GW Pharmaceuticals Archives - Green Market Report

Debra BorchardtDebra BorchardtNovember 3, 2020
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4min1520

GW Pharmaceuticals plc (Nasdaq: GWPH) stock was rising over 6% in early trading as the company delivered solid third-quarter results.  The company reported total revenue of $137.1 million for the quarter ending September 30, 2020, a big jump over the $91.0 million for the same time period in 2019. This beat the Yahoo Finance average analyst estimates of $127 million for revenue.

The market was cheered by the drop in net losses to $12.2 million versus last year’s net loss of $13.8 million for the 2019 third quarter. The net loss per share was ($0.03), which also beat the analyst estimate for a loss of ($0.83).  GW Pharmaceuticals said it had cash and cash equivalents of $480.3 million.

“We are pleased to report strong revenue growth in the 3rd quarter despite the challenges presented by COVID-19. Epidiolex meets a serious unmet need within the field of epilepsy and we expect the product to demonstrate continued strong growth in the months and years ahead. The recently expanded indication for the treatment of seizures associated with TSC has been very well received by patients, clinicians and payers,” stated Justin Gover, GW’s Chief Executive Officer. “We have also now commenced the pivotal Phase 3 program for nabiximols in the treatment of multiple sclerosis spasticity, which provides multiple opportunities for an NDA submission, including as early as next year. Beyond nabiximols, we are advancing several clinical-stage pipeline candidates, including the recent start of a Phase 2 trial in schizophrenia.”

The cannabidiol epilepsy drug Epidiolex is having great results. Total third-quarter net product sales of Epidiolex were $132.6 million and U.S. Epidiolex third-quarter net product sales were $121.6 million. TSC indication launched with high prescriber awareness and near-universal payer coverage.

Additional study updates provided by the company were as follows:

  • Nabiximols development program:
    • First Phase 3 MS Spasticity trial underway
      • Phase 3 placebo-controlled spasm frequency study (N=450)
  • MS Spasticity trials due to commence
    • Phase 3 placebo-controlled muscle tone studies:
      • N=52; Expected start Q4 2020 (subject to COVID)
      • N=190; Expected start: Q1 2021
      • N=36 (nabiximols responders); Expected start: Q1 2021
    • Additional Phase 3 placebo-controlled spasm frequency study (N=200) in nabiximols responders expected start Q2 2021
  • Spinal Cord Injury (SCI) spasticity clinical program
    • N=~100 (observational clinical discovery study); Expected start: Q1 2021
    • N=~160 (muscle tone in nabiximols responders); Placebo-controlled parallel group design. Expected start: 2021
    • N=~400 (spasm frequency); Placebo-controlled parallel group design. Expected start: 2021
  • Additional pipeline programs:
    • Schizophrenia (GWP42003)
      • Phase 2b trial now actively recruiting
    • Autism:
      • CBD formulation Phase 2 study expected to commence in Q1 2021
      • CBDV investigator-led 100 patient placebo-controlled trial in autism – recruitment now resumed
    • New botanical cannabinoid pipeline product (GW541)
      • Phase 1 trial underway
      • Potential targets within field of neuropsychiatry
    • Neonatal Hypoxic-Ischemic Encephalopathy (NHIE) intravenous CBD program
      • Phase 1b safety study in patients continues to recruit
      • Orphan Drug and Fast Track Designations granted from FDA and EMA

StaffStaffJuly 1, 2020
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8min17520

Editors Note: This is a guest post.

More and more countries decide to legalize cannabis and give entrepreneurs a chance to make money and keep the economy. 

In 2019, the marihuana stocks were supposed to prove their worth on Wall Street by generating steady profits. However, things didn’t go according to the plan. Many investors missed opportunities due to high tax rates and supply issues in the United States and Canada. These obstacles helped the black market to thrive and left marijuana stock investors just heart-broken – no one could predict the government’s roadblocks. 

Despite all these setbacks, some pot stocks still have good market value. Do you want to learn how entrepreneurs legally make money on selling cannabis these days? Just keep reading:

Canopy Growth And Its Bright Start

Canopy Growth Corporation (NYSE: CGC) (also known as Tweed Marijuana) was founded by two friends – Chuck Rifici and Bruce Linton, in 2013. 

In 2019, the company became the largest cannabis company in the world thanks to its value of shares and market capitalization. The company has even survived all challenges in 2019 without losing a single employee. During the crisis, there were 3200 employees in Canopy Growth. 

These days, Canopy Growth is legally selling their products to 16 other countries (Spain, Germany, Australia, Canada, Jamaica, Czech Republic, Chile, etc.). At the end of 2019, the company set up a partnership with a UK-based think-tank called Beckley Foundations, which will allow them to start selling medical cannabis all around the UK as well.

David Klei, the new CEO of Canopy Growth Corporation, says that it is only the beginning of their company. In 2019, they also announced the release of edible cannabis products such as chocolates and beverages. The company might show even more surprises at the end of 2020. Mr. Klei has a point – it is only the beginning.

Curaleaf Holdings and its Cannabis King named Boris 

Curaleaf Holdings (CURLF) is a Canadian company that produces and distributes cannabis-based products around the world. There is one special thing about the company. As the owners of the company state on their website and in numerous interviews, research and advocacy help them to become leaders in the competitive industry.

In 2020, Curaleaf operated more than 57 dispensaries around the US and Canada. No wonder, Boris Jordan, the chairman of Curaleaf, is called a Cannabis King in the American mass media. 

GW Pharmaceuticals 

GW Pharmaceuticals (NASDAQ:GWPH) is a pharmaceutical company based in the UK. It helps to treat patients with multiple sclerosis with the help of natural cannabis. 

In 2018, their cannabis-based products such as Sativex and Epidiolex were approved by the US Food and Drug Administration. We can find their products in London, Prague, and Las Vegas dispensaries

In 2020, the net worth of the company is $3.21 billion. At the moment, the company has its branches in Germany, France, Spain, Italy, and the US. 

Cronos Group

Cronos Group (CRON) is an innovative global cannabinoid company with an office in New York. In 2019, the company received a $2.4 billion equity investment from Altria Group ( the largest producer of tobacco).

Investors consider Cronos Group one of the most cash-rich pot stock in the industry. The company was founded in 2016 and was run by only 2o employees at the beginning. Right now, there are almost 1000 employees in Cronos Group. Mike Gorenstein, CEO of the company, says that they have even more ambitious plans for the future. 

Tilray 

Tilray (TLRY) is another cannabis company that has a great place in the stock market. Tilray is a Canadian pharmaceutical company that has operations in the unites States, New Zeland, Portugal, Australia, Germany, and Latin America. 

All you need to know about Tilray is that it is one of the first medical cannabis producers in North America. 

Once marijuana was legalized in the United States, Tilray was the first cannabis company legally exporting their products to Americans. The company debuted on the Nasqad Stock Market with $17 per share.

In 2018, the price increased to $214 per share. However, the crisis in August 2019 brought Tilray’s founder Brendan Kennedy back to Earth – the price crashed to $29 per share. Despite such a failure, the company is still afloat, with the capital of $1.18 billion. 

The Bottom Line 

The cannabis industry is growing rapidly around the world. We might expect even more companies on the market in the near future. However, at this point, entrepreneurs need more support from the government. 

Politicians might not be interested in helping the pot business. On the other hand, they should be the ones wanting to fight the illegal drug trade. Supporting local cannabis companies will not only help to generate the requisite public revenues and provide jobs but will also help to protect users from poor quality cannabis-based products. 

 


Debra BorchardtDebra BorchardtJune 30, 2020
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5min10600

GW Pharmaceuticals plc (NASDAQ:GWPH) has pushed the legalization of cannabis ahead with its work on the drug Epidiolex. Now the company is making its plans for its other cannabis drug Sativex known and it’s impressive and hopeful.

The company is announcing its plans for its pipeline product nabiximols to the U.S. market. This strategy includes multiple opportunities for the submission of an initial New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA), the earliest of which could occur in 2021.

“We are excited to present the details of our clinical program and regulatory strategy for nabiximols, which we believe support the potential for a substantial near-term commercial opportunity in the U.S. Following constructive meetings with the FDA, we are now commencing a Phase 3 clinical program that provides multiple opportunities for an NDA submission, including as early as 2021”, stated Justin Gover, GW’s Chief Executive Officer. “Beyond the initial target indication of MS spasticity, our Phase 3 clinical program is designed to achieve a broad spasticity label over time. This development strategy, together with the long-term exclusivity potential of nabiximols, provides GW with confidence that this product should represent a significant value driver for GW.”

What Is Nabiximols?

According to GW Pharma, Nabiximols is a complex botanical medicine formulated from extracts of the cannabis plant that contains the principal cannabinoids THC and CBD and also contains minor constituents, including other cannabinoid and non-cannabinoid plant components, such as terpenes, sterols, and triglycerides. The product is administered as a mouth spray. The commercial name outside the U.S. is Sativex and it is commercially available for the treatment of MS spasticity in numerous countries.

The biotech company outlined the following plans for Sativex:

MS Spasticity Clinical program

  • Three positive Phase 3 MS spasticity trials already completed outside of the U.S.
  • Five new MS Spasticity Phase 3 trials are expected to commence in H2 2020 (2) and H1 2021 (3), any one of which we believe could enable a NDA submission
    • Phase 3 muscle tone studies – placebo-controlled cross-over design
      • N=52; Expected start: Q4 2020
      • N=190; Expected start: Q1 2021
      • N=36 (nabiximols responders); Expected start: Q1 2021
    • Phase 3 spasm frequency studies – placebo-controlled parallel group
      • N=450; Expected start: Q4 2020
      • N=~200 (nabiximols responders); Expected start: Q2 2021

Spinal Cord Injury (SCI) spasticity clinical program

  • Three SCI trials are expected to be initiated in 2020 and 2021
    • N=~100 (observational clinical discovery study); Expected start: Q4 2020
    • N=~100 (muscle tone in nabiximols responders); Placebo-controlled parallel group design. Expected start: Q2 2021
    • N=~400 (spasm frequency); Placebo-controlled parallel group design. Expected start: H2 2021

            This second spasticity indication may lead to broad anti-spasticity labeling and usage.

Post Traumatic Stress Disorder (PTSD) clinical program

  • We are also exploring the potential of nabiximols to reduce sleep disturbance symptoms, as well as anxiety and irritability, in patients with PTSD
  • A Phase 2/3 study in PTSD will have approximately 325 subjects and is anticipated to be initiated in H1 2021

Stock Performance

GW Pharmaceuticals stock has moved higher over the past six months. The stock hit a low of $72 in March and was recently trading at $121. It looks to be moving higher based on the news for Sativex.


StaffStaffJune 24, 2020
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5min8710

GW Pharmaceuticals plc (Nasdaq: GWPH) said that the UK Home Office has reclassified Epidiolex, the company’s cannabidiol medicine as a Schedule 5 drug. The company said that the change will take effect immediately in all four of the constituent nations of the UK – with Northern Ireland enacting separate legislation – and sees the medicine move from Schedule 2 to Schedule 5 under the Misuse of Drugs Regulations 2001.

“The decision to move Epidiolex to a low level of control is an important one for patients, their families, healthcare professionals, pharmacists and the NHS as a whole – reducing costs and ensuring the medicine can be dispensed more easily,” said Chris Tovey, GW Pharmaceutical‘s Chief Operating Officer. “The extensive pre-clinical and clinical data that GW developed to support the medicine’s approval by regulatory authorities was pivotal to this important schedule change, and we would like to thank the MHRA, ACMD, and Home Office for scrutinizing this data and making this change in such a short timeframe. We remain committed to expanding the high-quality evidence base for cannabis-based medicines and securing further regulatory approvals because doing so is in the interests of patients and healthcare professionals and can support further rescheduling.”

GW Pharmaceuticals said that the ACMD and its Technical Committee recommended the schedule change to Kit Malthouse MP, Minister of State for Crime and Policing late in January 2020. The medicine is approved in the EU for adjunctive therapy of seizures associated with Lennox Gastaut syndrome or Dravet syndrome, in conjunction with clobazam, for patients from 2 years of age and older.

In its recommendation to the Minister, the ACMD cited the “low risk of abuse potential, low risk of dependency and low risk of diversion” as reasons for the reclassification from a schedule 2 controlled drug to a schedule 5 controlled drug. The ACMD also cautioned that GW’s medicine is “distinct from other commercially available CBD containing supplements that have not sought marketing authorization as a medicine” and that the schedule change, therefore, applies exclusively to Epidiolex

This now means that GW Pharmaceutical’s medicine is now exempt from virtually all controlled drug requirements. At a practical level, patients will have more flexibility in the quantity of medicine they can purchase and be able to order repeat prescriptions. Prior to this, the patients faced restrictions every time they ordered a prescription. The benefits also extend to the pharmacists and pharmacies that will have reduced controls around the storage and reporting requirements.

Analyst Response

JP Morgan Cory Kasimov wrote, “Given the Epidyolex’s favorable efficacy/safety profile, the significant unmet need in these diseases, and positive physician feedback, we believe adoption could be both rapid and substantial,” He believes that near-term label expansion opportunities (Tuberous Sclerosis) and the potential for off-label use in the broader population of general epilepsy patients could contribute significantly to the top line. “A respectable pipeline of additional assets across an array of therapeutic indications and a proprietary research/manufacturing platform should enable the company to sustain further growth” the analyst added. He currently has a $187 price target on GWPH

According to CNN Business, 16 analysts offering 12-month price forecasts for GW Pharmaceuticals PLC have a median target of $188.50, with a high estimate of $260.00 and a low estimate of $150.00. The median estimate represents a +49.97% increase from the last price of 125.69. All 16 analysts have a Buy rating on the stock.


StaffStaffMay 11, 2020
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3min5850

GW Pharmaceuticals plc (Nasdaq: GWPH) delivered total revenue of $120.6 million for the first quarter ending March 31, 2020, versus last year’s $39.2 million for the same time period. The net loss for the quarter was $8 million versus last year’s net loss of $50.1 million for the same time period.

“In the first quarter of 2020, we have seen continued strength of the Epidiolex brand in both the U.S. and Europe and remain confident about prospects for growth in the remainder of the year. Having been granted priority review by the FDA for our proposed label expansion to include TSC, our US commercial team is actively preparing for the launch of this indication in August,” stated Justin Gover, GW’s CEO. “In this current environment caused by COVID-19, we have been able to support the epilepsy community remotely and maintain production of Epidiolex, while taking necessary steps to maintain the wellbeing of our employees.”

Looking Ahead

GW Pharma said that the start of new clinical programs would be delayed until the second half of 2020 due to current COVID restrictions. Still, the company outlined the following items in the pipeline:

  • Nabiximols (Sativex outside of the US)
    • Multiple Sclerosis spasticity
      • US pivotal clinical program expected to commence in H2 2020 to augment existing data package
      • 3 positive Phase 3 trials completed in Europe
    • Spinal cord injury spasticity – clinical program expected to commence in H2 2020
    • PTSD – clinical program expected to commence in H2 2020
  • Schizophrenia (GWP42003)
    • Phase 2b trial expected to commence H2 2020
  • CBDV in autism
    • 30-patient open label study in autism
    • Investigator-led 100 patient placebo-controlled trial in autism
    • Open label study in Rett syndrome and seizures
  • Neonatal Hypoxic-Ischemic Encephalopathy (NHIE) intravenous CBD program commenced
    • Phase 1b safety study in patients continues to recruit due to emergency care environment
    • Orphan Drug and Fast Track Designations granted from FDA and EMA

Debra BorchardtDebra BorchardtMarch 13, 2020
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3min12500

GW Pharmaceuticals plc (Nasdaq: GWPH)  has submitted a Type II Variation Application to the European Medicines Agency (EMA) seeking approval of EPIDYOLEX, (cannabidiol) oral solution, for the treatment of seizures associated with Tuberous Sclerosis Complex. TSC is a rare genetic condition and a leading cause of genetic epilepsy. The stock was moving higher by 7% in early trading to sell at $82, not much higher than the stock’s 52-week low of $72.

“We look forward to working with the EMA to demonstrate GW’s cannabidiol oral solution’s potential in this new indication and hope to make this rigorously tested cannabis-based medicine available to a new group of patients through a potential approval in due course. If approved, this will be the third licensed indication for GW’s cannabidiol oral solution in Europe,” said Chris Tovey, GW’s Chief Operating Officer.

TSC Disease

TSC is a condition that causes mostly benign tumors to grow in vital organs of the body including the brain, skin, heart, eyes, kidneys, and lungs, and in which epilepsy is the most common neurological feature. TSC is typically diagnosed in childhood. TSC often occurs in the first year of life with patients suffering from either focal seizures or infantile spasms. It is associated with an increased risk of autism and intellectual disability. The severity of the condition can vary widely. In some children, the disease is very mild, while others may experience life-threatening complications.

The Type II Variation Application is based on data from a positive Phase 3 safety and efficacy study. The study met its primary endpoint with patients treated with GW’s cannabidiol oral solution 25 mg/kg/day experiencing a significantly greater reduction from baseline in TSC-associated seizures compared to placebo (49% vs 27%; p=0.0009). Results for the 50 mg/kg/day dose group were similar, with seizure reductions of 48% from baseline vs 26.5% for placebo (p=0.0018). All key secondary endpoints were supportive of the effects on the primary endpoint. The safety profile observed was consistent with findings from previous studies, with no new safety risks identified.


Video StaffVideo StaffJanuary 17, 2020

3min8580

There’s just one more week until our first Psychedelic Investing event. After that, our next cannabis conference will also be held in NYC on April 3. You can get all the information at www.greenmarketsummit.com.

GW Pharmaceuticals plc said that it expects total net product sales to be approximately $108 million for the fourth quarter and approximately $309 million for the year ending December 31, 2019. The bulk of the fourth quarter sales comes from the epileptic drug Epidiolex, which is expected to be roughly $104 million for the fourth quarter and approximately $296 million for the full year.

Organigram Holdings Inc. reported that its first-quarter 2020 revenue rose by 102% over last year to $25.15 million, which beat analyst estimates by $10.24 million. The company cautioned that it is pumping the rakes on cultivation as Canada is moving at a much slower pace on store openings.

Aphria Inc. reported revenue for adult-use cannabis increased 46% sequentially to $29 million. Total net revenue decreased sequentially by 4% to $120.6 million but jumped 457% over last year’s second quarter. Aphria delivered a net loss of $7.9 million

This week High Times announced that it was getting into the dispensary business. The company has plans for 2 flagship locations in Las Vegas and Los Angeles. In addition to that, High Times named Paul Henderson as its new CFO. This will be the third CFO for the company in just one year.

ManifestSeven (formerly known as MJIC) has acquired San Francisco-based legal cannabis delivery service company Lady Chatterley Health, which is focused on high-end women’s products for an undisclosed amount.

Rogue Station Companies, Inc. (OTC Pink: RGST) has acquired Brahman LLC, d/b/a Terpp Extractors, a Fort Collins, Colorado-based manufacturer of cannabis processing equipment in an all-stock transaction. 

Carlos Santana announced his partnership with Left Coast Ventures to develop premium cannabis and hemp CBD brands. 

And finally, Cultivar Holdings said its shares have been listed on the Canadian Securities Exchange using the symbol CULT.


Debra BorchardtDebra BorchardtJanuary 13, 2020
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3min15430

GW Pharmaceuticals plc (GWPH) reported preliminary, unaudited net product sales for the fourth quarter and full-year 2019 and key priorities for 2020. The cannabis-based biotech firm said that it expects total net product sales to be approximately $108 million for the fourth quarter and approximately $309 million for the year ending December 31, 2019.

The bulk of the fourth quarter sales for GW Pharmaceuticals comes from the epileptic drug Epidiolex, which are expected to be roughly $104 million for the fourth quarter and approximately $296 million for the full year. The company said that official results were expected to be posted on February 25th. Cash and cash equivalents on December 31, 2019, were approximately $536 million.

“Our fourth quarter and full year results for 2019 reflect an exceptional launch year for Epidiolex. We are proud of the positive impact this medicine has already had on thousands of patients and believe that this past year provides a compelling foundation for continued success in 2020,” said Justin Gover, GW’s Chief Executive Officer. “Our goal in 2020 is not only to continue to drive Epidiolex growth but also to leverage our world leadership in cannabinoid science to advance our pipeline. In particular, we see significant market opportunity for nabiximols in several indications in the US and will be progressing multiple late stage clinical programs in 2020.”

Looking Ahead

GW Pharmaceuticals said that looking ahead it would work towards broadening the prescriber base for Epidiolex and work with insurance companies to reduce restrictions to the drug.

Build on positive experiences from existing physicians to increase prescribing to appropriate patients. It will also submit and try to obtain approval of the Tuberous Sclerosis Complex indication in both the U.S. and Europe, which would significantly expand the target population. Launches are also planned for five major European countries (Germany, France, UK, Spain, and Italy).

Pipeline

The company also outlined the following items planned for the year:

  • Commence Phase 2b study of a cannabidiol formulation for the treatment of schizophrenia
  • Continue to explore CBDV in autism through a combination of open-label and investigator-led placebo controlled clinical trials with data from one or more of these programs in 2020
  • Execute NHIE clinical program utilizing an intravenous formulation of cannabidiol

 


William SumnerWilliam SumnerSeptember 25, 2019
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4min6840

It’s time for your Daily Hit of cannabis financial news for September 25, 2019.

On the Site

WeedMD

WeedMD Inc. (TSX-V: WMD) (OTCQX: WDDMF) has closed its previously-announced bought-deal short-form prospectus offering of convertible debenture units at a price of $1,000 per Convertible Debenture Unit for aggregate gross proceeds of $13,115,000, which includes proceeds from the over-allotment option. The Offering for WeedMD was led by Mackie Research Capital Corporation and included Haywood Securities Inc.

Developing An Authentic Celebrity Cannabis Brand

Many celebrities are joining the cannabis industry. Some are involved in the critical details, while others just license their name. Hear from Grammy award-winning Melissa Etheridge of Etheridge farms as she joins a panel to discuss this topic. Kevin Bell, the COO of Tyson Ranch (Mike Tyson) and Jason Rhude, Founder of Ronin Content Services also weighs in, along with cannabis consultant company MMLG’s CEO Aaron Lachant.

In Other News

MediPharm Labs

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) announced that it has entered into a multi-year supply agreement with TerrAscend Canada Inc. Under the agreement, MediPharm will supply TerrAscend with $27 million of cannabis distillate over a course of two years. The agreement is subject to certain renewal and purchase options, potentially up to $192 million over 36-months to September 2022.   “As Canada prepares for the next stage of legalization, we are thrilled to be collaborating with a leading global company like TerrAscend focused on creating new and innovative product formulations and brands that enhance the consumer experience,” said Patrick McCutcheon, MediPharm Labs CEO.

GW Pharmaceuticals

GW Pharmaceuticals plc (Nasdaq: GWPH) announced that its flagship drug, Epidyolex, has been approved by the European Commission for use as adjunctive therapy of seizures associated with Lennox‑Gastaut syndrome (LGS) or Dravet syndrome, in conjunction with clobazam, for patients 2 years of age and older. The regulatory path is now clear for GW to start selling Epidyolex in European markets. “The approval of EPIDYOLEX® marks a significant milestone, offering patients and their families the first in a new class of epilepsy medicines and the first and only EMA-approved CBD medicine to treat two severe and life-threatening forms of childhood-onset epilepsy,” said GW CEO Justin Gover.


William SumnerWilliam SumnerAugust 7, 2019
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6min8870

It’s time for your Daily Hit of cannabis financial news for August 7, 2019.

On the Site

LeafLink

Online cannabis wholesale marketplace, LeafLink announced the completion of a $35M Series B round of funding. The round was led by Thrive Capital. Current investors Nosara Capital, Lerer Hippeau, Wisdom VC, and Thought Into Action Ventures also participated in the round alongside L2 Ventures.

Columbia Care

Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) reported financial results for its second quarter ending June 30, 2019, with revenue increasing 102% to $19.3 million and 50% sequentially. The net losses grew to $33.7 million versus $4.2 million for the same time period in the previous year. The company blamed the losses on the “recognition of listing fee and share-based compensation expense, as well as higher operating expenses related to the company’s expansion in both new and existing markets.”

The Green Organic Dutchman

The Green Organic Dutchman Holdings Ltd. (TGOD)  (TSX: TGOD) (US: TGODF) has submitted an application to list its common shares on the NASDAQ according to a statement from the company. “This is an important step in the growth of TGOD, one that will broaden our investor base and increase access for international investors as we build the leading global organic cannabis brand”, commented Brian Athaide, CEO of TGOD.

Guest Post: The Legal Status of CBD Oil in Italy

The issue of legalisation of cannabis and its derived products has been under discussion for decades in Italy. However, with each passing year, the legal status of cannabis and CBD products only gets murkier.

In Other News

Pasha Brands

Pasha Brands Ltd. (CSE: CRFT) (OTC:CRFTF) (FSE:ZZD) announced that it has secured eligibility from the Depository Trust Company (DTC) to list its shares on the OTC Markets. “We are very pleased to have obtained DTC eligibility,” said Patrick Brauckmann , Executive Chairman of Pasha Brands. “This status will make the process of trading our stock in the United States much easier. We expect that this will make our shares available to a larger percentage of the investment market, which should improve the liquidity of our shares and therefore benefit Pasha and our shareholders.”

GW Pharmaceuticals

After the market close yesterday, GW Pharmaceuticals (NASDAQ: GWPH) announced that it has released its financial results for the second quarter, ending on June 30, 2019. Revenue for the quarter was $72 million, the vast majority of which was generated from sales of CBD-based drug Epidiolex ($68.4 million). Net income was $79.7 million, up from a net loss of $84 million in the same period of the previous year. “We are pleased to report a strong second quarter of sales of Epidiolex in the US, reflecting high demand by US patients, increased prescribing by healthcare providers, and ongoing progress in payor coverage determinations,” said GW CEO Justin Gover. “In Europe, we are pleased to have recently received the positive opinion from the CHMP which clears the way for an expected approval in October.”

CV Sciences

CV Sciences, Inc. (OTCQB:CVSI) announced the release of its financial results for the second quarter, ending on June 30, 2019. Revenue for the quarter was $16.9 million, representing an increase of 36% over the same period in the previous year. The gross margin improved slightly, rising from 70.8% to 70.9%. Operating income was $1.3 million. “We remain highly confident in the long-term growth of hemp-based CBD and will continue to lead the industry in quality, innovation and both regulatory adherence and support as the market develops,” commented CV Sciences CEO Joseph Dowling.



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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