Weed Week: New Yorkers with cannabis convictions first in line for retail licences, CBX Stock Exchange launches
State officials in New York have put aside 100 of the first 200 licences to sell recreational marijuana for people with marijuana-related convictions.
It’s part of the state’s effort to address the inequities of a justice system that locked up a disproportionate number of people of colour for drug crimes.
Some licences will go to non-profits or businesses who have a leader linked to a marijuana conviction and priority also will be given to people with a parent, legal guardian, child or spouse convicted of a marijuana-related offence.
The plan follows other New York initiatives, such as a proposed $200 million startup grants and loans fund for marijuana entrepreneurs who are women or minorities, struggling farmers, disabled veterans and people from communities that endured heavy pot policing.
New Yorkers With Marijuana Convictions Will Get First Retail Licenses
Officials intend to reserve the first 100 or more retail licenses to sell marijuana in NY for people who have been convicted of related offenses / their relatives.#NY 🍏 #Cannabis 🌿https://t.co/0C4JhQ3yag pic.twitter.com/24lzoF4txZ
— Todd Harrison (@todd_harrison) March 9, 2022
CBX Stock Exchange launches
In Europe, the CBX Stock Exchange (CBX) based in Geneva, Switzerland has been launched with the aim to promote “seed-to-shelf” quality and transparency.
An earlier version of the online trading platform for cannabis products has been active since 2019 and already claims around 4,000 members from over 80 countries.
It’s essentially a marketplace for buyers and sellers of cannabis products whose safety and quality are certified by a third party – an independent laboratory in Switzerland.
ASX WEED STOCKS
A total of seven companies were in the green, with nine companies flatlining and 21 stocks in the red.
Here are the ones with notable news:
This week the medicinal cannabis and psychedelic clinical development company received positive results from a trial using its novel cannabinoid combination in patients with obstructive sleep apnoea.
The Phase 2 clinical trial at the University of Western Australia Centre for Sleep Science and the Alfred Hospital looked at three different doses of IHL-42X at reducing the apnoea hypopnoea index (AHI), which is the diagnostic and monitoring criteria for OSA.
The study showed that 60% of participants experienced a reduction in AHI of greater than 55% and a resulting AHI of less than 20 during at least one treatment period of one dose strength of IHL-42X.
Plus, 20% of participants experienced a reduction in AHI of greater than 80% relative to baseline during at least one treatment period of one dose strength of IHL-42X. The best result showed a 91.5% reduction in AHI after one dose.
The full clinical study report is anticipated in Q2 FY22.
The clinical stage cannabis biotech announced that participant recruitment, screening and consenting has commenced for its Phase 1 clinical trial of EMD-RX5.
The Phase 1 study will assess the safety and bioavailability of EMD-RX5 compared to Epidyolex in 12 healthy human volunteers, who will receive both cannabinoid (CBD) treatments.
The drug is being studied for multiple indications including psychological distress.
Psychological distress is a state of emotional suffering typically characterised by depression and anxiety, and affects around 15% of Australian adults.
There is currently no over-the-counter treatment, and Epidyolex is the only CBD-only medicine formally registered with the TGA and the FDA.
Dosing of the first patient is now expected by the end of March.
Earlier this week the company said it’s on track to deliver $2 million in revenue for Q3 FY22 – driven by sales of its high-quality dried flower and cannabinoid oil products.
The forecast revenue increase will be a ~40% jump on the previous quarter, and a handy 440% beat on the prior corresponding period.
Medicinal cannabis revenue growth continues to outpace hemp food and wellness, with medicinal cannabis securing a much greater share of ECS’s sales with the company expecting this trend to continue.
ECS also recently revealed a 312% increase in first half revenue for H1 FY22 to around $2.4m on pcp.
Last week the company announced a new CEO in Dr Alexandra Andrews.
NTI says Dr Andrews brings expertise in corporate development, investor engagement, product development and commercialisation, clinical trials and regulatory environments.
“I am delighted to be joining Neurotech International as CEO at this exciting time as clinical research into Neurotech’s low level THC cannabis plant strains is unfolding – initially in children with autism, then in other neurological and inflammatory disorders,” Dr Andrews said.
Last week the company said it had achieved its strongest half-year result to date, with total sales of around $2.56 million.
The increase in sales revenue was largely underpinned by the strong demand for ArtemiC, the company’s non-cannabis COVID-19 supplement. ArtemiC’s sales totalled around $1.06 million, or 45% of all sales during the period.
During the half, MGC Pharma also sold around $1.25 million of its cannabinoid products.
Overall, revenue for the half was $2.56m, which was an increase of 246% on pcp, while the bottom line showed a net loss of $8.05m, up 30% on pcp.
Key milestones achieved during the half include the completion of its Malta production facility, which is now due to be commissioned.
Patient dosing commenced last week for the company’s Phase IIa study examining a topical CBD gel to treat pain associated with arthritis of the hand.
The study will examine whether topically applied cannabidiol (CBD) can provide relief from symptoms of osteoarthritis.
The study uses one of Avecho’s proprietary formulation vehicles incorporating its TPM technology, which has already been shown to increase the dermal absorption of CBD by five times.
“Osteoarthritis is a chronic and poorly managed pain condition, with limited treatment options available,” explained Avecho CEO, Dr Paul Gavin.
“Increasingly, CBD is being prescribed for a range of pain conditions, despite a relative absence of formal human clinical trials demonstrating its effectiveness. Commencement of patient dosing is an important milestone in our ongoing efforts to understand and quantify how it could help,” he added.
The specialist investment company has made a follow on $1 million investment in Canada’s Weed Me – the largest unlisted Canadian licensed producer of cannabis products for the Canadian recreational market.
The investment is in the form of an unsecured convertible note to fund Weed Me’s business plan rollout and position Weed Me for a liquidity event (either public listing or sale of the business).
HGV made its initial investment in Weed Me in December 2017 and now has a current book value of C$13.8 million.
And as at 28 February 2022, HGV had generated a total return of 3.5 times on its investment in Weed Me – which recorded net sales of CA$22.7m in the year ended 31 December 2021 (FY21) compared to FY20 net sales of CA$6.9m.
The company has teamed up with the Valens Company (TSX:VLNS) a Canadian-based manufacturer of cannabis products, through the execution of an Interim Implementation Deed.
Epsilon’s GMP Manufacturing Southport Facility will be funded through the following key partnership features:
The Implementation Deed also includes a three-month trial period, commencing 1 March 2022, through which Valens and Epsilon have set a A$2 million sales target of medicinal cannabis products sold to Valens customers.
At Stockhead we tell it like it is. While MGC Pharma, ECS Botanics, and Incannex Healthcare are Stockhead advertisers, they did not sponsor this article.