The Week In Cannabis: FDA Approves Epidiolex For TSC, Brett Favre Joins The Industry, Stocks In Red

In a week where markets were up, cannabis stocks were mostly declining.

GWPH) and Greenwich Biosciences Inc. jointly announcing FDA approval for Epidiolex for the management of seizures related to tuberous sclerosis complex. The companies said the age range includes patients one year of age and older.

Besides the new indication, Epidiolex, an oral solution containing CBD, is approved for the treatment of seizures linked to Lennox-Gastaut and Dravet syndromes. Initially, the medicine is approved by the FDA for treating both syndromes in patients two years of age and older.

Illinois adult-use cannabis sales remained strong in July, hitting around $61 million. That’s a monthly increase of roughly 28%.

In Michigan, speculation mounted around new cannabis licenses. According to some reports, starting Nov. 1, businesses and individuals aspiring a recreational marijuana license in Michigan may no longer need to be a medical marijuana license holder.

Upon contacting the agency, David Harns, Interim Director of Communications for Michigan’s Department of Licensing and Regulatory Affairs, said that the agency is leaning towards allowing standalone recreational marijuana licenses, but the decision has not yet been formalized.

Michigan’s Marijuana Regulatory Agency will continue talks with key stakeholders and provide an official update when the measure has been officially confirmed.

WDDMF) closed a deal with MM Technology HoldingsLLC, the owner of Mary’s Brands. Pursuant to the agreement, WeedMD opted to produce a suite of Mary’s Medicinals’ products, including transdermal gels and patches, as well as topicals.

CRON) reported a second-quarter net loss of $107 million, and a $40-million impairment charge related to a cannabidiol deal with CBD brand Lord Jones and a $35.9-million noncash loss related to an investment from cigarette conglomerate Altria Group (NYSE: MO).

“In the second quarter of 2020, we continued our progress despite unprecedented shifts in our industry and the global economy,” Cronos CEOMike Gorenstein said in a prepared statement.

TRSSF) released its preliminary results for the second quarter of the 2020 fiscal year. The New York-headquartered company anticipates net sales of $47.2 million. That’s a sequential and year-over-year increase of 36% and 169%, respectively.

Benzinga Cannabis’ Earnings Center.” data-reactid=”35″>More on these and other results on Benzinga Cannabis’ Earnings Center.

ETFs were mostly down. Over the five trading days of the week:

• ETFMG Alternative Harvest ETF (NYSE: MJ): lost almost 3%
• AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 0.35%
• Cannabis ETF (NYSE: THCX): dropped 2.2%.
• Amplify Seymour Cannabis ETF (NYSE: CNBS): was down 2.2%.
• SPDR S&P 500 ETF Trust (NYSE: SPY) was up 2.4%.

GTBIF) teamed up with Berner’s Cookies to launch the first Nevada-based Cookies store.

AGEEF) finalized a takeover of Outer Galactic ChocolatesLLC. The Toronto-based company purchased Outer Galactic for roughly CA$230,000(US$172,003).

ITHUF), where she was both director and chief strategy officer. The reason behind Stavola’s departure was not revealed by the company, which confirmed the exit late Tuesday.

El Planteo.” data-reactid=”47″>Benzinga Cannabis’ content is now available in Spanish on El Planteo.

August 18 Virtual event.” data-reactid=”48″>Sol Clahane, vice president and general manager for the U.S. region for Canopy Growth Corp. (NYSE: CGC) joined the Benzinga Cannabis Advisory Council, ahead of our August 18 Virtual event.

CURLF) has been one of the hottest cannabis MSO stocks in recent months, and one Wall Street analyst said Tuesday that the stock may be headed even higher following the closing of its Grassroots acquisition.

Cantor Fitzgerald analyst Pablo Zuanic reiterated his neutral rating for Curaleaf and raised his price target from $7.50 to $10.

Story continues