An effort in Arizona to legalize recreational marijuana failed last year. Insys Therapeutics (NASDAQ:INSY) helped make it happen. The drugmaker donated $500,000 to an organization that opposed a marijuana legalization proposition.
It makes sense that Insys would be against marijuana legalization. The company will soon launch Syndros, its synthetic cannabinoid drug approved by the U.S. Food and Drug Administration for treating anorexia associated with weight loss in patients with AIDS and chemotherapy-induced nausea and vomiting (CINV). Legal marijuana could be viewed as essentially a generic rival to Syndros.
As a small-cap biotech hurt by declining sales of its opioid