It was a relatively quiet week ahead of the Fourth of July. Nonetheless, a handful of announcements had the cannabis markets buzzing.
Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) plummeted after the company, focused on the development of cannabinoid-based therapies for rare and near-rare neuropsychiatric disorders, said its product cadidate, Zygel, did not meet the primary and secondary endpoints of a pivotal study dubbed CONNECT-FX that evaluated the safety and efficacy of the pipeline asset in Fragile X syndrome patients.
Canadian cannabis producer Organigram Holdings (TSE: OGI) (NASDAQ: OGI) announced it would reduce its staff by 25%, firing 220 employees.
In some positive news, Acreage Holdings Inc. (CSE: ACRG) (OTC: ACRGF) finalized the $10-million purchase of New Jersey’s Compassionate Care Foundation Inc. (CCF).
Lawn and garden care company Scotts Miracle-Gro (NYSE: SMG) (FRA: SCQA) announced it would launch a $50-million venture capital fund, 1868 Ventures. The fund will invest in early stage companies that align with its business model and possibly operate as partners.
Vertosa promoted vice presient Austin Stevenson to chief innovation officer. Stevenson will continue to establish Vertosa as a preeminent cannabis and hemp infusion technology provider, further developing its mission and framework for continued evolution. He will identify innovative initiatives, develop new profit centers and ensure promising projects are commercialized effectively, a…