LAS VEGAS, March 21, 2018 /PRNewswire/ --
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Virginia Governor Ralph Northam approved a CBD legislation bill to expand the state's medical marijuana program. The Virginia House and Senate passed the bill last month before sending it to Northam for his signature. The Senate's version passed with a unanimous vote February 5. Included in today's commentary: NightFood Holdings, Inc. (OTC: NGTF), INSYS Therapeutics, Inc. (NASDAQ: INSY), Terra Tech Corp. (OTC: TRTC), General Cannabis Corp. (OTC: CANN), and Medical Marijuana, Inc. (OTC: MJNA)
Cannabis activists in the state reacted positively to the news. Not only activists are seeking medical marijuana policy reform in Virginia. Public opinion also favors change. A poll released last year by Quinnipiac University found that 94 percent of Virginians approved of the medicinal use of cannabis. Allowing recreational use of marijuana was supported by 59 percent of those polled.
This opinion seems to be mirrored nationwide, and is a sentiment that continues to grow.
One reason for this increasing sentiment is the fact many see CBD as an alternative to opioids, which have ravaged American communities with their addictive properties.
In other CBD news includes the following companies: NightFood Holdings, Inc. (OTC: NGTF), INSYS Therapeutics, Inc. (NASDAQ: INSY), Terra Tech Corp. (OTCQX: TRTC), General Cannabis Corp. (OTCQB: CANN), and Medical Marijuana, Inc. (OTC: MJNA).
NightFood Holdings, Inc. (OTC: NGTF)
Market Cap: $13.96M, current share price: $.362
NGTF the category leading, better-for-you, sleep-friendly nighttime snack company, today announced that the Company has completed its largest production run of NightFood nutrition bars to date.
Over $400,000 worth of product at retail value was produced last week, and delivered to the NightFood fulfillment center on Monday, March 5. All retail back-orders have now been fulfilled, and inventory is currently on the way to Amazon distribution centers across the country.
MJ Munchies, Inc. was recently formed as a new, wholly owned subsidiary, to exploit legally compliant opportunities in the CBD and marijuana edibles and related spaces. The Company intends to market some of these new products under the brand name "Half-Baked".
GW Pharmaceuticals plc (NASDAQ: GWPH)
Market Cap: $3.38B, current share price: $121.99
GWPH, a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, along with its U.S. subsidiary Greenwich Biosciences, today announced receipt of Notices of Allowance for five new Epidiolex® patent applications that will be listed in the Approved Drug Products with Therapeutic Equivalence Evaluations (commonly known as the Orange Book) if the NDA for Epidiolex is approved. Once issued, these patents are set to expire in 2035. One or more patents may be eligible for additional patent term through patent term adjustment and/or regulatory exclusivities.
INSYS Therapeutics, Inc. (NASDAQ: INSY)
Market Cap: $522.01M, current share price: $7.12
INSY last week reported a loss of $47 million in its fourth quarter. On a per-share basis, the Chandler, Arizona-based company said it had a loss of 65 cents. Losses, adjusted for pre tax expenses and stock option expense, were 20 cents per share.
The specialty pharmaceutical company posted revenue of $31.5 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $32.3 million.
Terra Tech Corp. (OTCQX: TRTC)
Market Cap: $259.38M, current share price: $.268
TRTC, a vertically integrated cannabis-focused agriculture company, today provided a business update for 2018. These topics will be discussed in more detail on the Company's earnings call this Thursday, March 15th, details of which can be found on the Company's website.
General Cannabis Corp. (OTCQB: CANN)
Market Cap: $118.96M, current share price: $3.54
CANN, the comprehensive national resource to the regulated cannabis industry, this week announced financial results for the year ended December 31, 2017. "Along with growth through acquisitions, we are also focused on organic growth and driving each segment to profitability," said Joe Hodas, Chief Operating Officer of General Cannabis. "I have spent extensive time with each of our segment leaders, diving into staffing models, revenue projections and challenges. With initial analyses in hand and the existing General Cannabis infrastructure, I believe we can capitalize on new lines of business, cross-sale opportunities between segments, and operating efficiencies. I am eager to work with the great team in place here at General Cannabis to drive strong top line and bottom line results."
Medical Marijuana, Inc. (OTC: MJNA)
Market Cap: $336.47, current share price: $.105
MJNA, the first publicly traded cannabis company in the United States, just announced that its subsidiary HempMeds® Brazil, which was the first company authorized by Anvisa to import a cannabidiol-based product to Brazil, is partnering with the National Association of Cannabidiol Users (ANUC) to host the Cannabidiol (CBD) Symposium from March 19-23 in Rio Grande do Sul, in the cities of Canoas, Passo Fundo and Porto Alegre. It is the first time that hospitals in Brazil have ever offered cannabis events to the medical community.
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