7 Company Updates from this Week to Review

The last week has been quite busy for the global marijuana industry as companies continued to execute and work to create value for shareholders.

Although the marijuana industry is comprised of some incredible companies, investors must be selective and focus on the real players.

Today we have highlighted 7 developments that marijuana stock investors need to know about.

Insys: Second Quarter Revenue Drops 38%

Nasdaq-traded Insys Therapeutics (INSY) reported its second quarter financial results today and recorded a 38% drop in revenue when compared to the same quarter last year.

Although this biotech cannabis stock has continued to execute, the shares have been under pressure as the firm deals with the fallout from an over-prescribing scandal of a highly addictive opioid substance.

The last two months have been significant for Insys. During this time, the company strengthened its management team and placed four pharmaceutical industry veterans in leadership positions, and its SYNDROS product, the first and only FDA-approved liquid dronabinol, is now available for health care professionals to prescribe.

IGC: Featured in High Times

Today, India Globalization Capital, Inc. (IGC) announced the publication of “Marijuana Could Help Treat Alzheimer’s: Here’s How It Would Work” on August 1st on HIGH TIMES. To read the article click here.

This article comes after IGC entered a definitive license agreement with the University of South Florida that makes the firm the exclusive licensee of the U.S. patent filing entitled, THC as a Potential Therapeutic Agent for Alzheimer’s Disease.

IGC CEO Ram Mukunda said, “In Alzheimer’s Disease, beta-amyloid aggregates into a plaque-like substance that builds around the neurons and disrupts communication between them. So of course, if low-doses of THC can break up those plaques and prevent them from forming in the first place, it’s a huge breakthrough.”

Dr. Chuanhai Cao said, “The paper argued that therapeutic, low [non-psychoactive] doses of THC (one of the main chemical compounds present in marijuana) could directly bind to a protein called amyloid-beta, preventing its aggregation and thereby slowing down the formation of amyloid-beta plaques around neurons.”

GB Sciences: Enters the California Cannabis Market

Today, GB Sciences, Inc. (GBLX) reported an agreement with the Los Coyotes Band of Cahuilla and Cupeno Indians to establish cannabis operations on the tribe’s lands located near Warner Springs, California.

The non-binding joint statement of intent outlines plans to build and operate facilities to grow, manufacture, and distribute cannabis and cannabis products in California.

GB Sciences will construct facilities on designated areas of tribal land to cultivate, manufacture and other commercial cannabis activities. Los Coyotes will receive 40% of the venture’s net profits, of which 10% will fund tribal childhood education and elder assistance programs.

Zynerba: Drops After Reporting Earnings  

Zynerba Pharmaceuticals, Inc. (ZYNE) has been under pressure after it reported second quarter financial results on Monday.  While this trend is concerning, the company has several catalysts set to occur in the back half of 2017.

We continue to remain favorable on Zynerba’s long-term outlook and continues to see upside to current levels. Some of these potential catalysts include:

  • Zynerba expects to report top-line data for its Phase 2 Clinical trial for ZYN002 CBD gel in adult epilepsy patients.
  • The company continued dosing in Phase 2 Clinical trial for ZYN002 CBD gel in adult epilepsy patients. 98% of the patients who completed the STAR 1 trial elected to enroll into the STAR 2 trial, designed to evaluate long-term safety and tolerability of ZYN002.
  • Later this month, the company expects to report top-line data Phase 2 Clinical trial for ZYN002 CBD gel in adult Osteoarthritis patients.
  • In September, Zynerba expects to report top-line data for its Phase 2 Clinical trial of ZYN002 CBD gel in pediatric Fragile X Syndrome patients.

Reliq: Trades Higher After Paz Health Program Goes Live

On Tuesday, Reliq Health Technologies (RHT.V) (RQHTF) announced a milestone when its remote patient monitoring and telemedicine solution with Texas-based Paz Home Health went live.

Reliq has started to enroll the first of Paz’s patients and expects to add 500+ patients to the platform each month going forward. Once the platform is at full deployment, Reliq will be generating over $6 million in recurring annual revenue.

Paz Home Health is a home care agency that services more than 10,000 patients across 16 counties in southern Texas.  The company provides in-home care from registered and licensed Vocational Nurses, Physical and Occupational Therapists, Medical Social Workers and Dieticians.

GrowGeneration: Reports Record Financial Results

GrowGeneration (GRWG) reported record results for its second quarter and the company is focused on becoming one of the largest retail hydroponic and organic specialty gardening retail outlets in the cannabis industry.

GrowGeneration owns 13 retail hydroponic/gardening stores. 9 of the stores are in California, 2 are in California, and there is 1 in Washington and 1 in Nevada. So far this year, the company has opened 4 new stores and this was a catalyst for revenue growth.

During the quarter, GrowGeneration recorded a $340,375 net loss on $4.1 million in revenue. When compared to the same period last year, revenue increased by 116%. The increase was due to an increase in same store sales as well as the addition of 4 retail stores in 2017. The same 7 stores that were open in the second quarter of 2016 and 2017 recorded a 54% increase in revenue.

Although management believes that it has enough capital to fund its existing operations for the next twelve months, the company expects to require additional financing to continue to acquire and open new stores.

CannaRoyalty: Enters Florida’s Marijuana Market

Yesterday, CannaRoyalty (CRZ.CN) (CNNRF) announced that one of its investee companies, AltMed agreed to combine its Florida operations with Florida cultivator Plants of Ruskin to form AltMed Florida. Ruskin has been granted 1 of only 9 licenses in Florida. Ruskin owns and has already received zoning, land use and permitting for its 150,000-sq.-ft. facility.

The formation of AltMed Florida will open the market to AltMed’s line of MüV cannabis infused products, which should be available to patients in the first quarter of 2018 via delivery and through MüV by AltMed Florida dispensaries.

In 2016, the MüV brand launched in Arizona and has gained international attention and recognition. In its first six months, MüV received 4 Arizona medical cannabis awards, including two first prizes for its proprietary extractions that are the basis of all MüV products.

CannaRoyalty currently holds an 8.2% equity stake in AltMed, a 3.5% revenue royalty extending to December 31, 2025 on several its MüV products, as well as the right to license MüV products in Canada, Puerto Rico, California, Nevada, Washington, Oregon, and Massachusetts.

Source of the article: https://technical420.com/cannabis-article/7-company-updates-week-are-driving-shares-higher

More from PsychedelicNewsWire

India Globalization Capital, Inc. (NYSE: IGC) – Blockbuster Position for Treating Alzheimer’s

Origo Acquisition Corp. (NASDAQ: OACQ) to Acquire High Times Holding Corp.

Lexaria Bioscience’s (CSE: LXX) (OTCQB: LXRP) Technology Offers More Potent Delivery of Cannabinoids

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