A critical ruling from the Arizona Court of Appeals against cannabis extracts resulted in a stock price decline for a public cannabis operator in the state.
On Tuesday (June 26) the Arizona Court of Appeals ruled against a motion on whether hashish (cannabis resin extracts) is exempt from prosecution thanks to the Arizona Medical Marijuana Act (AMMA).
MPX Bioceuticals (CSE:MPX), a cannabis operator focused in the US market suffered a severe drop to its share price on Wednesday when it closed at C$0.85, a 14.14 percent decline from its previous close. After the public markets closed MPX finished the day as the cannabis stock with the highest reduction to its value on the Marijuana Index. CannaRoyalty (CSE:CRZ), another US focused operator trading on the Canadian Securities Exchange (CSE) was also in the red with a 7.43 percent decrease in share value for the day.
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A 2-1 vote determined AMMA does not in fact cover the extracts. According to the ruling from the court, AMMA is “silent” when it comes to a protection of hashish. The court successfully argued “AMMA immunizes medical use of a mixture or preparation of the marijuana plant does not immunize hashish.”
These extracts provide a whole different venue of cannabis products like cartridges for vape pens and oils. As the cannabis market expands with a legalization movement, experts have said the variety of products and consumer demand will grow as well.
The Phoenix New Times reported the deciding judges said authors of AMMA should have been more direct with their definitions. “If the drafters wanted to immunize the possession of hashish they should have said so.”
The decision also retained the conviction of a locally registered medical cannabis patient, Rodney Jones, who served time for the possession of a jar with 0.050 ounces of hashish.
Cannabis investors react to defeat for extracts in Arizona courts
During Wednesday’s (June 27) early trading session MPX suffered a dramatic dip to its stock value reaching a low of C$0.82 per share. As the day progressed the shares started to recover but in the end it was a red day for MPX.
MPX had seen a run-up in its Arizona operations and results from the start of 2018. The company reported C$5.2 million in revenue from sales of cannabis and concentrates in the state during the month of March.
The company purchased assets from local cannabis ventures in an effort to expand its presence in Arizona. Scott Boyes, CEO of MPX said these new assets had recorded 12 month revenues of US$15 million. In April the company added a fourth dispensary to its portfolio in Arizona.
CannaRoyalty invested in a cannabis company called Alternative Medical Enterprises (AltMed), which opened its first Phoenix-based dispensary in August of 2017. “The successful grand opening of the first MüV by AltMed dispensary in Arizona is an important milestone for AltMed and for CannaRoyalty shareholders,” Marc Lustig, CEO of CannaRoyalty said in a statement.
AltMed CEO Michael Smullen said the dispensary saw over 1,000 patients during first week of business in Arizona. Earlier in the year AltMed raised US$35.4 million as an effort to expand its operations in Florida and Arizona.
CannaRoyalty’s decline dragged on throughout the trading session reaching a low of C$4.81 but eventually settling in at a price of C$4.86 by the market closure.
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Beth Stavola, chief operating officer and president of company’s entire US operations, previously said Arizona was a “great state” for the company to conduct its businesses. MPX and CannaRoyalty hold interests in other legalized states like Massachusetts, Nevada and California.
As recent as April Echelon Wealth analyst Russell Stanley maintained an enthusiastic sentiment on MPX’s operations in the US. The issued note from Stanley to investors, according to Cantech Letter, retained a ‘Speculative Buy’ rating from the analyst and gave the stock a one-year price target of C$1.40.
Also in April Matt Bottomley, analyst with Canaccord Genuity, gave a ‘Buy’ rating to CannaRoyalty and slapped a C$7.50 price target for the company.
MPX: court ruling in Arizona will face an appeal
Following the ruling MPX issued a statement to INN saying the result will likely be met with an appeal. MPX added attempting to differentiate between cannabis and marijuana as the courts attempted in their decision is “fraught with opportunity for conflicting interpretations.”
“The unfortunate consequence of this decision, if not stayed or reversed, is the harm that it will cause to patients who will be denied more convenient and effective forms of delivery of their cannabinoid-based medicines,” MPX told INN. “We have consistently lauded the regulatory environment for the use of cannabis in Arizona and are confident that the ultimate decision will fairly consider the well-being of the patients.”
Investor takeaway
Despite this ruling, the Phoenix New Times speculated dispensaries in the state will likely not remove extracts-based products up until a ruling from the Arizona Supreme Court. However, for a company like MPX the verdict has already affected their shares for today.
Across the board cannabis stocks have been facing declines in value following the confirmation of Bill C-45 in Canada, the Cannabis Act, set to legalize the drug starting on October 17. MPX confirmed the purchase of a Canadian licensed producer (LP) in June. CannaRoyalty holds a partnership with Canadian dispensary operator National Access Cannabis (TSXV:META).
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Editor’s Note: This story was updated with a statement from MPX Bioceuticals.
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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Ayurcann Holdings Corp. (CSE: AYUR) (the “Company” or “Ayurcann”) an integrated Canadian extraction company specializing in the processing of cannabis and hemp for the production of oils and various derivative products, announces the granting of stock options and restricted share units.
The Company has announced that it has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase an aggregate of 1,000,100 common shares under the Company’s Stock Option Plan. Each option is exercisable at a price of $0.16 per common share, expires three years from the date of grant and vest six months from the date of the grant.
The Company has also granted restricted share unit grants, pursuant to the Company’s Restricted Share Unit plan, dated April 1, 2021, totaling 1,548,875 to certain eligible participants.
For further information, please contact:
Igal Sudman, Chairman, Chief Executive Officer and Corporate Secretary
Ayurcann Holdings Corp.
Tel: 416-720-6264
Email: igal@xtrx.ca
Investor Relations:
Ryan Bilodeau
Tel: 416-910-1440
Email: ir@ayurcann.com
About Ayurcann Holdings Corp.:
Ayurcann is a leading post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada. Ayurcann is focused on becoming the partner of choice for leading Canadian cannabis brands by providing best-in-class, proprietary services including ethanol extraction, formulation, product development and custom manufacturing.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
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Keep reading to find out more cannabis highlights from the past five days.
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Tilray delays critical shareholder meeting
On Thursday (April 15), Tilray (NASDAQ:TLRY) announced it will be postponing its shareholder vote on the fate of its merger with Aphria (NASDAQ:APHA,TSX:APHA). It will take place on April 30 instead of April 16.
Neither cannabis company offered an explanation for the change. Tilray has asked shareholders to participate in this vote regardless of how many shares they may hold. “Tilray stockholders who have not already voted, or wish to change their vote, are strongly encouraged to do so,” the company said.
This news came days after Aphria shareholders overwhelmingly voted in favor of the business transaction, with a total of 99.38 percent of shareholders voting for the deal to continue. Confirmation from Aphria Chairman and CEO Irwin Simon indicated the partnership was en route to being complete.
This past week Aphria also released financial results for the third quarter of its 2021 fiscal year, in which the firm highlights the overall direction of the company with the Tilray deal.
“We expect to have a tremendous runway for long-term sustainable growth as we build upon our existing foundation in Canada and internationally by increasing the scale of our global operations,” Simon said in a statement.
Cannabis retailer celebrates digital trend
As part of a celebration for April 20, otherwise known as 420, Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) announced the dissemination of a non-fungible token (NFT) digital art piece.
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Bidding for the piece, named “Non-Fungible Toke“ started at a price of C$4.20. The retailer plans to donate the proceeds to two charities, Second Harvest and Less.
The latter is designed to counter the carbon footprint of blockchain technology, a common criticism drawn against the rise of NFTs and other novel technologies.
As of 11:00 a.m. EST on Friday (April 16), the NFT bid was up to C$169.11.
Cannabis company news
- The Valens Company (TSX:VLNS,OTCQX:VLNCF) issued its financial report for the first quarter of its 2021 fiscal year. In its results, the company highlights a net revenue uptick of 24.7 percent from the previous quarter, resulting in C$20 million for the period.
- Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF) closed a public offering of 5 million subordinate voting shares at a price of C$50 each for total gross proceeds of C$287.5 million. The company celebrated its financial position after an offering in January, which will lead to the pursuit of merger and acquisition targets.
- Australis Capital (CSE:AUSA,OTCQB:AUSAF) appointed Jason Dyck as its new chief science officer and chairman of the firm’s scientific advisory board. Dyck previously served as an executive at Aurora Cannabis (NASDAQ:ACB,TSX:ACB), leading the scientific efforts for the cannabis producer. “I look forward to providing AUSA with advice and direction in its scientific efforts towards bringing innovations to market with immediate and significant commercial appeal,” Dyck said.
- Truss Beverage, a cannabis drinks venture co-owned by Molson Coors Beverage Company (NYSE:TAP,TSX:TPX) and HEXO (NYSE:HEXO,TSX:HEXO), released the details of its new lineup of infused beverages. Six new drinks will become available around the summer and are intended to pair with the season.
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.
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Partnerships with Minardi Law , Minorities for Medical Marijuana, CultivatED, and the Georgia Justice Project will include clinics and virtual events across Florida , Georgia , and Massachusetts
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 a series of expungment clinics located throughout south and central Florida as well as virtual events in Georgia and Massachusetts . The clinics are part of the Company’s celebration of the 50 th anniversary of 420.
During the month of April, Minardi Law has hosted expungment clinics and will be hosting two more as follows:
- Releaf Patient Appreciation Day, April 17 th ( Valrico )
- First Annual 4/20 Event ( St. Petersburg Beach )
At these clinics, an attorney will be present to review records and see if someone is eligible for a sealing or expungment of their records. As part of the events, Trulieve will be helping cover the costs for finger prints, legal fees, and court costs.
Trulieve is working with Minorities for Medical Marijuana (“M4MM”) to host a 4/20 Expungement Clinic, part of M4MM’s Project Clean Slate. This event will take place on Saturday, April 24, 2021 , from 9:30am – 4:30pm at Riviera Beach City Hall. Anyone seeking to take place in this event is required to register in advance at http://trulieve.cc/expungementpreregistration .
In addition, Trulieve is sponsoring the First Friday Series , a weekly virtual event from the Georgia Justice Project to help Georgia citizens with record restrictions, and is also sponsoring the Fellowship Presentation and Expungement Clinic being offered through CultivateEd and GBLS on Friday, April 23 from 3:00pm – 4:00pm . You can register for the Massachusetts expungement clinic in advance here: HTTPS://BIT.LY/2Q655KK
“Our mission as a company has always been to improve people’s lives,” said Trulieve CEO Kim Rivers . “We’ve always been dedicated to improving the communities we call home. Partnering with Minardi Law , Minorities for Medical Marijuana, Georgia Justice Project and CultivatED on these clinics was a simple decision for us; we encourage anyone seeking help with the expungement process to attend one of these clinics in your own state to start the process.”
For more information about Trulieve and the April expungment clinics, please visit www.Trulieve.com .
About Trulieve
Trulieve is primarily a vertically integrated “seed-to-sale” company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida . Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida , as well as directly to patients via home delivery. Trulieve also has operations in California , Massachusetts , Connecticut and Pennsylvania. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
To learn more about Trulieve, visit www.Trulieve.com .
View original content: http://www.prnewswire.com/news-releases/trulieve-announces-expungement-programs-in-several-states-as-part-of-420-celebration-301270340.html
SOURCE Trulieve Cannabis Corp.
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Seth Rogen’s New Cannabis Brand are Now Available at Apothecarium Dispensaries in San Francisco , Berkeley and Capitola
The Apothecarium is offering cannabis from Houseplant, the cannabis lifestyle brand founded by Seth Rogen and Evan Goldberg at its five California dispensaries. The Apothecarium has three San Francisco locations (Castro, SOMA and Marina ) and one each in Berkeley and Capitola (outside of Santa Cruz ).
“With the vast number of dispensaries in California , we put a lot of effort into identifying the right ones that align with Houseplant’s values,” said Seth Rogen , Co-Founder of Houseplant. “The Apothecarium shares the same commitment to creating a strong consumer experience that we pride ourselves on and we are thrilled to bring our three initial strains to their stores in the Bay Area.”
Houseplant is launching with three flower strains, all of which will be available at The Apothecarium, including: Diablo Wind (sativa), Pancake Ice (sativa) and Pink Moon (indica). Like their founder’s groundbreaking film “Pineapple Express”, Houseplant strains are named after weather phenomena. Each strain will be sold in a custom tin.
“We are so proud to be one of the very first dispensaries in California to offer Houseplant to our customers,” said Ryan Hudson , CEO and co-founder of The Apothecarium. “Seth, Evan and everyone at Houseplant love and respect cannabis as much as we do. We simply cannot wait to share their beautiful and delicious flowers with our guests.”
“We’ve been working with the Houseplant team for more than a year and are grateful to have a partner that shares so many of our values, including an emphasis on cannabis education, quality, reform of cannabis laws and beautifully designed, recyclable packaging.”
“Seth has been hands-on during the process, spending time with our store managers to make sure they know the products and how much care has gone into vetting and selecting the best strains. We think our guests are going to love Houseplant.”
About The Apothecarium
The Apothecarium is recognized as one of the nation’s premier cannabis dispensaries, with an emphasis on education via in-depth one-on-one consultations from highly trained cannabis consultants. The company was founded by three first cousins and two family friends in 2011. Our dispensaries are known for providing educational events that are open to the public at no cost — and for welcoming seniors, first-time dispensary visitors, and people with serious medical conditions. The Apothecarium’s flagship San Francisco dispensary was named the best-designed dispensary in the country by Architectural Digest . Patients and customers may order at our dispensaries or online for pickup or delivery at apothecarium.com [apothecarium.com] .
The Apothecarium is committed to giving back to the communities we serve. We have donated more than $400,000 in cash to community groups and nonprofits — plus more than $300,000 worth of in-kind donations.
All Apothecarium dispensaries continue to implement safety measures to protect guests and team members. Protocols include strict social distancing inside and outside the dispensaries, a mask requirement for everyone inside the dispensaries, no contact check-in procedures and ongoing sanitizing throughout the day.
CA Licenses: C10-0000523-LIC; C10-0000522-LIC; C10-0000515-LIC, C10-0000738-LIC, C10-0000706-LIC
View original content: http://www.prnewswire.com/news-releases/houseplant-launches-at-the-apothecariums-california-dispensaries-301270397.html
SOURCE TerrAscend
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(TheNewswire)
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