It’s time for your Daily Hit of cannabis financial news for September 23, 2019.
On The Site
The cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology company Akerna Corp. (Nasdaq: KERN) (formerly known as MJ Freeway) reported total revenue of approximately $11 million for the year ending June 30, 2019, which was a 4.2% increase over last year’s $10.5.
“Our fiscal 2019 results and recent milestones reflect the continued global adoption of both MJ Platform and Leaf Data Systems by cannabis enterprises and government entities,” stated Akerna Chief Executive Officer Jessica Billingsley. “We are also thrilled to have completed our merger with MTech. This transaction provided us a strong balance sheet and Nasdaq listing, which we expect will accelerate our product development efforts to meet the growing compliance needs of the global cannabis market.”
Cronos Group CEO Interview
Green Market Report:
One of the big negatives happening right now in the cannabis industry obviously is the vaping issue. Do you think that the cannabis industry needs to do more to fight that battle? Or what can the cannabis industry do?
Mike Gorenstein, CEO Cronos Group:
This is a big reason why legalization can help when you think about the markets we’re in, right? If you look at Canada and the big question we get is, what’s happening with your vape products? We actually haven’t been able to launch because we only operate in fully legal markets. I think what’s happening is even as we have a lot of consumers aren’t sure whether there’s something legal or not when they are going into dispensaries and they’re expecting a regulated product. This is why we need to have strictly regulated products. You can usually have safety standards, but I think that’s the argument. Why we need to have as an industry and to go toe to toe with regulators. We should all collaborate in nature. We have the right standards and we can make sure we transparently have regulated products on shelf.
Know Your Rights
Although cannabis remains federally illegal, as a medical or recreational user of cannabis, you still have rights when it comes to your personal healthcare, law enforcement encounters, your employment, your housing, transportation, and your individual privacy.
Knowing Your Rights, provided by the national medical cannabis advocacy organization Americans for Safe Access, admonishes current cannabis consumers:
What is a recommendation, or ‘order,’ why is it called a recommendation rather than a traditional prescription, and what is the difference?
While some medical marijuana patients will claim they have a doctor’s prescription for medical marijuana, marijuana prescriptions are in fact illegal. The federal government classifies marijuana as a Schedule I drug with no acceptable medicinal value.
Therefore, doctors are unable to prescribe marijuana to their patients, and medical marijuana patients cannot go to a pharmacy to fill a prescription for medical marijuana.
In Other News
Flow Capital Corp. (TSXV: FW) has commenced legal proceedings against Dionymed Brands Inc. (CSE: DYME; OTCQB: DYMEF) as DionyMed is in default under the company’s royalty agreement. The claim is for the minimum sum of $2,698,116 which is made up of the investment balance, past due royalty payments and late payment fees. The company’s investment in DionyMed is $1,000,000 and there can be no assurance that the Company will recover any portion of its investment.
Jushi Holdings Inc. (NEO: JUSH.B; OTCQX: JUSHF), a globally-focused cannabis and hemp company, has qualified to trade on the OTCQX Best Market. Jushi Holdings Inc. begins trading today on OTCQX under the symbol “JUSHF.”