Insys Therapeutics (INSY) reported its fourth-quarter earnings. Revenue fell 42.6% to $31.5 million for a net loss of $47 million. Subsys sales continued to fall and the stock plunged 12% on light volume. In addition to those problems, the kickback scheme surrounding Subsys prescriptions continues to play out in the news. A Rhode Island doctor is expected to be sentenced on Friday after admitting he took money described as speaker fees but were actually payments to prescribe Subsys. Two patients nearly died from overdoses.
22nd Century Group (XXII) filed its 2017 annual report this week and in it said it had revenues of $16.6 million for 2017 versus annual revenues of $12.2 million in 2016. Net sales for the quarter were also the company’s highest at $5.9 million over last year’s $2.6 million for the same time period. Still, the company reported an operating loss of $13.3 million which was also higher than last year’s loss of $11.3 million. The company lost 11 cents per share versus last year’s loss of 12 cents per share.
Tikun Olam completed a $7 million deal and the Israeli company begins to get its science-based cannabis products into 10 different U.S. states.
Namaste Technologies (NXTTF) reported unaudited February sales of $1.3 million Canadian dollars representing a 146% over last year’s sales for the same month
Aurora Cannabis (ACBFF) completed its bid for CanniMed Therapeutics shares. The company will take up the tendered CanniMed shares and issue Aurora common stock and cash. The company also completed the $230 million bought deal. The company intends to use those proceeds to complete the CanniMed acquisition, plus it is putting some of the money towards the cost of a production facility in Denmark.
WeedMD and Phivida signed an agreement to form a joint venture focused on cannabis-infused beverages call CanBev. It will be produced in Canada and initially manufactured for the medical market with plans for the future adult-use market.