The Week In Cannabis: FDA Approves Epidiolex, Brett Favre Joins The Industry, Stocks In Red

In a week where markets were up, cannabis stocks were mostly declining.

The week started off on a good note, with GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH) and Greenwich Biosciences Inc. jointly announcing FDA approval for Epidiolex, an oral solution aimed to manage seizures related to tuberous sclerosis complex. The companies said the age range includes patients one year of age and older.

Besides the new indication, EPIDIOLEX, which is plant-derived CBD medicine, can also help those suffering from seizures linked to Lennox-Gastaut and Dravet syndromes. Initially, the medicine is approved by the FDA for treating both syndromes in patients two years of age and older.

Illinois adult-use cannabis sales remained strong in July, hitting around $61 million. That’s a monthly increase of roughly 28%.

In Michigan, speculation mounted around new cannabis licenses. According to some reports, starting Nov. 1, businesses and individuals aspiring a recreational marijuana license in Michigan may no longer need to be a medical marijuana license holder.

Upon contacting the agency, David Harns, Interim Director of Communications for Michigan’s Department of Licensing and Regulatory Affairs, said that the agency is leaning towards allowing standalone recreational marijuana licenses, but the decision has not yet been formalized.

Michigan’s Marijuana Regulatory Agency will continue talks with key stakeholders and provide an official update when the measure has been officially confirmed.

NFL Hall of Famer Brett Favre officially joined the CBD industry. The long-time Green Bay Packers quarterback signed on to be a brand ambassador for Green Eagle, a new CBD brand.

WeedMD Inc.(TSXV: WMD) (OTC: WDDMF) closed a deal with MM Technology HoldingsLLC, the owner of Mary’s Brands. Pursuant to the agreement, WeedMD opted to produce a suite of Mary’s Medicinals’ products, including transdermal gels and patches, as well as topicals.

Cronos Group (NASDAQ: CRON) reported a second-quarter net loss of $107 million, and a $40-million impairment charge related to a cannabidiol deal with CBD brand Lord Jones and a $35.9-million noncash loss related to an investment from cigarette conglomerate Altria Group (NYSE: MO).

“In the second quarter of 2020, we continued our progress despite unprecedented shifts in our industry and the global economy,” Cronos CEOMike Gorenstein said in a prepared statement.

TerrAscend Corp. (CSE: TER) (OTC: TRSSF) released its preliminary results for the second quarter of the 2020 fiscal year. The New York-headquartered company anticipates net sales of $47.2 million. That’s a sequential and year-over-year increase of 36% and 169%, respectively.

More on these and other results on Benzinga Cannabis’ Earnings Center.

ETFs were mostly down. Over the five trading days of the week:

  • ETFMG Alternative Harvest ETF (NYSE: MJ): lost almost 3%
  • AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 0.35%
  • Cannabis ETF (NYSE: THCX): dropped 2.2%.
  • Amplify Seymour Cannabis ETF (NYSE: CNBS): was down 2.2%.
  • SPDR S&P 500 ETF Trust (NYSE: SPY) was up 2.4%.

Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF) teamed up with Berner’s Cookies to launch the first Nevada-based Cookies store.

Mile High Labs and isolate secured additional funding through a Series B equity financing round, which was led by a serial entrepreneur and billionaire John Paul DeJoria.

Halo Labs Inc. (NEO: HALO) (OTC: AGEEF) finalized a takeover of Outer Galactic ChocolatesLLC. The Toronto-based company purchased Outer Galactic for roughly CA$230,000(US$172,003).

Beth Stavola has resigned from New York-based iAnthus Capital (OTC: ITHUF), where she was both director and chief strategy officer. The reason behind Stavola’s departure was not revealed by the company, which confirmed the exit late Tuesday.

Benzinga Cannabis’ content is now available in Spanish on El Planteo.

Sol Clahane, vice president and general manager for the U.S. region for Canopy Growth Corp. (NYSE: CGC) joined the Benzinga Cannabis Advisory Council, ahead of our August 18 Virtual event.

Curaleaf Holdings Inc. (OTC: CURLF) has been one of the hottest cannabis MSO stocks in recent months, and one Wall Street analyst said Tuesday that the stock may be headed even higher following the closing of its Grassroots acquisition.

Cantor Fitzgerald analyst Pablo Zuanic reiterated his neutral rating for Curaleaf and raised his price target from $7.50 to $10.

Advanced Nutrients and CNN Entertainment dropped the trailer for “The Next Marijuana Millionaire,” a reality show that pits “sixteen budding entrepreneurs” against each other in various trials and contests for the chance to win a grand prize of $1 million.

Read our weekly psychedelics news roundup: ‘Psyched’: Canada Makes Psilocybin History, Usona Publishes New Method for Psilocybin Synthesis

Kadenwood announced its first on-shelf retail partner. Regional grocer, Food Lion will begin carrying Kadenwood’s LEVEL SELECT brand of performance CBD Sports Creams and Roll-Ons across 1,000 of its stores this month, starting with its locations in Raleigh, NC. 

“As a brand, we’re excited to be making our first big step into brick and mortar retail and making quality CBD products more accessible to consumers,” said Dickens. “As a co-founder of the brand, I couldn’t be happier to be making our first in-market introduction of LEVEL SELECT in my hometown.”

Talaria Transportation, a privately held company specializing in secure, compliant logistics for the cannabis industry, expanded its fleet network with new headquarters in Columbus, Ohio. The company has developed logistic partnerships with licensed cannabis cultivators, dispensaries, and brands across 14 state markets.  

Omura, a heat-not-burn technology platform that uses pre-filled Flowersticks to provide a smoke-free option for the consumption of whole flower cannabis, announced an agreement to bring the Revolutionary Clinics brand to the Omura platform.

“The revolutionary spirit is at the forefront of everything we at Rev Clinics and it’s clear that Omura shares that sentiment when it comes to whole flower consumption, so it’s a natural partnership. Both organizations are passionate about sustainability in the cannabis space and we can’t wait to launch this fall,” said Tom Schneider CMO of Revolutionary Clinics. 

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Lead image by Ilona Szentivanyi. Copyright: Benzinga.

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