Trending News: Legal Cannabis Market Rallies on Favorable Political Developments

Thursday, November 8, 2018 General News
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NEW YORK, November 8, 2018 /PRNewswire/ --

U.S. Attorney General

Jeff Sessions resigned from his position on Wednesday. Sessions held a firm stance against cannabis, which made cannabis leaders worried that it may hinder their growth within the U.S. markets. According to a Forbes article,
many expected the Department of Justice to adopt and enforce Sessions' anti-cannabis views. For instance, earlier this year, Sessions' rescinded a 2013 DOJ memo, the Cole memo, issued by Attorney General James Cole during the Obama administration. The memo directed federal prosecutors not to enforce the federal cannabis ban in states that had already legalized cannabis use. Sessions' move threatened many states where cannabis was already legalized, regardless if it was for medical or recreational purposes. Democrats are now viewing Sessions' resignation as a step forward for the cannabis industry as regulations may change over time. CLS Holdings, USA Inc. (OTC: CLSH), GW Pharmaceuticals plc (NASDAQ: GWPH), Pyxus International Inc. (NYSE: PYX), Cronos Group Inc. (NASDAQ: CRON), Canopy Growth Corporation (NYSE: CGC)

U.S. listed cannabis stocks surged on Wednesday following the news, as the Horizon Marijuana Life Sciences ETF grew by 8.13%, while the Alternative Harvest ETF jumped by 7.06% at the closing bell. Stocks were also lifted following the midterm elections in which Utah and Missouri opted to legalize medical cannabis, while Michigan legalized recreational cannabis. Following the results, the U.S. now has 34 states and the District of Columbia that have legalized cannabis for either medical use, recreational use or both. According to the Boston Globe, citing Marijuana Business Daily, sales in Michigan are expected to begin in 2020 and are forecasted to generated as much as USD 1.7 Billion in revenue in the coming years. The U.S. market is now on pace to reach USD 11.0 Billion in sales this year. "Adding two more states with medicinal marijuana would mean almost 70% of Americans could have access to the drug for that purpose. Some in the industry see federal legalization of medical marijuana as the best path to ending prohibition in the U.S., which has held big banks and institutional investors on the sidelines," said Bloomberg reporters Kristine Owram and Craig Giammona.

CLS Holdings, USA Inc. (OTCQB: CLSH) earlier this week announced, "a closing of a $5.9 million investment. The private placement participation was from several existing shareholders demonstrating their confidence in the Company's business and strategy. The round was led by existing holder, Navy Capital, a cannabis-focused institutional fund based in New York City.

John Kaden, Managing Partner and Chief Investment Officer of Navy Capital, stated, "We are very pleased with the progress of CLS Holdings since our initial investment several months ago. We believe CLS Holdings possesses opportunity to be a premier vertically integrated cannabis business in Nevada and we are excited about their prospects in Massachusetts. We expect that CLS quickly will establish itself as one of the top companies in the emerging U.S. cannabis market."

About Navy Capital: Navy Capital's research-oriented, fundamentally-driven investment process focuses on identifying attractive opportunities within the legal cannabis space. Navy Capital seeks to find the best in class businesses within key verticals of the global cannabis industry. Those verticals include Consumer, Healthcare, Technology, Industrials, and Agriculture. Navy Capital invests in 20-30 publicly traded and select private companies that will gain market share over time in their respective verticals. Businesses that have recurring revenue and management teams that have a large share of their net worth in the company and are deeply passionate about their culture and customers are the most attractive to it. For additional information, please visit: https://www.navycapital.com .

About Oasis Cannabis (http://oasiscannabis.com ): Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. In August 2017, the company commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the fourth quarter of 2018.

About CLS Holdings USA, Inc. - CLS Holdings USA is a diversified cannabis company that, subject to receipt of certain anticipated regulatory approvals, acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada, and plans to expand to other states. CLS stands for "Cannabis Life Sciences," in recognition of the Company's patented proprietary method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services. For additional information, please visit: http://www.clsholdingsinc.com .

GW Pharmaceuticals plc (NASDAQ: GWPH), founded in 1998, is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. GW Pharmaceuticals plc recently announced that EPIDIOLEX® (cannabidiol) oral solution has been transferred to Schedule V, the lowest restriction classification, by the U.S. Drug Enforcement Administration (DEA). EPIDIOLEX, which was approved by the U.S. Food and Drug Administration (FDA) on June 25th, 2018 for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome in patients two years of age or older. It is the first prescription pharmaceutical formulation of highly-purified, plant-derived cannabidiol (CBD), a cannabinoid lacking the high associated with marijuana, and the first in a new category of anti-epileptic drugs (AEDs). "We are pleased that the DEA has placed EPIDIOLEX in the lowest restriction Schedule, because it will help ensure that patients with LGS and Dravet syndrome, two of the most debilitating forms of epilepsy, can access this important new treatment option through their physicians," said Justin Gover, GW's Chief Executive Officer. "With this final step in the regulatory process completed, we are working hard to make EPIDIOLEX available within the next six weeks as we know there is excitement for a standardized version of cannabidiol that has undergone the rigor of controlled clinical trials and been approved by the FDA."

Pyxus International Inc. (NYSE: PYX) is a global agricultural company with 145 years' experience delivering value-added products and services to businesses and customers. The Company recently announced that its indirect Canadian subsidiary, Goldleaf Pharm Inc., has received its Access to Cannabis for Medical Purposes Regulations (ACMPR) cultivation license from Health Canada. The license, awarded September 28th, 2018, permits Goldleaf Pharm to begin cultivating medicinal cannabis at its Simcoe, Ontario facility. "This is an important step, and an exciting time, for us at Goldleaf Pharm," said Larry Huszczo, Goldleaf Pharm's co-founder. "We have a state of the art 20,000 square foot indoor growing facility, and recently acquired 20-acres of adjacent property, giving us the ability to expand to more than 700,000 square feet of production space to cultivate cannabis. I am very proud of our team, which has worked diligently to meet Health Canada's requirements." Goldleaf Pharm is a subsidiary of Pyxus' indirect Canadian subsidiary, FIGR Inc. This latest milestone follows shortly after an announcement by FIGR that its Charlottetown subsidiary, Canada's Island Garden Inc. (CIG), received approval from Health Canada for the sale of medicinal cannabis oils. CIG previously announced a supply agreement with the province of Prince Edward Island for 1,000 kilograms/kilogram equivalent of cannabis products.

Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence across five continents. Cronos Group Inc. recently announced that it has entered into a sponsored research agreement with the Technion Research and Development Foundation of the Technion - Israel Institute of Technology, to explore the use of cannabinoids and their role in regulating skin health and skin disorders. The preclinical studies will be conducted by Technion over a three-year period and will focus on three skin conditions: acne, psoriasis and skin repair. Research will be led by Technion faculty members Dr. David "Dedi" Meiri, Head, Laboratory of Cancer Biology and Cannabinoid Research and Dr. Yaron Fuchs, Laboratory of Stem Cell Biology and Regenerative Medicine two of the world's leading researchers in cannabis and skin stem cell research, respectively. Dr. Meiri heads the Laboratory of Cannabis and Cancer Research with vast experience in cannabis and endocannabinoid research. Dr. Fuchs heads the Laboratory of Stem Cell Biology and Regenerative Medicine with years of experience in the biology of the skin and its pathologies. Development and implementation of the research will be conducted at Technion's Laboratory of Cancer Biology and Cannabis Research and the Lorry I. Lokey Interdisciplinary Center of Life Sciences and Engineering in Haifa, Israel. "We believe that the potential applications of cannabinoids to regulate skin health and treat skin disorders are vast, and we are excited to begin exploring these applications through our partnership with Technion," said Mike Gorenstein, Chief Executive Officer of Cronos Group. "Using rigorous data to develop efficacious topical and transdermal formulations will be key to creating differentiated products that provide quality treatments to our consumers and strengthen our brand portfolio."

wers are prepared to tackle. We intend to make some very rare and exciting products there."

Canopy Growth Corporation (NYSE: CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Constellation Brands, Inc. and Canopy Growth Corporation recently announced the closing of Constellation's CAD 5 Billion (USD 4 Billion) investment in Canopy Growth, which was previously announced on August 15th, 2018. The transaction was approved by an overwhelming majority of Canopy Growth shareholders and has been granted all required regulatory approvals, including by the Canadian government under the Investment Canada Act. This investment provides Canopy Growth with significant funding needed to build scale in the more than 30 countries currently pursuing federally permissible medical cannabis programs, while establishing the foundation needed to supply new recreational adult-use markets as cannabis becomes legal in markets around the world. "Our cash position opens up a world of opportunity for us," said Bruce Linton, Chairman and Co-Chief Executive Officer, Canopy Growth. "Relative to our valuation, we have never been in a better position to create shareholder value. This investment was a landmark moment for the entire sector when it was announced. Now that the capital is Canopy's to deploy, we're going to quickly get to work increasing our lead by adding strategic assets around the world."

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