Video Staff
This is the marijuana money for the week ending July 26, 2019.
This week the FDA sent a warning letter to Curaleaf saying that the company made unsubstantiated health claims on its CBD products. “You should take prompt action to correct the violations cited…” reads the letter. “Failure to promptly correct these violations may result in legal action without further notice, including, without limitation, seizure and injunction.” Curaleaf has 15 days to respond to the FDA’s letter and take corrective actions. CVS then decided to pull the products from its shelves and this comes just 4 months after CVS made a big deal about selling the products. Curaleaf stock plunged from roughly $8 to below $7 in one day.
Sundial Growers, an early-stage Canadian cannabis producer, announced today the terms of its initial public offering (IPO). Hoping to raise $130 million, the company is offering 10 million shares ranging in price between $12 and $14
Amplify ETF’s announced the launch of Amplify Seymour Cannabis ETF (NYSE Arca: CNBS), an actively managed ETF covering the cannabis industry. Tim Seymour, CIO of Seymour Asset Management and CNBC Fast Money co-host, will act as the fund’s portfolio manager.
The Flowr Corp. was originally thought to be listing shares last week on the NASDAQ Marketplace, but that was shelved. Instead, the company announced on Monday that it agreed to sell 10 million units of the company at a price of C$4.10 per unit for approximately C$43 million in proceeds.
CannTrust (CTST) stock took another turn for the worse after it was disclosed that the top executives were very well aware of the illegal grows happening in the companies unlicensed rooms.
After taping the video, this news was announced: Auxly Cannabis Group Inc. (TSX.V: XLY) (OTCQX: CBWTF) said that the international tobacco company Imperial Brands PLC will make a $123 investment in the company through a convertible debenture.
