The Nasdaq stock exchange warns Organigram Holdings about their share price
The Nasdaq stock exchange has warned Organigram Holdings about its share price, which has fallen below Nasdaq’s $1 minimum bid price requirement for 30 days in a row, reports MJ Biz Daily.
The exchange has told the organization it has until July 24 to bring its share price into compliance, after which it could receive another 180-day extension before facing possible delisting.
The company’s Nasdaq-listed shares closed at 95 cents on Wednesday. The New Brunswick-based company reported a profit of CAD$5.3 million Canadian dollars for its most recent quarter.
FDA does not intend to make new guidance on the use of CBD in food and supplements
Reuters reports that the FDA has confirmed it does not intend to make any new guidance on the use of the popular cannabis compound CBD in food and supplements.
However, it has said that current safety standards for dietary supplements or food additives are not appropriate for cannabidiol and has suggested that the United States needs to develop a new framework to ensure its safe use.
The organization will now work with Congress to develop a new, cross-agency regulatory framework.
FDA Principal Deputy Commissioner Janet Woodcock said: “We have not found adequate evidence to determine how much CBD can be consumed, and for how long, before causing harm.”
Bill to legalize cannabis in Minnesota approved in fourth House committee and advanced through its Senate committee
The publication notes that the legislation, sponsored by Rep. Zack Stephenson (D) and Sen. Lindsey Port (D) in their respective chambers, is an iteration of the 2021 House-passed bill from former Majority Leader Ryan Winkler (D).
Stephenson stated: “The time has come to legalize adult-use cannabis in the state of Minnesota.
“Current laws are doing more harm than good. Minnesotans deserve the dignity and respect to make their own decisions about cannabis.
“This bill shifts cannabis from the illicit marketplace to a legal, regulated marketplace where we can address the downstream impacts of cannabis consumption in a more honest way, and attempt to give people the freedom that they have.”
Cannabis MSO Curaleaf bails on California, Oregon and Colorado, cuts workforce by 4%
MJ Biz Daily writes that Curaleaf Holdings will shutter the majority of its operations in three Western U.S. states – California, Colorado and Oregon.
The company will also be reducing its payroll by 10% which will save the Massachusetts-based company $60 million in 2023.
The publciationhiglights that the cutbacks come as a host of other cannabis companies have cut hundreds of jobs in recent months, including Dutchie, WM Technology and Akerna Corp.
CEO Matt Darin told MJ Biz Daily that the company will still focus its efforts across the United States: “We’re seeing the growth opportunities and the greatest opportunities in markets that may not be the markets where some of that took place years ago. So, as the industry matures we are focused on the markets that are generating strong profits and are very stable markets.”