It’s time for your Daily Hit of cannabis financial news for November 6, 2018.
On The Site
Millions of Americans will head to the polls to cast their vote in the U.S. 2018 Midterm Elections. As is often said, many are calling this one of the most important elections in a generation; and for the cannabis industry, it might actually be true.
On the ballot in four U.S. states are measures that are measures that would legalize either adult-use or medical cannabis in some shape or fashion. Those four key states are Michigan, North Dakota, Utah, and Missouri. Here’s a quick look at each ballot initiative and their odds of successfully passing.
In Other News
Insys Therapeutics (INSY) reported its earnings for the quarter ending September 2018 after the close of the market on Monday. The biotech firm delivered a quarterly loss of $0.37 per share missing the Zacks Consensus Estimate of a loss of $0.20. A year ago the company reported a loss of $0.21 for the same time period.
The company also delivered revenues of $18.35 million, which also fell short of Zack’s estimate by 18%. Last year, Insys reported revenues of $30.67 million for the same quarter. The company also said that it was reviewing its portfolio of opioid assets including Subsys.
“With a number of clinical and regulatory milestones to achieve over the next few quarters, including the completion of the CBD and epinephrine studies and filing the naloxone NDA, we believe this is the appropriate time to evaluate strategic alternatives for our opioid-related assets,” the company said.
KushCo Holdings, Inc. (OTCQB: KSHB) formed a new Advisory Board to provide strategic advice and expertise to help accelerate growth, manage risk and enhance operational performance. Its first three appointments are Matthew Morgan, an entrepreneur and business consultant with leadership experience in the cannabis and other CPG industries, Eric Smith, an industry veteran in the Liquefied Petroleum Gas industry, and Ali Jahangiri, a digital publishing pioneer who has established and grown several businesses.