Here is your Daily Hit of cannabis news for April 19, 2018:
On The Site:
GW Pharmaceuticals Inc.
GW Pharmaceuticals Inc. (GWPH) continues to get closer and closer to FDA approval of its drug Epidiolex for the rare forms of epilepsy Lennox-Gastaut and Dravet Syndrome. Epidiolex is GW’s lead cannabinoid product candidate and is a pharmaceutical formulation of purified cannabidiol or CBD.
Following a live hearing on Thursday, the company announced that the Peripheral and Central Nervous System Drugs Advisory Committee of the U.S. Food and Drug Administration (FDA) unanimously recommended supporting the approval of the New Drug Application (NDA) for the investigational cannabidiol oral solution (CBD) for treatment in patients two years old and up.
MassRoots filed its annual report on Tuesday but didn’t get around to the company’s financials in the filing until page 24. Gross revenue for the year fell 54% to $319,242, while the net losses ballooned 146% to $44 million. The net loss per share for 2017 was 46 cents. CEO Isaac Dietrich awarded himself a bonus of $190,659 on top of his salary of $96,971. While Mr. Dietrich’s monthly salary was decreased from 2016, his total compensation jumped from $107,917 in 2016 to $287,630 in 2017.
Payroll and related expenses increased $991,528 to $3,104,407 during fiscal year 2017 from $2,112,879 during fiscal year 2016. MassRoots said that the increase was mainly a result of added personnel in 2017. However, the company actually slashed personnel and currently only has five full-time employees, two part-time and one full-time independent contractor. MassRoots also hasn’t paid its taxes. The company has payroll tax liabilities of approximately $1,599,489.
In Other News:
CannaRoyalty Corp. (CNNRF) entered into an agreement to acquire FloraCal Farms a licensed ultra-premium craft cannabis producer located in Sonoma County, California for total purchase considerations of $1 million in cash and 3,508,772 CannaRoyalty shares on close, as well as up to an additional US$3 million in cash and 3,508,772 shares to be paid over 3 years, based on completion of certain milestones.
According to the company statement, FloraCal is building its Sonoma County facility in three Phases and has been designed to comply with cGMP* (Current Good Manufacturing Process) standards. Phase I is licensed and in commercial production, with 15,000 square feet of purpose-built indoor growing in a 64,200 square foot facility. Phase II has been licensed and will increase the facility size to 42,200 square feet and targeted annual production of 3,700 kg, with construction expected to commence in Q2 2018 and be completed by Q1 2019. Phase III is under option and would allow further expansion to the full facility size of 64,200 square feet facility with a targeted annual production of 5,500 kg. FloraCal has a temporary medium indoor cultivation license from the state of California, as well a Type 6 non-volatile manufacturing permit in Sonoma County.
EVIO (EVIO) announced the establishment of a new and wholly-owned subsidiary, EVIO Canada, which will serve as the parent company for the Company’s Canadian operations. Concurrently, EVIO Canada announced today that it has entered into a binding agreement to acquire 50% of Keystone Labs Inc., a privately-held, independent contract-testing laboratory specializing in quality testing for regulated industries located in Edmonton, Alberta.
Kona Gold Solutions, Inc.
Kona Gold Solutions (KGKG), a hemp lifestyle brand focused on product development in the functional beverage sector, is pleased to announce the retirement of One Hundred and Sixty Million (160,000,000) shares of common stock by the company’s management team. Kona Gold’s management team was able to negotiate the retirement of One Hundred and Sixty Million (160,000,000) shares of common stock. The current Issued and Outstanding as of April 19th, 2018 is 486,465,449.
High Park Company
High Park Farms, an affiliate of High Park Company received a federal license from Health Canada to cultivate cannabis under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The High Park Farms facility, which is anticipated to represent an investment of up to $30 million, features 13 acres of a greenhouse on 100 acres of property in Enniskillen, Ontario.
NJ law firm Pashman Stein Walder Hayden has filed a brief in direct response to New Jersey’s Division of Consumer Affairs solicitation for public comment on how marijuana is classified under state law and whether any change in its classification status is warranted. The brief argues that cannabis does not meet the definition of a controlled dangerous substance – and never has, and is in favor of de-scheduling cannabis completely. If marijuana is de-scheduled, it could have a significant impact on how it is regulated in New Jersey, and it may be the first step towards legalization.