This past Friday, Nasdaq (NASDAQ:NDAQ) announced the results of the annual re-ranking of the NASDAQ Biotechnology Index, which will become effective prior to market open on Monday, December 18, 2017.
While there were 54 biotech companies being added to the index, and another 15 companies being removed, what caught our attention was the fact that two of the companies being added have cannabinoid-related drugs in their pipelines.
This is a big deal given how many dollars worth of assets are tied to these indices. For instance, the iShares NASDAQ Biotechnology ETF (NASDAQ:IBB) has over $9.5 billion in assets under management.
2 Cannabinoid Biotech Companies Added
Cara Therapeutics, Inc. (NASDAQ:CARA)
Cara Therapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus.
Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP)
Corbus Pharmaceuticals Holdings is a clinical stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases.
For more cannabinoid-related biotechnology companies, check out our databases here. To stay up to date with important developments in the cannabis industry, be sure to subscribe to one or more of our free email newsletters. Also, connect with The Daily Marijuana Observer on Facebook, Twitter, StockTwits and Instagram!