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Insys Therapeutics (INSY) responded to recent media reports highlighting concerns with its past commercial practices and former employees. The company plans to help address the opioid epidemic by developing innovative products. These solutions include cannabidiol for the treatment of opioid dependence, cannabidiol for the treatment of pain, and naloxone nasal spray for the treatment of opioid overdose.
Insys has committed significant resources to these efforts including seeking guidance and input from nearly 30 researchers across the country and has ongoing collaborations with leading academic institutions.
Insys President and CEO Saeed Motahari said, “We remain committed to cultivating a culture of trust, transparency and ethical behavior while executing against our mission of improving the quality of care for patients in need. As the new CEO, I believe it is imperative that we learn from the past. The Company has taken appropriate steps to strive to ensure that ethical standards of conduct and patient interests are at the heart of all business decisions. The Company continues to demonstrate its commitment to patients by investing over 30% of 2016 revenue in R&D programs and is on track to invest over 40% in R&D in 2017.”
mCig (MCIG) issued a fiscal year 2017 recap, highlights, successes and fiscal year 2018 outlook. Highlights include:
Generated $1.5 million in net income on $4.5 million in revenue, Cash and cash equivalents of $1.6 million and $6.8 million in assets, mCig has established 4 targets to measure its performance this year. Its strategy aims to: Take steps to increase revenues and profits; Reach 1 million active combined customers across all segments; Spin-off one subsidiary into a publicly traded company, offering a share dividend; And strategically enable company to conduct business in diversified sectors, both inside and out of the cannabis industry.
Grow Contractors was its fastest and largest growing segment in 2017 and generated more than $1.1 million in working capital. Grow Contractors has successfully completed its first two contracts, Sin City and Green Leaf Farms. It continues to consult for both groups and is working on hiring and building added partnership opportunities in addition to construction. Solaris and Forest Grove projects are full steam ahead and expected to finish Phase I by September. Grow Contractors also completed various smaller projects in Washington and Oregon in FY2017.