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What happened
Shares of Insys Therapeutics (NASDAQ:INSY), a small-cap biotech with a focus on pain management, plunged as much as 30% on Wednesday after receiving a double whammy. One whammy was the arrest of the company’s founder; another was negative commentary from President Trump regarding opioids in general.
So what
As very quick background: Insys’ troubled lead drug Subsys, a synthetic opioid, has seen its sales slashed in half over the past two years.
California Insurance Commissioner Dave Jones has been on a mission to ensure state-legal cannabis businesses have commercial insurance coverage and with his announcement of the first California cannabis surety bond program on Feb. 21, 2018, he continues to make progress.
More strife is on the horizon for Ohio’s troubled medical cannabis program. On Feb. 20, 2018, a group of unsuccessful medical cannabis applicants, led by Jimmy Gould of CannAscend Ohio LLC, filed a lawsuit challenging the state’s medical cannabis licensing process.
While the province of Newfoundland and Labrador has its key policies in place for recreational legalization and has secured a supply agreement with Canopy Growth Corporation (TSX:WEED) to provide cannabis for the province, it is now ready to hear from prospective cannabis retailers.
