India Globalization Capital (IGC) announced advances in cannabis-based Alzheimer’s disease
Welcome back to our weekly series, Schaeffer’s Cannabis Stock News Update, where we round up what happened in the world of marijuana stocks last week and take a look at how the cannabis industry will continue to shape in 2021.
Investor interest in the cannabis industry is growing explosively, and leading players continue to break legal barriers after legal barriers, particularly in the United States. By the end of 2020, more than 40 US states had legalized recreational and / or medical marijuana. Now more and more companies are seeing the opportunity in cannabis cultivation, marketing, distribution and technology.
Senate Veterans Affairs Committee checked a bill this week that would call on the United States Department of Veterans Affairs (VA) to conduct clinical studies on the potential benefits of cannabis for the treatment of military veterans with post-traumatic stress disorder (PTSD) and chronic pain. Unfortunately, the AOB seems to find the new legislation superfluous and therefore unnecessary.
Here’s a quick recap of this week’s top (and actionable!) Cannabis stock news:
On June 18th Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced that on June 15, the Compensation Committee of its Board of Directors granted 17 new employees incentive stock options to purchase a total of 65,000 ordinary shares and 28,000 blocked share units.
Canopy Growth Corporation (NASDAQ: CGC), alongside The Supreme Cannabis Company, announced on June 23, completed the previously announced agreement whereby CGC acquired all of the issued and outstanding common stock of Supreme.
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP), an immunology company developing innovative drugs that target inflammation, fibrosis, metabolism, and immuno-oncology, announced the top-line results of the phase 3 DETERMINE study on Lenabasum in adults with the rare, heterogeneous autoimmune disease dermatomyositis on June 24th. CRBP is a biopharmaceutical company with a strong focus on treatments that target the endocannabinoid system.
Evogene Ltd. (NASDAQ: EVGN), a leading computational biology company aiming to revolutionize life science product development in multiple market segments announced on June 23 that its board of directors resolved to appoint Ms. Sarit Firon to chair the board, subject to her re-election as director at Evogene’s upcoming general meeting. Canonic, a wholly owned subsidiary of EVGN, is working on a commercialization plan for medical cannabis products in Israel.
India Globalization Capital, Inc. (NYSE: IGC) announced on June 23 that the company completed Cohort 3 of its Phase 1 clinical trial of a new cannabis-based investigational drug, IGC-AD1, to relieve symptoms of people with Alzheimer’s disease.
June 24th Organigram Holdings Inc. (NASDAQ: OGI) announced that it had filed a preliminary base prospectus in abbreviated form with the securities commissions in each of Canada’s provinces and territories. When completed, the Base Shelf Prospectus will allow OGI to distribute up to $ 500 million of common stock, preferred stock, debt securities, subscription forms, warrants and shares for the 25 months that the Base Shelf Prospectus remains in effect to qualify.
Sundial Growers Inc. (NASDAQ: SNDL) announced on June 23, that the forthcoming ordinary general meeting of shareholders will take place on July 7 at 1 p.m. MDT. As the safety of Sundial’s communities, shareholders, employees and other stakeholders continues to be a priority, SNDL will host the meeting in a virtual format.
Tilray Inc (NASDAQ: TLRY) announced On June 24, director Brendan Kennedy sold 400,000 shares of Tilray in a transaction that occurred on Thursday, June 17. Its TLRY shares sold at an average price of $ 17.97 per share for a total transaction of $ 7.1 million.
AFC Gamma, Inc. (NASDAQ: AFCG), the Florida-based company, announced on June 24 that it is ready to raise $ 56.4 million through its accepted public offering of 2.75 million shares of common stock at $ 20.50 per share. In addition, the syndicate banks have one month to purchase up to 412,500 common shares at the set price. AFCG is a commercial real estate finance company that provides loans to companies in the cannabis industry.