The Week In Cannabis: Big Pharma Makes Moves, Diddy & Wahlberg Go After CBD, Medicine Man Continues M&A Spree

This week, we saw Teva Pharmaceutical Industries Ltd (NYSE: TEVA) make a big move in the cannabis industry, through a distribution deal between its subsidiary Salomon, Levin, Elstein, and InterCure Ltd (OTC: IRCLF) subsidiary Canndoc.

Meanwhile, Medicine Man Technologies, Inc. (OTC: MDCL) continued with its acquisition spree, buying four additional dispensaries in Colorado; Frankfurt-based Cansativa GmbH struck a deal to import medical cannabis from Australia, becoming the first European company to strike a deal with the Oceanic nation; and The Alkaline Water Company Inc (NASDAQ: WTER) acquired AQUAhydrate, retaining its backers Sean “Diddy” Combs and actor Mark Wahlberg as investors.

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We also learned exclusively that Vinzan International struck a deal to acquire 51% of Colombia Dreams Marihuana Inc., or CDM, opening a Vinzan Colombia subsidiary; Tilray Inc. (NASDAQ: TLRY) filed an 8-K disclosing it has signed a sales agreement with Cowen and Company, LLC, upon which the company can issue and sell shares via Cowen with a total offering price of up to $400 million; CannabCo Pharmaceutical Corp. signed an agreement with a technology provider to deploy cannabis technology for the production of near-odorless cannabis; and a new cannabis-focused real estate company, NewLake Capital Partners announced it has completed a private placement of $85.5 million in preferred stock.

Aurora Cannabis Inc (NYSE: ACB) posted fourth-quarter results, narrowly missing expectations on net revenue, which came in at CA$98.9 million ($74.9 million) after previously guiding to a range of CA$100-$107 million. Shares traded down following the report, while analysts issued mixed reviews.

On the policy front, New Jersey voted against Gov. Phil Murphy’s proposed changes to the state’s cannabis records expungement program. However, the Senate introduced a new bill related to this same issue.

Rohan Marley, cannabis entrepreneur in the state, and son of the reggae legend Bob Marley, told Benzinga, “I am happy the state is moving towards advancing access to medical marijuana, and taking steps towards social justice reform through expungements. I think it’s time to remove the negative stigma regarding these types of marijuana convictions.”

And, the U.S. Drug Enforcement Administration said it will propose to boost the amount of marijuana produced for research next year by nearly a third, to 3,200 kilograms. That would be almost triple the amount produced in 2018.

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

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

• The Horizons Marijuana Life Sciences Index ETF (OTC: HMLSF) (TSE:HMMJ) lost 2.63 percent

• The ETFMG Alternative Harvest ETF (NYSE: MJ) tumbled 1.98 percent.

• The AdvisorShares Pure Cannabis ETF (NYSE: YOLO) was down 1.86 percent.

• The Cannabis ETF (NYSE: THCX) dove 3.1 percent.

• The Amplify Seymour Cannabis ETF (NYSE: CNBS) decreased by 1.71 percent.

Check out our video of the week, where former NFL stars Calvin Johnson and Rob Sims discuss their partnership to study cannabis with Harvard University.

More News From The Week

Canndescent announced the closing of $27.5 million in Series C Preferred Funding. The investment will fuel Canndescent’s expansion into vapes and ingestibles, as well as support the company’s current growth efforts in Massachusetts, Nevada, Canada and beyond. Green Acre Capital, a cannabis-specific venture fund from Canada, led the investment round and was joined by Carnegie Arch Capital, Senterra, LLC., Altitude Investment Management, JW Asset Management and a multinational beer company from Asia.

“In August, we broke our previous monthly revenue record by 38% and are now on glidepath to profitability,” said Adrian Sedlin, CEO of Canndescent. “With this round, the institutional investment community has validated our attractive risk-reward profile and recognized the opportunity we have to deepen our investments in both of our brands – Canndescent in the ultra-premium segment, and goodbrands in middle market.”

Greenlane Holdings Inc (NASDAQ: GNLN) entered into a tenant representation agreement with Jamestown for the strategic North American expansion of its Higher Standards stores. Jamestown is a leading real estate investment and management company recognized internationally for its adaptive reuse projects.

A Greenlane spokesperson told Benzinga, “Jamestown is an excellent strategic partner and have been strong supporters of ours since the beginning of our relationship. Jamestown has brought strategic and creative resources to bear in order to help us build and expand the Higher Standards brand starting with our flagship stores in New York City and Atlanta, and now continuing with this agreement”

Helix TCS Inc (OTC: HLIX) closed the acquisition of blockchain based, wholesale Cannabis and Hemp exchange “Amercanex.” The trading platform will allow growers, processors, manufacturers, distributors and retailers to buy and sell in real time, allowing them access to products and consumers at the best price.

Prior to the acquisition, the Helix …

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