Here are the top pot stories to close the week.
U.S.-based PalliaTech, Inc. announced an agreement to acquire Lead Ventures Inc. LEADLDVTF, a junior mineral exploration company, and subsequently list on the Canadian Securities Exchange. Lead will receive post-consolidated shares worth C$2.16 million.
The subsumed company will also reclassify and consolidate outstanding common shares and replace all directors and officers with PalliaTech nominees. Its stock will remain halted until regulatory authorities have accepted all merger filings.
A New Market
The United Kingdom will legalize cannabis-derived prescription therapies for patients with “exceptional clinical need” by this fall, according to the BBC.
The matter requires legislative change to reclassify cannabis from a Schedule 1 drug to a Schedule 2 drug, after which point the market will expand in England, Scotland, Wales and Northern Ireland. In the meantime, clinicians can apply to the Home Office Expert Panel to prescribe cannabis-based treatments.
Home Secretary Sajid Javid clarified that the change “is in no way a first step to the legalization of cannabis for recreational use.”
A Premium Product
ABcann Global Corp ABCN ABCCF introduced its first recreational cannabis brand prepped for Canada’s full legalization on Oct. 17. FIRESIDE, created in a small-batch process akin to craft-brewed beer, will be marketed as a high-end product.
“Legalization will bring a wide variety of different consumers to cannabis, and many will want a high-quality product without having to be an expert at choosing between strains,” Chief Marketing Officer Sung Kang said in a statement. “That’s why we created FIRESIDE – it’s a premium brand for those who want great products that are easy to understand.”
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