Kaitlin Domangue, Author at Green Market Report - Page 2 of 10

Kaitlin DomangueKaitlin DomangueAugust 10, 2020


It’s time for your Daily Hit of cannabis financial news for August 10th, 2020.

On the Site

Canopy Growth Still Reporting Elevated Losses

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) reported first-quarter fiscal 2021 net revenue increased 22% to $110 million. The net loss of $128 million was lower than last year’s net loss by $66 million which the company attributed to the higher revenue and lower SG&A expenses.

In Other News

Terra Tech Reports Lower Gross Margins as it Becomes Vertically-Integrated 

Former retail-only Terra Tech reported a Q2 revenue of $3.5 million. This is down 26% from the same time last year. The company cites the combined impact of COVID-19 and civil unrest, forcing them to close two of their dispensaries for the entire month of June. Terra Tech reported a gross margin of 42.1% compared to 51.4%, with a net loss of $18.18 million. 

Kaitlin DomangueKaitlin DomangueAugust 7, 2020


The adult-use cannabis market in Illinois is booming. Illinois has sold about $300 million worth of cannabis products since the adult-use market opened in January.  The state hit record-breaking sales once again in July and is expected to continue on an upwards curve as the market grows and stabilizes. 

A lot of Illinois’ sales can be attributed to COVID-19. Dispensaries were declared essential businesses and remained open during America’s closing period over March and April. The Illinois adult-use cannabis market continues to set records, and has since May. The Chicago Tribune reported July’s sales as a 75% increase over February, the lowest reported sales at $34.8 million. Many cannabis brands reported their customers to be using more cannabis products than normal due to their heightened stress levels during the pandemic and other issues happening in the United States during this time. 

Adult-use cannabis went into law in Illinois on June 25th, 2019 when it received Governor Jay Pritzker’s signature. It was the 11th state in the US to legalize cannabis for recreational purposes and the first to do so via legislative action. The bill passed 66-47 after being revised to a slightly more restrictive version. 

Adult-use sales began on January 1st, 2020. The state reported sales to reach $110 million from the sale of 2.6 million cannabis items in the first three months of operation, with $3.6 million of that being on the first day. The data confirms roughly 75% of that spending to be coming from residents of Illinois. The Illinois adult-use market is predicted to experience enormous growth – with sales expected to surpass $1 billion in sales in 2025. According to the Illinois Department of Financial and Professional Regulation, the state sold $60,956,981.41 worth of cannabis products and 1,270,063 cannabis items. 

Linda Marsicano is the Vice President of Corporate Communications for Green Thumb Industries (OTC:GTBIF). Green Thumb Industries has eight cannabis retail stores in Illinois. She told Green Market Report, “After record-breaking sales in June of $47.6 million, Illinois adult-use cannabis sales increased by more than 25% month-over-month to $60.9 million in July. Throughout the ongoing COVID-19 crisis, the cannabis industry has successfully pivoted and continued to safely operate as an essential service. We continue to see strong demand for adult-use cannabis, an increase in supply as operators ramp up capacity and new store openings throughout the state.  We look forward to the next chapter for Illinois’ cannabis industry with the award of social equity licenses in the near future.” 

Kaitlin DomangueKaitlin DomangueJuly 8, 2020


Adult-use stores in Massachusetts closed for business on March 24th and reopened on the 25th of May. Sales were significantly higher than usual in the two weeks leading up to the closing of the adult-use market’s retail stores in Massachusetts. The day before closing, March 23rd, sales spiked 60% because of customers trying to stock up before the lockdown. 

A new report issued by Nucleus One, a Massachusetts-based B2B cannabis company offering a variety of services, has reviewed the COVID-19’s impact on the state’s cannabis industry. 

Ellen Rosenfeld, President of CommCan, said: “Every worse thing that could have happened, happened.” Like other states, the Massachusetts adult-use marijuana program lost a lot of money. Their sales revenue shortfall totaled to $116 million, with a tax revenue shortfall of $19.3 million. The stores were closed for 61 days and lost $1.9 million in sales each day they were closed. 

CommCan specifically lost $2 million over the two months the stores were closed and NETA saw an 85% drop in sales during that time. Additionally, the number of medical marijuana patients increased by more than 20% as new medical patients were able to become certified through telehealth. 

COVID-19’s Impact on Production 

There was an initial decrease in the number of registered cannabis employees in the state starting March 23rd. On May 12th, recovery began and there is now a record-breaking number of 4,500 employees. 

Plant harvest began to rebound dramatically after May 29th and reached new heights in late June at 1,400 plants a day. 

Reopening after COVID-19 

Adult-use stores in Massachusetts experienced “pent-up demand” after reopening, causing various issues and overwhelmed order systems. According to Thomas Winstanley, the Marketing Director at Theory Wellness, after the initial boom, “it has been a bit sluggish compared to last year.” Staff and customers must adhere to social distancing guidelines as well as wear face coverings. 

There are a few reasons that can be attributed to lackluster sales. Fear and social anxiety, longer wait times, and using alternative channels and the black market to purchase cannabis. 

Applications and Licensing 

The Cannabis Control Commission (CCC) has approved 477 applications so far, with the total applications reaching 6,009. The majority of approved applications have been for retail operations, with cultivation facilities following closely behind. Manufacturing facilities are the third-highest number of applications Massachusetts has seen for the adult-use market. 

148 retailer licenses are pending across Massachusetts, with 172 provisionally approved as of June 4th, 2020. 51 retail stores are in operation across the state as of June 30th, 2020. 

Retail Trends 

Eight new adult-use stores have opened since May 25th – and sales bounced back close to pre-COVID levels in June. The recovery can be largely attributed to curbside pick-up orders that retail stores have made available. Daily sales per store have declined by 28% compared to pre-COVID. Additionally, weekend sales have decreased significantly. 

Flower accounts for 47.3% of sales in 2020, edibles account for 16.4%. The product mix has not changed too drastically after reopening, but flower and pre-roll sales picked up in June. 


There are currently 32 active cultivation operations across the state of Massachusetts, with 98 provisional licenses in place and 15 final licenses. 7.6 million square feet of cultivation space has been provisionally licensed. 

There are 130 indoor cultivator applications compared to only 16 outdoor cultivation applications. 


As of June 4th, CCC reported 16 delivery applicants. 190 communities have allowed adult-use delivery in Massachusetts, with deliveries limited to: 

  • The municipality which the delivery licensee has identified as its place of business
  • Any municipality which allows for adult-use retail within its borders
  • Any municipality which, after receiving notice from the Commission, has then notified the Commission that delivery may operate within its borders
  • Deliveries to any other residence that benefits from federal funds, hotels or bed and breakfasts are forbidden 

Ayr Strategies

One multi-state operator with businesses in Massachusetts, Ayr Strategies (OTC:AYRSF), has reported that its sales have already begun rebounding. This week, the company said that its medical dispensary sales continue to increase, with June revenue up 76% from the first-quarter monthly average despite adult-use retail dispensaries reopening in late May. Ayr reported that its average transaction volume was up 40% per day compared to first-quarter monthly average, with the average spend per ticket up 20% compared to first-quarter monthly average; gross margin levels were approximately 70%.

Ayr CEO Jon Sandelman said, “In Massachusetts, our record-setting month of June was achieved even as our wholesale business sold only approximately 65% of our monthly capacity. In normalized markets, we sell everything we produce each month, so we are entering the summer months with valuable inventory to sell into the recreational market in Massachusetts, which is repairing post the Q2 COVID shutdown. The number of operating dispensaries in the state has increased 25% since the stores reopened in late May, with Ayr currently selling to 82% of those new stores and a total of 36 out of the 55 dispensaries in the state.  We are now seeing wholesale demand steadily increase across our portfolio and expect the market growth to further accelerate our wholesale business.

Kaitlin DomangueKaitlin DomangueJune 25, 2020


It’s time for your Daily Hit of cannabis financial news for June 25th, 2020.

On the Site

Canopy Growth Changes Acreage Holdings Deal, CEO Murphy Is Out

Canopy Growth Corporation (NYSE: CGC) and Acreage Holdings, Inc. (OTCQX: ACRGF) stunned markets when the two companies agreed to an unusual deal in 2019. The agreement was that when cannabis was legalized in the U.S., Canopy would buy Acreage. It was called the “triggering event” and was originally valued at $3.4 billion. The price has dropped considerably.

A lot has changed since then and now the deal has changed accordingly.  Acreage shareholders will now get an initial up-front payment of $37.5 million in connection with the modification of Canopy Growth’s rights, including the extension of the term, and give Acreage shareholders the ability to participate in upside potential upon the Triggering Event.

In addition to that CEO Kevin Murphy is resigning from the company.

Aphria Agrees To Pay Aleafia $29 Million To Settle Case

Aleafia Health Inc. (OTC: ALEAF) and its subsidiary Emblem Cannabis Corporation and Aphria Inc. (NASDAQ:APHA)have said that the parties entered into a settlement agreement on June 25, 2020, to resolve their outstanding dispute in respect of the termination of the parties’ wholesale cannabis supply agreement.

New Study On Using CBD For Pain

Reprinted with permission from AmericanMarijuana.org.

Should you consider CBD for pain relief? Studies upon studies on CBD’s effectiveness against pain relief has been put on the tables. Even though most of them came up with positive results, there still are a few studies that concluded otherwise, claiming that studies still ARE NOT enough.

In this study, AmericanMarijuana looks at 1,453 Americans that use CBD for pain relief to see how well it performed compared to opioid. The research showed great promise for CBD instead of opioid use. 

In Other News

Pure Harvest Cannabis Group Changes Name to Pure Harvest Corporate Group

The new name better represents the company’s expanding diversity of interests. 

Kaitlin DomangueKaitlin DomangueJune 24, 2020


It’s time for your Daily Hit of cannabis financial news for June 24th, 2018.

On the Site


Originally Seen On Cannabis Law Report – The Failures of California Cannabis

An overview highlighting the regulatory failures of cannabis in California. 

Aurora Cannabis’ Hard Decisions Make Analysts Happy

Aurora Cannabis Inc. (NYSE:ACB) announced several difficult moves from the company including the layoffs of numerous employees and the closing of several facilities. The Canadian cannabis company laid off 25% of Aurora’s SG&A staff, most of those to take place immediately and a roughly 30% reduction in production staff over the next two quarters. The cuts went to the highest levels including a restructuring of the executive leadership team and the recently announced retirement of President Steve Dobler. 

GW Pharmaceuticals Epidiolex Now Exempt From Controlled Drug Requirements

GW Pharmaceuticals plc (Nasdaq: GWPH) said that the UK Home Office has reclassified Epidiolex, the company’s cannabidiol medicine as a Schedule 5 drug. The company said that the change will take effect immediately in all four of the constituent nations of the UK – with Northern Ireland enacting separate legislation – and sees the medicine move from Schedule 2 to Schedule 5 under the Misuse of Drugs Regulations 2001.


In Other News

Alcanna Inc. Completes Secondary Offering to Aurora Cannabis of $27.6 Million

Alcanna has purchased 9,200,000 common shares from an indirect, wholly-owned subsidiary of Aurora at a price of $3/share. 

Kaitlin DomangueKaitlin DomangueJune 18, 2020


It’s time for your Daily Hit of cannabis financial news for June 18th, 2020.


On the Site 

Product Review: Elixinol

Hemp Market Report reviews Elixinol’s “Stress Less” and “Body Comfort” capsules, as well as their “Daily Balance” tincture.


Executive Spotlight: Emma Chasen 

Emma Chasen is the co-founder of Eminent Consulting, a cannabis consulting company. According to Chasen, “We know the eccentricities of the cannabis industry and therefore we approach shaping its culture accordingly. Our mission is to guide and influence emerging cannabis entrepreneurs to successfully implement a craft ethos and cutting-edge business model through scientific-based educational initiatives and authentic collaborative relationships.”


Sunniva is Running Out of Options 

Sunniva Inc. (OTCQB:SNNVF) said that it has received notice from the British Columbia Securities Commission that the company has been placed on the default issuers list as a result of its failure to file its annual audited financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, as required by National Instrument 52-109, for the financial year ended December 31, 2019 prior to the filing deadline on June 15, 2020.

Failure to correct the above-noted deficiencies may result in further action including the issuance of a Cease Trade Order.


MedMen Cancels Founders 

MedMen co-founders, Adam Bierman and Andrew Modlin have stepped down from the company’s Board of Directors, announced yesterday. This comes after a long series of errors and Bierman eventually stepping down as CEO in February. The company failed to pay vendors, slashed 20% of the corporate workforce, and more.

Acreage Stock Tumbles On News Of Loan With 60% Interest Rate

Acreage Holdings, Inc.  (ACRGF) stock tumbled over 9% after the company said it entered into a short-term definitive funding agreement with an institutional investor for a total of $15 million in gross proceeds. The terms for the loan is what rattled shareholders. It’s a four month loan with a 60% interest rate.


In Other News 

Houston Processing and Extraction Company Acquires Dallas CBD Retailer

Bayou City Hemp Company announced today their acquisition of Leaf Life, a Dallas-based CBD retailer focused on luxurious skin care, cosmetics, and wellness products.

“This acquisition will put us into a solid position of leadership in CBD product formulation and quality assurance of hemp-based products and is expected to be accretive to our earnings immediately,” said Karen Trotter, Bayou City Hemp CFO. “Continuing with our core values of building a vertically integrated CBD business founded on integrity and innovation, ensuring quality consumer products in our distribution network is key to our aggressive growth plan.”

Kaitlin DomangueKaitlin DomangueJune 18, 2020


MedMen co-founders, Adam Bierman and Andrew Modlin have stepped down from the company’s Board of Directors, announced yesterday. This comes after a long series of errors and Bierman eventually stepping down as CEO in February.  

MedMen has made headlines in the cannabis news for the past 8-ish months, and while some issues (like the riots and sales being impacted due to COVID), were things totally out of their control, the general consensus is that the company, especially the corporate offices, have made some serious missteps along the way. MedMen has been heavily criticized in the past for its extreme spending habits and the bottomless need for more capital. Bierman and Modlin have been personally accused of handling money disproportionately to benefit themselves. 

Here is a timeline of some of the missteps and out-of-their-control misfortunes in MedMen’s last eight months, that ultimately led to the co-founders to step down from the Board of Directors:

November 2019: MedMen reports a net loss of $82 million for the first fiscal quarter of 2020 

Per Green Market Report’s article, “MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) reported first fiscal quarter revenue of $44 million, up 105% year-over-year and 5% sequentially. The company also reported an eye-popping net loss of $82 million. MedMen delivered an Adjusted EBITDA loss of $22.2 million for the quarter.

Approximately $7.4 million of rent expense was not included in Adjusted EBITDA for the quarter due to the application of IFRS 16 Leases. Adjusted EBITDA loss under the previous methodology would have been $29.6 million compared to a $39.4 million loss in the previous quarter.”

“We entered Fiscal 2020 on a mission to build a more nimble and financially flexible MedMen,” said Adam Bierman, MedMen co-founder and chief executive officer. “As we right-size our organization and implement an intensified focus on free cash flow generation, our business will become more efficient, in turn allowing us to better serve our stakeholders. Through the successful execution of these goals, we expect MedMen will be EBITDA positive by the end of calendar year 2020.”

November 2019: MedMen Cuts Workforce To Cut Costs

Bloomberg reported on November 15th that MedMen cut 190 jobs, including 20% of their corporate workforce. It also announced the sale of its stake in Treehouse Real Estate Investment Trust for $14 million. 

December 2019: MedMen Sells Licenses to Raise Money

According to Green Market Report, “the company has executed a non-binding term sheet for the sale of its Arizona licenses, which include three vertically-integrated licenses, and a binding term sheet for the sale of a cultivation and manufacturing license in Illinois.

MedMen said it expects to get roughly $54 million in cash proceeds through the divestiture of the non-core licenses. The completion of the sale of Arizona licenses is subject to due diligence, the execution of definitive documentation and customary regulatory approvals. The completion of the sale of the Illinois license is subject to the execution of definitive documentation and customary regulatory approvals.

The company said it will continue to explore the sale of other non-core assets and will focus on deepening its retail market share in California, Nevada, Florida, Illinois, Massachusetts, and New York.” MedMen also sold some Class B subordinate shares for $20 million.

January 2020: MedMen Confirms the Rumor They Haven’t Been Paying Vendors

Former MedMen CEO, Adam Bierman, told Green Market Report, “During that time frame [in reference to a time of growing pains for the company], we stopped payments to certain vendors as would be commonplace in the restructuring of a retailer. We turned over our accounts payable to a restructuring consulting firm (FTI Consulting) so that we could preserve and allocate the cash as we got through and out the other end of restructuring. These are brands that heavily rely upon MedMen for their business. Especially in California, we understand how important MedMen is to that ecosystem and we understand what happens, and the impact, and the ripple effect it has on these manufacturers. They’re having discussions like that with our teams about structuring payments.” The news was broken by screenshots of emails being posted online telling vendors MedMen would not be paying them. 

February 2020: MedMen CEO, Adam Bierman, Steps Down

MedMen announced on January 31st that their CEO was stepping down effective February 1st. He also gave up all of his Class A super voting shares as part of the deal. 

“I continue to believe that MedMen is positioned to thrive. It’s time for our next iteration of leadership to capitalize on the opportunity we have created. This has been an incredible journey and I will continue to be inspired by those around the globe working to make our world safer, healthier and happier through access to legal, regulated cannabis,” said Adam Bierman.

May 2020: MedMen Says COVID-19 Impacted Sales

After releasing a fairly solid third quarter earnings report, on the company’s earnings conference call, interim CEO Tom Lynch said, “Unfortunately, COVID has impacted our sales since the end of March; we’re down in April overall, but have seen a steady increase since. While we’re still not back to our normal levels, pre-COVID, particularly in California, we’re optimistic about our ability to recapture traffic as soon as stay at home orders are lifted.”

MedMen also noted that its Nevada location had suffered saying, “We saw a decrease in overall sales in this market, particularly given the impact that the pandemic has had on tourism into Las Vegas, we’re encouraged about the recent decision to open up cannabis retail again, and have already begun to see a steady ramp-up in revenue.”

June 2020: MedMen Storefronts Looted, Robbed, and Destroyed

The Green Market Report wrote, “according to social media videos, MedMen in Los Angeles had two locations broken into and robbed. The man filming the video can be heard saying, “They are cleaning MedMen out” as protestors or just plain looters leave the store with red shopping bags, filled with the things they stole.”

Hopefully, 2021 brings better tides for the cannabis giant.

Kaitlin DomangueKaitlin DomangueJune 17, 2020


It’s time for your Daily Hit of cannabis financial news for June 17th, 2020. 

On the Site

Napa Valley’s Only Portfolio of Infused Beverages Debuts Saka WHITE 

Today, the producers of Saka PINK, the world’s first alcohol-free, Napa Valley cannabis-infused beverage made from a single-vineyard, announced today the much-anticipated expansion of their portfolio of luxury Vinfusions™. Saka WHITE, the world’s first vinfusion made from exclusively Napa Valley-grown Chardonnay will launch on June 9, 2020 on Ganjarunner.com and Budee.org. 


High Tide Delivers Solid Quarter

High Tide Inc. (OTCQB: HITIF)  reported its financial and operating results for the second quarter of fiscal 2020 ending April 30, 2020 with revenue increasing by 197%, to $19.57 million from $6.60 million for the same quarter last year. The company delivered a net loss of $5 million for the quarter versus a net loss of $3.3 million for the same time period in 2019. The company reported a loss per share of $0.02, which was flat from last year’s second quarter.


Self-care Giant Perrigo Enters the CBD Business

Perrigo Company plc (NYSE: PRGO), a global provider of affordable over-the-counter health products is entering the cannabidiol (CBD) market through a strategic investment in and long-term supply agreement with Colorado-based Kazmira LLC. Perrigo reported $1.3 billion in sales in the company’s last quarter.


New Data Sparks Hope in Using Medical Cannabis for Autism

Zelira Therapeutics Ltd (OTCMKTS: ZLDAF) could be changing the way we approach autism. Newly released data shows that the majority of the surveyed group reported significant improvement when they used THC:CBD tincture to ease their child’s most frustrating symptoms. 


In Other News

Black Tie CBD Sues High Times Over Canceled Hemp Cup

Black Tie CBD is the primary sponsor of the Hemp Cup, and they have filed a lawsuit against High Times and its parent company for making misleading statements in their press release stating refunds would be given in response to the canceled Hemp Cup. Sponsors and attendees were advised to contact their sales representative to receive a refund, but when they contacted them they were told no refunds would be given. Black Tie is suing to receive not only the fees paid for the event, but additional costs and damages. 


MedMen Co-Founder Steps Down as a Member of Board of Directors / Company Announces Resolution of MMMG-MC Litigation

Adam Bierman, co-founder of MedMen, has stepped down as a member of the company’s board of directors. Andrew Modlin, the other co-founder, has also stepped down as an observer to the company’s board of directors.

In addition, MedMen announced that a settlement has been reached to resolve the litigation between MedMen and an early investment group claiming that senior execs profited unfairly off of shareholders. 


BevCanna Signs Agreement to Acquire Exceler Holdings

“On closing, the ability to sell through Exceler’s extensive distribution network is intended to quickly accelerate our expansion into the EU market,” said John Campbell, Chief Strategy Officer at BevCanna. “We anticipate that the BevCanna lines of CBD beverages will soon be available to consumers across the continent.”

Kaitlin DomangueKaitlin DomangueJune 17, 2020


Zelira Therapeutics Ltd (OTCMKTS: ZLDAF) could be changing the way we approach autism. Zelira is a global therapeutic medicinal cannabis company headquartered in Australia. It works closely with leading researchers and organizations including Curtin University in Perth, Western Australia, the Telethon Kids Institute, the University of Western Australia, in Perth, St. Vincent’s Hospital in Melbourne, Australia, and the Children’s Hospital of Philadelphia (CHOP) in the United States.

Zelira is executing human clinical trials with medical marijuana, focusing on insomnia, opioid reduction, and autism. Subsequently, the company released a white paper detailing the survey results of 50 patients within the Hope Grows for Autism network in Pennsylvania. All of the patients used Ilera Healthcare’s HOPE product line. They were all residents of Pennsylvania and able to legally purchase medicinal cannabis. The findings were astounding.  

The white paper reads, “Respondents who used HOPE™ 1 tincture with a THC:CBD ratio of 1:1 with Eucalyptol, Valencene and Alpha-Pinene terpenes, HOPE™ 2 tincture with a THC:CBD ratio of 5:1 with beta-Caryophyllene, Myrcene and Alpha-Bisabolol terpenes or both products for a range of 5-133 days (average of 68 days of use) reported the following: Significant improvements in patient irritability (68%), meltdowns (60%), aggression (55%), anxiety (49%) as well as capacity to focus (38%); while 69% of participants reported an improved quality of life for the patient. In addition, 58% reported improved quality of life for the entire family.” In other words, a THC:CBD tincture of varying doses and a rich terpene profile produced significant improvements and quality of life for the patients. 26% of patients used only HOPE 1, 54% of patients used only HOPE 2, and 20% of patients used both HOPE 1 and HOPE 2. 

According to the data, 0% of patients reported the patient’s symptoms worsening. This is a great example of the cannabis plant’s gentle properties and minimal side effects. Additionally, less than 30% of participants reported no change in symptoms for anxiety, aggression, meltdowns, and irritability, with roughly 42% of participants reporting no change in the patient’s ability to focus. The majority of patients, however, noted significant improvement, with a small percentage noticing some improvement. 

The report acknowledges there are some limitations with the data. All of the survey responses were based on caregiver responses with no control group, nor did the survey collect information on the patient’s ASD history or associated symptoms. Nevertheless, “there is a strong and widely accepted belief that the main caregivers are the most reliable source of information to evaluate the status of a patient with ASD.”

“Our 5-year-old has been on HOPE™ for just over a year now, it has positively saved our lives!,” said a survey participant. “To think what our day-to-day was and what it is now is just remarkable… Within two weeks of Ilera HOPE™ the difference was night and day! Sleeping consistently, better appetite, better focus at school, much better overall behavior and mood.”

Dr. Richard Magill is the Medical Director at PA Green Med and said, “All physicians who treat patients with Autism Spectrum Disorder should be aware that HOPE™ represents a significant addition to the potential tools we have to improve the lives of ASD patients and their families.”

Kaitlin DomangueKaitlin DomangueJune 15, 2020


Mydecine (MYCO.CN) (NLBIF) is quickly upping its fungi authority. The mycology-focused company has signed an agreement with Applied Pharmaceutical Innovation (API), a translational commercial drug institute at the University of Alberta’s Faculty of Pharmacy and Pharmaceutical Sciences. 

Mydecine is a fungi and mushroom cultivator/product development company offering unique research and expertise in their field. Their partnership with API will quickly upgrade their value and already existing knowledge in the mycology arena. API is a sea of experts in this field, and the collaboration will provide the company with the ability to fast track its product development. The experts are knowledgeable in areas like pharmaceutical analysis, discovery, drug action, clinical development, and formulation. The Faculty of Pharmacy of Pharmaceutical Sciences consistently ranks in the top 15 for research citations (essentially the strength of the research) by international QS rankings in pharmacy and pharmacology. In addition, Mydecine will be able to utilize further talent and research capabilities by accessing API’s collaborating institute, Alberta Machine Intelligence Institute. 

The partnership allows the company to commence fungal discovery investigations immediately with varietal mushrooms and their extracts, including scheduled substances. Mydecine is GMP and Health Canada eligible, able to conduct R&D, and perform clinical trials. This allows the company to launch research and work that will take others in their field years to achieve. Research and development are set to begin with a significant focus on extracting, analyzing, determining the effects from various compounds of fungi, and researching dosage forms. This is likely to position the company as a leader in the space for years to come. 

Mydecine entered a two-year contract with API and will be paying a total $1,099,345 in year one and $1,136,249 in year two ending February 1, 2022, with year three and beyond being a right of refusal to either party. 

“We see this agreement as a core component of our work as a company,” says Mydedine CEO Josh Bartch “the API team at the Faculty of Pharmacy and Pharmaceutical Sciences gives us the ability to rocket our product development ahead by years, providing the know-how, facilities, and licenses to quickly establish Mydecine as a leader in naturally sourced therapies for a wide variety of indications. The research division also provides a phenomenal synergy with our other recent acquisitions, giving us a dedicated team to explore myco-inspired treatments particularly for areas of high need such as mental health.”

“Back to the fungal future,” Dr. Neal Davies , Dean, Faculty of Pharmacy and Pharmaceutical Sciences “Pharmaceutical activity of fungal metabolites have been known for at least 15 centuries and contemporary research has discovered some novel molecule leads for unique mycological medications for nature-inspired treatments in the new millennium. This bodes very well for the program developing promising treatments.”

“We’re thrilled to be working with Mydecine,” says API CEO , Andrew MacIsaac , “we see their focus as one of growing importance and high potential that will serve them well. By developing a world-class R&D program that discovers potential new lead compounds, synergistic effects, and increased therapeutic indications for mushroom-derived products, Mydecine will stand out in this burgeoning sector.”

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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