Curaleaf enters into a lock-up agreement, Indiva receives approval from Health Canada, Tilray imports medical cannabis, and more!
Impression Healthcare Limited (ASX: IHL) had some big news this week, after the company nnounced that it has received firm commitments to raise $5.0m through a placement conducted by Peloton Capital at $0.078 per share.
According to the company, demand for the shares exceeded the $5m maximum sought, which will enable Impression to fast track the development of its novel cannabinoid products. A patent for TBI has been filed and patents pertaining to OSA and TMD are expected to be filed shortly.
Once the patents have been filed, IHL will be able to commence prescription of those formulations under the Australian Special Access Scheme (SAS). IHL stated that it is at this point that initial "in-human" observations will also be undertaken during preclinical studies. Those initial in-human studies will be presented as research papers. The cost of the studies and trials will be mostly paid for under the Research Agreement executed with Cannvalate Pty Ltd in March.
Canopy Growth Corporation (TSX:WEED) provided updates on key developments in the United Kingdom and Luxembourg. In these countries, the company's pharmaceutical business, Spectrum Therapeutics, continues to expand its sophisticated, pan-European cannabis production and distribution network serving the needs of physicians and their patients.
In the UK, Spectrum Therapeutics has received licences from the Medicines and Healthcare products Regulatory Agency and Home Office to store and distribute cannabis-based medicinal products. The first of its kind facility in the UK is designed to reduce prescription delivery time, a key development as the company establishes its footprint in the UK.
The licence will allow the company to import CBMPs to the UK directly from Spectrum's European and global networks, optimizing its supply chain and reducing overheads, without need for third-party suppliers. Meanwhile, Spectrum Therapeutics has also become the exclusive supplier of medical cannabis to the Grand Duchy of Luxembourg. The contract will see Luxembourg receive medical cannabis from Spectrum's licensed facilities in Denmark and around the world until December 31, 2021.
We are proud to share news of this decision from the government of Luxembourg, connecting patients to medicine supplied through our European platform. Co-Managing Director of Canopy Growth Europe, Paul Steckler
The company also launched its 27th retail location and introduced customers in Brandon, Manitoba to its second location, conveniently located in Brandon's Corral Centre.
The province of Manitoba has effectively rolled out their retail strategy and has ensured that the brands Canadians know, and trust are easily accessible within each community. As we have seen, having physical retail locations has proven to be the most effective way to build brand loyalty by creating reliable educational hubs, supplied with high-quality, regulated products.
Tokyo Smoke, Canada's award-winning and design-focused cannabis retailer is now present across two provinces, while Canopy's second retail banner, Tweed, is located across four provinces. With 27 retail stores either owned or licensed, Canopy's retail banners represent the 4th largest cannabis retail network in Canada.
Curaleaf Holdings (CSE: CURA) 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. CuraLeaf Holdings Executive Chairman, Boris Jordan
Indiva Limited (TSXV:NDVA)
announced that Health Canada had approved
its licence amendment, adding 10,000 square feet of production space,
including three new grow rooms and two additional processing rooms.
This additional square footage will, subject to applicable regulatory approvals, be used to manufacture edibles, increase Indiva's flower production capacity, and enable new growth in the production, manufacturing, processing and refinement arms of the business. Indiva intends to begin populating its three new flower rooms immediately. The cannabis grown in this space is expected to be turned into flower, pre-rolls, oil and distillate.
The two newly-licensed processing rooms are expected to be dedicated to Indiva's pre-roll production and chocolate manufacturing operation. The company also announce plans to submit its evidence package to Health Canada for the final phase of its London, Ontario facility by the end of October. Once licensed, this will provide an additional 10,000 square feet of processing space.
High Tide Inc (CSE:HITI)
announced over $797,000 in systemwide gross sales from the 26 branded Canna
Cabana and KushBar retail cannabis stores from Thursday,
October 17th through Saturday, October 19, 2019.
Similar to its yearly reporting of retail sales related to April 20th—also known as '4/20' in cannabis culture—the company expects to announce the results associated with the annual anniversary of Canadian cannabis legalization going forward.
High Tide deployed various in-store promotions on cannabis products and accessories across its large retail network to acknowledge the significant milestone. By mid-November, High Tide will have 30 branded retail cannabis locations across Canada barring any changes to the current rate of licensing by AGLC.
Much like on 4/20 every year, the strong data shows that customers were excited to mark the occasion with a special trip to or a larger-than-average purchase from their favourite Canna Cabana and KushBar store. High Tide President and CEO, Raj Grover
And Finally, Tilray Inc (NASDAQ: TLRY) announced it has successfully imported medical cannabis into the United States from Canada in support of a new clinical trial. The study will test the efficacy of medical cannabis in treating patients with breast cancer who are suffering from taxane-induced peripheral neuropathy secondary to treatment with paclitaxel or docetaxel. This clinical trial is the first human study testing the effectiveness of medical cannabis to treat TIPN.
Led by Diana Martinez, M.D., Professor of Psychiatry at
Columbia University Irving Medical Centre (CUIMC), and Margaret Haney, Ph.D.,
Professor of Neurobiology (in Psychiatry) at CUIMC.
The clinical trial will be a randomized placebo-controlled study in which half of participants will receive an investigational product containing a combination of THC and CBD and the other half will receive a product with no active cannabinoids. Participants will be treated twice daily for eight weeks. Researchers are currently recruiting patients for the study.
Watch this space for future updates.
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