The Week In Cannabis: FDA Sends Warning Letter, DEA Issues Plan For Cultivation, Kevin Durant Joins Board

“We are excited to now offer CBD products as part of our sports medicine offering,” said Regan Drew, Senior Buyer, Dick’s Sporting Goods. “We’re constantly evaluating our assortments to ensure we’re providing our customers with access to the latest offerings in the sports medicine world. Recovery is an important part of the athletic experience and a growing industry. As a first-class vendor in this space, Myaderm’s products were a natural fit for us to carry for our customers.” 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="WeedMD Inc&nbsp;(TSE: WMD) (OTC: WDDMF)&nbsp;entered into a definitive to acquire Starseed Holdings Inc. in an all-stock transaction valued at $78 million.” data-reactid=”60″>WeedMD Inc (TSE: WMD) (OTC: WDDMF) entered into a definitive to acquire Starseed Holdings Inc. in an all-stock transaction valued at $78 million.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Khiron Life Sciences announced its Director and Chair of the Board, Sidney Himmel, resigned. CEO Alvaro Torres was appointed as Interim Board Chair as the company finds a replacement.” data-reactid=”61″>Khiron Life Sciences announced its Director and Chair of the Board, Sidney Himmel, resigned. CEO Alvaro Torres was appointed as Interim Board Chair as the company finds a replacement.

Khiron also announced it had received authorization to commercialize psychoactive, high-THC cannabis for both domestic and export purposes, becoming the first and only cannabis company in Colombia to obtain this approval.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Zenabis Global Inc (TSX: ZENA) (OTC: ZBISF) closed a rights offering resulting in the issuance of up to 139,086,624 common shares at a price of $0.15 per share. Total gross proceeds amount to approximately $20.8 million.” data-reactid=”63″>Zenabis Global Inc (TSX: ZENA) (OTC: ZBISF) closed a rights offering resulting in the issuance of up to 139,086,624 common shares at a price of $0.15 per share. Total gross proceeds amount to approximately $20.8 million.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Pasha Brands Ltd. (CSE: CRFT) (OTC: CRFTF) announced directors Scott Walters, Rosy Mondin and Hugo Alves quit the company’s board.” data-reactid=”64″>Pasha Brands Ltd. (CSE: CRFT) (OTC: CRFTF) announced directors Scott Walters, Rosy Mondin and Hugo Alves quit the company’s board.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Premium cannabis brand SHERBINSKIS opened the doors of its North American flagship dispensary in Los Angeles. Founder and cult-favorite Mr. Sherbinski, told Benzinga, "It was great to finally open up the SHERBINSKIS store. It’s our first brick-and-mortar location, and it represented an important moment for our journey. I’ve always loved Fairfax Ave, so to have a permanent spot there is very gratifying. At the party, Ty Dolla $ign, Al Harrington, and Ben Baller all showed up to support. It was a pretty unforgettable night."” data-reactid=”65″>Premium cannabis brand SHERBINSKIS opened the doors of its North American flagship dispensary in Los Angeles. Founder and cult-favorite Mr. Sherbinski, told Benzinga, “It was great to finally open up the SHERBINSKIS store. It’s our first brick-and-mortar location, and it represented an important moment for our journey. I’ve always loved Fairfax Ave, so to have a permanent spot there is very gratifying. At the party, Ty Dolla $ign, Al Harrington, and Ben Baller all showed up to support. It was a pretty unforgettable night.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On the heels of its Oklahoma expansion news, Mary Jane’s Medicinals announced a partnership with Everest Apothecary. The deal will bring Mary Jane’s topicals to New Mexico medical marijuana dispensaries. Products are expected to be available in the state in the first quarter&nbsp;of 2020.” data-reactid=”66″>On the heels of its Oklahoma expansion news, Mary Jane’s Medicinals announced a partnership with Everest Apothecary. The deal will bring Mary Jane’s topicals to New Mexico medical marijuana dispensaries. Products are expected to be available in the state in the first quarter of 2020.

“We put a lot of care and dedication into our products at Mary Jane’s Medicinals, so we needed to find a partner with that same level of commitment to excellence. That is why we chose Everest Apothecary. We cannot wait to start serving patients all over the state of New Mexico,” said Dahlia Mertens, Owner of Mary Jane’s Medicinals.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="GrowGeneration Corp. (OTC: GRWG)&nbsp;obtained approval to be listed on the Nasdaq Capital Market, where its common shares will start trading under the ticker symbol "GRWG." The company’s shares will commence with trading&nbsp;on Dec. 2.” data-reactid=”68″>GrowGeneration Corp. (OTC: GRWG) obtained approval to be listed on the Nasdaq Capital Market, where its common shares will start trading under the ticker symbol “GRWG.” The company’s shares will commence with trading on Dec. 2.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Cresco Labs (CSE: CL) (OTC: CRLBF) entered a binding agreement for the sale-and-leaseback of two properties for total non-dilutive funding of around $38 million. One property, Yellow Springs, is located in Ohio, and the other is in Marshall, Michigan.The company will sell these properties to Innovative Industrial Properties, Inc. (NYSE: IIPR).” data-reactid=”69″>Cresco Labs (CSE: CL) (OTC: CRLBF) entered a binding agreement for the sale-and-leaseback of two properties for total non-dilutive funding of around $38 million. One property, Yellow Springs, is located in Ohio, and the other is in Marshall, Michigan.The company will sell these properties to Innovative Industrial Properties, Inc. (NYSE: IIPR).

Cresco also disclosed the termination of the equity purchase agreement under which its subsidiary would have obtained the ownership interests of the assets of the medical cannabis dispensary operator VidaCann Ltd. and/or affiliated entities.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="GABY Inc (CSE:GABY) (OTC: GABLF) announced its third-quarter earnings. Revenue was $6.2 million, as compared to $289,092 for the third quarter in 2018. It was a busy quarter, with the acquisition of LULU’s CBD and THC infused Chocolates, the acquisition of a 25,000 sq-ft state-of-the-art California production facility and the acquisition of premium organic CBD brand 2Rise Naturals.” data-reactid=”71″>GABY Inc (CSE:GABY) (OTC: GABLF) announced its third-quarter earnings. Revenue was $6.2 million, as compared to $289,092 for the third quarter in 2018. It was a busy quarter, with the acquisition of LULU’s CBD and THC infused Chocolates, the acquisition of a 25,000 sq-ft state-of-the-art California production facility and the acquisition of premium organic CBD brand 2Rise Naturals.

“As we look forward to 2020, we are focused on building a nimbler, higher-margin business,” Margot Micallef, Founder and CEO of GABY, told Benzinga. “Over the next three quarters we will optimize our portfolio of 3rd party brands and grow sales of inhouse brands to drive gross margin, intelligently reduce expenses, and continue to opportunistically pursue M&A that compliments GABY’s core strengths and our commitment to shareholders to reach profitability in 2020.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="True Leaf Cannabis, a division of True Leaf Brands Inc (OTC: TRLFF), secured three licenses from Health Canada to cultivate, process and sell medical cannabis pursuant to Canada’s Cannabis Act. The company’s 18,000 square foot True Leaf Campus facility in Lumby, British Columbia can begin cannabis production immediately.” data-reactid=”73″>True Leaf Cannabis, a division of True Leaf Brands Inc (OTC: TRLFF), secured three licenses from Health Canada to cultivate, process and sell medical cannabis pursuant to Canada’s Cannabis Act. The company’s 18,000 square foot True Leaf Campus facility in Lumby, British Columbia can begin cannabis production immediately.

“Becoming a licensed producer marks an important milestone for True Leaf and supports the development of our growing natural pet care business,” said Darcy Bomford, Founder and CEO of True Leaf. The licensed facility meets EU GMP and HACCP standards required for the ‘cannabis 2.0’ market for edibles, topicals, and capsules in Canada and also opens the door to export cannabis to the European market.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Flower One announced its brand partnership with California-born Kiva Confections. The deal will bring Kiva’s cannabis confections to the Nevada market.” data-reactid=”75″>Flower One announced its brand partnership with California-born Kiva Confections. The deal will bring Kiva’s cannabis confections to the Nevada market.

“We are thrilled to announce the addition of Kiva Confections, California’s leading edible brand. Kiva’s built an industry-leading, premium brand focused on quality and consistency. Their delicious, low-dose options and unique formulations will make excellent additions to Nevada’s growing variety of exceptional cannabis products,” said Kellen O’Keefe, Chief Strategy Officer at Flower One.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The Green Organic Dutchman (TSX: TGOD) (OTC: TGODF) signed a bought deal agreement with a syndicate of underwriters led by Canaccord Genuity. The agreement dictates that the underwriters will buy an aggregate of 29,334,000 units at a price of CA$0.75 (55 cents) per unit, amounting to a total of approximately CA$22million. Each unit will consist of one common share and one-half of one share purchase warrant of TGOD stock.” data-reactid=”77″>The Green Organic Dutchman (TSX: TGOD) (OTC: TGODF) signed a bought deal agreement with a syndicate of underwriters led by Canaccord Genuity. The agreement dictates that the underwriters will buy an aggregate of 29,334,000 units at a price of CA$0.75 (55 cents) per unit, amounting to a total of approximately CA$22million. Each unit will consist of one common share and one-half of one share purchase warrant of TGOD stock.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Green Flower Media partnered with cannabis advocacy organization NORML to produce the first-ever Cannabis Advocacy Certificate Program.” data-reactid=”78″>Green Flower Media partnered with cannabis advocacy organization NORML to produce the first-ever Cannabis Advocacy Certificate Program.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Harvest One Cannabis Inc. (TSXV: HVT) (OTC: HRVOF) announced a 20% staff reduction along with its first-quarter results.” data-reactid=”79″>Harvest One Cannabis Inc. (TSXV: HVT) (OTC: HRVOF) announced a 20% staff reduction along with its first-quarter results.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Avicanna Inc. (TSX: AVCN) (OTC: AVCNF) signed a license agreement with LC2019, Inc. under which the company will license specific proprietary formulations and brand elements to LC2019 for commercialization in the United States. LC2019 is a company formed to run cannabis-related operations in the U.S. following State-sanctioned cannabis programs.” data-reactid=”80″>Avicanna Inc. (TSX: AVCN) (OTC: AVCNF) signed a license agreement with LC2019, Inc. under which the company will license specific proprietary formulations and brand elements to LC2019 for commercialization in the United States. LC2019 is a company formed to run cannabis-related operations in the U.S. following State-sanctioned cannabis programs.

The state of Michigan has recalled all marijuana vape cartridges to test for contaminants suspected of contributing to 47 deaths and 2,290 hospitalizations across the U.S. from vaping-related health issues.

Top Stories Of The Week

Check out the top stories on Benzinga Cannabis this week:

• Analysis Of 195M Instagram Posts Shows Massive Growth Of Interest In CBD, Especially In Beauty Markets
• Diddy’s Portfolio Manager Launches Her Own Cannabis Company, Calls It ‘Once In A Millennium Opportunity’
• Meet Cannabiscope: An Easy Tool That Helps You Find The Right Cannabis Products For You
• How To Become A Cannabis Advocate: NORML And Green Flower Now Offer An Online Course
• MCBA, Merida Walking The Walk For Social Equity In Cannabis And Hemp
• Canada’s New Health Minister’s Thoughts On Cannabis: What You Should Know
• Art And Cannabis Getting Extra: Crumb’s 0,000 Weed Drawing, Keith Haring’s Bongs Line
• The US Cities Most Interested In Cannabis
• Exclusive: Canopy Growth’s CEO On The Cannabis Company’s Stock Price, Growth Potential, Global Footprint

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Check out these and many other cannabis stories on Benzinga.com/cannabis” data-reactid=”94″>Check out these and many other cannabis stories on Benzinga.com/cannabis

Events Calendar

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="December 5–6: CBD Expo WEST will bring the largest CBD event platform to San Diego, CA to broadcast products with the community and share knowledge with the industry. The event features more than 150+ exhibitors, along with a substantial lineup of speaker presentations, panel discussions, demos and workshops from experts in the research, production, globalization, distribution and sale of CBD products. The theme for CBD Expo WEST will focus on research and development and cannabinoid formulations.” data-reactid=”96″>December 5–6: CBD Expo WEST will bring the largest CBD event platform to San Diego, CA to broadcast products with the community and share knowledge with the industry. The event features more than 150+ exhibitors, along with a substantial lineup of speaker presentations, panel discussions, demos and workshops from experts in the research, production, globalization, distribution and sale of CBD products. The theme for CBD Expo WEST will focus on research and development and cannabinoid formulations.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="December 11–13: MJBizCon returns to Las Vegas with the largest cannabis business conference in the world.” data-reactid=”97″>December 11–13: MJBizCon returns to Las Vegas with the largest cannabis business conference in the world.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="February 24–25: The Benzinga Cannabis Capital Conference comes back to Miami, Florida, with an impressive lineup of top tier speakers. Check out the lineup and details here.” data-reactid=”98″>February 24–25: The Benzinga Cannabis Capital Conference comes back to Miami, Florida, with an impressive lineup of top tier speakers. Check out the lineup and details here.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Photo by Javier Hasse.” data-reactid=”99″>Photo by Javier Hasse.

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”106″>© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.