This week in the marijuana space, a dispute boiled up between a group of disgruntled investors and a public cannabis investment operator.

In the US, a major cannabis legalization vote was scheduled in Congress for later this month.

Keep reading to find out more cannabis highlights from this week.

Investor group raises question at cannabis company

A group of Australis Capital (CSE:AUSA,OTC Pink:AUSAF) investors issued a statement on Monday (August 31) asking for a shareholder meeting to elect new directors to the board. The investors are arguing that the company is willingly delaying the election of new board leadership.

“As demonstrated by the Company’s poor share price performance since inception, it is clear that an immediate change in leadership is required to protect shareholder value,” the group said.

Australis is an offshoot launched by Aurora Cannabis (NYSE:ACB,TSX:ACB) as a way to pursue investments in the cannabis space.

The investor group includes: Terry Booth, Lola Ventures, Roger Sykes, 1703469 Alberta, Duke Fu, Green Therapeutics and Jason Dyck.

According to these investors, since Australis’ acquisition plan for Passport Technology failed at the start of August, the company has been unclear and has failed to communicate with shareholders.

“The Board has categorically failed in its duty to provide oversight and to effectively communicate with shareholders,” the investor group said. At the end of August, Australis indicated it would hold its annual general and special meeting of shareholders on November 17.

This past Thursday (September 3), Australis confirmed its has signed a settlement agreement regarding its missed acquisition. Additionally, Executive Chairman Scott Dowty left the company.

As part of his departure, Dowty elected to let go of his cash severance and his remaining unvested stock options. However, he will still keep his restricted share units, and the company will issue just over 4 million shares to Dowty.

“This settlement represents a fair and reasonable resolution between AUSA and Passport, and an equitable separation between the Company and Scott,” said CEO Cleve Tzung.

This isn’t the only big shakeup for Australis recently — earlier this year, the company confirmed the departure of its CFO, Michael Carlotti.

Historic cannabis vote set to take place

This past week, a much-anticipated vote on American cannabis legalization was scheduled to take place in Congress on September 21.

House Majority Leader Steny Hoyer told Cannabis Wire that the vote for the MORE Act will act as a way to decriminalize marijuana at the federal level. “This legislation is an important step to correct the disproportionate impact our criminal justice system has had on communities of color,” said Hoyer.

While the vote may prove to be historic, it could also end up being more symbolic. That’s because obtaining approval would put it up against the Republican-controlled Senate, and there’s little indication the legislation would make it through that obstacle.

In addition to taking cannabis away from the Controlled Substances Act, the MORE Act would make it so expungements become available to those with previous federal cannabis records.

Cannabis company news

  • Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) celebrated US$1 million in sales for its Select Elite Live cartridges in the Florida market. The feat was accomplished less than a month after the product was launched in the state.
  • Zenabis Global (TSX:ZENA) told investors it has confirmed its first shipment of cannabis product to an undisclosed Australian distributor. The company expects to import 100 kilograms into Australia during the third quarter.
  • Canopy Growth (NYSE:CGC,TSX:WEED) confirmed to Marijuana Business Daily that it has let go of more of the workforce at its Niagara, Ontario, facility. The company did not indicate how many staffers have been let go, but said it will show its new headcount in its next financial results report.
  • Halo Labs (NEO:HALO,OTCQX:AGEEF) and High Tide (CSE:HITI,OTCQB:HITIF) amended their deal for the sale of High Tide’s KushBar retail cannabis assets to Halo. Halo will pay C$5.7 in total through cash, shares and special notes for the three active stores.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development

Trulieve Cannabis Corp . (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States today announced a new partnership with the Thurgood Marshall College Fund (TMCF), the nation’s largest organization exclusively representing the Black College Community. Trulieve will donate $20,000 to help fund several college scholarships awarded to students who are attending one of the organization’s member-schools as part of Trulieve’s diversity, equity, and inclusion initiatives. The $15,000 in talent funding is earmarked to support TMCF’s internship program, reaching a diverse talent pool of students and alumni from their 47 member-schools to provide immersive experiences at Trulieve.

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The new dispensary expands patient access to Florida’s largest inventory of medical cannabis products

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a brand-new Florida dispensary, the Company’s 80th nationwide. The new location marks the Company’s first in Tamarac and third in Broward County expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.

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Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.

With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2020. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board (“DSMB”) for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.

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HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.

DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.

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CFN Enterprises Inc. (OTCQB: CNFN) (CFN Media) partners with FMW Media Works LLC to produce a regular series on the global cannabis markets to air on major financial news networks across the US. Initial segment features leading cannabis analyst and US Multi-State Operator (MSO)

CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the leading media network dedicated to the global legal cannabis, CBD and psychedelics industries, today announced that its inaugural news segment on the cannabis markets, “Cannabis Market Outlook for 2021,” will air on Bloomberg, Newsmax and Fox Business.

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