Pic: via Getty Images.
Weed Week: Musk gives the go-ahead for cannabis advertising on Twitter in the US
Health & Biotech
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- Twitter to allow cannabis companies to advertise in US states where it’s legal
- Elixnol comes out on top with CannaCare Health arbitration awarded in their favour
- Avecho expands CBD soft-gel capsule trials with the Lambert Initiative
Twitter has become the first social media platform to give cannabis advertising the all-clear in US states where weed is legal.
The company said it will permit cannabis companies to advertise (as long as they have the right licence) but they only target jurisdictions where they are licensed to operate.
But targeting people under 21 years will be a no-no.
There were more than 20 million cannabis-related tweets in the last year. That’s more than coffee, golf, and the NHL. Now the bird is officially 420-friendly. https://t.co/6XPiW0k24R
— Leafly (@Leafly) February 15, 2023
“This change speaks to the growing acceptance of cannabis as a mainstream wellness category, and we are hopeful it will serve as a catalyst for other social media platforms to follow suit,” Curaleaf EVP Kate Lynch told Reuters.
Twitter previously only allowed advertising for hemp-derived CBD topical products while other platforms like Facebook, Insta and TikTok don’t allow any weed ads since it’s still illegal at the federal level in the US.
ASX WEED STOCKS
| Code | Company | Price | % Year | % Six Month | % Month | % Week | Market Cap |
|---|---|---|---|---|---|---|---|
| EMD | Emyria Limited | 0.23 | -16% | 0% | -6% | 21% | $62,711,769 |
| AVE | Avecho Biotech Ltd | 0.01 | -23% | -23% | -17% | 11% | $18,378,693 |
| IHL | Incannex Healthcare | 0.1525 | -73% | -44% | -20% | 9% | $245,986,605 |
| RNO | Rhinomed Ltd | 0.1 | -53% | -38% | 5% | 9% | $28,571,969 |
| BOD | BOD Science Ltd | 0.064 | -57% | -26% | -26% | 7% | $9,799,776 |
| LV1 | Live Verdure Ltd | 0.16 | -52% | -33% | -3% | 7% | $11,801,449 |
| ALA | Arovella Therapeutic | 0.033 | -20% | 38% | 3% | 6% | $24,129,110 |
| TSN | The Sust Nutri Grp | 0.018 | -88% | -87% | -22% | 6% | $2,170,915 |
| IRX | Inhalerx Limited | 0.046 | -52% | -18% | -18% | 2% | $8,729,280 |
| CTV | Colortv Limited | 0.008 | -68% | 0% | 0% | 0% | $1,236,985 |
| ZLD | Zelira Therapeutics | 1 | -68% | -36% | -17% | 0% | $9,481,345 |
| WFL | Wellfully Limited | 0.015 | -75% | -46% | 15% | 0% | $5,867,223 |
| HGV | Hygrovest Limited | 0.07 | 27% | 6% | 0% | 0% | $16,096,779 |
| SCU | Stemcell United Ltd | 0.013167 | 0% | 0% | 0% | 0% | $14,995,837 |
| ROO | Roots Sustainable | 0.001 | -80% | -75% | -33% | 0% | $1,039,220 |
| MRG | Murray River Grp | 0.245 | 0% | 0% | 0% | 0% | $10,808,210 |
| RGI | Roto-Gro Intl Ltd | 0.22 | 0% | 0% | 0% | 0% | $4,333,920 |
| LGP | Little Green Pharma | 0.18 | -63% | -40% | -22% | 0% | $48,620,389 |
| AC8 | Auscann Grp Hlgs Ltd | 0.04 | -38% | 0% | 0% | 0% | $17,621,884 |
| DTZ | Dotz Nano Ltd | 0.225 | -32% | -17% | -6% | 0% | $105,772,162 |
| MDC | Medlab Clinical Ltd | 6.6 | -58% | -49% | -4% | 0% | $15,071,113 |
| EVE | EVE Health Group Ltd | 0.001 | -52% | 0% | 0% | 0% | $5,274,483 |
| CGB | Cann Global Limited | 0.021 | -16% | -9% | 0% | 0% | $5,436,345 |
| VIT | Vitura Health Ltd | 0.51 | 50% | -8% | -11% | -2% | $272,700,715 |
| AGH | Althea Group | 0.045 | -70% | -46% | -13% | -2% | $16,623,433 |
| BOT | Botanix Pharma Ltd | 0.077 | 26% | 15% | 28% | -3% | $91,436,042 |
| CAN | Cann Group Ltd | 0.165 | -33% | -40% | -8% | -3% | $65,780,627 |
| NTI | Neurotech Intl | 0.052 | 13% | -46% | -21% | -4% | $45,443,293 |
| CPH | Creso Pharma Ltd | 0.0125 | -75% | -65% | -31% | -4% | $27,774,600 |
| EXL | Elixinol Wellness | 0.024 | -44% | -37% | -14% | -4% | $7,590,374 |
| WNX | Wellnex Life Ltd | 0.066 | -43% | -20% | -6% | -7% | $29,374,062 |
| EPN | Epsilon Healthcare | 0.021 | -59% | -13% | -16% | -9% | $6,307,434 |
| IDT | IDT Australia Ltd | 0.061 | -68% | -47% | -20% | -9% | $14,510,851 |
| WOA | Wide Open Agricultur | 0.17 | -73% | -70% | -21% | -11% | $21,892,901 |
| MXC | Mgc Pharmaceuticals | 0.008 | -64% | -50% | -20% | -11% | $25,798,026 |
| ECS | ECS Botanics Holding | 0.023 | -15% | -12% | -12% | -12% | $26,561,536 |
| EOF | Ecofibre Limited | 0.2 | -51% | -22% | -5% | -18% | $69,842,910 |
Only eight companies were in the green, with 13 flat and 16 stocks in the red.
Here are the ones with notable news:
Elixinol says the dispute between CannaCare Health GmbH (CannaCare) and the company’s wholly owned subsidiary, Elixinol BV, has now been successfully concluded, with the arbitration award made in the company’s favour.
In June 2021 the company entered into a termination and withdrawal agreement with the shareholders of CannaCare to terminate the Share Purchase Agreement (SPA) for the intended acquisition by Elixinol BV of 100% of CannaCare, after further closing due diligence revealed a change in the German market outlook with rapidly intensifying competition.
As a result, the parties entered into a Termination Agreement, but CannaCare failed to pay a reimbursement to the company of 360,000 EUR in respect of costs incurred to date for the purposes of the proposed acquisition.
EXL is now entitled to receive payments plus interest amounting to approximately 543,000 EUR ($835,000) within 30 days.
The company has announced an expanded collaboration deal with the Lambert Initiative, a leading Australian academic centre for the discovery of cannabinoid (CBD) therapeutics.
Under the new deal, Avecho will provide its CBD soft-gel capsule to the Lambert Initiative for use in two further clinical trials.
These new trials will examine potential new indications that may be treatable using lower doses of CBD.
Avecho has previously collaborated with Lambert on a successful Phase 2 clinical trial on the use of a topical CBD TPM gel for the treatment of osteoarthritis of the fingers and hands.
Results from this study were presented by Lambert researchers at the International Cannabinoid Research Society Symposium on the Cannabinoids in June last year.
A larger topical CBD trial is currently being planned with Lambert in 2023, as is a further study that will examine a topical cannabigerol (CBG) TPM product.
“Lambert Initiative’s decision to use Avecho’s CBD product in their own studies is testament to the clinical relevance of the work we’ve conducted over the last three years on product development in the cannabinoid space,” said Avecho CEO, Paul Gavin.
NEUROTECH INTERNATIONAL (ASX:NTI)
Human Research Ethics Committee (HREC) approval has been secured to extend the company’s Phase I/II Autism Spectrum Disorder (ASD) clinical trial.
Based on today’s HREC extension, individual patients can continue to receive NTI164 for an additional six months over the 54-week treatment period.
This represents a total of 80 weeks or 1.5 years of daily NTI164 treatment, which will generate a substantial amount of additional safety data for Neurotech.
“We anticipate the results of the full 54 weeks of treatment to be available late Q1 CY2023, which we hope will confirm the long-term durability of the improvements we have seen across a range of clinically accepted doctor, caregiver and patient assessments in ASD, coupled with no long-term safety concerns,” executive director Dr Thomas Duthy said.
The company has also treated the first patient in its Phase I/II clinical trial of NTI164 in children diagnosed with Paediatric Autoimmune Neuropsychiatric Disorders Associated with Streptococcal Infections (PANDAS) and Paediatric Acute-Onset Neuropsychiatric Syndrome (PANS).
Recruitment of the 15 patients is now anticipated to complete during Q1 CY2023, with results of the trial anticipated in 2H CY2023.
Zelira has secured US$8.6 million cornerstone funding from US-based Cantheon Capital to conduct FDA Phase 2 and Phase 3 clinical trials for its HOPE 1 product via a special purpose vehicle (SPV).
The company launched HOPE into the market in three US states – Pennsylvania, Louisiana and Washington D.C. – approximately three years ago and in Australia in 2020 and is now looking at the formal development of HOPE® 1 under the US FDA process.
“Our target is a potential eventual approval of HOPE® 1 in the US as a drug for ASD, within approximately 36 months from the commencement of our trials,” chairman Osagie Imasogie said.
Zelira will also raise up to an addition US$26 million in SPV to fund the trials for gross proceeds of around US$35 million and retain a 55% interesting in the HOPE 1 SPV.
