One of the biggest names in cannabis-based novel medicine announced this week that it will be acquired by a fellow pharmaceutical player.

Also this week, new numbers show that Canadian sales of legal cannabis are overtaking sales of unregulated products in the country.

Keep reading to find out more cannabis highlights from the past five days.

Big pharma acquisition has cannabis implications

There’s been a new acquisition in the big-cap pharmaceutical space with the confirmation that Jazz Pharmaceuticals (NASDAQ:JAZZ) will acquire GW Pharmaceuticals (NASDAQ:GWPH) in a deal roughly worth US$7.2 billion through a compensation combination of stock and cash.

GW previously earned itself a big spotlight in the cannabis business world when the US Food and Drug Administration approved Epidiolex, a CBD-based medicine to help childhood epilepsy. Epidiolex produces US$510 million in sales per year.

According to Jazz Pharmaceuticals’ press release, the transaction represents a premium of 50 percent over GW’s share price at the close this past Tuesday (February 2).

“We are excited to add GW’s industry-leading cannabinoid platform, innovative pipeline and products, which will strengthen and broaden our neuroscience portfolio, further diversify our revenue and drive sustainable, long-term value creation opportunities,” Bruce Cozadd, chairman and CEO of Jazz Pharmaceuticals, said in a statement.

New Canadian sales numbers show growth for legal products

New figures from Statistics Canada, first reported by MJBiz Daily, show that the Canadian cannabis industry has reached a long-awaited milestone.

The most recent estimate from the statistics agency is for Q3 2020. During that time, regulated adult-use cannabis sales came to C$824 million, outpacing C$754 million in sales for unlicensed items.

Continuous similar results will show whether this is becoming a trend, but industry members are encouraged to see legal products begin to beat out unregulated offerings for consumers.

George Smitherman, CEO of the industry group Cannabis Council of Canada, told MJBiz Daily he credits the boost to lower prices for regulated cannabis products. “That price reduction has been done entirely by licensed producers. That’s been achieved entirely on the back of licensed producers,” he said.

Cannabis company news

  • The Valens Company (TSX:VLNS,OTCQX:VLNCF) shared an extensive update with shareholders, discussing recent advancements in the development of two key facilities, as well as a pending acquisition deal.
  • Sundial Growers (NASDAQ:SNDL) told the market it has closed a new offering deal worth US$74.5 million in gross proceeds.
  • PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) announced it is ramping up the process to obtain good manufacturing practices (GMP) compliance. The company said it now expects to get Colombian GMP certification in Q1 of this year.
  • The Green Organic Dutchman Holdings (TGOD) (TSX:TGOD,OTCQX:TGODF) confirmed it plans to switch its medical cannabis business into a wholesale model. However, the company said existing patients will be able to continue getting TGOD products through the Medical Cannabis by Shoppers marketplace, which is run by Shoppers Drug Mart, a company owned by Loblaw Companies (TSX:L).

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development

Trulieve Cannabis Corp . (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States today announced a new partnership with the Thurgood Marshall College Fund (TMCF), the nation’s largest organization exclusively representing the Black College Community. Trulieve will donate $20,000 to help fund several college scholarships awarded to students who are attending one of the organization’s member-schools as part of Trulieve’s diversity, equity, and inclusion initiatives. The $15,000 in talent funding is earmarked to support TMCF’s internship program, reaching a diverse talent pool of students and alumni from their 47 member-schools to provide immersive experiences at Trulieve.

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The new dispensary expands patient access to Florida’s largest inventory of medical cannabis products

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a brand-new Florida dispensary, the Company’s 80th nationwide. The new location marks the Company’s first in Tamarac and third in Broward County expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.

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Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.

With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2020. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board (“DSMB”) for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.

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HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.

DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.

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CFN Enterprises Inc. (OTCQB: CNFN) (CFN Media) partners with FMW Media Works LLC to produce a regular series on the global cannabis markets to air on major financial news networks across the US. Initial segment features leading cannabis analyst and US Multi-State Operator (MSO)

CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the leading media network dedicated to the global legal cannabis, CBD and psychedelics industries, today announced that its inaugural news segment on the cannabis markets, “Cannabis Market Outlook for 2021,” will air on Bloomberg, Newsmax and Fox Business.

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