Cannabis Professional’s daily roundup of industry news. View archive here.
GW Pharma pre-announces $108-million in quarterly revenue
GW Pharmaceuticals expects to report approximately $108-million in sales in its fourth quarter, and $309-million in revenue for the year, the company said on Sunday, pre-announcing its earnings. The majority of the revenue – $104-million in the quarter – came from sales of Epidiolex, a CBD-formulation used to treat rare forms of epilepsy. In 2018, Epidiolex became the first plant-derived cannabinoid drug to be approved by the U.S. Food and Drug Administration.
“Our goal in 2020 is not only to continue to drive Epidiolex growth but also to leverage our world leadership in cannabinoid science to advance our pipeline. In particular, we see significant market opportunity for nabiximols [also known as Sativex] in several indications in the US and will be progressing multiple late stage clinical programs in 2020,” said GW CEO Justin Gover in a statement.
– Mark Rendell
Fire & Flower passes 45-store mark
With nine additional stores opening across Alberta, Fire & Flower Holdings Corp. said on Monday that it has passed its target of having 45 retail cannabis stores open and operating by the end of its fiscal year.
“The Company has achieved this milestone several weeks in advance of its previously stated goal and today has 46 open and operating stores across its retail network,” Fire & Flower said in a statement.
“The Company continues to focus on opening new retail stores across Alberta, where the AGLC continues to issue retail licences, and in the province of Ontario where open licensing has commenced,” it added.
- Mark Rendell
Westleaf president resigns, nine staff laid off
Westleaf Inc.’s president and co-founder Scott Hurd has resigned, the company announced Monday. The company also said that it has eliminated nine other positions – roughly 30 per cent of the company’s corporate staff. The downsizing is expected to result in $1.3-million in annual savings, the company said.
“Effective immediately, executive leaders Shon Williams, Chief Development Officer, and Ben Kaanta, Chief Operating Officer, will be departing the Company and have transitioned their responsibilities to the current Westleaf executive team,” the company said in a statement.
“Ben Sze, the former CEO of We Grow and current CEO of Westleaf, will succeed Scott as the President of Westleaf,” it said.
- Mark Rendell