It’s time for your Daily Hit of cannabis financial news for June 24th, 2018.
On the Site
Originally Seen On Cannabis Law Report – The Failures of California Cannabis
An overview highlighting the regulatory failures of cannabis in California.
Aurora Cannabis’ Hard Decisions Make Analysts Happy
Aurora Cannabis Inc. (NYSE:ACB) announced several difficult moves from the company including the layoffs of numerous employees and the closing of several facilities. The Canadian cannabis company laid off 25% of Aurora’s SG&A staff, most of those to take place immediately and a roughly 30% reduction in production staff over the next two quarters. The cuts went to the highest levels including a restructuring of the executive leadership team and the recently announced retirement of President Steve Dobler.
GW Pharmaceuticals Epidiolex Now Exempt From Controlled Drug Requirements
GW Pharmaceuticals plc (Nasdaq: GWPH) said that the UK Home Office has reclassified Epidiolex, the company’s cannabidiol medicine as a Schedule 5 drug. The company said that the change will take effect immediately in all four of the constituent nations of the UK – with Northern Ireland enacting separate legislation – and sees the medicine move from Schedule 2 to Schedule 5 under the Misuse of Drugs Regulations 2001.
In Other News
Alcanna Inc. Completes Secondary Offering to Aurora Cannabis of $27.6 Million
Alcanna has purchased 9,200,000 common shares from an indirect, wholly-owned subsidiary of Aurora at a price of $3/share.