It was a good week for the broader marijuana sector, with the Solactive North American Medical Marijuana Index finishing the week up roughly 4%. A handful of cannabis-related companies ended the week up more than 5%, and seven have market capitalizations greater than $50 million USD. The winners for this week are:

AXIM Biotechnologies Inc. (OTC:AXIM)

AXIM Biotechnologies gained more than 12% in trading this week. On Monday, the company announced that they have secured $4 million in financing to fund clinical trials of their cannabinoid-infused chewing gum in the treatment of irritable bowel syndrome as well as pain and spasticity associated with multiple sclerosis. This Friday, AXIM announced that they have filed a patent on cannabinoid and opioid infused chewing gum for the treatment of opioid dependency.

CannaRoyalty Corp. (CSE:CRZ)(OTC:CNNRF)

Shares of the diversified cannabis investor and operator, CannaRoyalty Corp. gained more than 11% in this week’s trading. On Monday, CannaRoyalty announced that the company has raised $12 million CAD (~$9.05 million USD) to form a joint venture to invest in Canadian cannabis companies.

Canopy Growth Corp. (TSX:WEED)(OTC:TWMJF)

Canadian licensed producer, Canopy Growth Corp. finished this week’s trading up more than 7%. Last Friday, the company’s subsidiary, rTrees Producers Ltd. received their license to cultivate medical marijuana. Earlier in the week, Canopy Growth released a shareholders’ update, highlighting recent developments at the company.

Cara Therapeutics Inc. (NASDAQ:CARA)

Cara Therapeutics was the biggest winner this week, gaining more than 30%. On Friday, the company set a new all-time intraday high at $23.55. Earlier this week, Cara announced that they will be continuing the phase three trial of their postoperative pain medication. The company also announced that the FDA has granted a Breakthrough Therapy designation for their chronic kidney disease-associated pruritus treatment. While neither of these drugs are cannabis-based, Cara is in the early stages of development with a cannabinoid-based treatment for neuropathic pain.

GW Pharmaceuticals Inc. (NASDAQ:GWPH)

GW Pharmaceuticals also had a good week of trading, gaining more than 6% this week. These gains came without any recent news from GWPH. Perhaps the bullish action in the other cannabinoid biotech companies spilled over into shares of GW Pharmaceuticals.

Insys Therapeutics Inc. (NASDAQ:INSY)

Insys Therapeutics shares gained roughly 20% this week. On Tuesday, the company announced the hiring of four pharmaceutical industry veterans in leadership roles. One of these new hires is Dr. Dean Mariano. Dr. Mariano has lectured extensively across the country on the topic of safe opioid prescribing, something that must be of great interest to Insys as they battle controversy related to their fentanyl spray, Subsys.

Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE)

Shares of Zynerba joined this week’s party in the cannabinoid biotech stocks, gaining nearly 8% on the week. The bullish action this week came without any recent news from Zynerba. Zynerba is developing cannabinoid-based treatments for Fragile X Syndrome and epilepsy among other indications.

The Daily Marijuana Observer is a leading source for cannabis-related investment news and more. Our mission is to destigmatize capital flow into the cannabis sector by providing investors with a trusted resource for research and exploration.

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