The Daily Hit: July 5, 2018

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

Alberta Canada

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.

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


One comment

  • Avatar
    ben reberg

    July 9, 2018 at 10:50 am

    Just starting out. Just got my accounts set up with e-trade and Canadian Stock Exchange. I’m looking to invest in cannabis with a somewhat diverse portfolio. Any “winners” to get me started? I have 1200 to play with but three girls in hockey so I have to be smart!

    Reply

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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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