A flagship cannabis exchange-traded fund (ETF) revealed its latest quarterly changes this week, including the removal of seven stocks from its index.

Meanwhile, a cannabis investment company made official the announcement of a new CEO and board member as it tries to resolve a disagreement with a core group of shareholders.

Keep reading to find out more cannabis highlights from the past five days.

Cannabis ETF cuts seven stocks

Horizons ETFs Management (Canada) announced this week the most recent rebalancing of its two cannabis ETFs, the Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ) and the Horizons US Marijuana Index ETF (NEO:HMUS).

According to Horizons ETFs, securities in the HMMJ index should have market capitalizations of over C$75 million. President and CEO Steve Hawkins said he’s seen momentum shift from Canada-based names to the US side of the market with the performance of multi-state operators below the border.

“Despite a strong recovery in Q2 2020 following the market volatility in March, Canada’s marijuana industry struggled in the third quarter in the face of COVID-19’s continued pressure on businesses and a lack of positive news to buoy the sector,” Hawkins said.

Amid these changes, seven cannabis stocks were demoted from the HMMJ index:

  • Agraflora Organics International (CSE:AGRA,OTC Pink:AGFAF)
  • The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF)
  • Khiron Life Sciences (TSXV:KHRN,OTCQX:KHRNF)
  • Namaste Technologies (TSXV:N,OTCQB:NXTTF)
  • Pharmacielo (TSXV:PCLO,OTCQX:PCLOF)
  • Sundial Growers (NASDAQ:SNDL)

Investment company appoints new CEO as it faces dispute

Australis Capital (CSE:AUSA,OTCQB:AUSAF), an investment arm spinoff of Aurora Cannabis (NYSE:ACB,TSX:ACB), is facing a standoff with a group of disgruntled shareholders who are asking the company meet its demands regarding changes in leadership.

After various back-and-forth statements, Australis has now told the market it has made Harry DeMott, former founding investor of Columbia Care (NEO:CCHW,OTCQX:CCHWF), its new CEO.

“Having witnessed the opportunities firsthand as an investor and operator in the space, I truly believe that the time to invest in and build branded cannabis assets is now,” DeMott said in a statement.

Back in August, the investors issued a statement demanding the company made changes given what they called mismanagement regarding a missed acquisition deal by Australis.

Eventually, the company held a meeting with the investors who wanted the changes. However, the meeting failed to create a resolution as both parties claimed bad faith from one another in the gathering.

Alongside the new executive is the appointment of Rick Cutler as an independent member of the Australis board of directors. Cutler comes in as the company confirmed the resignation of John Dover from its board. Earlier this year, the company also saw its former CFO Michael Carlotti depart.

“Having known Rick for well over a decade, I feel confident that he adds a level of experience with branded products that is unmatched at AUSA, and that he will be a valuable addition to the team,” DeMott added in the release.

Cannabis company news

  • Inner Spirit Holdings (CSE:ISH) opened two new stores in the provinces of Ontario and Newfoundland and Labrador, boosting its total of Spiritleaf-branded stores to 60 in the country.
  • Aphria (NASDAQ:APHA,TSX:APHA) confirmed the first delivery of an unspecified medical cannabis shipment from its facility to its German distributor subsidiary, CC Pharma.
  • TerrAscend (CSE:TER,OTCQX:TRSSF) told investors it has launched sales from the new San Francisco cultivation facility of its investee company, State Flower.
  • Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) gave its shareholders an extensive update on its business amid the global COVID-19 pandemic.

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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