NTEC and GNLN being investigated on claims relating to each firm's proposed mergers
Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks last week, and look ahead to how the cannabis industry will continue to develop in the 2021.
Investor interest in the cannabis industry is growing at an explosive growth rate, and the leading players continue to break through legal barrier after legal barrier, especially in the United States. More than 40 U.S. states legalized recreational and/or medical marijuana by the end of 2020. Now, more and more companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.
New York State Legislature passed a bill legalizing recreational cannabis sales this week. Governor Andrew Cuomo signed the cannabis legislation on Wednesday, March 31, making New York the 15th state to legalize recreational use. According to the New York Times, some of the provisions of the law will come into effect immediately and others will take up to 18 months.
Here is a quick roundup of major cannabis stock news this week:
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP), a clinical-stage drug development company pioneering transformative medicines that target the endocannabinoid system, announced on March 30, that the last subject completed the final visit in the double-blind, placebo-controlled part of the Corbus Pharmaceuticals' phase 3 DETERMINE study of lenabasum for the treatment of dermatomyositis.
FSD Pharma Inc. (NASDAQ:HUGE) announced on March 31, that it has commenced an application in the Ontario Superior Court seeking orders from the Court about the conduct of FSD's annual general and special meeting of shareholders currently scheduled for May 14.
Greenlane Holdings, Inc. (NASDAQ:GNLN) and KushCo Holdings, Inc. announced on March 31 that they have entered into a definitive merger agreement, according to which KushCo will become a wholly-owned subsidiary of Greenlane. WeissLaw LLP is currently investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Greenlane as it relates to the company's proposed merger with KushCo Holdings, Inc.
Innovative Industrial Properties, Inc. (NYSE:IIPR) announced on March 29 that it will be paying out a dividend of $1.32 on April 15 to shareholders of record as of March 31. This dividend payout represents a 6.45% increase over IIPR's last dividend payment.
Monteverde & Associates PC, a national securities firm, is investigating Intec Pharma Ltd. (NASDAQ:NTEC) relating to its proposed merger with Decoy Biosystems. Under the terms of the agreement, NTEC shareholders will own 25% of the combined company.
Organigram Holdings Inc. (NASDAQ:OGI), a leading producer of Cannabis, announced the launch of two new recreational product offerings on March 30: Indi, one of Canada's only cannabis brands dedicated exclusively to indica cultivars, and Edison Cannabis Co.