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In the red-hot world of marijuana stocks, there can be no question that GW Pharmaceuticals (NASDAQ:GWPH) reigns supreme. While most other marijuana-related stocks trade for pennies in the wild west of OTC markets, GW Pharmaceuticals trades on the Nasdaq at a market cap of roughly $2.5 billion.
However, as success always breeds competition, another clinical stage biotech is hot on GW’s heels. Could small-cap biotech Zogenix (NASDAQ:ZGNX) be the biggest threat to GW?
The North American Marijuana Index, a stock index that tracks the top performing cannabis stocks in the U.S. and Canada, decreased 15% in May as stocks sold off in both markets. This marks the worst performing month for the North American Marijuana Index since December 2015.
On May 31, 2017, the Washington State Liquor and Cannabis Board announced that it had chosen Franwell as the Apparent Successful Vendor to replace BiotrackTHC, the state’s current marijuana traceability contractor. With Franwell scoring the highest out of the seven bids submitted, the state will now proceed by negotiating the contract with the company.
On June 1, 2017, High Times announced that controlling interest in the company had been acquired by 20 investors, a group comprised of cannabis industry members, entrepreneurs and entertainment veterans. Oreva Capital, a Los Angeles-based investment firm, led the High Times acquisition, valuing the company at $70 million. The company will now operate as High Times Holding Company.
