On Wednesday GW Pharmaceuticals plc (NASDAQ:GWPH) announced the Sativex (nabiximols) licensing agreement held with Otsuka Pharmaceutical Co., Ltd. would come to an end this week. The company will now reacquire the complete ownership of the development and commercialization rights to the product’s U.S. market. Reacquisition of these rights will occur without Otsuka receiving any upfront payment.
An oromucosal spray, Sativex is a formulated extract containing a 1:1 ratio of cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC). The drug is approved for the treatment of spasticity in patients with multiple sclerosis in 29 countries. In 2007 the original agreement between the two companies gave Otsuka exclusive license for Sativex in the U.S.
“We are pleased to have amicably reached this agreement with Otsuka, which enables GW to develop, seek approval for, and commercialize Sativex in the United States,” said GW CEO Justin Gover. “We have previously conducted several positive Phase 2 and 3 trials for Sativex and believe that this product represents an important new late-stage pipeline opportunity for GW in the U.S. market.”
Otsuka will receive contingent milestone payments from GW Pharma, due upon FDA approval of the drug.
Global Cannabis’ Blockchain Deal
Data is a precious thing and will last longer than the systems themselves… On Tuesday, Global Cannabis Applications Corp. (CSE:APP) announced a strategic partnership with Israeli-based SciCann Therapeutics. The joint agreement calls for the two companies to supply Blockchain with medical cannabis data. SciCann’s founder, Dr. Zohar Koren, studies disruptive therapeutic products based on cannabinoids and has made a name for herself in the field.
Global Cannabis is a cannabis-industry leader when it comes to developing and designing data technologies. The company is the producer of The Citizen Green platform, an end-to-end medical cannabis data solution that includes among its six core technologies smart databases, blockchain, and digital reward tokens. SciCann Therapeutics develops cannabinoid-related pharmaceuticals for various illnesses and maladies.
“Our recent expansion into Lithuania’s blockchain community is reflective of our continued commitment to implement real technology-based solutions related to medical cannabis,” Global Cannabis CEO Brad Moore Remarked. “We believe that the value of the partnership with SciCann will be extremely beneficial to future development projects with licensed producers, canna product developers, and insurers, greatly adding to our revenue objectives.”
WeedMD Hits the Senior Market
Need a will? Call McGill… Canadian producer and distributor of medical cannabis WeedMD Inc. (TSX-V:WMD) made public on Thursday news of a supply agreement with Ontario-based Jarlette Health Services. The company will become the preferred provider of medical cannabis to Jarlette’s 2000-bed retirement network. This adds to the already 29 long-term care homes supplied by WeedMD., making for a total of over 3000 beds served by the cannabis company.
WeedMD is going all-in on the senior-cannabis market, a demographic the company claims is growing at four times the rate of the general population. A good chunk of the elder population lives in long-term care beyond retirement age as well. The company currently offers two separate cannabis oil products, one for seniors, and for patients registered under the ACMPR program.
“As an industry leader with over 40 years of experience providing quality health care to its residents, Jarlette Health Services is a welcome addition to our growing network of LTC, assisted living and retirement homes looking to enhance the quality of life of their residents,” remarked WeedMD CEO Bruce Dawson-Scully in a statement. “This partnership exemplifies Jarlette’s forward-looking approach to the use of medical cannabis as an alternative medicine.”
Hello, you've reached the winter of our discontent… On Thursday Golden Leaf Holdings Ltd. (CSE:GLH) (OTCQB:GLDFF) announced the opening of a new Chalice Farms dispensary in downtown Portland’s Willamette River waterfront area. It is the companies sixth dispensary, and fifth to open under the Chalice Farms name. “We are pleased to deliver on our stated operational goal of opening this new Chalice Farms location, which we expect to expand our retail operational footprint in the Portland area, and drive a more profitable long-term product mix,” said William Simpson, Golden Leaf Holdings CEO, in a statement.
Bring the Pain… Marijuana Company of America (OTC:MCOA) said on Thursday that the company launched its HempSMART Pain Capsules through subsidiary hempSMART™, Inc. The product has 10mg of Full Spectrum, non-psychoactive Cannabidiol (CBD) per serving and is for use of minor pain associated with physical activity. “The hempSMART Pain formula harnesses the natural power of premium CBD, CBG and active terpenes derived from industrial hemp, combined with complimentary botanicals,” said product development team member Paula Vetter.
News and Notes
Charlie dealt in pharmaceuticals… Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) announced the initiation of their phase three anabasum study and its effects on diffuse cutaneous systemic sclerosis. So far, to date, studies show anabasum effective in preclinical models of inflammation and fibrosis. "We expect to conclude dosing in this Phase 3 study by the end of 2019, potentially positioning Corbus for its first NDA filing by mid-2020," said Corbus CEO Yuval Cohen.
All my ex's live in Texas… The Fort Worth Star-Telegram published an in-depth look at Organa Brands founders Chris Driessen and Chris McElvany. The piece shines a light on the burgeoning market in Texas and the other Red States, while highlighting the success of these two entrepreneurs. “We’d like nothing more than to get our products into Texas when the time is right. Texas, I think, is going to swing open sooner than most people think,” said McElvany in the story.
All of Rubin's cards were marked in advance… At least three days were set aside by the Ontario Securities Commission to hold hearings in regards to Aurora Cannabis’ (TSX:ACB) hostile takeover of CanniMed Therapeutics (TSX:CMED) beginning December 20.