Business Archives - Page 2 of 174 - Green Market Report

StaffStaffJanuary 15, 2020
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3min3860

Ten-time Grammy-winning and three-time Latin Grammy-winning guitarist and longtime cannabis advocate Carlos Santana announced his partnership with Left Coast Ventures to develop premium cannabis and hemp CBD brands. Influenced by his Latin heritage, these lines will provide consumers with high-quality products designed to leverage the power of historical remedies and allow consumers to discover and follow their light.

“Cannabis is a window or a door to different awareness of consciousness,” said Carlos Santana. “It gives you the choice to perceive through a different filter of awakening and healing, the misperception of distance as an illusion, which keeps you from being centered in your essence-core. It helps you arrive at knowing, accepting and owning a quality of life that is being with joy!”

Since the late 1960s, Santana has become synonymous with his signature sound, a fusion of world music, rock, blues and jazz that combines the timeless quality of rhythm, melody, and inspiration that celebrate and define Latin music. Similarly, these brands will honor Santana’s heritage while incorporating his divine philosophies by identifying strains and products that promote the spiritual consciousness and wellness effects of cannabis.

Santana joins a stampede of musicians hoping to parlay their musical fame to sales of branded CBD products. In the fall, John Legend announced his pairing with Plus Products, which started as a THC brand but also produces CBD products. Willie Nelson has a THC line called Willies Reserve, but he has a CBD line called Willie’s Remedy.

The Santana THC cannabis brand is expected to launch the summer of 2020 and will be available in select dispensaries across California. The company said that the line will include flower and pre-rolls. The hemp CBD brand will launch the fall of 2020 and will include topicals with traditional formulations inspired by Santana’s own family.

Left Coast Ventures has launched cannabis brands with other iconic musicians, including Mind Your Head with Mickey Hart of the Grateful Dead and Marley Natural, a collaboration with the Bob Marley estate.

“We are excited to launch cannabis and hemp CBD brands that deeply respect Latin heritage and celebrate the unique light of every individual,” said Left Coast Ventures CEO Brett Cummings. “It’s a true honor to work with a dynamic legendary musician like Santana who has influenced millions through his music and shares our values and passion to legitimize the future of cannabis.”


Debra BorchardtDebra BorchardtJanuary 15, 2020
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5min1620

Canadian-based cannabis company Organigram Holdings Inc. (NASDAQ:OGI) reported that its first-quarter 2020 revenue rose by 102% over last year to $25.15 million, which beat analyst estimates by $10.24 million. Last year the company reported $12.4 million for the first quarter of 2019. The earnings per share reported by Organigram were flat, but that also beat the estimates by two cents.

Organigram delivered a net loss of $0.9 million compared to net income from continuing operations of $29.5 million last year for the same time period saying it was “largely due to non-cash fair value changes to biological assets and inventories in the prior-year quarter.”

“Despite ongoing industry challenges, we are pleased with solid Q1 2020 results and our return to positive adjusted EBITDA during the quarter,” said Greg Engel, CEO. “Our team was also successful in shipping the first of our Rec 2.0 products as planned and on schedule in December of 2019. We also look forward to the launch of the remainder of our vape pen portfolio followed soon after by our premium cannabis-infused chocolate products. In addition to an exciting line-up of 2.0 products, we are rolling out a couple of new core strains, such as our high THC Edison Limelight, across the country following their success as limited-time-offers in smaller markets.”

The company also noted that it had $1.1 million in a provision for product returns and price adjustments. This compared to the fourth quarter 2019’s  $3.7 million in a provision for product returns and pricing adjustments. “The majority of the Q1 2020 provision was related to THC oils which have seen less than anticipated demand in the adult-use recreational market. The majority of the Q4 2019 provision was related to two slower selling stock-keeping units sold to the Ontario Cannabis Store, comprised of a bespoke order of lower THC dried flower intended to fulfill a supply gap in the market earlier in calendar 2019 and THC oils.”

Putting On The Brakes

The company also stated that it had a total target production capacity of 89,000 kilos per year, it was going forward at a more slow pace. Engel said on the company’s conference call, “We believe consumer demand in Canada continues to be suppressed by the lack of retail stores, particularly in the most populous provinces of Ontario and Quebec. We can more effectively manage cash allocation and put some of the capital to better use elsewhere. And the decision to delay completion as originally designed allows us to preserve flexibility to use portions of the 4C space for other strategic purposes. We will continue to monitor market conditions and believe we can finish foreseeing a relative short time frame should consumer demand warrant.”

Canada 2.0 Rollout

Engel also said on the call that the company’s Rec 2.0 rollout plans include three SKUs of its Trailblazer vape cartridges, and they were pleased with the response to date. “We expect to make our first shipment of our three SKUs of our Feather Edison pens as early as next week. And our PAX Edison cartridge, we expect to have out in calendar Q2. Our chocolate Edison truffle bites are expected to be in market soon as well followed by Trailblazer bars and Edison bars. And rounding out our portfolio of 2.0 products is our dissolvable powder product. Our R&D team has developed a proprietary nano-emulsification technology that is anticipated to provide an initial absorption of cannabinoids within 10 to 15 minutes.”

Capital

The company said that it has $34 million in cash and short-term investments and still has $30 million in available capacity on a term loan, which remains undrawn. CFO Paolo De Luca said, “Given our cash and short-term investments of $34 million, our $30 million of untapped committed credit facility, up to $25 million available under the revolver and a potential uncommitted $35 million under the credit facility plus the $22 million raised under the ATM, we believe we have created the necessary capital and liquidity cushion to write out any volatility in the capital markets.”


Debra BorchardtDebra BorchardtJanuary 15, 2020
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3min1380

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) said that it has upsized and closed a Senior Secured Term Loan Facility from a syndicate of lenders totaling $300 million. The notes for Curaleaf will bear interest at a rate of 13.0% per annum, payable quarterly in arrears, with a maturity 48 months from closing.

The company said that the proceeds will be used to refinance existing debt, satisfy transaction fees and expenses from previously announced acquisitions, fund capital expenditures and for general corporate purposes. The sole placement agent for the Facility is Seaport Global Securities LLC.

“We are pleased with the upsizing and closing of the deal at what we believe to be attractive terms,” said Joseph Lusardi, Chief Executive Officer of Curaleaf. “Most importantly we strengthened our balance sheet without diluting our existing shareholders. With the completion of this transaction, we have ample liquidity to execute on our strategy and are well-positioned to take advantage of the significant market opportunities that exist in this space.”

In October, Curaleaf amended its deal with Select. At the time Lusardi said, “We remain extremely confident in the strength and operations of the Select business and of the long-term prospects of the cannabis sector as a whole. We look forward to bringing our companies together to lead this industry as it continues to mature and grow. Expiration of the HSR waiting period was a key milestone in closing this transaction and we continue to work with state regulators to receive the necessary approvals with a target closing date of January 1, 2020.”

Utah

Earlier this week, Curaleaf said that it had received an important new permit in the state of Utah. The company announced in a press release Tuesday that it has won preliminary approval for a processing license there.

“We are pleased with the progress we are making in the state of Utah. Aligned with our strategy, this processing license puts us closer to achieving vertical integration in the state, which gives us greater control of production while lowering costs for patients,” said Lusardi. “We look forward to providing the people of Utah with increased access to high quality and reliable cannabis products.”

While pending final approval, the new license will allow the company to complete a Utah processing facility right away.

 


StaffStaffJanuary 14, 2020
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6min1720

It’s time for your Daily Hit of cannabis financial news for January 14, 2020.

On The Site

Aphria

Aphria Inc.  (TSX: APHA and NYSE: APHA) reported its results in Canadian dollars for the second quarter ending November 30, 2019, with revenue for adult-use cannabis increasing 46% sequentially to $29 million. Total net revenue decreased sequentially by 4% to $120.6 million but jumped 457% over last year’s second quarter.

The drop from the first quarter for Aphria was attributed to a decrease in distribution revenue from $95.3 million to $86.4 million associated with the change in the German government’s medical reimbursement model and seasonality in CC Pharma. However, the company said that this was partially offset by an increase in net cannabis revenue of $33.7 million from $30.8 million.

Aphria delivered a net loss of $7.9 million, but a positive EBITDA of $1.9 million in the quarter. Last year the company reported a net income of $54 million for the same time period. The company blamed the decrease in net income on provisions associated with its Tier 3 passive investment portfolio.

Tilray

Canadian-based cannabis company Tilray, Inc. (NASDAQ: TLRY) has turned to the mainstream corporate world for its latest hires. The company has appointed former Revlon employee Jon Levin as its Chief Operating Officer, who was formerly with Revlon, and former Molson Coors employee Michael Kruteck as Chief Financial Officer. The company said that Kruteck’s appointment will be effective immediately after filing the Annual Report on Form 10-K for the year ended December 31, 2019. Mark Castaneda, Tilray’s current CFO, will shift to the role of Strategic Business Development.

In Other News

Organigram

Organigram reported first quarter 2020 net revenue grew 102% to $25.2 million from $12.4 million in Q1 2019 wherein Q1 2019 adult-use recreational cannabis was only legalized on October 17, 2018. Q1 2020 net loss of $0.9 million or $(0.006) per share on a diluted basis compared to Q1 2019 net income of $29.5 million or $0.195 per share largely due to non-cash fair value changes to biological assets and inventories sold.

Q1 2020 net revenue of $25.2 million was largely comprised of about $16.7 million of sales to the adult-use recreational and medical markets and about $9.5 million to the wholesale and international markets with the negligible balance coming from other sources, partly offset by about $1.1 million in a provision for product returns and price adjustments. This compared to Q4 2019 net revenue of $16.3 million comprised of about $20.0 million of sales and about $3.7 million in a provision for product returns and pricing adjustments. The majority of the Q1 2020 provision was related to THC oils which have seen less than anticipated demand in the adult-use recreational market. The majority of the Q4 2019 provision was related to two slower selling stock-keeping units (“SKUs”) sold to the Ontario Cannabis Store (OCS), comprised of a bespoke order of lower THC dried flower intended to fulfill a supply gap in the market earlier in calendar 2019 and THC oils

MedMen

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced the execution and closing of definitive documentation for the previously announced amendments to the terms and conditions of the US$78 million senior secured term loan with funds managed by Stable Road Capital and its affiliates and the closing of its previously announced US$20 million offering of Class B Subordinate Voting Shares.


StaffStaffJanuary 14, 2020
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3min2180

Canadian-based cannabis company Tilray, Inc. (NASDAQ: TLRY) has turned to the mainstream corporate world for its latest hires. The company has appointed former Revlon employee Jon Levin as its Chief Operating Officer, who was formerly with Revlon, and former Molson Coors employee Michael Kruteck as Chief Financial Officer. The company said that Kruteck’s appointment will be effective immediately after filing the Annual Report on Form 10-K for the year ended December 31, 2019. Mark Castaneda, Tilray’s current CFO, will shift to the role of Strategic Business Development.

“We are thrilled to have these experienced leaders join our team as we continue to disrupt the global pharmaceutical, alcohol, CPG and functional food and beverage industries,” said Brendan Kennedy, Tilray CEO. “Jon and Michael come to Tilray with extensive expertise in their respective fields and we look forward to their contributions as we pioneer the future of cannabis and hemp around the world.  As CFO, Mark has led the company through its IPO and substantial growth in the past couple years and we thank him as he transitions to a new strategic role with the company.”

Kruteck, CFO, served multiple senior financial roles at Molson Coors Beverage Company and most recently as CFO for Pharmaca Integrative Pharmacy. With over 30 years of experience, Kruteck possesses a broad finance background with specific experience in financial and operational transformations, supply chain, corporate finance, and financial planning and analysis. Michael received his MBA from the Garvin School of International Management (Thunderbird) and his B.A. from the University of Colorado at Boulder.

Levin, COO, joins Tilray from Revlon where he most recently was General Manager, U.S. Mass Markets, responsible for the consumer products sold through major retailers in the United States. With 25 years of experience, Levin has general management knowledge in diverse industries including beauty and health, CPG and sporting goods. Prior to Revlon, he was the Executive Vice President, Sales, for Ferrara Candy Company, and had senior sales leadership positions with Nautilus, Wrigley and Acosta. Levin has a B.S. in Economics from Portland State University and a degree in Executive Management from Cornell University.


Debra BorchardtDebra BorchardtJanuary 14, 2020
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8min1780

Aphria Inc.  (TSX: APHA and NYSE: APHA) reported its results in Canadian dollars for the second quarter ending November 30, 2019, with revenue for adult-use cannabis increasing 46% sequentially to $29 million. Total net revenue decreased sequentially by 4% to $120.6 million but jumped 457% over last year’s second quarter.

The drop from the first quarter for Aphria was attributed to a decrease in distribution revenue from $95.3 million to $86.4 million associated with the change in the German government’s medical reimbursement model and seasonality in CC Pharma. However, the company said that this was partially offset by an increase in net cannabis revenue of $33.7 million from $30.8 million.

Aphria delivered a net loss of $7.9 million, but a positive EBITDA of $1.9 million in the quarter. Last year the company reported a net income of $54 million for the same time period. The company blamed the decrease in net income on provisions associated with its Tier 3 passive investment portfolio.

“We are very pleased with our strong growth and execution in Canada demonstrated by our increase in adult-use cannabis revenue and positive adjusted EBITDA as a result of our compelling brands and market positioning,” stated Irwin D. Simon, Chairman, and Chief Executive Officer. “We are continuing to expand our capabilities internationally with solid progress during the quarter in Germany and South America and look to monetize non-core assets. We are confident in our market position and our ability to generate sustainable profit growth. I am honoured to continue to work closely with our tremendous team around the world to fuel growth and value for all of our stakeholders.”

The company also announced that Simon will officially remove “interim” from his title and become the official CEO. He has been serving as the interim CEO since February. He is also Chairman of the Board.

Cannabis Retail Prices Rise

Aphria reported that the average retail selling price of medical cannabis (exclusive of wholesale), before excise tax, increased to $8.16 per gram in the quarter, compared to $7.56 in the prior quarter, primarily related to a higher percentage of total medical sales coming from Broken Coast in the prior quarter. The average selling price of adult-use cannabis, before excise tax, decreased to $5.22 per gram in the quarter, compared to $6.02 per gram in the prior quarter, primarily as a result of a change in sales mix.

The company noted that customer demand exceeded its supply capabilities in the second quarter as a result of the timing of Aphria Diamond’s license receipt and as a short-term measure the company purchased wholesale products from other Licensed Producers to supplement its near-term supply capabilities. “Wholesale product purchases resulted in a higher cost and less margin opportunity for those sales.”

The net revenue figures included over 5,567 kilogram equivalents sold for the adult-use market and 1,237 kilogram equivalents for medical cannabis sales. The company ended the quarter with a strong balance sheet and liquidity, including $497.7 million of cash and cash equivalents, to fund planned Canadian and International growth.

Looking Ahead

Aphria is forecasting that for fiscal 2020 it expects to deliver net revenue of $575 million to $625 million and EBITDA of roughly $35 million to $42 million. However, it did note that there is a slower than expected rollout in Ontario with more than 40 store openings still pending. Plus, Alberta is still banning vape products and there is a slowing in CC Pharma’s growth arising from recent changes in the German government’s medical reimbursement model.

Carl Merton, Aphria’s Chief Financial Officer said, “We are updating our annual outlook with a little over four months left in our fiscal year to reflect certain market dynamics that have evolved relative to our initial expectations.  We look forward to generating an acceleration in our revenue and profit growth in the second half of the fiscal year and continue to believe the Canadian and international cannabis industry outlook remains robust. Aphria is well-positioned for long-term sustainable growth as we continue to manage the controllable aspects of our business.”

 

 

 


StaffStaffJanuary 13, 2020
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6min2190

It’s time for your Daily Hit of cannabis financial news for January 13, 2020.

On The Site

GW Pharmaceuticals

GW Pharmaceuticals plc (GWPH) reported preliminary, unaudited net product sales for the fourth quarter and full-year 2019 and key priorities for 2020. The cannabis-based biotech firm said that it expects total net product sales to be approximately $108 million for the fourth quarter and approximately $309 million for the year ending December 31, 2019.

The bulk of the fourth quarter sales for GW Pharmaceuticals comes from the epileptic drug Epidiolex, which are expected to be roughly $104 million for the fourth quarter and approximately $296 million for the full year. The company said that official results were expected to be posted on February 25th. Cash and cash equivalents on December 31, 2019, were approximately $536 million.

Acquisitions

Rogue Station

Rogue Station Companies, Inc. (OTC Pink: RGST) has acquired Brahman LLC, d/b/a Terpp Extractors, a Fort Collins, Colorado-based manufacturer of cannabis processing equipment in an all stock transaction. Rogue Station said it issued 3,000,000 shares of common stock to the owners of Brahman and immediately assumed management and operations.The value was not disclosed, but Rogue Station shares were lately trading at 13 cents, giving the shares an approximate value of $390,000.

Manifest 7

ManifestSeven (formerly known as MJIC) has acquired San Francisco-based legal cannabis delivery service company Lady Chatterley Health, which is focused on high-end women’s products for an undisclosed amount.

The company will be integrated into M7’s retail arm Weden, which has storefront and delivery operations across the state. The acquisition also gives M7 direct entry into the San Francisco market, complementing its licensed operations in Oakland and Brisbane.

In Other News

Westleaf

Westleaf Inc. (TSX-V:WL) (OTCQB:WSLFF) announced that following the closing of the merger of Westleaf and We Grow B.C. Ltd., Scott Hurd, President and Co-Founder, has resigned effective January 24, 2019. Scott will work to formally transition his responsibilities over the coming weeks and will be available to support the organization as needed as a strategic advisor. Ben Sze, the former CEO of We Grow and current CEO of Westleaf, will succeed Scott as the President of Westleaf.

“As a founder of Westleaf, it is with a heavy heart that I announce my resignation today,” states Scott Hurd. “It has been an honour and a privilege to lead Westleaf through a period of immense growth in a new and dynamic industry. Our recently completed transformative merger with We Grow has positioned Westleaf to be one of the leading ultra-premium cannabis producers in Canada with best in class realized retail pricing, strong brand awareness and significant scalability and growth potential. With the merger now closed and a new leadership team in place, I have made the difficult decision to step back from the company. I have great confidence in the new management team and board to lead Westleaf through its next stage of growth. I wish Cody, Ben and the rest of the Westleaf team and board continued success in 2020 and beyond.”

Namaste

Namaste Technologies Inc. (TSXV: N) (OTCMKTS: NXTTF) announced that Choklat Inc., an Alberta-based craft chocolate manufacturer, and chocolatier in which Namaste holds a 49% equity position, has received a processing license from Health Canada to produce a line of chocolate bars, drink mixes and infused sugar.

“Receiving the processing license from Health Canada is a significant achievement and milestone,” said Brad Churchill, CEO of Choklat. “We look forward to introducing our cannabis-infused product line, products with a pure chocolatey taste with no aftertaste, across Canada leveraging the extensive B2B sales channels that CannMart Inc. has built. Our high-quality cannabis-infused bars and beverages will be based on our own chocolate recipe made from a special cocoa bean sourced from the jungles of South America. This is an exciting time for Choklat, CannMart, and Namaste as we enter the competitive cannabis 2.0 landscape.”

Neptune Wellness

Neptune Wellness Solutions Inc. (Nasdaq: NEPT) (TSX: NEPT) said it  sold 1,964,695 shares of Acasti Pharma Inc. (Nasdaq: ACST) for net proceeds of US$4 million as part of a monetizing process for the Company’s non-core investments. Neptune still owns 1 million shares in Acasti. The net proceeds are intended to be channeled towards the deployment of Neptune’s cannabis 2.0 products.


StaffStaffJanuary 13, 2020
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6min1960

Acquisitions continue across the cannabis industry. Here is the latest:

Rogue Station

Rogue Station Companies, Inc. (OTC Pink: RGST) has acquired Brahman LLC, d/b/a Terpp Extractors, a Fort Collins, Colorado-based manufacturer of cannabis processing equipment in an all stock transaction. Rogue Station said it issued 3,000,000 shares of common stock to the owners of Brahman and immediately assumed management and operations.The value was not disclosed, but Rogue Station shares were lately trading at 13 cents, giving the shares an approximate value of $390,000.

Terpp Extractors is a manufacturer of Closed Loop Systems used in hydrocarbon extraction of cannabis concentrates and also re-sells specific scientific equipment, including vacuum and transfer pumps, tubing, storage and evac tanks and other devices necessary for “turn-key” cannabis extraction systems.

Lori Hainkel, CEO of Terpp Extractors stated, “This is an exciting time for all of the employees at Terpp Extractors and we are proud to be part of the team at Rouge Station Companies, Inc. My son Austin, founded Terpp Extractors in 2013 and was a great admirer of, and mentored by Grey Wolf and others at Skunk Pharms Research, during the early development phase and evolution of our hydrocarbon extraction systems. Joining Rogue Station Companies will jump-start our next step forward.”

John Conroy, CEO of Rogue Station Companies, Inc. commented, “We’re building a catalog of known brands in the cannabis space and this acquisition is a perfect fit for us. Terpp Extractors’ history and reputation will be part of the foundation we build on and the extraction equipment space is among the fastest-growing sectors within the cannabis industry. By emphasizing acquisitions in manufacturing, support, infrastructure and other “don’t touch the plant” fields, we expect our business to be scalable and national, regardless of delays in cannabis legalization efforts.

Our first priority related to Terpp Extractors is to increase inventory and our marketing exposure of the great products they produce including the MK3 and MK4 Extractors. These extractors can be used by a variety of customers within the cannabis space, including Extraction and Processing labs, growers, pharmaceutical companies, dispensaries in both the cannabis and hemp markets. Our extractors offer customers extremely high yield and the highest quality output at an affordable price. As the Cannabis and Hemp markets continue to explode, the demand for these extractors will follow market demand”.

Manifest 7

ManifestSeven (formerly known as MJIC) has acquired San Francisco-based legal cannabis delivery service company Lady Chatterley Health, which is focused on high-end women’s products for an undisclosed amount.

The company will be integrated into M7’s retail arm Weden, which has storefront and delivery operations across the state. The acquisition also gives M7 direct entry into the San Francisco market, complementing its licensed operations in Oakland and Brisbane.

“M7’s acquisition of Lady Chatterley Health is an enormous growth opportunity in a critical market, allowing us to directly service more than 640,000 residents over the age of 21, as well as the tens of millions of visitors who come to San Francisco every year,” said Pierre Rouleau, Chief Operating Officer of ManifestSeven. “Delivery is a cornerstone of our range of services, and this highly-scalable asset further expands our reach across California.”

Founded in 2015, Lady Chatterley Health has established a robust database of active retail customers in the highly-coveted Bay Area market, many of whom are women. This acquisition also broadens the market reach of M7’s subsidiary MyJane, created by women, for women, and specializing in curated product boxes.

“We’re thrilled to be joining with M7, a market leader that will allow Lady Chatterley Health to maximize our growth potential and continue to build on the exceptional service we offer,” said Stephen Kerford, Chief Executive Officer of Lady Chatterley Health. “Integrating into this powerful omnichannel platform also gives us access to a new universe of customers who’ll be able to access a wider variety of the safest, highest-quality cannabis products.”


Debra BorchardtDebra BorchardtJanuary 13, 2020
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3min2900

GW Pharmaceuticals plc (GWPH) reported preliminary, unaudited net product sales for the fourth quarter and full-year 2019 and key priorities for 2020. The cannabis-based biotech firm said that it expects total net product sales to be approximately $108 million for the fourth quarter and approximately $309 million for the year ending December 31, 2019.

The bulk of the fourth quarter sales for GW Pharmaceuticals comes from the epileptic drug Epidiolex, which are expected to be roughly $104 million for the fourth quarter and approximately $296 million for the full year. The company said that official results were expected to be posted on February 25th. Cash and cash equivalents on December 31, 2019, were approximately $536 million.

“Our fourth quarter and full year results for 2019 reflect an exceptional launch year for Epidiolex. We are proud of the positive impact this medicine has already had on thousands of patients and believe that this past year provides a compelling foundation for continued success in 2020,” said Justin Gover, GW’s Chief Executive Officer. “Our goal in 2020 is not only to continue to drive Epidiolex growth but also to leverage our world leadership in cannabinoid science to advance our pipeline. In particular, we see significant market opportunity for nabiximols in several indications in the US and will be progressing multiple late stage clinical programs in 2020.”

Looking Ahead

GW Pharmaceuticals said that looking ahead it would work towards broadening the prescriber base for Epidiolex and work with insurance companies to reduce restrictions to the drug.

Build on positive experiences from existing physicians to increase prescribing to appropriate patients. It will also submit and try to obtain approval of the Tuberous Sclerosis Complex indication in both the U.S. and Europe, which would significantly expand the target population. Launches are also planned for five major European countries (Germany, France, UK, Spain, and Italy).

Pipeline

The company also outlined the following items planned for the year:

  • Commence Phase 2b study of a cannabidiol formulation for the treatment of schizophrenia
  • Continue to explore CBDV in autism through a combination of open-label and investigator-led placebo controlled clinical trials with data from one or more of these programs in 2020
  • Execute NHIE clinical program utilizing an intravenous formulation of cannabidiol

 



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