It’s time for your Daily Hit of cannabis financial news for June 14, 2018.
On The Site
The Green Organic Dutchman
The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) (TGODF) entered into a strategic partnership with Jamaican cannabis company Epican Medicinals Ltd. According to the company statement, this partnership will add an additional 14,000 kgs, taking TGOD’s total organic funded capacity to 130,000 kgs. In addition to the production agreement, TGOD has also entered into a binding agreement to invest into Epican for a 49.18% stake. TGOD will also provide Epican access to its financing facilities to support future expansion requirements.
In Other News
Canopy Growth (CGC) announced that it plans to release its earnings on June 27 for its fiscal fourth quarter and fiscal year, which ended on March 31. In its press release, Canopy Growth also offered a preview of what to expect from its results. The company stated that it expects revenues to be between 22.5 million and 23 million Canadian dollars for the quarter compared to 14.7 million Canadian dollars a year ago, an increase of 53% to 56%.
Insys Therapeutics (INSY) jumped over 12% in trading in heavy volume after the biotech company announced positive data from an early-stage trial assessing its epinephrine nasal spray for the treatment of acute allergic reaction (anaphylaxis). It was a relatively small study of 60 people with seasonal allergies, but it showed that the bioavailability of nasally administered epinephrine was similar to Mylan’s (MYL) which is an injection of medicine.
The Hydropothecary Corporation
The Hydropothecary Corporation (TSXV:THCX) announced that the first two zones of its 250,000 sq. ft. greenhouse expansion is now licensed by Health Canada, under the Access to Cannabis for Medical Purposes Regulations (Canada) (the “ACMPR”) which allows the Company to transfer plants in immediately. This, along with the 1 million sq. ft. expansion set to be complete by year-end, will bring total production capacity up to 1.3 million sq. ft. and will allow Hydropothecary to produce 108,000 kgs of dried cannabis annually.