sale of our interest.” Greenlane stock is deep in the red year-over-year, losing nearly 95% of its value.
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