The Week In Cannabis: Eaze Countersues DionyMed, CannTrust's License Suspended And More
Eaze, a California-based delivery software company, filed a countersuit against DionyMed Brands Inc (OTC:DYMEF) on Tuesday. DionyMed's COO has resigned and the company is restructuring its debt.
The companies have been in a months-long conflict since ending their partnership at the end of March.
Cannacord Genuity maintained a Speculative Buy rating on DionyMed, as Green Market Report CEO Debra Borchardt told Benzinga.
"DionyMed has been on a campaign to discredit California delivery software company Eaze, while also trying to steal its business with its own competing product Chill. This week Eaze sued DionyMed as it finally fought back," Borchardt said.
"What's crazy to me is that Canaccord Genuity is maintaining a Speculative Buy rating on the company even though it is in DEFAULT on its credit facility, Gotham Green is demanding its money back, the company has had to borrow more at 12% interest, it's laying off 100 people and lost its COO. Even better, the price target is CA$6 ($4.52), while the stock is currently at CA$0.22. At least Canaccord discloses that it led the private placement priced at CA$2.75."
Nanogen, a cannabis technology company providing customized nano-emulsions for infused products, announced Sept. 18 that the company will be rebranding under a new name, Vertosa. The rebranding more accurately reflects Vertosa’s best-in-class products, service and scientific expertise while paving the way for long-term vision and growth, according to Vertosa.
Concurring with the company’s rebrand, Vertosa is proud to announce five new team members representing top talent in the tech, food and beverage, cosmetics, health and cannabis fields, including Sysamone Phaphon, had of growth and formerly of Better Inc., and Matthew Hawley, head of finance and formerly of Springshot.
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Data from SEMrush, a marketing data and trends provider, showed the top “difference between … ” searches residents in the U.S. are asking Google.
“Difference between affect and effect” was the most-searched query, with an average of 38,783 monthly searches over the past year, September 2018 to August 2019.
"Difference between indica and sativa" was the third most-searched query with an average of 28,283 monthly searches in the same time period.
Green Flower Media hired Gil Christie as executive vice president of enterprise solutions and investor education. Christie will build Green Flower’s Enterprise training division across all channels, including banking, investment, legal and medical, to help businesses navigate and succeed within the cannabis industry landscape.
Prior to joining Green Flower, Christie was the founder and CEO of global financial training company 7city Learning, now Fitch Learning.
LexaGene Holdings Inc., (OTC:LXXGF), a biotechnology company that develops genetic analyzers designed to rapidly detect pathogens, mold and other molecular markers, recently placed a beta unit at CDX Analytics, an independent testing laboratory in Massachusetts. Tests use a method called polymerase chain reaction to identify the DNA contained in the sample to identify contaminants.
CDX is the first cannabis testing laboratory in Massachusetts to adopt a DNA-based microbial detection technique.
“The advantage of genetic testing is that it is extremely sensitive and allows for the detection of pathogens, whether they are alive or dead. Although the industry is most concerned with live pathogens — the presence of dead pathogens is indicative of a contaminated product that should be ideally scrapped and if not — much more thoroughly tested to make sure it is safe for consumption,” said Dr. Jack Regan, CEO and founder of LexaGene.
Cannabis ETFs delivered moderate losses. Over the last five trading days:
- The Horizons Marijuana Life Sciences Index ETF (OTC:HMLSF) (TSE:HMMJ) lost 5.52%.
- The ETFMG Alternative Harvest ETF (NYSE:MJ) declined by 5.69%.
- The AdvisorShares Pure Cannabis ETF (NYSE:YOLO) fell by 4.9%.
- The Cannabis ETF (NYSE:THCX) dropped by 5.25%.
- The Amplify Seymour Cannabis ETF (NYSE:CNBS) slid by 5.06%.
- The SPDR S&P 500 ETF Trust (NYSE:SPY) inched down by 0.63%.
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
Hemp and CBD retailers will be able to easily set up an online store and take advantage of a marketing tool, as well as reliable payment and shipping partners to choose from.
The Brightfield Group, a market research and cannabis consultancy company, released a report on Tuesday that analyzes the state of the Latin American cannabis market. The report highlights that the region presents limited business opportunities and said its authorized medical and recreational markets are unlikely to have a lot of potential in the near future.
Cannabis holding company Future State Brands announced Friday the launch of a consumer goods and marketing holding company run by PRØHBTD CEO and founder Drake Sutton-Shearer. The company also said it will deepen its integration with marketing partners and musicians Joel, Benji and Josh Madden.
The National Center for Complementary and Integrative Health announced nine research grants to study pain-relieving properties and phytochemicals in cannabis, excluding THC.
The Supreme Cannabis Company, Inc. (OTC:SPRWF) reported its financial results for the fiscal fourth quarter. The company’s net revenue of $19 million advanced by 90% on the quarter and it achieved positive adjusted EBITDA of $3.2 million.
CannTrust Holdings Inc (NYSE:CTST) had its license to produce and sell cannabis suspended by Canadian health authorities after it was discovered earlier this summer that the company was producing thousands of kilograms of cannabis in unlicensed grow rooms.
MKM Partners analyst Bill Kirk initiated coverage on eight cannabis stocks this week, including Acreage Holdings Inc (OTC:ACRGF), Canopy Growth Corp (NYSE:CGC), Tilray Inc (NASDAQ:TLRY), and Hexo Corp (NYSE:HEXO).
The analyst is most bullish on Hexo, saying that it represents the best opportunity today to invest in an early cannabis brand leader.
Check out these and many other cannabis stories on Benzinga.com/cannabis
Sept. 21-28: National Expungement Week (N.E.W.), a nationwide effort highlighting the needs of those disenfranchised by the criminal justice system and the failed war on drugs, returns with events in nearly 30 cities.
Besides expungement assistance and other forms of legal relief to those with convictions, N.E.W. events offer legal education events, voter registration, health screenings, employment resources and other complementary social services.
The presenting sponsors for N.E.W. 2019 are Houseplant and Canopy Growth Corporation, and the week is powered by dozens of local and grassroots community organizations focused on issues of social and reparative justice.
Last year’s inaugural N.E.W. events led 298 people to record clearing and sealing, and over 400 people received related social services.
Sept. 23-24: CannMed is hosting the CannMed Conference at the Pasadena Convention Center in California.
The "father of cannabis research," Dr. Raphael Mechoulam, will be presenting the latest advancements in cannabis research, medicine, cultivation and regulation.
The event's headline presentation will focus on the chemistry around a newly discovered family of stable cannabinoid acid molecules.
These molecules have demonstrated higher potency and point toward promising implications for therapeutic treatments for patients in the areas of autoimmune, cancer, neurological and other diseases.
Sept. 26-29: Canex Jamaica returns with an impressive roster including Benzinga's Javier Hasse and many other high-level speakers including Bruce Linton, Steve DeAngelo, Vicente Fox, Cam Battley, Michael Miller, Tahira Rehmatullah, Emily Paxhia, Adam Levin, Douglas K. Gordon, Dr. Sandra Carillo, Jessica Steinberg, John Kagia, John Salley and Robert Hoban.
Oct. 4-6: Argentina will hold its first big cannabis conference, Expo Cannabis, at the La Rural event hall in Buenos Aires. The event arrives at a key moment in the country’s regulatory history and the development of a nascent legal industry.
Oct. 10-11: This year, New West Summit 5.0, in San Fransico, California, welcomes keynote speakers Alicia Silverstone, Killer Mike, George Zimmer and many more.
NWS curates over 50 exhibitors, two days of talks, engaging conversation, top-level investors, innovative brand developers and the best and the brightest in the industry.
Oct. 11-12: CBD Expo MOUNTAIN will bring the largest CBD event platform to Denver, Colorado to broadcast products with the community and share knowledge with the industry.
The event features more than 150 exhibitors, along with a substantial lineup of speaker presentations, panel discussions, demos and workshops from experts in the research, production, globalization, distribution and sale of CBD products.
The themes of CBD Expo MOUNTAIN are compliance and regulation and investments and business.
Oct. 11-12: the first-ever Budtender Awards are coming to Las Vegas, sponsored by cannabis financial technology company Canna Paid and cannabis educational program Clover Leaf University.
The awards aim to pay homage to the nation’s top budtenders and the many facets of cannabis culture. The two-day event offers panel discussions, a product and service expo, a closing night performance, awards show and afterparty culminating in a performance by hip hop artist Cypress Hill.
Oct. 22-23: The Benzinga Cannabis Capital Conference is coming to Chicago, Illinois! You know you can’t miss it. Go to https://www.benzingacannabisconference.com/ for more information.
Oct. 23-24: Marijuana Venture Magazine’s Retail and Dispensary (RAD) Expo, a national trade show focused on the retail cannabis industry, will return to the Oregon Convention Center in Portland, Oregon.
The RAD Expo will feature presentations from industry veterans to speak about successful entrepreneurship and topics including merchandising, partnership management, interior store design and retail operations. The 2019 show will focus heavily on CBD products and CBD brands with a presence in health grocery stores, luxury retailers, pet stores and other retail categories that carry hemp-derived products.
Nov. 15-16: CBD Expo EAST will bring the largest CBD event platform to Orlando, Florida to broadcast products with the community and share knowledge with the industry.
The themes of CBD Expo EAST are globalization and spa and wellness.
Nov. 19-21: The Medcann World Forum 2019 will be held in the Mediterranean Conference Centre in Valletta, Malta.
The three days will focus on six pillars: medical, business, research, legislation, regulation and fintech. The event will host Malta’s top policymakers, international regulatory experts and global business leaders.
Dec. 5-6: CBD Expo WEST will bring the largest CBD event platform to San Diego, California to broadcast products with the community and share knowledge with the industry.
The themes of CBD Expo WEST are research and development and cannabinoid formulations.
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