Cannabis Professional’s daily roundup of industry news. View archive here.
Thailand entered the world of medical marijuana today after the government delivered the country’s first batch of cannabis oil to hospitals; Valens GroWorks is moving east from its home in Kelowna to open an office in Toronto; An Alaska credit union is ending a program to offer banking services to cannabis companies; The Green Organic Dutchman has applied to list its shares on the Nasdaq; and WeedMD has reported preliminary unaudited revenues of $8 million for the second quarter.
– Rob Gilroy
Thailand unveils first batch of medical marijuana
Thailand delivered 4,500 bottles of cannabis oil to treat hospital patients on Wednesday, its first official use of marijuana for medical purposes since a measure legalizing such use took effect this year. Thailand, which has a tradition of using cannabis to relieve pain and fatigue, legalized marijuana for medical use and research last year to help boost agricultural income. The Government Pharmaceutical Organization (GPO) delivered the 5-ml bottles to the public health ministry to distribute to hospitals for about 4,000 registered patients, with a further 2,000 bottles to be distributed this month.
Thailand has an “urgent agenda” to distribute 1 million bottles of marijuana extracts within 5 to 6 months, said deputy prime minister Anutin Charnvirakul, who is also the public health minister, adding that the GPO and other agencies will produce 200,000 bottles of the extract every month from September. The GPO will begin planting its second cannabis crop this month, aiming to expand to greenhouse cultivation by early 2020, so as to boost its oil production to 150,000 to 200,000 bottles.
Valens GroWorks to open Toronto office
Cannabis extraction company Valens GroWorks Corp. said Tuesday it is expanding its geographical footprint with the opening of an office in Toronto. Kelowna, B.C.-based Valens says an office in Toronto, “improves the company’s ability to realize a number of international opportunities.” Tyler Robson, CEO of Valens, said “Toronto will be a hub for international growth and business development and complement the incredible operational platform we have built in Kelowna. This is an exciting milestone as we continue to advance our business and accelerate our growth into new regions. Having a base in Toronto also increases our access to the institutional investment community.”
Alaska credit union to end marijuana business pilot program
An Alaska credit union intends to discontinue a pilot program to provide checking and savings accounts to marijuana-related businesses. The Anchorage Daily News reported Tuesday that Credit Union 1 will end the program Aug. 30 because a critical insurance coverage will no longer be available. Credit Union 1 announced the program’s launch in November to establish financial services for the primarily cash-operated industry. The newspaper reports cannabis businesses often operate in cash because banks and credit unions are wary of taking on clients whose product is still federally illegal. Credit Union 1 CEO James Wileman says marijuana-related businesses cannot continue the program beyond a pilot phase without the liability coverage.
– Associated Press
TGOD files application for NASDAQ listing
The Green Organic Dutchman Holdings Ltd. is has submitted an application to list its common shares on the NASDAQ. The company says the listing will be subject to a number of regulatory requirements, including registration of the common shares under the U.S. Securities Exchange Act of 1934 and a determination by the NASDAQ that TGOD has satisfied all applicable listing requirements. Subject to approval for listing, the common shares will continue to trade on the TSX Exchange under ‘TGOD,’ which is also the reserved symbol for the NASDAQ application.
WeedMD reports preliminary Q2 earnings
Toronto-based WeedMD Inc. said Wednesday it is reporting preliminary unaudited revenues of $8-million for the three months ending June 30, 2019. Taking into consideration its sales from the medical, adult-use and wholesale markets, WeedMD says it increased its net revenues quarter-over-quarter by more than 140 per cent. The interim financial results for the three and six month period ending June 30, 2019, will be released on Aug. 29, 2019.