In a week where markets were up, cannabis stocks were mostly declining.
The week started off on a good note, with GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH) and Greenwich Biosciences Inc. jointly announcing FDA approval for Epidiolex for the management of seizures related to tuberous sclerosis complex. The companies said the age range includes patients one year of age and older.
Besides the new indication, Epidiolex, an oral solution containing CBD, is approved for the treatment of seizures linked to Lennox-Gastaut and Dravet syndromes. Initially, the medicine is approved by the FDA for treating both syndromes in patients two years of age and older.
Illinois adult-use cannabis sales remained strong in July, hitting around $61 million. That’s a monthly increase of roughly 28%.
In Michigan, speculation mounted around new cannabis licenses. According to some reports, starting Nov. 1, businesses and individuals aspiring a recreational marijuana license in Michigan may no longer need to be a medical marijuana license holder.
Upon contacting the agency, David Harns, Interim Director of Communications for Michigan’s Department of Licensing and Regulatory Affairs, said that the agency is leaning towards allowing standalone recreational marijuana licenses, but the decision has not yet been formalized.
Michigan’s Marijuana Regulatory Agency will continue talks with key stakeholders and provide an official update when the measure has been officially confirmed.
WeedMD Inc.(TSXV: WMD) (OTC: WDDMF) closed a deal with MM Technology HoldingsLLC, the owner of Mary’s Brands. Pursuant to the agreement, WeedMD opted to produce a suite of Mary’s Medicinals’ products, including transdermal gels and patches, as well as topicals.
Cronos Group (NASDAQ: CRON) reported a second-quarter net loss of $107 million, and a $40-million impairment charge related to a cannabidiol deal with CBD brand Lord Jones and a $35.9-million noncash loss related to an investment from cigarette conglomerate Altria Group (NYSE: MO).
“In the second quarter of 2020, we continued our progress despite unprecedented shifts in our industry and the global economy,” Cronos CEOMike Gorenstein said in a prepared statement.
TerrAscend Corp. (CSE: TER) (OTC: TRSSF) released its preliminary results for the second quarter of the 2020 fiscal year. The New York-headquartered company anticipates net sales of $47.2 million. That’s a sequential and year-over-year increase of 36% and 169%, respectively.
More on these and other results on Benzinga Cannabis’ Earnings Center.
ETFs were mostly down. Over the five trading days…