It’s time for your Daily Hit of cannabis financial news for February 26, 2019.
On The Site
GW Pharmaceuticals plc (NASDAQ: GWPH) announced its financial results for the quarter ending December 31, 2018 reflecting the company’s first sales of its cannabis drug Epidiolex. The stock jumped almost 8% in after-hours trading as the biotech company beat analyst estimates. Net sales began on November 1 and between that day and the end of the year, the company logged sales of $4.7 million.
GW Pharmaceuticals changed its fiscal year to begin on January 1, 2019. The revenue for the quarter was $6.7 million versus $4.0 million for the same time period in 2017. The average estimate for revenues from Yahoo Finance was $5.35 million.
The company said in a statement, “The U.S. Patent and Trademark Office has issued US Patent No. 10,213,390, titled “Treatment of Fragile X Syndrome with Cannabidiol” which includes claims directed to methods of treating Fragile X Syndrome by administering a therapeutically effective amount of synthetic or purified cannabidiol. This new patent, which expires in 2038, is part of an expanding intellectual property portfolio covering the Company’s cannabidiol (CBD) product candidate, ZYN002 Transdermal CBD gel.”
In Other News
Purpose Investments Inc. announced the performance of Purpose Marijuana Opportunities Fund (the “Fund”) following the one-year anniversary of its inception. The Fund (NEO: MJJ) returned 53.43% over the period from January 31, 2018 to January 31, 2019, easily outperforming the Solactive North American Marijuana Index during the same period.
“The performance of Purpose Marijuana Opportunities Fund shows exactly why we believe active management is the most optimized way to invest in the cannabis sector,” said Greg Taylor, Chief Investment Officer of Purpose Investments and Portfolio Manager for the Fund. “Passive investing in a new industry, such as marijuana, often means chasing or missing opportunities because the indexes are rebalancing much more slowly than the market itself is moving. On the other hand, active investing allows you to capitalize on all of the opportunities while properly managing risks through a variety of different strategies and tactics.”
Marijuana Company Of America Inc. (OTCQB: MCOA) announced that the United States Patent and Trademark Office issued the Company a patent for the formulation of its flagship CBD product, hempSMART Brain. hempSMART Brain is a wellness product formulated with a proprietary composition of natural ingredients and cannabidiol (CBD) for the enhancement of brain function. The U.S. Patent Office issued patent number 10,201,553. To view the patent on hempSMART™ Brain visit the link here.
Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) provided an “in-progress” update on the company’s first harvest in Las Vegas, Nevada. Kurt Keating, Director of Operations, reports, that the team has harvested close to 1000 plants to date, producing over 335 lbs of wet weight. They are on schedule to complete the last two rooms by March 6th. The crop strains are: Bubba Kush, Moonshine Ghost Train Haze, Amherst Sour Diesel, Skywalker and Lemon Skunk.
Green Growth Brands, Inc. (CSE: GGB) (OTCQB: GGBXF) appointed Randy Whitaker as Chief Operating Officer, a new position within GGB. Mr. Whitaker has over 27 years’ experience in real estate, finance, and store operations. Mr. Whitaker joins GGB from Belk, Inc. a privately held department store with over 293 locations.
Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQX: OGRMF) signed a letter of intent with the Société québécoise du cannabis (SQDC). This agreement solidifies the company’s position as a true national player in Canada’s legal adult use recreational cannabis marketplace. Organigram now has distribution in place for all ten Canadian provinces.