It’s time for your Daily Hit of cannabis financial news for June 25th, 2020.
On the Site
Canopy Growth Changes Acreage Holdings Deal, CEO Murphy Is Out
Canopy Growth Corporation (NYSE: CGC) and Acreage Holdings, Inc. (OTCQX: ACRGF) stunned markets when the two companies agreed to an unusual deal in 2019. The agreement was that when cannabis was legalized in the U.S., Canopy would buy Acreage. It was called the “triggering event” and was originally valued at $3.4 billion. The price has dropped considerably.
A lot has changed since then and now the deal has changed accordingly. Acreage shareholders will now get an initial up-front payment of $37.5 million in connection with the modification of Canopy Growth’s rights, including the extension of the term, and give Acreage shareholders the ability to participate in upside potential upon the Triggering Event.
In addition to that CEO Kevin Murphy is resigning from the company.
Aphria Agrees To Pay Aleafia $29 Million To Settle Case
Aleafia Health Inc. (OTC: ALEAF) and its subsidiary Emblem Cannabis Corporation and Aphria Inc. (NASDAQ:APHA)have said that the parties entered into a settlement agreement on June 25, 2020, to resolve their outstanding dispute in respect of the termination of the parties’ wholesale cannabis supply agreement.
New Study On Using CBD For Pain
Reprinted with permission from AmericanMarijuana.org.
Should you consider CBD for pain relief? Studies upon studies on CBD’s effectiveness against pain relief has been put on the tables. Even though most of them came up with positive results, there still are a few studies that concluded otherwise, claiming that studies still ARE NOT enough.
In this study, AmericanMarijuana looks at 1,453 Americans that use CBD for pain relief to see how well it performed compared to opioid. The research showed great promise for CBD instead of opioid use.
In Other News
Pure Harvest Cannabis Group Changes Name to Pure Harvest Corporate Group
The new name better represents the company’s expanding diversity of interests.