GW Pharmaceuticals (GWPH) hit a snag on Wednesday when the company reported that it failed a mid-stage study for one of its compounds. The results for a compound showed little difference between the drug and the placebo. This doesn’t affect the company’s priority drug Epidiolex which is still planned for a launch this year.
Media company Freedom Leaf (FRLF) reported its quarterly earnings. The company issued a press release saying it had filed the earnings but then didn’t give any financial information in the release. That’s usually a red flag and it was. The company reported revenues for the six months of $7,659 versus last year’s $569,000. The company said that as of the end of December it had no cash and reported a net loss of $1.4 million for the last 6 months. The company has been issuing stock to pay for service.
Colorado-based General Cannabis Corp (CANN), announced its highest quarterly revenue results for the fourth quarter ending December 31, 2017, and paid down its long-term debt.
The company delivered approximately $990,000 in revenues for an increase of 27% over last year’s fourth quarter. Annual revenues increased 15% to $3.5 million versus last year’s $2.9 million. The company did not report whether it had a profit or loss for the quarter or the year. There was no formal filing for the earnings, only a press release.
Canopy Growth Corporation (TWMJF) announced today that it has received a license for its cultivation facility in Aldergrove, British Columbia. the site is set to become one of the largest cannabis cultivation facilities in the world.
The initial license will cover approximately 400,000 square feet of growing space, but it is expected to expand into 1.3 million square feet over the comings month in time for the flowering and harvest stage of cultivation.
Cannabis Strategic Ventures (NUGS), a Los Angeles based firm that offers outsourced personnel solutions to the cannabis industry, announced that it has entered into an agreement to acquire Pure Applied Sciences and its brand of organic and pure cannabis oils, PureOrganix.