The Daily Hit: June 30, 2020

It’s Time for your Daily Hit of cannabis financial news for June 30, 2020. 

On the Site 

GW Pharmaceutical 

GW Pharmaceuticals plc (NASDAQ:GWPH) has pushed the legalization of cannabis ahead with its work on the drug Epidiolex. Now the company is making its plans for its other cannabis drug Sativex known and it’s impressive and hopeful. 

The company is announcing its plans for its pipeline product nabiximols to the U.S. market. This strategy includes multiple opportunities for the submission of an initial New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA), the earliest of which could occur in 2021. 

Zynerba 

Some drugs work and at other times they don’t, which is the whole point of testing and the importance of trying to find solutions to patient conditions. Unfortunately for Zynerba Pharmaceuticals, Inc. (ZYNE) its latest top-line results from the 14-week pivotal CONNECT-FX (Clinical study of Cannabidiol (CBD) in Children and Adolescents with Fragile X) trial failed to produce the necessary threshold for positive results. The stock was selling off as a result of the news. 

IIP & GrowGen 

Cannabis investors remain hungry for stock as long as the company is one with solid and consistent revenue. It seems GrowGeneration Corp. (NASDAQ: GRWG) and Innovative Industrial Properties, Inc. (NYSE: IIPR) are two such companies. Both priced and upsized offerings today. 

HBO Max 

HBO Max has become the latest production company to use cannabis products as a marketing tool. The company is partnering with Sunderstorm’s Kanha Cannabis Infused Gummies and online cannabis marketplace Eaze to launch a collection of character-inspired CLOSE ENOUGH edibles. 

“Close Enough, is a surreal animated comedy about a married couple, their five-year-old daughter, and their two divorced best friends/roommates all living together on the east side of Los Angeles. The series is from the creator  JG Quintel, creator of the Emmy Award-winning “Regular Show” and begins streaming on July 9. 

Paragon Coin 

Coin Telegraph reported that Paragon Coin will face federal claims from a class-action lawsuit alleging that the firm’s $70 million ICO from 2017 violated securities laws. The website said that a Californian federal judge has certified an investor class in a lawsuit alleging that the cannabis crypto firm Paragon Coin Inc violated securities laws in its 2017 initial coin offering (ICO) that raised $70 million. Paragon Coin promoted its ‘PRG’ tokens as a currency for the cannabis industry and hired popular rapper The Game to promote the offering. 

In Other News 

Harborside 

Harborside (OTC:HSDEF)said that its delay in completing the Annual Filings occurred due to the impact of the COVID-19 pandemic. “In addition, as previously announced, the company is relying on the blanket exemptions issued by provincial securities commissions due to COVID-19 to extend the date of filing its interim financial report for the three months ended March 31, 2020 and related management’s discussion and analysis. The Company does not expect to file the Interim Filings before the expiry of the 45-day extension on July 14, 2020.” 

The company said it continues to expect to file the Annual Filings, as well as the financial statements for the fiscal years ended December 31, 2017 and 2018, no later than July 10, 2020 and will apply to have its previously disclosed cease trade order revoked. Harborside said it expects trading to resume on the CSE shortly after the revocation of the CTO. 

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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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