4Front Holdings on Thursday delivered a letter to Congress signed by more than 100 of its cannabis-industry peers in support of significant federal cannabis policy reform. The letter, which can be read at www.DescheduleMarijuana.com, describes 4Front’s position that the federal government should end the criminalization of cannabis by removing it from the Controlled Substances Act and that federal cannabis policy reform is incomplete if it does not include the funding and programming necessary to create a more inclusive industry and help to meaningfully address the harm done to communities that were disproportionately impacted by the War on Drugs.
Koios Beverage (CSE: KBEV) (OTC: KBEVF) announced that it has made several key developments to its proposed line of functional beverages containing cannabidiol (CBD). In September 2018, the company unveiled plans to launch a functional beverage, which would be infused with CBD. Now the company is reporting that it will work with Colorado-based Keef Brands to develop this product. The partnership is preparing to produce several test batches of the proposed CBD beverage.
Aurora Cannabis (NYSE: ACB) (TSX: ACB) has been selected as the only winner of the Italian government’s public tender to supply medical cannabis in Italy. The supply contract is expected to be signed in September 2019. Meanwhile, shares of the company sank on Thursday after Bank of America Analyst Christopher Carey downgraded the company stock to neutral from buy and lowered his price target to $8 from $10 on concerns that the company is burning too much cash.
Choom (CSE: CHOO) (OTCQB: CHOOF) announced that an Alberta provincially approved cannabis retail licensee is opening a cannabis retail store in Lloydminster, Alberta, that will operate under the Choom brand. The Choom-branded store is set to open on July 20th.
Sunniva (CSE: SNN) (OTCQB: SNNVF) has received a non-refundable payment of C$1 million under the share purchase agreement where Sunniva agreed to sell Sunniva Medical to CannaPharmaRx. The deal is expected to close in August.
Flower One Holdings (CSE: FONE) (OTCQX: FLOOF) signed a licensing agreement with LA-based Deuces 22, the lifestyle cannabis brand founded by four-time NBA champion John Salley and daughter Tyla Salley. Flower One is now licensed to manufacture, distribute, and sell Deuces 22’s selection of dry flower and pre-rolls in Nevada.
Charlotte’s Web Holdings (TSX: CWEB) (OTCQX: CWBHF) has entered into a research initiative with Rodale Institute and Natural Care to pioneer regenerative organic hemp farming. The research will be conducted at Pocono Organics, a start-up regenerative organic farm in Long Pond, Penn.
Avicanna announced that its common shares commenced trading on the Toronto Stock Exchange under the symbol AVCN. Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.
Namaste Technologies (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) reported its interim financial results for the second quarter ended May 31, 2019. Revenue for the quarter was C$4.0 million, versus C$4.1 million in the comparable quarter in the prior year. Net loss for the quarter was C$8.6 million, or loss per share of C$0.03, versus C$8.1 million, or loss per share of C$0.03, in the comparable quarter in the prior year.
Pure Global Cannabis (TSX.V: PURE) (OTC: PRCNF) (FRA: 1QS), operating through its subsidiary PureSinse, reported a supply agreement with Namaste Technologies (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF). The agreement will allow for the listing and distribution of PureSinse products on Namaste’s online marketplace called CannMart.
Pharmagreen Biotech (OTCMKTS: PHBI) announced that the Securities and Exchange Commission has declared effective the company’s registration on Form S-1 relating to the sale from treasury of up to 20 million shares of Class A common stock at $2 per share, and the resale of 4,051,725 common stock that have been issued to the selling stockholders named in the registration statement. Pharmagreen Biotech is a cannabis company that wants to become “the largest producer of cannabis plantlets through a tissue culture process with opportunity to become one of the largest players globally.”