It’s time for your Daily Hit of cannabis financial news for April 6, 2020.
On The Site
The U.S. Drug Enforcement Administration (DEA) confirmed that the GW Pharmaceuticals plc (Nasdaq: GWPH) cannabidiol drug Epidiolex is no longer subject to the Controlled Substances Act (CSA). The DEA’s letter means that all federal controlled-substance restrictions have been removed for Epidiolex. This change takes effect immediately.
The stock was rising over 3% to lately trade at $85.06 on the news. This further lifts the stock from its 52-week low of $67.98.
Following FDA approval, Epidiolex was initially placed in Schedule V of the CSA. Following receipt of this DEA notification, GW has filed a post-approval supplement with FDA to remove Schedule V designation from Epidiolex.
The company said in a statement that once this process is completed in each state, prescriptions for Epidiolex, like other non-controlled medicines, will be valid for one year and can be easily transferred between pharmacies. The descheduling of Epidiolex also enables physicians to prescribe this breakthrough medicine free of the requirements of state prescription drug monitoring programs.
Canada had originally allowed all cannabis dispensaries to remain open during the COVID19 pandemic. Over this past weekend, stores in Ontario were forced to close when that province reversed course and ordered the stores to close.
The list of essential businesses was updated on Friday, April 3 and dispensaries got the bad news that they were no longer considered essential services. The stores were allowed to remain open on Saturday, but that was it for customers.
So many things have been turned upside down with this pandemic, and saying we live in interesting times would be an understatement. Industries and businesses are being demolished and altered in ways unheard of just a month ago, and a rare few are actually booming.
For the cannabis industry, one of the biggest changes leading to a boom is that as a whole cannabis is now being considered an “essential” part of life nationwide. The level of legitimacy this brings to the industry would have normally taken another decade.
Delivery services and curb side pick-up have been implemented across the country also erasing years of necessary effort overnight. But overall, the complete change in cannabis consumer behavior has been one of the most interesting developments to witness for many of us.
In Other News
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) announced that Armen Yemenidjian has stepped down from his role as President in order to spend more time with his family in Nevada. Yemenidjian will continue to work with the Company for the next six months to ensure a smooth transition, particularly focusing on Green Thumb’s business in Nevada and California.
CV Sciences, Inc. (OTCQB:CVSI) announced that on April 3, 2020, the Company learned that it will be receiving a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for the Company’s patent application 15/426,617. The patent covers methods of treating smokeless tobacco addiction by administering pharmaceutical formulations containing CBD and nicotine. The communications between the USPTO and the Company conclude substantive examination of the patent application, which is now expected to issue as a patent once the issue fees are paid and the USPTO concludes their administrative procedures. CV Sciences has also filed corresponding patent applications that will allow the Company to seek similar patent protection in other key markets throughout the world.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) has completed its acquisition of three Arrow Alternative Care dispensaries in Connecticut. Strategically placed in key metro areas, AAC has established itself as a market leader in Connecticut, operating three out of the 18 total dispensaries in the state. AAC’s first store opened in Hartford in 2016, the second in Milford in 2017 and the Stamford store opened to customers in January 2020.