It was a relatively quiet week ahead of the Fourth of July. Nonetheless, a handful of announcements had the cannabis markets buzzing.
Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) plummeted after the company, focused on the development of cannabinoid-based therapies for rare and near-rare neuropsychiatric disorders, said its product cadidate, Zygel, did not meet the primary and secondary endpoints of a pivotal study dubbed CONNECT-FX that evaluated the safety and efficacy of the pipeline asset in Fragile X syndrome patients.
Canadian cannabis producer Organigram Holdings (TSE: OGI) (NASDAQ: OGI) announced it would reduce its staff by 25%, firing 220 employees.
In some positive news, Acreage Holdings Inc. (CSE: ACRG) (OTC: ACRGF) finalized the $10-million purchase of New Jersey’s Compassionate Care Foundation Inc. (CCF).
Lawn and garden care company Scotts Miracle-Gro (NYSE: SMG) (FRA: SCQA) announced it would launch a $50-million venture capital fund, 1868 Ventures. The fund will invest in early stage companies that align with its business model and possibly operate as partners.
Vertosa promoted vice presient Austin Stevenson to chief innovation officer. Stevenson will continue to establish Vertosa as a preeminent cannabis and hemp infusion technology provider, further developing its mission and framework for continued evolution. He will identify innovative initiatives, develop new profit centers and ensure promising projects are commercialized effectively, a company representative told Benzinga.
Prior to joining Vertosa, Stevenson leveraged his biotech experience building the regulatory hemp and CBD testing program for Eurofins Scientific, where he built and designed quality testing protocols for CVS and other retailers that carried hemp and CBD products. Stevenson is also a founding board member and elected treasurer of the Cannabis Beverage Association.
Over the five trading days of the week:
- The ETFMG Alternative Harvest ETF (NYSE: MJ): lost 2.3%.
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): slipped 2.5%.
- The Cannabis ETF (NYSE: THCX): tumbled 2.1%.
- The SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period up 1.57%.
Benzinga Cannabis content is now available in Spanish on El Planteo.
14th Round Inc. hired Paul Bozoki as its new chief financial officer ahead of a planned initial public offering.
High Times Holding Corp. entered into an agreement to acquire cannabis delivery service Mountain High Recreation.
Cannabis REIT Innovative Industrial Properties Inc. (NYSE: IIPR) expanded its previously announced underwritten public offering to around 2.683 million shares, at $83.85 each. The San Diego-based company secured $225 million in funding through the offering.
Pharmaceutical company Cannabis Sativa Inc. (OTCQB: CBDS) reported its revenue spiked 392% year-over-year, reaching $493,140 during the first three months of this fiscal year. Find more on this and other earnings reports at the Benzinga Cannabis Earnings Center.
Khiron Life Sciences (OTC: KHRNF) announced a distribution deal to import and sell medical cannabis in Germany. This is enabled by an agreement with German company Nimbus Health. Sales are expected to begin in the third quarter.
“Germany is a top three market in the world for cannabis right now. Last year there were just under 300,00 prescriptions in that market. We think that number will grow 10x over time. This deal gives us a footprint into that market,” Chris Naprawa, Khiron’s board chair and director, told Benzinga.
Green Point Research and Palmetto Industries announce a new partnership to develop a new industry-standard hemp storage bag that prevents mold and mildew. The proprietary weave design prevents the absorption of water and moisture in the stored hemp plants.
“The innovative hemp bag we’ve co-designed using advanced materials, sustainable packaging, and intelligent digital technology will benefit farmers and the entire industry, and we’re proud to have accomplished this with a Palmetto Industries, a global leader in bulk containers,” said Matt Turner, chief science officer at Green Point Research.
Newly launched Rescue CBD, which donated calming CBD oil to many animal shelters to help with the Fourth of July holiday, said it will continue to help shelters around the U.S. by request.
“This Fourth of July many animals will be stressed and anxious so it’s imperative that we do our part by providing our calming oil free of charge to local shelters across the country,” said Brian Sperazza, co-founder of Rescue CBD.
“We are excited about the launch of our company and being able to help many cats and dogs this holiday. The more people learn about the benefits of CBD oil for pets, the better off their pets will be, especially during days that would otherwise be stressful for them.”
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Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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