Cannabis Stock News Daily Roundup April 29

MediPharm Hires Former J&J Executive as CSO

MediPharm Labs (OTCQB:MEDIF) has created a new position to advance corporate strategy, hiring former Johnson & Johnson (NYSE:JNJ) executive Braden Fenske as Chief Strategy Officer. Fenske will be responsible for advancing corporate initiatives by leveraging existing relationships within the healthcare industry. Fenske worked with Johnson and Johnson for 15 years prior to moving to MediPharm.

SEE: FSD Pharma Gets Approval to Get Cannabis Products

Canopy Growth To Establish Hemp Industrial Park in Kirkwood, New York

Canopy Growth (NYSE:CGC) has secured a 308,000 sq. ft. facility in Kirkwood, New York, which it will converted into a hemp-derived cannabinoid extraction center. “As we establish a stronger foothold in the exciting US market, we want to do so in a way that prioritizes local vendors and creates meaningful career opportunities for people in the communities where we operate,” said Chairman and co-CEO, Bruce Linton. A full workforce will be recruited by the middle of next year, prioritizing farms within New York State for supplying the new facility. New York State granted a hemp license to Canopy Growth back in January.

First Choom-Branded Store to Open in Niagara Falls, Ontario

Choom (OTCQB:CHOOF) announced last week that the Alcohol and Gaming Commission of Ontario (“AGCO”) has issued a Retail Operator License and Retail Store Authorization for a Choom franchisee in a Choom-branded cannabis store in Niagara Falls, Ontario. The store plans to open in May.

Health Canada launching micro-grant effort to promote vaping awareness

Trying to put some minor breaks on cannabis enthusiasm in Canada, Health Canada has decided to launch a three-year $600,000 micro-grant fund. The aim is to promote cannabis education, specifically regarding the health risks of cannabis use and vaping. If you can’t beat’em, at least warn’em, appears to be the strategy here.

Aurora signs exclusive deal with EnWave for vacuum tech

Aurora Cannabis (NYSE:ACB) has signed a deal with Enwave giving the latter exclusive rights to supply vacuum drying technology in cannabis production in the European Union. The price for the deal was a $10M in Enwave by Aurora. Aurora will also buy two dehydration systems in order to increase efficiencies when processing derivative compounds like concentrates and edibles. There is also royalty sharing involved in the deal, but details of that were not disclosed.

GTEC Holdings Releases Preliminary 2019 Sales Projections

GTEC Holdings (OTCMKTS:GGTTF), a boutique premium cannabis firm based in British Columbia, has released sales projections based on initial demand seen in 2019 so far. The company is seeing an 81% gross profit margin and has secured forward agreements extending out to the remainder of the year. Production estimates are for about 2.5 million grams of flower in 2019 at an average sale price of $5.86 and cash cost of $1.11 per gram. Premium brand GreenTec, meanwhile, continues to be the #1 selling product on Canada’s CannMart, a cannabis hub powered by Namaste Technologies (OTCMKTS:NXTTF).

Namaste, meanwhile, has for its part announced a new addition to its board of directors, Kenneth Jones, former partner at PriceWaterhouseCoopers. The stock is up 56% since Wednesday on 5x average volume, showing signs of a possible near term bottom. Namaste also announced that it plans to continue to invest primarily in technology and infrastructure in order to cater to licensed producers and micro-growers interested in listing their products on its portals.

Ontario pharmacists ordered back to school

The Ontario College of Pharmacists has made it mandatory for pharmacists to undergo training in the wake of cannabis legalization across the country and the resulting bloom of available products. The courses being required involve ethical, legal and professional responsibilities related to marijuana use as well as detailing the benefits and risks of cannabis, dosage forms and common side effects.

 

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