The Week In Cannabis: Linton Bullish On Canopy; Miley Cyrus, Sarah Silverman, Other Celebs Back Cannabis Company; Canada’s New R&D License; And More

Canopy Growth Corp (NYSE: CGC)’s former CEO Bruce Linton, ousted from his spot earlier this year, said this week he was still buying shares of the company despite his termination. The company’s strong cash position, international footprint and extensive intellectual property library are the main drivers of his bullish thesis.

Lowell Herb Co. announced the closing of a funding round supported by A-list celebrities Miley Cyrus, Chris Rock, Sarah Silverman and Mark Ronson.

In a tweet sharing Benzinga’s article about these developments, comedian Sarah Silverman highlighted the company’s social equity program, which provides working opportunities to non-violent cannabis offenders, victims of unfair cannabis laws and racial bias in arrests.

Greenlane Holdings Inc. (NASDAQ: GNLN) announced a collaboration with Berner’s cannabis brand Cookies to begin U.S. distribution of the Cookies hemp-derived product line; Aphria Inc. (NYSE: APHA) announced a strategic partnership for cannabis delivery in Canada with ParcelPal Technology Inc. (OTC: PTNYF) (CSE: PKG); and Acabada ProActiveWear launched a line of CBD-infused clothing.

In Canada, biopharmaceutical cannabinoid research company and cannabis producer Avicanna Inc (TSX: AVCN) obtained a first-of-its-kind license to perform research and intellectual property development on cannabinoids at its facility in the MaRS Discovery District in Toronto, known as the “Silicon Valley for life sciences.”

Only three days after this announcement, the company completed the export of its first batch of purified cannabidiol from Colombia to Canada for scientific research.

The Financial Post reported that at least three senior employees have left CannTrust Holdings Inc. (NYSE: CTST) following its massive licensing scandal.

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The National Institute for Drug Abuse, a federal institution, issued a notice of special interest encouraging grant applications on the “effects of changing cannabis laws and policies in the U.S. and globally on public health.”

Cannabis ETFs delivered considerable losses. Over the last five trading days:

• The Horizons Marijuana Life Sciences Index ETF (OTC: HMLSF) (TSE:HMMJ) lost 6.15%.

• The ETFMG Alternative Harvest ETF (NYSE: MJ) tumbled 5.6%.

• The AdvisorShares Pure Cannabis ETF (NYSE: YOLO) was down 6.31%.

• The Cannabis ETF (NYSE: THCX) lost 6.21%.

• The Amplify Seymour Cannabis ETF (NYSE: CNBS) fell 6.56%.

• The SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period down 1.38%.

In Other News

U.S. cannabis retailer MedMen Enterprises Inc (CSE: MMEN) (OTC: MMNFF) announced Monday the start of its delivery service across California, allowing consumers to experience the comfort of home delivery.

Curaleaf Holdings, Inc. (CSE: CURA) (OTC: CURLF) said it has closed the purchase of Glendale Greenhouse, a deal announced at the end of June. The company also said it has begun its initiative with the Veterans Cannabis Project, an organization that campaigns for legal access of medical cannabis for veterans via the Department of Veterans Affairs in Oregon. The Veterans Cannabis Project initiative was launched previously in Maryland, making products accessible in Maryland, Arizona and Maine.

WeedMaps announced it would ban ads from unlicensed cannabis companies after years of complaints from legal retailers.

Cannabis cultivator and producer EXMceuticals Inc. (CSE: EXM) appointed former Dixie Brands (USA) Inc (OTC: DXBRF) CEO Tripp Keber to its board of directors.

Root Engineers, the cannabis-focused division of Bend, Oregon-based Cole Breit Engineering, said the company and managing principal Laura Breit received approval from the Michigan Department of Licensing and Regulatory Affairs to work in the state’s cannabis industry.

Michigan’s Marijuana Regulatory Agency shut down Iron Labs of Walled Lake after finding the facility did not report marijuana to the state’s tracking system that tested above the legal limit for contaminants.

True Leaf Brands Inc.(OTC: TRLFF) said Tuesday that it’s launching veterinarian-formulated CBD supplements for dogs that will be presented at the SuperZoo 2019 pet industry trade show in Las Vegas.

Los Angeles-based lifestyle cannabis company From The Earth held a fundraiser for its newly launched foundation. The From The Earth Foundation partners with communities to remove barriers to economic success through impactful investments and marijuana justice reform. The foundation has raised over $100,000.

Scott Page, a latter-day member of Pink FloydStephen Perkins of Jane’s AddictionChris Norton of Zappa Plays ZappaCarmine Rojas and Derek Day joined forces to benefit the cause.

Helix TCS Inc (OTC: HLIX) brought on Garvis Toler III, former global head of capital markets for the NYSE Group, as its president of data services. 

Medicine Man Technologies Inc (OTC: MDCL) announced another pending acquisition deal with what it said is one of Colorado’s best-selling edible producers. The company was not named in the announcement. 

“This is the classic David and Goliath story,” Medicine Man CEO Andy Williams told Benzinga. 

“As others succumb to the massive frenzy of bidding wars for overinflated and overpriced acquisitions occurring within the cannabis market, we have a thoughtful approach that focuses on growing our company with leaders in their respective fields: producers, manufacturers, extractors, and distributors.”

The deal provides a retail distribution channel in nearly 600 dispensaries, allowing for cross-selling of products, according to the company. 

“Once …

Full story available on Benzinga.com

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