The cannabis sector is in the early innings of a multi-decade growth cycle that should create more millionaires than the tech boom.

Today, want to provide an update on some of the corporate initiatives at some of the leading global cannabis companies.

Leading Biotech Company Announces New CFO

GW Pharmaceuticals plc (GWPH) announced the appointment of Scott Giacobello as Chief Financial Officer. Giacobello will be based out of Carlsbad, California. The previous CFO (since 2012), Adam George is the Managing Director – UK, a newly-created executive role with broad leadership responsibilities for UK operations.

Giacobello served as Chief Financial Officer for Chase Pharmaceuticals Corporation until Allergan acquired it. Chase was a clinical stage biopharmaceutical company focused on the development and commercialization of improved treatments for neurodegenerative disorders. From 2008 through 2015, Giacobello held senior level finance positions at Allergan, most recently serving as Vice President of Finance for Global Research & Development.

Under his new position, George will make sure the company’s UK operations achieve its goals, which include pipeline development, manufacturing scale-up, and European commercialization. He will continue as GW’s Secretary and will provide Giacobello with full support through the CFO transition.

We are favorable on this announcement and see significant long-term upside to current levels. GWPH is one of the best long-term cannabis investment opportunities and if the market continues to see weakness, a great buying opportunity will be created for potential GWPH investors.

Leading Canadian Cannabis Retailer Faces Legal Headwinds

Canopy Growth Corp (WEED.TO) (TWMJF) is facing legal headwinds after a law firm issued a lawsuit on behalf of a patient of Mettrum. The claim is for millions of dollars and states that Mettrum has failed to pay refunds to its customers for all the marijuana products in question.

Although these issues are mostly priced into shares of Canopy, we would not be surprised if WEED.TO and TWMJF traded lower off this news. The company has seen weakness over the last week and WEED.TO is down 5% during that time.

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