Cronos Group Inc. (TSXV: MJN) (NASDAQ: CRON) is pleased to announce that trading of its common shares in the United States will be elevated from the Nasdaq International Designation program to the Nasdaq Global Market (“Nasdaq”). Cronos Group shares will begin trading on Nasdaq on February 27, 2018 under the trading ticker symbol “CRON.” Cronos Group will retain its listing on the TSX Venture Exchange (“TSX-V”) under the symbol “MJN”.
“This up listing to NASDAQ is a major corporate milestone and reflects the significant progress we have made in strengthening our corporate governance and expanding our global footprint,” said Mike Gorenstein, CEO of Cronos Group. “We believe this will increase long term shareholder value by improving awareness, liquidity, and appeal to institutional investors.”
Shares of MJN started the day strong but with the Canadian Marijuana Index dropping over 6% MJN ultimately surrendered all of its gains and closed the day down 1.93% at $9.66 per share with 5.4m shares changing hands. CRON‘s first day trading on the US side saw the stock trade down 1.8% closing trading at $7.62 per share on volume of 2.78m.
Aurora Cannabis Inc. (TSX: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) today announced that the Company has entered into an agreement to become a medical cannabis supplier to Shoppers Drug Mart. Subject to Health Canada’s approval of Shoppers Drug Mart’s application to be a licensed producer, under the terms of the agreement the Company will supply Shoppers Drug Mart (“Shoppers”) with Aurora branded medical cannabis products. It is expected the products will be sold online, as Canadian regulations currently restrict the sale of medical cannabis in retail pharmacies.
“The Shoppers and Aurora brands are trusted to deliver high quality products and excellent customer service,” said Terry Booth, CEO. “Partnering with Shoppers Drug Mart, Canada’s largest pharmacy retailer, is yet another validation of the scale and maturity of our company, and of the demand for Aurora’s medical cannabis. Through our wholly owned subsidiary Pedanios, Aurora already supplies a network of more than 2,000 pharmacies in Germany, and this strategic relationship with Shoppers will further expand our market presence and profile as one of the world’s leading medical cannabis brands.”
ACB saw its stock decline for the third day in a row as Canadian Cannabis stocks continued to sell off. Despite today’s big news ACB closed trading at $9.89, down 2.7% with over 19.8m shares traded.
GW Pharmaceuticals plc (Nasdaq: GWPH), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, today announced that the European Medicines Agency (EMA) has granted orphan drug designation for cannabidiol (CBD) for the treatment of tuberous sclerosis (TS). GW is currently recruiting a Phase 3 clinical trial of Epidiolex® (cannabidiol) as an adjunctive therapy for the treatment of seizures associated with TS, with data expected in the second half of 2018. Subject to positive results, GW expects to submit regulatory applications in 2019 for Epidiolex in TS in both the U.S. and Europe. GW has already received orphan drug designation from the FDA for CBD in the treatment of TS.
Shares of GWPH finished today’s trading session at $115.46, down 2.4% on volume of 398k. The stock dropped nearly $15 per share on February 22nd, 2018 the day after announcing their phase 2a study for its pipeline compound GWP42006 did not meet its primary endpoint.
Namaste Technologies Inc. (CSE:N) (OTCQB: NXTTF) (FRA:M5BQ) is pleased to announce that it has closed today its previously announced “bought deal” short form prospectus offering of units, including the exercise in full of the over-allotment option.
A total of 15,784,900 units of the Company (“Units”) were sold at a price of $2.55 per Unit (the “Issue Price”) for gross proceeds of $40,251,495 (including the exercise in full of the over-allotment option). The Offering was completed by a syndicate of underwriters co-led by Eight Capital and Canaccord Genuity Corp. as co-lead underwriters and joint bookrunners, and including Beacon Securities Limited (the “Underwriters”). Each Unit was comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $3.15 for a period of 24 months following the date hereof, subject to acceleration of the expiry date in the event the volume weighted average price of the Common Shares on the CSE is equal to or greater than $6.00 per Common Shares for a period of 10 consecutive trading days. It is anticipated that the Warrants will commence trading today under the symbol “N.WT”.
Shares of N were hit hard today dropping 8% and closing the day at $1.60 per share with over 6.5m shares changing hands. After starting the year strong the majority of Canadian Cannabis stock pulled back nearly 50% from their highs.
Kush Bottles Inc. (OTCQB: KSHB), a leading provider of packaging, supplies, vaporizers, accessories and branding solutions for the regulated cannabis industry, announced today that the Company has hired a Regional Sales Director, Kyle Heverly, to expand its physical presence in the rapidly growing East Coast legal cannabis market.
Since joining Kush Bottles in January 2018, Mr. Heverly has been working diligently to create an East Coast division in the Boston, Massachusetts area. He also has begun the hiring process to further expand the Company’s sales program into the East Coast. Mr. Heverly has extensive enterprise sales and marketing management experience from his most recent role as Director of Business Development at Franchise Payments Network, as well as other management roles in the hospitality and consumer services industries.
KSHB saw its stock drop 10.3% while closing the session at $4.55 per share on volume of 686k. Like many of its peers KSHB as declined the last 3 days in a row. It will be interesting to see if KSHB can bounce back in the coming days.
The Cannabis Investor is always researching new trade ideas which have the makings for large market moves. Traders are urged to follow our parent outlet, The Wealthy Venture Capitalist & The Cannabis Investor, on social media (see below) to stay apprised. We are an anti-email media outlet, and as such will only be releasing our reports/ updates/ news through Twitter and Facebook, as well as newswire.
GET BREAKING NEWS FROM US:
Join the largest Cannabis Investing page on Facebook: www.facebook.com/MMJInvestor
To receive text Message alerts when new articles are released click here:http://clk2.it/k7oF5z
Join our Email list: http://eepurl.com/bUSa71
Follow us on Instagram: www.instagram.com/thecannabisinvestor