Marijuana Money is taped on Thursday in order to produce the video for Friday morning. After the video had been taped, the DEA rescheduled the GW Pharmaceutical drug Epidiolex to a schedule five drug.
Schedule five drugs are considered to have a low level of abuse and include substances like Robitussin cough syrup or Lomotil diarrhea medicine. The order made it clear that other cannabis products would remain in the schedule 1 category. The statement said, “As further indicated, any material, compound, mixture, or preparation other than Epidiolex that falls within the CSA definition of marijuana set forth in 21 U.S.C. 802(16), including any non-FDA-approved CBD extract that falls within such definition, remains a schedule I controlled substance under the CSA.”
There will be more new publicly traded cannabis companies. At the end of last week, Acreage Holdings announced a reverse takeover of Applied Inventions Management Corp. The stock is expected to list on the Canadian Securities Exchange.
The Flowr Corporation began trading this week on the Toronto Venture Exchange under the symbol FLWR.
Lots of bought deals and private placements to report.
Green Thumb Industries announced a $65 million deal that got supersized to $88 million and if the next option gets picked up, it could get upgraded to $101 million.
Separately, Supreme Cannabis Company Inc. (FIRE) entered into an agreement with a group of underwriters, led by GMP Securities and BMO Capital Markets, on a bought deal basis to purchase C$90 million of convertible debentures, at a price of $1,000 per debenture.
Namaste inked a $45 million deal.
A lot happened in cannabis media this week.
High Times is acquiring Dope Media in a cash and stock deal valued at $11.2 million. The company said there would be no personnel changes at this time. High Times has made several acquisitions over the past year as it has attempted to become a publicly traded company. It acquired Culture and Green Rush Daily, but the Green Rush Daily founder Scott McGovern only lasted a year at High Times.
Speaking of getting let go, Leafly has ousted its CEO of one year Chris Jeffrey over what the company cited as “concerns about management of the company.”
Aurora Cannabis reported its earnings delivering a 223% increase in revenue for Q4 and revenue of C$55 million for the year, a big improvement over the previous year’s C$18 million.
Khiron Life Sciences signed an MOU with Chile and received a speculative buy rating from Canaccord.