Marijuana Minute: Weekly News Recap

GW Pharmaceuticals plc (NASDAQ: GWPH), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announces financial results for the second quarter ended 31 March 2018.

“The positive outcome of the Epidiolex FDA Advisory Committee meeting was a momentous event for GW. The strength and consistency of the clinical data, together with the public presentations that featured very moving personal stories of the challenges associated with managing these difficult forms of epilepsy, led to a unanimous vote in support of approval,” stated Justin Gover, GW’s Chief Executive Officer. “With our late June FDA decision date nearing, our commercial team is busy preparing to launch Epidiolex in the second half of this year. Should Epidiolex be approved, we believe that this will signal a major vote of confidence in GW’s cannabinoid platform to discover and develop prescription medicines that meet exacting regulatory standards and will serve us to accelerate a number of important pipeline programs that have the potential to offer additional value.”

FINANCIAL HIGHLIGHTS

  • Cash and cash equivalents at 31 March 2018 of £346.8 million ($487.2 million) compared to £241.2 million as at 30 September 2017
  • Revenue for the six months ended 31 March 2018 of £8.1 million ($11.4 million) compared to £3.7 million for the six months ended 31 March 2017
  • Loss for the six months ended 31 March 2018 of £109.6 million ($154.0 million) compared to £50.0 million for the six months ended 31 March 2017

Cronos Group Inc. (NASDAQ, TSXV: CRON) will release its financial results for the first quarter ended March 31, 2018 before the market opens on May 15, 2018.

Conference ID: 6517419
Toll-free dial-in number: 888-231-8191
International dial-in number: 647-427-7450

Additionally, an audio replay of the conference call will be available two hours after the call’s completion and until 11:59 p.m. EST on May 29, 2018.  Instructions for the audio replay are provided below:

Toll-free dial-in number: 855-859-2056
Passcode: 6517419

Isodiol International Inc. (CSE: ISOL) (OTC: ISOLF) (FSE: LB6A.F), a global innovator specializing in the development of pharmaceutical and wellness products, is pleased to announce that it has signed a Letter of Intent (“LOI”) with Zenabis Ltd. (“Zenabis ”), one of Canada’s largest Licensed Producers, to import CBD isolate as an Active Pharmaceutical Ingredient, into Canada from Isodiol’s GMP-certified production facility in the United Kingdom.

Zenabis is a Canadian biopharmaceutical company positioned to become one of the largest cannabis producers in Canada, with facilities totalling more than 400,000 square feet of cannabis production space. Zenabis intends to import a minimum of 3,000 g of such CBD isolate per month for the purposes of R&D and new product formulation.

Marcos Agramont, CEO of Isodiol, stated: “Isodiol is pleased to announce another supply agreement for its highest quality, pharma grade CBD isolate. Zenabis’s team is working on various R&D projects focused on developing new products and applications, and we are pleased to be a key partner in enabling this R&D process.”

“We are excited to move forward with this partnership,” explained Kevin Coft, CEO of Zenabis. “To have a CBD isolate accompanied by an API status sets it apart from every other global source, and we look forward to be working with Isodiol in Canada on new drug development, approved pharmaceutical applications, research, clinical studies and trials.”

Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) is pleased to announce it has closed its short form prospectus offering, on a bought deal basis, including the exercise in full of the underwriters’ over-allotment option. A total of 25,555,875 units (the “Units”) of the Company were sold at a price of $0.90 per Unit, for aggregate gross proceeds of $23,000,287.50 (the “Offering“). Each Unit consisted of one common share of the Company (a “Unit Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of the Company (a “Warrant Share”) at a price of $1.10 until May 10, 2020. The Offering was underwritten by a syndicate of underwriters led by Clarus Securities Inc. and including Haywood Securities Inc. and INFOR Financial Inc.

The net proceeds from the Offering are expected to be used to partially fund the Company’s acquisition of a 75% ownership interest in Massachusetts-based William Noyes Webster Foundation, Inc., including the related build-out of a cultivation facility and dispensary, with the balance for general working capital purposes.

The Units were offered for sale in each of the provinces of Ontario, Alberta and British Columbia by short form prospectus, and in those jurisdictions outside of Canada which were agreed to by the Company and the underwriters, where the Units were issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.

Kush Bottles, Inc. (OTCQB: KSHB) (“Kush Bottles” or the “Company”), a leading provider of packaging, supplies, vaporizers, hydrocarbon gases, solvents,  accessories and branding solutions for the regulated cannabis industry, today announced that its Chief Financial Officer, Mr. Jim McCormick, will present at Canaccord Genuity’s 2nd Annual Cannabis Conference on Thursday, May 17, 2018 at 10:00am ET at The Westin Grand Central in New York City.

Jim will be speaking about Kush Bottles’ growth strategy, including its recently announced strategic acquisition of Summit Innovations, LLC. The Corporate Presentation will be webcast live through the Events page of the Company’s website, and at: http://wsw.com/webcast/canaccord31/kshb/.

The conference promises to offer attendees insights into the risks and opportunities that legalization of marijuana presents. The full-day event will feature industry leaders sharing their perspectives and opinions on what social, legal, political and economic forces investors and entrepreneurs in the space will need to consider as the commercial cannabis space evolves.

Aurora Cannabis Inc. (TSX:ACB) (OTCQB:ACBFF) (Frankfurt: 21P; WKN:A1C4WM), today announced that, following the satisfaction of the escrow release conditions related to Alcanna Inc.’s (“Alcanna” – TSX: CLIQ) (Formerly: Liquor Stores NA) previous private placement with Aurora, 2,300,000 subscription receipts were converted, on a one-for-one basis, into 2,300,000 common shares of Alcanna. Following the satisfaction of the escrow release conditions, $34.6 million were released from escrow to Alcanna. Following the conversion of the Subscription Receipts, Aurora holds an aggregate of 9,200,000 common shares, representing approximately a 25% ownership interest in Alcanna (on a non-diluted basis).

Alcanna intends to use the proceeds of the conversion and the private placement to establish and launch a leading brand of cannabis retail outlets, whereby it intends to create, initially, some 50 retail cannabis stores in prime retail locations in western Canada, both through conversion of existing stores and by establishing stores in new locations.

The Investment Agreement between Aurora and Alcanna included provisions for Alcanna to develop a retail cannabis network. Since Aurora’s initial investment on February 14th, Alcanna has made considerable progress with the execution of its cannabis strategy, highlights of which are:

  • Appointed Paul Wilson as President and COO of the cannabis division. Mr. Wilson has deep retail experience, including as CEO and President roles at Mark’s Work Wearhouse, Canadian Tire, Princess Auto, Spence Diamonds and most recently Hold it All and Kit and Ace.
  • Is in the process towards achieving its goal of opening up to 50 cannabis outlets before year end, with a number of stores opening for training and education prior to the legalisation of recreational cannabis,
  • Will be implementing a comprehensive educational programme provided by Aurora for its cannabis retail employees to ensure Alcanna cannabis customers will enjoy a superior customer experience.

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