CORAL GABLES, FL / ACCESSWIRE / March 20, 2019 / The marijuana stock market has exhibited great promise in the month of March, resulting in the excitement surrounding the cannabis industry. Although at first, the new year was a bit rocky for cannabis companies, it seems as though the top players in the industry have managed to reign it in for a bullish end to the month. Whereas investors in cannabis typically focus on companies that grow cannabis crops, several of the tertiary or ancillary companies in the cannabis sector have also exhibited strong signs of growth this past month. As we look to the future, these smaller companies may play a role in securing potential opportunities for the cannabis industry. ParcelPal Technology Inc (PTNYF) (PKG), Curaleaf Holdings Inc (CURLF) (CURA.CN), Zynerba Pharmaceuticals Inc (ZYNE), and GW Pharmaceuticals plc (GWPH) represent 4 marijuana stocks getting a boost from today's headlines.
ParcelPal Technology Inc (PTNYF) (PKG) is a technology-driven logistics company purposed with connecting consumers to the goods they love. The Company created an on-demand, easy-to-use, marketplace where consumers can shop for everything from food to clothing, all with the click of a button. Rather than spend valuable time waiting in line or racing to the store, ParcelPal users need only choose what they want, pay, and within the hour their order will be delivered by a ParcelPal courier.
In an effort to increase their product offerings to include cannabis, ParcelPal Technology Inc (PTNYF) (PKG) announced earlier this month that the Company has signed a cannabis distribution agreement with Kiaro, a Vancouver-based cannabis retailer. Further to ParcelPal's cannabis strategy announced on September 13, 2018, the Company has completed an additional cannabis distribution agreement with Kiaro for the delivery of cannabis products through Kiaro's physical and digital retail channels.
Following the announcement, Kelly Abbot, Chief Executive Officer of ParcelPal Technology Inc (PTNYF) (PKG), said, "cannabis delivery is expensive and often through antiquated courier services - with consumers waiting over a week to receive their items. With ParcelPal, customers will receive their cannabis products safely within an hour. Our technology enables seamless integration with any cannabis retail outlet or eCommerce platform."
Curaleaf Holdings Inc (CURLF) (CURA), a leading vertically integrated cannabis operator, earlier this week announced it has signed a definitive agreement to acquire Acres Cannabis. With 269,000 sq. ft. of operating cultivation facilities and further expansion as needed on its 37 acres of land in Amargosa Valley, Nevada, Acres operates the state's largest cultivation facility, a state-of-the-art production and extraction lab and an immersive cannabis dispensary located in the city of Las Vegas, adjacent to the Strip, with a second dispensary under construction.
Joseph Lusardi, Chief Executive Officer of Curaleaf, said, "the acquisition of Acres is a major step in expanding our vertical platform in Nevada. Acres operates a flagship dispensary in the heart of Las Vegas, complementing our existing assets in the state extremely well, and importantly, we can control the consistency, quality and production cost of our own cannabis products. We have built the most accessible, trusted and reliable cannabis brand and are extremely excited about the prospects in Nevada both for retail and wholesale activity."
Zynerba Pharmaceuticals Inc (ZYNE) saw impressive gains in the market on Wednesday, with its shares up 9.87%, trading at $6.12 per share late in the morning. Earlier this month, the Company reported financial results for the fourth quarter and year ended December 31, 2018, and provided an overview of recent operational highlights.
At the time of their announcement, Armando Anido, Chairman and Chief Executive Officer of Zynerba, stated, "the fourth quarter of 2018 was a period of strong clinical and corporate momentum, as we achieved our remaining 2018 milestones and positioned ourselves well for a watershed year in 2019. We continued enrollment into CONNECT-FX, our pivotal trial of Zygel™ in Fragile X Syndrome, and completed enrollment in BELIEVE 1, our Phase 2 trial in Developmental and Epileptic Encephalopathies. We also initiated the BRIGHT trial, which will evaluate Zygel in Autism Spectrum Disorder and are on track to initiate a Phase 2 trial in 22q11.2 Deletion Syndrome in the second quarter of 2019."
GW Pharmaceuticals plc (GWPH), a leader in the development and commercialization of cannabinoid prescription medicines, earlier this week announced that GW Research Ltd. has entered into a definitive agreement to sell its Rare Pediatric Disease Priority Review Voucher for $105 million. GW was awarded the voucher under a U.S. Food and Drug Administration (FDA) program intended to encourage the development of treatments for rare pediatric diseases.
Justin Gover, GW's Chief Executive Officer, said, "having successfully developed and launched EPIDIOLEX as the first plant-derived cannabinoid medicine approved by the FDA, GW is advancing a pipeline of additional cannabinoid products to address patient needs across a range of therapeutic areas. The sale of the PRV provides an important source of non-dilutive capital to help advance our pipeline and to continue to invest in the EPIDIOLEX commercial launch in both the U.S. and Europe."
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