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High Tide Inc. (NASDAQ: HITI), Canada&#39;s largest cannabis retailer, welcomed the Alcohol and Gaming Commission of Ontario&#39;s decision &#34;to permit retail cannabis licensees to enter into agreements with licensed producers related to store brand or white label cannabis produ

Canada&#39;s Largest Cannabis Retailer, High Tide, Welcomes Gov&#39;s Decision On White Label Products

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Below is a recap of the main news related to the cannabis industry and markets for the week of January 24, 2022.




Contents

The Week In Cannabis: Amazon Supports Legalization, NY Expands Its Medical Program, Stocks Underperform And More

BevCanna Enterprises Inc

RBC Capital analyst Deane Dray upgrades Flowserve (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLS#NYSE">FLS</a>) from Sector Perform to Outperform and announces $69 price target.

Upgrades

Price Target

Analyst Ratings

RBC Capital Upgrades Flowserve to Outperform, Announces $69 Price Target

EHang Holdings Limited ("EHang" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EH#NASDAQ">EH</a>), the world's leading Urban Air Mobility ("UAM") technology platform company, today announced that the Company's Board of Directors has approved a Share Repurchase Program, pursuant to which the Company may repurchase up to&nbsp;US$30&nbsp;million of its American Depositary Shares ("ADSs") or ordinary shares over the next 12 months.

Buybacks

EHang Holdings' Board Approved A Share Buyback Program Of Up To $30M ADSs Over Next 12 Months

HC Wainwright &amp; Co. analyst Joseph Pantginis reiterates Xenetic Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XBIO#NASDAQ">XBIO</a>) with a Neutral.

Reiteration

XBIO

HC Wainwright & Co. Reiterates Neutral on Xenetic Biosciences

HC Wainwright &amp; Co. analyst Oren Livnat reiterates Jazz Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JAZZ#NASDAQ">JAZZ</a>) with a Buy and maintains $200 price target.

JAZZ

HC Wainwright & Co. Reiterates Buy on Jazz Pharmaceuticals, Maintains $200 Price Target

Piper Sandler analyst Arvind Ramnani maintains Intuit (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) with a Overweight and lowers the price target from $768 to $765.

INTU

Piper Sandler Maintains Overweight on Intuit, Lowers Price Target to $765

PepsiCo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) today announced its agreement to acquire the remaining 50% interest in Sabra Dipping Company, LLC (Sabra) and PepsiCo-Strauss Fresh Dips &amp; Spreads International GmbH (Obela) and become the sole owner of these companies, which make Sabra and Obela products.
&nbsp;
Sabra and Obela are currently 50/50 joint ventures that had been formed between PepsiCo and Strauss Group to manufacture, distribute, and sell refrigerated dips and spreads. The Sabra joint venture is based in New York and operates in the U.S. and Canada. The Obela joint venture is based in Geneva and operates in Australia, New Zealand and Mexico.
PepsiCo has focused on the fresh dips category for over 15 years, forming Sabra and Obela as 50/50 joint ventures with the Strauss Group in 2008 and 2012, respectively. Sabra has become a leading hummus brand with nearly $400MM in retail sales in the U.S. This transaction will enable PepsiCo to continue to transform its portfolio and drive accelerated innovation to develop more products that meet the growing demand for positive choices from North American consumers.

PepsiCo Secures Full Ownership of Sabra and Obela with 50% Buyout

Piper Sandler analyst Brent Bracelin maintains Procore Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCOR#NYSE">PCOR</a>) with a Overweight and raises the price target from $70 to $90.

PCOR

Piper Sandler Maintains Overweight on Procore Technologies, Raises Price Target to $90

Shares of Reddit Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) nosedived by 6.2% to $148.11 per share in premarket, despite closing 16% higher at $158.02 apiece on Thursday. Technical analysis points towards a bullish trend, with the stock trading at overbought levels.
What Happened: Reddit&#8217;s shareholder, Advance Magazine Publishers Inc. plans to sell as much as $1.2 billion of the company&#8217;s stake, <a href="https://www.bloomberg.com/news/articles/2024-11-21/advance-magazine-said-to-seek-1-2-billion-in-reddit-share-sale">reported</a> Bloomberg on Friday morning. The company is said to be offering 7.8 million shares in between the range of $145.38-$148.54 each.
Advance Magazine Publishers is an arm of the Newhouse family publishing empire that owns Conde Nast. The company seeks to establish a credit facility using Reddit&#8217;s stake, while buying derivatives on Reddit&#8217;s shares, which allow it to indirectly maintain an ownership stake, reported Bloomberg.
Apart from this, Reddit faced an outage <a href="https://www.benzinga.com/24/11/42118134/reddit-resolves-another-outage-after-morning-disruptions-impact-72000-users">on Wednesday and Thursday</a> this week. This outage stems from an HTTP error, as per TechCrunch. The platform was able to resolve the issue later.
Also read: <a href="https://www.benzinga.com/24/11/42118134/reddit-resolves-another-outage-after-morning-disruptions-impact-72000-users">Reddit Suffers Second Disruption In Two Days</a>
Why It Matters: Technical analysis points towards strong support for the RDDT stock.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="276" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-1024x276.png" alt="" class="wp-image-660516" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-1024x276.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-300x81.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-768x207.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-1536x414.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final.png 1737w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Thursday&#8217;s closing price of $158.02 sits above its eight, 20, and 50-day simple moving averages, signaling a bullish trend. However, the stock's distance from its 100-day moving average of $75.59 suggests potential selling opportunities with the relative strength index of 79.18 indicating overbought conditions.
While RDDT stock could face volatility, if the stake sale report holds true its recent upgrade from Piper Sandler citing strong user growth metrics, makes it attractive in the longer term.
According to <a href="https://www.benzinga.com/quote/RDDT/analyst-ratings">Benzinga pro data</a>, Reddit has a consensus price target of $92.84 based on the ratings of 19 analysts. The high is $150 per share issued by Piper Sandler on Nov. 19 and the low is $54 apiece issued by New Street Research on March 26, 2024.
The average price target of $118.33 between Piper Sandler, Bernstein, and Citigroup implies a 19.28% downside for Reddit.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="374" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings-1024x374.png" alt="" class="wp-image-660511" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings-1024x374.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings-300x110.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings-768x280.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings.png 1071w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read next: <a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures">Donald Trump&#8217;s DOGE Initiative To Have &#8216;Marginal Impact&#8217; Says Analyst As Elon Musk Aims To Target Over $500B In Federal Expenditures</a>
Image via Shutterstock

Equities

Tech

RDDT

Reddit Tumbles 7% In Premarket Amid Advance's Stake Sale Announcement: Technicals Show Strong Support, But Selling Pressure Persists At Overbought Levels

Piper Sandler analyst Arvind Ramnani assumes PayPal Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) with a Neutral rating and announces Price Target of $88.

Initiation

PYPL

Piper Sandler Assumes PayPal Holdings at Neutral, Announces Price Target of $88

Outlook
For the fourth quarter of 2024, Sunlands currently expects net revenues to be between RMB450 million to RMB470 million, which would represent a decrease of 13.2% to 16.9% year-over-year.

Guidance

Sunlands Technology Expects Q4 Net Revenue Of RMB450M-RMB470M, Down By 13.2%-16.9% YoY

Sunlands Technology Q3 EPS $1.86 Up From $1.31 YoY, Sales $70.00M Down From $71.91M YoY

South Korean automaker Hyundai Motor Co&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) incoming CEO Jose Munoz is optimistic about the future of electric vehicles despite fears of EV tariffs and incentives getting dropped or reduced under the upcoming Donald Trump presidency.
What Happened: Hyundai decided to make a big investment in America during the previous Trump administration before the introduction of the Inflation Reduction Act (IRA) which provides incentives for the manufacturing of electric vehicles in the U.S., Munoz said in an <a href="https://www.youtube.com/watch?v=1E3zF6S2JaQ">interview </a>with CNBC. 
&#8220;The fact that Elon Musk is so close to Trump is probably good for electric vehicles, not bad. We are not planning our business based on incentives. We want to produce really great vehicles with great features,&#8221; he said. Munoz&#8217;s appointment as co-CEO of Hyundai will be <a href="https://www.benzinga.com/tech/24/11/42004380/hyundai-gears-up-for-trumps-return-to-white-house-elevates-us-chief-jose-munoz-to-co-ceo-appoints-former-us-diplomat-to-manage-external-affairs">effective from January. </a>
Why It Matters: In November 2023, Hyundai announced that it would <a href="https://www.benzinga.com/news/23/11/35768916/hyundai-announces-25-wage-hike-for-alabama-and-georgia-production-team-amid-labour-unrest">invest $12.6 billion in EV and battery manufacturing facilities in Georgia</a>, making it its largest investment outside South Korea. The first electric vehicle rolled off the assembly line in Georgia in October. 
Earlier this week, the company unveiled its Ioniq 9 three-row SUV which will roll out in the U.S. early next year. The Ioniq 9 will be up against other 3-row SUVs from rival automakers including Lucid Motors and General Motors and will be manufactured in Georgia. 
Hyundai now aims to have a lineup of 23 EV models by 2030.
Meanwhile, Wedbush analyst Dan Ives said Trump&#8217;s plan to get rid of consumer tax credits for EVs is actually not positive for Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). Eliminating the EV tax credit could pose a major challenge to the United States&#8217; EV transition. However, Musk, a prominent supporter of Trump, has <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">reportedly expressed his support </a>to Trump's team for ending the EV tax credit.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42058338/byd-makes-a-million-nevs-in-less-than-2-months" target="_blank" rel="noreferrer noopener">BYD Makes A Million NEVs In Less Than 2 Months After Beating Tesla For The First Time Since 2022 In Quarterly Revenue</a></li>
</ul>
Image via Flickr

HYMTF

TSLA

Tesla CEO Elon Musk's Proximity To Trump Will Benefit EV Industry, Says Incoming Hyundai CEO As He Shrugs Off Potential Tariff Threats

Mark Zuckerberg-led Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) on Thursday announced new efforts to combat the growing <a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32920991/woman-falls-for-crypto-scammer-on-tinder-loses-entire-401-k-savings-of-100-000">threat of &#8220;pig butchering&#8221; scams</a>, which have cost Americans billions of dollars each year.
What Happened: Pig butchering scams typically involve scammers building fake online relationships with victims before convincing them to invest in fraudulent investment schemes, often involving cryptocurrency.
These scams take months to develop, with scammers using dating apps, social media platforms, and messaging apps like Telegram and WhatsApp <a href="https://www.benzinga.com/news/24/07/39991479/ferrari-executive-targeted-by-deepfake-scam-report">to lure in victims</a>.
The U.S. Institute of Peace estimates that up to 300,000 individuals were coerced into participating in scams globally by these criminal organizations, resulting in about $64 billion in stolen funds annually as of 2023.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle">Meta Confirms Layoffs Across Instagram, WhatsApp And Reality Labs Amid Strategic Reshuffle</a>
According to Meta, the tech giant has taken down more than 2 million scam-related accounts this year and will begin flagging potential scam messages across its platforms, including Facebook, Instagram, and WhatsApp.
Meta is sharing information with international law enforcement to help identify and shut down criminal networks behind these scams.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Pig butchering scams are a growing issue, with the FBI reporting nearly $12.5 billion in losses from online fraud in 2023 alone, marking a 22% increase from the previous year.
In May 2024, Meta, Match Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>), the owner of Tinder and Hinge, and several cryptocurrency firms formed a coalition.
Known as the &#8220;Tech Against Scams&#8221; coalition, these companies committed to exchanging information about scammers and improving user education.
However, that doesn't mean Zuckerberg's Meta has not faced criticism for its role in Fraud cases.
Earlier this year, South Korea&#8217;s antitrust regulator examined the possibility of <a href="https://www.benzinga.com/news/24/03/37554106/facebook-and-instagrams-marketplace-practices-under-ftc-radar-in-south-korea-for-user-safety-slip-up">sanctions against Meta</a> over alleged failures in consumer protection on its online marketplaces.
In December 2022, Zuckerberg faced a lawsuit for his platform&#8217;s involvement in a <a href="https://www.benzinga.com/markets/cryptocurrency/23/08/33981694/facebook-faces-expulsion-from-thailand-for-failing-to-crack-down-on-scams">marijuana investment scam</a>.
Some anti-scam advocates believe tech companies&#8217; efforts to combat pig butchering are insufficient and delayed.
Jake Sims, co-founder of Operation Shamrock, a global coalition dedicated to tackling scams and the criminal networks behind them, stated that merely warning users and occasionally removing accounts doesn&#8217;t address the full scope of the criminal activity involved.
&#8220;After three years of Meta's awareness of this problem on their platforms, the situation is getting worse, not better,&#8221; Sims <a href="https://www.nbcnews.com/tech/security/meta-removes-2-million-accounts-related-pig-butchering-scams-rcna181025">told</a> NBC News.
Price Action: Meta&#8217;s shares fell by 0.43% on Thursday, closing at $563.09, and dropped an additional 0.34% in after-hours trading, reaching $561.18 as of this writing, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42053801/alphabets-life-sciences-firm-verily-to-become-a-standalone-entity-disconnect-from-google">Alphabet's Life Sciences Firm Verily To Become A Standalone Entity, Disconnect From Google</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Meta

Social Media

MTCH

Mark Zuckerberg's Meta Cracks Down On $64B 'Pig Butchering' Scams Involving Dating Apps, Social Media And Crypto Investing

Macro Economic Events

Econ #s

Economics

Germany Services Purchasing Managers Index Preliminary For November 49.4 Vs. 51.8 Est.; 51.6 Prior

<h3>Companies Reporting Before The Bell</h3>
• Dynagas LNG Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLNG#NYSE">DLNG</a>) is estimated to report quarterly earnings at $0.28 per share on revenue of $38.34 million. 
• Pyxis Tankers (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PXS#NASDAQ">PXS</a>) is projected to report earnings for its third quarter. 
• Global Blue Gr Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GB#NYSE">GB</a>) is expected to report quarterly earnings at $0.07 per share on revenue of $135.94 million. 
• ZKH Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZKH#NYSE">ZKH</a>) is likely to report earnings for its third quarter. 
• IES Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IESC#NASDAQ">IESC</a>) is projected to report earnings for its fourth quarter. 
• Addex Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADXN#NASDAQ">ADXN</a>) is projected to report earnings for its third quarter. 
• Sunlands Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STG#NYSE">STG</a>) is expected to report earnings for its third quarter. 
• Destination XL Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXLG#NASDAQ">DXLG</a>) is estimated to report quarterly earnings at $0.03 per share on revenue of $113.46 million. 
<h3>Companies Reporting After The Bell</h3>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

ADXN

DLNG

DXLG

IESC

Earnings Scheduled For November 22, 2024

Germany Manufacturing Purchasing Managers Index Preliminary For November 43.2 Vs. 43.1 Est.; 43.0 Prior

France Services Purchasing Managers Index Preliminary For November 45.7 Vs. 49.0 Est.; 49.2 Prior

France Manufacturing Purchasing Managers Index Preliminary For November 43.2 Vs. 44.6 Est.; 44.5 Prior

STNE

Reported Earlier, StoneCo Announces R$2B Repurchase Plan, Replacing Previous Buyback Program

BENF

Reported Earlier, Beneficient Highlights TEFFI Impact: $126M Equity Gain, $3M Grants, And $5B Financing Capacity

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises Inc. has successfully closed the first tranche of its non-brokered priv...

BevCanna Completes First Tranche of Private Placement

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises Inc., a consumer packaged goods company, has filed amended and restated...

BevCanna Corrects Q1 Financials with Amended Statements

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises Inc., a lifestyle and wellness consumer packaged goods company, has suc...

BevCanna Completes Second Funding Tranche, Raises $100k

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises Inc. has announced the appointment of former MLA and cabinet minister R...

BevCanna Boosts Board with Strategic New Appointment

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises Inc., known for its diversified lifestyle and wellness products, has an...

BevCanna Expands Private Placement Financing to $1M

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises has revealed plans to convert $100,000 of secured promissory notes into...

BevCanna Converts Debt to Equity in New Shares Arrangement

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises Inc. has completed the conversion of a $100,000 debt into equity, issui...

BevCanna Converts Debt to Equity, Issues New Shares

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises Inc., a diversified lifestyle and wellness consumer packaged goods comp...

BevCanna Acquires Nutraceutical Firm to Boost U.S. Online Presence

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises Inc. is set to rebrand as Forte Group Holdings Inc., aiming to cement i...

BevCanna Rebrands as Forte Group to Boost Wellness Portfolio

BevCanna Enterprises (TSE:BEV) has released an update. BevCanna Enterprises, a diversified lifestyle and wellness consumer packaged goods company, ...

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