The National Football League (NFL) wants to know more about cannabis as a pain reliever, and it’s willing to put up an initial US$1 million for research.
Also this week, a cannabis operator announced plans to buy assets from a languishing producer.
Keep reading to find out more cannabis highlights from the past five days.
NFL pursuing more cannabis information
On Tuesday (June 8), the NFL announced it will dedicate US$1 million to research on using cannabinoids for pain relief. The move was made through the organization’s pain management committee, which is run in collaboration with the NFL Players Association.
“There is a need for better information, better science,” Dr. Allen Sills, the NFL’s chief medical officer, said.
The league confirmed it has engaged players to hear about the use of cannabis for pain relief. Previously the drug was an unsanctioned substance in the eyes of the league.
This week’s news is a stepping stone in the NFL’s decision to adjust its views in regards to cannabis, and comes as drug policy continues to change in the US.
The league said the US$1 million earmarked will be given through up to five grants, which will be sent out near the Thanksgiving holiday.
Operator buys facility from fellow Canadian company
Cannara Biotech (TSXV:LOVE,OTCQB:LOVFF) said it will be buying a Valleyfield, Quebec, facility from the Green Organic Dutchman Holdings (TGOD) (TSE:TGOD,OTCQX:TGODF) for C$27 million.
In addition to the initial sum, Cannara will also set up deposit requirements of roughly C$5.7 million. Cannara will pursue a non-brokered private placement to complete the deal.
Zohar Krivorot, president and CEO of Cannara, said the purchase represents a strengthening of the company’s presence in Quebec, its home province.
Cannara CFO Nicholas Sosiak said the purchase will boost the company’s annual output, profitability and overall financial position. He remarked that the deal was fueled by the company’s “confidence in the broader market for competitively priced premium-grade cannabis products and our intention to capture a significant share of it.”
Cannabis company news
- Planet 13 Holdings (CSE:PLTH,OTCQB:PLNHF) collected $11.2 million in sales in May as the company celebrates a steady return to pre-pandemic numbers. “We remain confident about the continuation of this upward trend as Las Vegas reopens to its full potential as well as the upcoming opening of our Orange County SuperStore in July,” Larry Scheffler, co-CEO of Planet 13, said.
- Halo Collective (NEO:HALO,OTCQX:HCANF) confirmed a new partnership with Elegance Brands, a beverage maker, to pursue the development of a cannabis-infused drink line. “Elegance Brands has created a unique and exciting portfolio of THC products, and with this Transaction, we step into one of the fastest-growing segments of the functional beverage market,” Halo CEO Kirin Sidhu said.
- Aurora Cannabis (NASDAQ:ACB,TSX:ACB) launched three new dried flower product SKUs as part of its San Rafael ’71 branded lineup. The new items are Stonefruit Sunset, Lemon Rocket and Driftwood Diesel.
- Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF) informed shareholders it has completed its acquisition plan for Solevo Wellness West Virginia, an operator based in West Virginia that holds three dispensary permits, for a total sum of US$650,000.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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