It’s time for your Daily Hit of financial cannabis news for July 5, 2018.
The markets were closed on Wednesday in honor of the Fourth of July. Because of the holiday, news has been fairly light this week and today was no exception. It feels like many companies either took the first two days of the week off or the second.
On The Site
Several cannabis companies announced signing agreements with the Alberta Gaming, Liquor & Cannabis Commission (AGLC) to supply recreational cannabis to Alberta’s private cannabis retailers and the AGLC’s online cannabis store, www.albertacannabis.org.
Alberta is Canada’s fourth most populated province and is mostly known as being the home to tourist destinations like Banff Park and Lake Louise. Its capital is Edmonton and its largest city is Calgary. The province is known as being a hub for the country’s crude oil industry
Zynerba Pharmaceuticals Inc.
Cannabinoids drug company Zynerba Pharmaceuticals, Inc. (ZYNE) reported that the top-line results from a Phase 1 clinical program studying ZYN001 failed and that it will abandon the drug and instead focus on ZYN002. The shares fell over 20% in pre-market trading, but at the open fell 16% to lately trade at $8.01.
In Other News
MedMen Enterprises Inc.
MedMen Enterprises Inc. (MMNFF) has set the opening date of its second store in Las Vegas for early October 2018. The MedMen Las Vegas Airport store is currently under construction at 4503 Paradise Road, near popular landmarks such as the Hard Rock Hotel, the Thomas and Mack Center and McCarran International Airport.
MedMen received land-use and zoning approval from the Clark County Board of County Commissioners late last month for the new site. The company expects to move an existing license to the location following customary state and local regulatory approvals.
Namaste Technologies Inc.
Namaste Technologies Inc. (NXTTF) has signed a consulting agreement with Cannbit Ltd. where Cannbit will provide domestic consulting services to Namaste that will streamline the Company’s Israeli operations, expand its platform and increase domestic revenues. Namaste’s recent announcement of its 10% investment in Cannbit, with Cannbit’s intention to publicly list on the Tel Aviv Stock Exchange, is further supported by this strategic partnership.