CORAL GABLES, FL / ACCESSWIRE / February 19, 2019 / The marijuana stock market shares much of its success from the recent boom taking place in the legal marijuana industry around the world. On a near daily basis, companies are entering the space with innovative approaches to how to best utilize the multitude of benefits presented by partaking in the use of recreational/medicinal cannabis. One of the more significant updates to the legal weed market has been the advent of Canadian recreational legalization, which took effect in October 2018. In addition to the success enjoyed by Canadian legalization, California's legislative efforts have demonstrated the potential opportunities that can be created when cannabis is legalized. Although cannabis remains federally criminalized, if more US states follow in California's footsteps, this may result in an influx of investors looking to the marijuana stock market for opportunities. Nabis Holdings (INNPF) (NAB), INSYS Therapeutics Inc (NASDAQ: INSY), CannTrust Holdings Inc (OTC PINK: CNTTF), and Canopy Rivers Inc (OTC PINK: CNPOF) (TSX-V: RIV) are four cannabis companies picking up speed on Tuesday.
Nabis Holdings (INNPF) (NAB) is a Canadian investment company focused on investing in high-quality cash flowing and strategic assets across multiple aspects of the cannabis sector primarily in the U.S. limited license states with a roadmap to expand globally. The Company has put in work to identify profitable ventures, specifically in U.S. markets, with high-growth potential in order to discern when to acquire a majority stake in the companies.
Nabis Holdings (INNPF) (NAB) announced last week that the Company has entered into a binding term sheet with Momentum Ideas Co to acquire certain assets used and marketed under the brand Bloombox, including the Bloombox Software and data platform. Nabis' acquisition of Bloombox will create a dominating presence in the growing U.S. cannabis market, featuring an integrated ecosystem of modern, next-generation technology. According to the details of the agreement, the Bloombox team will be working closely with Sam Gammon, the inbound Chief Technology Officer of Nablis, following the closing of the investment.
Shay Shnet, Chief Executive Officer and Director of Nabis Holdings (INNPF) (NAB), said, "Bloombox is a strategic investment for Nabis as it creates a very well established retail and supply chain ecosystem to be used and distributed across the Nabis' network of dispensaries across the United States," said Shay Shnet, CEO & Director of Nabis. "We look forward to working with the Bloombox team to further establish this retail cannabis software as the industry standard that we expect to be adopted by almost all cannabis retail locations, supply chain, & users."
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INSYS Thereapeutics Inc (INSY), a leader in the development and commercialization of pharmaceutical cannabinoids and spray technology, announced in early January the results of a dose-finding pharmacokinetic (PK) study (INS015-18-124) of its epinephrine nasal spray. These results identified a dose that showed a PK profile similar to that of intramuscular injection of EpiPen® (0.3 mg) and Adrenalin® (0.5 mg), both of which are treatments for anaphylaxis, an acute, life-threatening allergic reaction.
Following the Company's announcement, Dr. Venkat Goskonda, senior vice president of research and development, commented, "these results enable us to select an appropriate dose for advancing to the next stage of clinical development. We look forward to working with the FDA to bring a new treatment option for allergy sufferers who experience anaphylaxis."
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CannTrust Holdings Inc (CNTTF) announced last week that the Company had appointed Greg Guyatt, CPA CA as Chief Financial Officer effective February 19, 2019, further strengthening the Company's leadership team. Per the announcement, Greg comes to the Company from GreenSpace Brands Inc, a Canadian-based natural food product company, where he served as CFO.
Peter Aceto, Chief Executive Officer of CannTrust, said, "we are very pleased to have Greg join CannTrust and deepen the executive leadership team as we look towards our listing on the NYSE and beyond. On behalf of everyone at CannTrust, I would like to thank Ian Abramowitz for his financial leadership over the past two years and look forward to working with him in his new role as Senior Vice President of Global Investments and Partnerships."
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Canopy Rivers Inc (CNPOF) (RIV) enjoyed impressive gains in early afternoon trading on Tuesday, with shares up 3.54%, trading at $3.78 per share. The Company announced earlier this month that it had entered into an agreement with CIBC Capital Markets and Eight Capital, under which the joint book runners agreed to purchase, together with a syndicate of underwriters, 11,500,000 subordinated voting shares of the company on a bought deal basis.
Per the details of the announcement at the time, the Company intends to use the net proceeds from the Offering for follow-on investments in existing portfolio companies, new domestic and international investments, working capital and general corporate purposes.
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