It was a slow news week with the Fourth of July holiday falling in the middle of the week on Wednesday. The markets were closed for trading and it seems many people were taking part of the week as extended holidays.
Sunda,y July 1 was supposed to be the start of recreational marijuana sales in Massachusetts, but the state has only issued one license and there are no labs licensed to test product. Vermont legalized adult use cannabis, but sales of the product are illegal. And California set that day as the day for all products sold in dispensaries to be compliant with the new regulations causing many businesses to offera huge sale to dump non-compliant products.
Flow Kana announced the completion of a $22 million round of financing, led by a $15 million investment from Gotham Green Partners.
Pharmaceutical company Zynerba said that the phase 1 study for its cannabinoid compound ZYN001 failed and that the company was moving instead with its other drug ZYN002. The company’s stock plunged over 15% in early trading on Thursday, but trimmed those losses by the afternoon.
The Canadian province Alberta decided upon its cannabis suppliers and several companies were happy to announce the news but only hometown favorite Aurora Cannabis and Maricann actually stated the amount that was agreed to be supplied. Other companies included Aphria, Organigram, Emblem WeedMD and Supreme Cannabis.