It’s time for your Daily Hit of cannabis financial news for October 21, 2019.
On The Site
2019 FIFA Women’s World Player of the Year, two-time Women’s World Cup champion and Olympic gold medalist, Megan Rapinoe will be sponsored by the women-owned sports recovery brand called Mendi.
Designed with athletes in mind, Mendi’s first line of products is made with legal hemp CBD. Professional athletes can’t run the risk of registering positive results for trace amounts of THC from a drug test.
The statement said that Rapinoe would spearhead Mendi’s ‘Athlete Ambassador Program’ lending her voice and vision to amplify the brand’s presence. Rapinoe is expanding on her previous role with the group as a strategic partner and board advisors. The soccer star will be working with Mendi to find innovative ways to expand the athlete program so that more progressive standout players in other sports can be at the frontline advocating for player health and safety. Megan’s valuable and growing role is a continuation of her entrepreneurial spirit and momentum she’s established with her twin sister, Rachael Rapinoe.
Schedule II Drug
The continued FDA approval of cannabinoid-based medicines is also causing fissures. Four of them are now on the market. They are dronabinal (marinol) for controlling nausea and vomiting caused by chemotherapy and nabilone (cesamet) to treat anorexia in HIV patients along with the most recently approved drugs Epidiolex[iii] (cannabidiol) [CBD] to treat rare and severe forms of epilepsy and Syndros, a THC dronabinol substance like Marinol (except that it is marketed in liquid form rather than a pill) [iv] which became commercially available in the U.S. as a Schedule II substance. “It seems paradoxical that drugs like these, which contain elements of marijuana and serve the same purported purpose, are designated as Schedule II and III while botanical marijuana remains Schedule I.”[v]
If however the schedule I changes to II, several industries will be impacted. They include, but are not limited to, the synthetic marijuana pharmaceutical companies; the Canadian marijuana industry; the alcohol industry; the pharmaceutical industry in general; the drug testing industry, and, the government.
In Other News
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, is pleased to be added to the OTCQX Cannabis Index (.OTCQXMJ) – the performance benchmark for cannabis companies trading on the OTCQX Best Market.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) announced that its core shareholders representing approximately 75% of the issued and outstanding shares of the company have entered into an amended and extended lock-up agreement. Since the company’s reverse takeover transaction in October 2018, all shareholders holding individually more than 1% of the issued and outstanding shares have been subject to lock-up agreements. The core shareholders have voluntarily agreed to an extended lock-up release schedule, which limits the number of shares released as of today to 15% of previously locked-up shares. Going forward, an additional 15% of the locked-up shares will unlock on the last day of each subsequent calendar quarter, with the final 10% to unlock on March 31, 2021.
High Tide Inc. (CSE:HITI) (OTCQB:HITIF) (Frankfurt:2LY), an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced over $797,000 in systemwide gross sales from the 26 branded Canna Cabana and KushBar retail cannabis stores from Thursday, October 17th – the first anniversary of the legalization of recreational cannabis for adult use across Canada (the “Anniversary of Legalization”) – through Saturday, October 19, 2019.