ON THE DEFENSE
Brittney Griner’s lawyers argue cannabis was prescribed
WNBA star Brittney Griner’s lawyer argued that in addition to mistakenly bringing a cannabis vape to Russia while packing in a rush, the cannabis product was prescribed for medical purposes, reports the Guardian.
“The Russian public has to know, and the Russian court in the first place has to know, that it was not used for recreational purposes in the United States,” he told the court. “It was prescribed by a doctor.”
Griner faces up to 10 years in prison if convicted.
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CBD CHANGES
Canada could loosen CBD regs and allow mainstream retail sales
Health Canada is awaiting recommendations which could push them to allow the sales of health products containing cannabidiol (CBD) without the sign-off of a healthcare practitioner, reports MJBizDaily.
Spokesperson Tammy Jarbeau confirmed that Health Canada’s three-review review will be finished this summer, although it’s unknown when the agency would make a decision on whether or not to allow CBD sales outside of licensed stores.
“The opportunity is significant,” said Bethany Gomez, managing director of the Brightfield Group. “Canadian regulations have been a huge barrier to the CBD category gaining traction. If the regulations change, there’s a real opportunity for significant growth for CBD.”
COST CUTTING
Hexo’s new CEO plans to cut another 450 jobs
Charlie Bowman, who has been CEO of Hexo for three months, shared his plans for the embattled Quebec-based company, which has suffered millions in losses and nearly lost its NASDAQ listing this past year, per Toronto Star.
The highlights
- Not all revenue is “good revenue,” according to Bowman, who said profitable revenue or soon-to-be profitable revenue is his focus
- He has continued with cost-cutting, including 150 layoffs. In an effort to right-size the company, he’s planning another 450 before the end of 2023
- He thinks Hexo can find success in the “personal care, pharmaceutical and nutritional supplement spaces”
“There’s a chance that our business could be acquired down the road,” Bowman said. “There’s a chance that our business could survive this, and there’s also a chance that our business cannot survive it.”
ALL ON THE TABLE
Oxford Cannabinoid Technologies says a buyout is on the table
After its share price on the London Stock Exchange dropped by 85% over the past year, the management team at Oxford Cannabinoid Technologies (OCT) is “looking at all options” to keep business going, per BusinessCann.
The details
- The company’s cash will be “depleted” by spring of 2023, and is currently planning to raise its second round of funding early next year
- OCT is emphasizing the value of its human phase 1 clinical trials for two compounds to current investors
- Other current plans may be “delayed, if not terminated”
- OCT is also looking at US financing options on its secondary listing
The company is also open to considering takeover bids. “Yes, we’re looking at all options including potential mergers, acquisitions, all of that is on the table, said CEO Dr. John Lucas. “But just to let the shareholder know, we are looking at everything. And we are confident that one way or another, we’re going to be able to raise the capital necessary to take at least one of our programs forward.”
