After several months of stress, cannabis stocks appear to be on a hiatus, with all major US-traded ETFs registering big gains last week.
The Horizons Marijuana Life Sciences Index ETF (HMLSF), ETFMG Alternative Harvest ETF (MJ), AdvisorShares Pure Cannabis ETF (YOLO), Cannabis ETF (THCX) and Amplify Seymour Cannabis ETF (CNBS) all ended the week in increase of at least 13% – with the first listed above approaching 20%.
Some of the big winners this week included Terrascend, which peaked with completing a no-middleman private placement and obtaining a license to grow medical marijuana in New Jersey; UK-based GW Pharmaceutical manufacturer of the FDA-approved epilepsy drug Epidiolex, which recovered after posting strong results for its fourth quarter and full year 2019; and Aphria, which also exceeded analysts’ expectations with its second quarter financial results. See details on all of this news here.
Private companies Hemp Synergistics and Respira Technologies also reported some good news, which closed $ 1.5 million and $ 2.25 million in seed funding rounds, respectively. Meanwhile, Left Coast Ventures announced a partnership with musician Carlos Santana, to launch a line of cannabis and CBD products under the artist’s name.
For its part, High Times has appointed a new interim chairman and chief financial officer, Paul Henderson, who previously worked with Goldman Sachs, Apple and cannabis company Grupo Flor. The media and events company also announced that it will be opening cannabis dispensaries in Las Vegas and Los Angeles.
See also: Professional skater David Hafsteinsson on the opioid epidemic, injury recovery and his CBD partnership with Tony Hawk
The US Health and Energy Trade Subcommittee held discussions on “Cannabis Policies for the New Decade,” analyzing six different marijuana-related proposals currently under consideration in Congress.
Locally, Hawaii has enacted its Cannabis Decriminalization Act, which prevents residents from being jailed for possession of small amounts of weed, while activists in Montana have presented some initiatives to legalize adult use. to the Montana Secretary of State. If approved, activists are expected to get at least 75,000 signatures for the issue to be included in the next ballot in November.
And finally, in the international field, Italy has published its regulations on cannabis oils and edible products. Authorities have said that foods containing cannabis are legal as long as they contain less than 2 milligrams of THC per pound of food. The number drops to 5 milligrams per kilogram for oils.
Returning to company news, Medical Cannabis by Shoppers announced a few new brand additions to its shelves, including Avicanna’s Rho Phyto and Pura Earth CBD lines, and Organigram’s products, such as dried flowers and the oils.
COMPASS Pathways, a company dedicated to mental health care, has received a US patent for a process it developed to treat drug-resistant depression with a formulation of psilocybin. Psilocybin, a prodrug commonly found in psychedelic mushrooms, is synthesized in the lab, and that’s what COMPASS does.
See also: Are mushrooms and other psychedelics the next big thing?
Gynica and Lumir Lab announced that they have formed a partnership focused on finding a cannabis-based treatment for endometriosis, a topic covered in a recent Forbes article featuring Lara Parker.
Viola Brands appointed Ericka Pittman as CMO, making her the first African-American woman to hold the position in a multi-state cannabis operator. And finally, Tilray hired Jon Levin as COO and Michael Kruteck as CFO. The former worked for Revlon, while the latter was an employee of Molson Coors before joining the cannabis company.
For a full recap of this week’s events in the cannabis, hemp, CBD, and psychedelics space, check out my “Cannabis week” column on Benzinga. This week’s recap also includes news from MariMed, Papa & Barkley, HEXO Corp., The Fresh Toast, Megan Rapinoe, SXSW, and more.