Here’s is your cannabis news highlights for May 9, 2018:
On The Site
The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman (TSX:TGOD) announced that it has issued an additional 4,726,500 units at $3.65 per Over-Allotment Unit raising additional aggregate gross proceeds of $17,251,725 pursuant to the exercise of the over-allotment option. This option was which was associated with the recent IPO granted to a syndicate of agents co-led by Canaccord Genuity Corp. as sole bookrunner and PI Financial Corp., and including Industrial Alliance Securities Inc., INFOR Financial Inc., Echelon Wealth Partners Inc. and Mackie Research Capital Corporation.
With the Over-Allotment Option, TGOD will have raised aggregate gross proceeds of $132,263,225 under the IPO by issuing an aggregate of 36,236,500 units of TGOD, including the Over-Allotment Units.
Moody’s New Report
A new report from Moody’s highlights the impact that legalized marijuana could have in the U.S. and Canada and the implications for other recreational substances, such as alcohol could be damning.
Moody’s estimates that marijuana could replace alcohol “on some occasions,” but spirits makers aren’t sitting on their laurels. Beer maker Constellation Brands ( STZ) purchased a 9.9 percent stake in Canopy Growth, a Canadian cannabis company. Additionally, Scotts Miracle-Gro (SMG) and leaf tobacco company Alliance One International have both acquired or invested in cannabis-related companies.
High Yield Insights Also Reports On Alcohol
In states where legalization has occurred, recreational marijuana consumers are now using far less alcohol and over-the-counter medications, according to a new report by High Yield Insights.
The consumer behavior company looked at feedback from recreational users in states where recreational cannabis is legal. They found that more than 20 percent of people who consume marijuana recreationally are using 27 percent less OTC pain relievers and 21 percent less alcoholic beverages. Those weren’t the only steep drops found, either. The report also indicated those consumers are using 22 percent fewer sleep aids, consuming 20 percent less beer, and 18 percent less wine.
In Other News
Constance Therapeutics, a vertically-integrated medicinal cannabis company, announces a new partnership with Kanabo Research, an Israel-based startup that develops clinical solutions for extraction and vaporization of medical cannabis.
This collaboration will bring together Constance Therapeutics’ demonstrated a long history of developing standardized and evidence-based cannabis extracts with Kanabo’s patent-protected precision dosing hardware. Under the partnership, both companies will operate in the EU to establish a cannabis cultivation farm as well as manufacturing capabilities of cannabis active compounds – THC and CBD – to be used in an array of medical treatments of ailments such as insomnia, PTSD, and chronic pain. Simultaneously, Constance Therapeutics will market Kanabo Research’s solutions in the US market, where CT has been operating since 2008.
Endexx Corporation (EDXC), a provider of innovative phytonutrient-based food and nutritional products, has completed its acquisition of Go Green Global Enterprises Inc. to secure an international distribution hub in Jamaica for its entire array of cannabidiol (CBD) based products to key markets, among which are Canada, Europe, South and Central America and the Caribbean. By having a company based in Jamaica, Endexx can legally export its CBD products and Innovative Autospense products internationally, possibly increasing substantially its revenue and earnings.
Endexx is pursuing multiple licenses in Jamaica to establish a vertical market to grow, process, transport, dispense, sell, and export its entire array of products, both current and future. The Company’s CBD Unlimited line of cannabidiol (CBD) Cannsummable Portfolio products includes its formulated topical CBD balm and mist, travel sleep aid, teas, oils, capsules, soft chews for dogs and cats, and other products that provide key benefits to users.
Marijuana Company of America Inc.
Marijuana Company of America (MCOA) announced that it has signed a Joint Venture Agreement with Global Hemp Group Inc. (GBHPF) to cultivate legal high yielding CBD from industrial hemp at its recently acquired 109-acre farm (see news release of May 1, 2018) in Scio, Oregon.
Pursuant to the terms of the Agreement, MCOA and GHG will jointly invest a total of US$1.2 million in the development of the project in 2018. Funding for the project will be done on a 50/50 basis.
Isodiol International Inc.
Isodiol International Inc. (ISOLF) announced that it has signed a Letter of Intent (“LOI”) with Zenabis Ltd. (“Zenabis ”), one of Canada’s largest Licensed Producers, to import CBD isolate as an Active Pharmaceutical Ingredient, into Canada from Isodiol’s GMP-certified production facility in the United Kingdom.
Root Origins announced today the launch of its sublingual oral CBD sprays. The peppermint-flavored sprays are available in DAY and NIGHT. The products provide an effective solution for those who find themselves limiting their activities due to aches, pains, sleeplessness or anxiety. Both sprays deliver accurate 1mg doses of CBD to deliver fast-acting relief.