Staff, Author at Green Market Report

StaffMay 26, 2022
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3min1170

Decibel Cannabis Company Inc.  (TSXV: DB) (OTCQB: DBCCF) released its first-quarter financial results for the first quarter ending March 31, 2022. Decibel reported $23 million in total sales for the quarter, with strong growth over the fourth quarter and topping last year’s revenue of $14 million in the same time period in 2021. The company said that net revenue growth was driven by the launch of Decibel’s new infused pre-roll lines and continued growth in demand for flower, vape and concentrate products, despite the first quarter historically being a seasonally weak period.

“Decibel remains on track to achieve its previously communicated targets, which is a testament to the focus on our strategic plan, and particularly our New, Unique and Innovative products and dedication to our customers”, said Paul Wilson, CEO of Decibel. “We see momentum growing in our core business, and at the same time are driving towards creating shareholder value by restructuring our balance sheet. This makes Decibel one of the few in the cannabis space to repay convertible debentures rather than accept shareholder dilution.”

During the quarter, Decibel said it incurred a net loss of $4.37 million, generated funds amounting to $2.86 million in its operations, and has net current assets of $7.3 million.

On May 11, 2022, the company repaid its 9.5% convertible debentures with the draw-down of a fixed 4.75% $12 million term loan from its credit facilities. This extends the maturity date of Decibel’s $12 million of debt by 4 years, removes approximately 6% of potential shareholder dilution, and results in $0.6 million of annual interest expense savings. As of March 31, 2022, the company is in compliance with all covenants.

Cash flow from operations was $3.0 million in the quarter, an improvement of $8 million over the fourth quarter and $6 million over Q1 2021. In Q4 2021, the company made significant investments in working capital to meet the growing demand for Decibel brands and products and mitigate against supply chain risks.

The company said it anticipates reduced working capital needs in 2022 and is seeing improvements in its supply chain. The company said it has identified various initiatives and capital investments to accelerate cash flow generation and manage working capital levels that are expected to support Q2 2022 onwards.


StaffMay 26, 2022
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3min1150

Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) reported its third-quarter fiscal 2022 financial results for the fiscal third-quarter ending March 31, 2022. Revenue fell to $16 million in the quarter versus last year’s revenue of $18 million for the same time period. Humble & Fume said that the revenue decreased as a result of management’s focus on selling higher-margin products and moving away from lower-margin sales channels.

The net losses decreased to $2.5 million from last year’s $5.8 million. The decrease in net losses was primarily driven by the decrease in accretion expense on the convertible debentures issued in May 2019 and exercised on June 14, 2021, resulting in the conversion of the debt to share capital.

Joel Toguri, Chief Executive Officer of Humble, said, “We are laser-focused on cost-cutting, optimizing the business, improving on our end-to-end customer experience, and aggressively pursuing expansion opportunities in the US. Our commitment to right-sizing the business has resulted in faster turnaround times, improved accuracy in our fulfillment, and a meaningful reduction in our inventory. We have made significant improvements to our cost base while stabilizing revenue and improving gross margins.”

The operating loss for the quarter decreased to ($2) million from ($3) million compared to the same period in the prior year. The decrease in operating loss was driven primarily by increased gross margin.

Toguri added, “Our expansion into cannabis distribution in the US is ahead of schedule. In Q3, the build-out of our cannabis operations in California resulted in the on-boarding of multiple partners, including California’s preeminent flower brand Canndescent and industry-leading brands such as Leune, Proof, Highsman, and Humboldt Farms. We are very proud to be associated with these brands who share our vision for the future growth of the cannabis industry. They have chosen us as partners because we are dedicated to helping them grow their businesses, and we are committed to moving with pace.”

The company said that expansion into cannabis distribution in California is ahead of schedule and operational, with multiple tier-one brand partners onboarded in the first three months with an anticipated annualized revenue contribution of $25-35 million which is slated to start in Q4 (April – June 2022).


StaffMay 25, 2022
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7min3650

The Daily Hit is a recap of the top cannabis business stories for May 25, 2022.

ON THE SITE

Live Blog from WEF 2022 in Davos Switzerland

Green Market Report editor-in-chief Debra Borchardt blogs live from the Medical Psychedelics Series, at the World Economic Forum being held in Davos Switzerland. Read more here.

Ayr Wellness Inc. Approved in New Jersey

Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) announced that the New Jersey Cannabis Regulatory Commission approved the Company for adult-use cannabis sales in the Garden State. “We are thrilled to be approved for adult-use sales in New Jersey and to have all three dispensaries cleared simultaneously to open for adult-use,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “To date, Central Jersey has the lowest number of dispensaries per capita, leaving its population under-served compared with the rest of the state. Read more here.

Verano Holdings Corp.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its financial results for the first quarter ending March 31, 2022, with revenue increasing 67% to $202 million versus last year. Revenue for Verano fell  from the fourth quarter’s $211 million. The net loss in the first quarter 2022 was $7 million, compared to a loss of $2 million in the first quarter 2021. Read more here.

Jushi Holdings Inc.

Jushi Holdings Inc.  (CSE: JUSH) (OTCQX: JUSHF) released its financial results for the first quarter of 2022 ending March 31, 2022, with revenue increasing 48% over last year to $61.9 million. Jushi said sales fell 6% from the fourth quarter’s revenue of $65.9 million. The company delivered a net loss of $14.3 million, which was trimmed from last year’s net loss of $26 million. Read more here.

IN OTHER NEWS

Rhode Island Legislature Approves Marijuana Legalization Proposal

Following floor debates in both chambers of the General Assembly earlier today, a majority of Rhode Island legislators have approved legislation to legalize, regulate, and tax cannabis for adults. The bill will be transmitted to Gov. Dan McKee who has previously indicated he will likely sign the measure. With the governor’s approval, Rhode Island will become the 19th state to end marijuana prohibition. Read more here.

The Valens Company Inc.

The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS), a manufacturer of branded cannabis products, provided an update on its recent recreational market share in Canada. Tyler Robson, Chief Executive Officer of The Valens Company, said, “We continue to expand our recreational market share as we develop strength within our brand portfolio through products that continue to resonate with consumers.” Read more here.

Item 9 Labs Corp.

Item 9 Labs Corp. (OTCQX: INLB), a vertically integrated cannabis dispensary franchisor and operator announced today that it has signed a definitive agreement to acquire Sessions Cannabis, one of Canada’s largest cannabis retail franchisors. “This is a transformative acquisition that fast-tracks our entry into the Canadian market and brings tremendous value to our shareholders,” said Item 9 Labs Corp. CEO Andrew Bowden. Read more here.

Lowell Farms Inc.

Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF), a California cannabis cultivation company and maker of brand Lowell Smokes, is announcing the acquisition of advanced pre-roll production equipment and capabilities from Canadian cannabis brand All Good Collective. The acquisition will accelerate Lowell Farms’ ability to offer end-to-end automation of large-scale pre-roll production. Read more here.

Ayr Wellness Inc., Herbal Remedies Dispensaries, LLC

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a vertically integrated U.S. multi-state cannabis operator, today announced it has closed the definitive agreement to acquire Herbal Remedies Dispensaries, LLC, an operator of two licensed retail dispensaries in Quincy, Illinois. Read more here.

Decibel Cannabis Company Inc.

Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF), a cannabis producer, announced its first quarter financial results for the three month period ending March 31, 2022. “Decibel remains on track to achieve its previously communicated targets, which is a testament to the focus on our strategic plan, and particularly our New, Unique and Innovative products and dedication to our customers”, said Paul Wilson, CEO of Decibel. Read more here.

TILT Holdings Inc., Innovative Industrial Properties, Inc.

 TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, has signed an amendment to its previously announced definitive agreement to sell its White Haven, Pennsylvania facility. The Amendment allows TILT and Innovative Industrial Properties, Inc. to extend the end of the investigational period of the transaction contemplated to a date that is on or before June 17, 2022. Read more here.


StaffMay 25, 2022
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3min4240

Ayr Wellness Inc. (CSE: AYR.A)(OTCQX: AYRWF) announced that the New Jersey Cannabis Regulatory Commission approved the Company for adult-use cannabis sales in the Garden State.

“We are thrilled to be approved for adult-use sales in New Jersey and to have all three dispensaries cleared simultaneously to open for adult-use,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “To date, Central Jersey has the lowest number of dispensaries per capita, leaving its population under-served compared with the rest of the state. New Jersey is expected to become a highly influential state for the U.S. cannabis industry, and we are honored to help shape the market landscape from its early stages.”

Ayr currently operates medical dispensaries in Woodbridge, Union, and Eatontown, all located in Central New Jersey, a region of 3.4 million people which until now only had access to two adult-use dispensaries. The Company’s three retail locations are the maximum allowable dispensaries under current state law.

“We are thrilled to be approved for adult-use sales in New Jersey and to have all three dispensaries cleared simultaneously to open for adult-use,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “To date, Central Jersey has the lowest number of dispensaries per capita, leaving its population under-served compared with the rest of the state. New Jersey is expected to become a highly influential state for the U.S. cannabis industry, and we are honored to help shape the market landscape from its early stages.”

“This is a significant milestone for Ayr, and I am so proud of our team for making it a reality,” said Julie Winter, Ayr’s Vice President of Retail Operations in New Jersey. “We look forward to opening our doors to adult-use customers, while continuing to provide excellent service, quality, and choice to our medical patients.”

Adult-use sales in New Jersey officially began five weeks ago. BDSA expects New Jersey to be the third largest contributor to overall US sales growth by 2026, projected to generate an annual revenue of $2.3 billion in total legal cannabis sales.


StaffMay 24, 2022
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8min5320

The Daily Hit is a recap of the top cannabis business stories for May 24, 2022.

ON THE SITE

Live Blog from WEF 2022 in Davos Switzerland

Green Market Report editor-in-chief Debra Borchardt blogs live from the Medical Psychedelics Series, at the World Economic Forum being held in Davos Switzerland. Read more here.

MedMen Wins Suit Against Whitestar

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) won its lawsuit against Arizona-based Whitestar Solutions, LLC. According to a statement,  Whitestar filed a lawsuit in March 2020, related to a Membership Interest Purchase and Sale Agreement governing the purchase of EBA Holdings, Inc. dba MedMen Scottsdale. Whitestar alleged fraudulent inducement and breach of contract, among other claims, and sought rescission of the underlying transaction or $60 million in alleged monetary damages. Read more here.

Illegal Cannabis Lounges in NYC

These consumption lounges are operating without licenses and it seems the city and state don’t care. Since the adult-use license program hasn’t been written and approved, these operations are technically violating the law. No law means no violations. So there really isn’t anything law enforcement can do. These lounges range from the first to market Happy Munkey to pop-up neighborhood lounges that are often located next to illicit street sellers. Read more here.

Psychedelics Companies

As the industry matures, there are clear leaders in the pack of psychedelics companies who are positioned to continue driving industry development. Compass Pathways, Atai Life Sciences, and Cybin are generally considered the top three companies in the industry, asserting their dominance in the market, with Field Trip Health and Seelos Therapeutics as psychedelics companies to watch. Read more here.

IN OTHER NEWS

Aleafia Health Inc.

Aleafia Health Inc. (TSX: AH, OTCQX: ALEAF) is pleased to announce that its upward trend in market share, purchase orders, and new SKU launches has continued in 2022’s first four months, following on from the growth in the quarter ended December 31, 2021. The Company has seen strong advances in its largest adult-use categories: flower, pre-rolls and vapes. Read more here.

Curaleaf Holdings, Inc.

Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), an international provider of consumer products in cannabis, will begin adult-use sales at its Edgewater Park, New Jersey dispensary on May 25. Located at 4237 US-130, Curaleaf Edgewater Park is now the Company’s second location to sell adult-use cannabis in the Garden State. Read more here.

Rubicon Organics Inc.

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), a licensed producer focused on cultivating and selling organic certified, premium cannabis, today reported its financial results for the first quarter ended March 31, 2022. “Rubicon Organics is at a turning point in 2022, with higher yields and increased quality coming from our Delta Facility, whilst remaining cost-conscious we are driving to being profitable in 2022.” Read more here.

RIV Capital Inc., Etain LLC

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) today announced that it had received notice of an Ontario Superior Court of Justice application by JW Asset Management in connection with the Company’s process regarding its acquisition of ownership and control of Etain, LLC and Etain IP LLC, owners and operators of legally licensed cannabis cultivation and retail dispensaries in the state of New York. JWAM, an investment firm focused on the pharmaceutical and cannabis industries, is the holder of approximately 20.4% of the Company’s issued and outstanding Class A common shares. Read more here.

Pharmagreen Biotech, Inc., Long Valley Farms

Pharmagreen Biotech, Inc., (OTCQB: PHBI), which provides starter plantlets utilizing a proprietary tissue culture process, “Chibafreen,” to licensed cannabis cultivators and CBD/CBG hemp farmers, announced that it has completed another significant milestone in the business development with Long Valley Farms. Pharmagreen has advanced the next tranche of funds, whereby the use of proceeds is for the continuous application process for the LVF micro-business license and its nursery licenses in addition to the current cultivation license. PHBI anticipates having the permits in place within the following few months, depending on the regulator’s schedule. Read more here.

Avicanna Inc.

 Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that, through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S., SMGH has completed its first commercial export of high concentration THC and high concentration CBD full spectrum psychoactive cannabis extracts to Portugal. Read more here.

Eden Empire Inc.

Eden Empire Inc. (CSE: EDEN) announced the signing of a non-binding letter of intent agreement with Plantvida located in Colombia. The agreement dated May 20th, 2022, is made by and between Eden Empire Inc. and Plantvida. The Plantvida SAS project located in north-western Cundinamarca, Colombia, is dedicated to implementing strategic social business, bringing safe, natural and ecologically friendly wellness products to the emerging cannabis business with the goal of providing work and social benefits to the community, such as education, unemployment, health, housing and security. Read more here.

Abaca

Arkansas-based cannabis financial technology firm Abaca has expanded coverage bringing digital-first banking, payment and treasury management solutions to Mississippi’s cannabis industry. Integral in banking 95 percent of Arkansas’s cannabis industry since day one and hundreds of cannabis clients across the country, Abaca is uniquely positioned to support Mississippi. Read more here.


StaffMay 24, 2022
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4min6681

These consumption lounges are operating without licenses and it seems the city and state don’t care. Since the adult-use license program hasn’t been written and approved, these operations are technically violating the law. No law means no violations. So there really isn’t anything law enforcement can do. These lounges range from the first to market Happy Munkey to pop-up neighborhood lounges that are often located next to illicit street sellers. 

These lounges are in big demand since many people in New York live in small apartment situations and some landlords don’t even allow cigarette smoking within their buildings. So if you don’t want to sit in a park or smoke as you walk down the sidewalk, a lounge is a great place to go. Here are some of the top lounges in New York:

Happy Munkey

Happy Munkey is one of the first consumption lounges to open in New York City and is located in midtown. Vladimir Bautista is the co-founder and managing member of Happy Munkey LLC, an internationally-known NYC lifestyle company that is synonymous with cannabis culture. Happy Munkey hosts popular VIP events that connect politicians, chefs, doctors, influencers, athletes, and creative artists with each other based on a mutual love of the plant. The company hosted its biggest event with the immersive Van Gogh art installation. The club is member-only, but just about anyone can become a member. Vladimir and his partner Ramon Reyes, cohost the popular HappyMunkey on the Boulevard podcast where they bring the Happy Munkey to the masses. 

Astor Club

Astor Club is located on the Lower East Side of the city in a small club that has access to a back yard – a rarity in the city. Having this little outdoor space allows consumers to sit outside versus a smoke filled room. This is also a members-only club. Members pay approximately $200 a year and then are expected to buy an eighth of cannabis when they visit the club. It plays off the venerable New York society family – the Astors. Its tagline is “The highest club in high society.” It has a secure entrance and since the neighborhood is mostly Chinese immigrants, there is no desire to rat out the cannabis neighbors.

High Garden NYC

High Garden takes a different approach from the dark cannabis lounges like Happy Munkey and Astor Club. It is located in Tribeca and the hours are more like a restaurant. It operates on Wednesday evening until 10pm and then Sunday Brunch. The company also has a Chelsea location that operates from Wednesday to Friday 7pm-11pm. It promotes an “elevated experience.” There is a Studenglass bar for consumers to try these very expensive water pipes. Brunch often features live music or a DJ. More details on events can be found at the company’s instagram account @highgarden.nyc. Its tag line is “For those seeking a high-end lifestyle.”  


StaffMay 24, 2022
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5min3120

After the market closed on Monday, 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) announced its financial results for the first quarter ended March 31, 2022. 4Front reported that its revenue increased 13% year-over-year to $26.1 million. Like other cannabis companies, the first-quarter revenue for 4Front fell from the fourth quarter’s revenue of $28.5 million. 

The net losses were trimmed to $5.8 million from last year’s $11 million for the same time period. The earnings per share improved to ($0.01) from last year’s ($0.02) for the same time period. 

“Our business inflected during the first quarter of 2022 as a result of the investments and efficiencies we made over the last 18 months to meet our long-term strategic goals,” said Leo Gontmakher, Chief Executive Officer of 4Front. “We now have a fully-capitalized infrastructure in place to drive robust growth through this year and well into the future. Our thesis of providing consistent, low-cost production at scale continues to play out as designed, with the operational achievements from 2021 continuing to provide a solid foundation for the expected growth of our production and sales.”

4Front said it continues to believe that wholesale growth in both Massachusetts and Illinois is poised to strengthen over the year as additional retail comes online in those underserved states. As of March 31, 2022, the company had $8.6 million of cash and $48.7 million of related-party long-term debt not due until May 2024. This is a big drop from the fourth quarter’s ending cash balance of $22 million.

Gontmakher added, “Our retail operations are showing solid performance, with increasing customer counts despite some expected pricing headwinds. Additionally, our cultivation and manufacturing processes and facilities are now fully optimized for the large-scale production of high-quality, low-cost products. The acquisition of NECC and its state-of-the-art facility, the best we have ever seen, has contributed to improvements not only in Massachusetts, but across our platform as we further implement their practices into our own process. The resulting high-quality flower has enabled increased sales of our house brands and further penetration into wholesale markets.”

“In California, we were proud to announce the acquisition of Island at the end of March and its subsequent closing in April. The Island brand and their seasoned management team are perfect complements to the 4Front model, and since closing the transaction we have fully integrated Island into our production and distribution channels. The scale of our Commerce operations enables us to buy similarly successful, attractive brands and manufacture them at considerably lower cost, producing strong margins which fall right to our bottom line. We look forward to announcing more exciting developments in California over the coming months.”

 

“We’re excited to set up our next stage of growth in Illinois, with the first phase of our latest facility in Matteson expected to be completed in six months and ahead of schedule. I am confident that with the completion of the Matteson facility on the near horizon, and a fully operational Commerce facility showing strong sales momentum, we are fully prepared for our next stage of growth as a business.”

 


StaffMay 23, 2022
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5min4740

The Daily Hit is a recap of the top cannabis business stories for May 23, 2022.

ON THE SITE

Live Blog from WEF 2022 in Davos Switzerland

Green Market Report editor-in-chief Debra Borchardt blogs live from the Medical Psychedelics Series, at the World Economic Forum being held in Davos Switzerland. Read more here.

Medical Psychedelics Series in Davos

Every year world leaders come together to discuss the global economy at the World Economic Forum’s annual gathering in Davos Switzerland. This small town in the Alps has become the place where the smartest people on the planet come together to discuss solutions to the world’s economic problems and issues. It is not uncommon for various industries to establish a meeting place for people to come together for conversations. Read more here.

Hawthorne and the Hydroponics Market

When we look at what’s happening in the hydroponics market, it’s really not just a Hawthorne issue, it’s across the board. All these companies were saying things had slowed down, but that the market was going to get better at the end of the year. We weren’t getting a whole lot of color on what was happening. Is it that certain states were slow to get going? Is it that there was just truly oversupply? There are so many reasons why this slowdown could have happened. What’s happening here? Read more here.

Decriminalizing Psychedelics

There has been an accelerating movement to decriminalize psychedelics, especially psilocybin, since May 2019, when Denver, Colorado became the first city in the country to decriminalize psilocybin through an initiative, in essence handing a small but significant defeat to the operatives running the War on Drugs. Read more here.

NY Approves 146 Cannabis Farmers

The New York Cannabis Control Board announced on Thursday that an additional 58 farmers for adult-use cannabis have been approved. This brings the total of approved farmers to 146. The NYCCB initially approved 52 farmers in April and then gave the green light to another 36 at the May 5 meeting. People hoping to get these licenses were able to begin applying on March 15 and the opportunity will end on June 30. Read more here.

GMR Women’s Summit (VIDEO)

On April 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This successful sold-out event was the first in-person Summit for GMR since before the pandemic. More here.

IN OTHER NEWS

Boston Beer Company

The Boston Beer Company, Inc. (NYSE: SAM), maker of iconic, high-quality brands such as Samuel Adams, Truly Hard Seltzer and Twisted Tea, today announced the launch of TeaPot, a new line of cannabis-infused iced teas. TeaPot is the company’s first infused beverage offering and will be available in select Canadian provinces beginning in July. Read more here.

4Front Ventures Corp.

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF), a vertically integrated, multi-state cannabis operator and retailer, today announced its financial results for the first quarter ended March 31, 2022. All financial information is presented in U.S. dollars unless otherwise indicated.

“Our business inflected during the first quarter of 2022 as a result of the investments and efficiencies we made over the last 18 months to meet our long-term strategic goals,” said Leo Gontmakher, Chief Executive Officer of 4Front. Read more here.


StaffMay 23, 2022
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6min9950

Every year world leaders come together to discuss the global economy at the World Economic Forum’s annual gathering in Davos Switzerland. This small town in the Alps has become the place where the smartest people on the planet come together to discuss solutions to the world’s economic problems and issues. It is not uncommon for various industries to establish a meeting place for people to come together for conversations.

For example, in 2019, the Canada Cannabis House hosted a three-day event for people in the cannabis industry to introduce themselves and talk about business with people who were unfamiliar with the industry. This year, Davos is also hosting events around blockchain and cryptocurrency cementing its reputation as a place that encourages forward-thinking outlooks.  

In addition to standard topics around climate change and the economy, healthcare is a frequent subject, This year there is a big focus on psychedelic plant medicine and how numerous studies have shown it could be a game-changer for mental health treatments.

Inaugural Event

One thing that is new this year for Davos is that the main event, the World Economic Forum, was pushed back from its traditional January date to May due to the pandemic. Another new feature will be the inaugural Medical Psychedelic Series which hopes to help shape the future of mental health. The inaugural week-long series will take place from May 21-26, 2022, at the Medical Psychedelics House of Davos located on the main Promenade. It will feature the world’s most prominent psychedelic industry leaders, drug development experts, clinicians, nonprofit organizations, advocates, and influencers. The majority of conversations at the Medical Psychedelics House of Davos will focus on FDA approval for these compounds and their associated therapeutic potential, policy, safety and efficacy, biocultural preservation, drug development pipelines, and patient access.

“This is a one-of-a-kind opportunity for the medical psychedelics ecosystem to share the breakthroughs in psychedelic therapeutics for the first time with world leaders,” says Marik Hazan, CEO of Energia Holdings Incorporated.

“We want to spark conversations about the high unmet need in mental health, the future of FDA approved psychedelic-assisted therapy, provide a platform for establishing meaningful relationships and partnerships, and build trust with the global community,” added Maria Velkova, managing partner of Tabula Rasa Ventures.

Hosted by Energia Holdings Incorporated, the series includes educational talks and panels featuring some of the best-known figures in the psychedelic space, including acclaimed author and psychedelic medicine advocate Deepak Chopra; TV personality and advocate Jason Silva; countess of Wemyss and March, and nonprofit leader Amanda Fielding; psychedelic researcher David Nichols, Ph.D.; Endowed Professor & Vice Chair of Psychiatry, Icahn School of Medicine at Mount Sinai Rachel Yehuda, Ph.D. and many more.

As the COVID-19 pandemic laid bare, mental health is one of the largest underserved areas in the medical community. With few solutions in sight, there is a growing body of evidence that suggests that psychedelic-assisted therapy could provide a breakthrough in treating countless mental health ailments, such as depression, substance abuse disorders, and PTSD.

At Davos 2022, This Medical Psychedelics Series Will Be the Global Platform for Where Select Attendees Will:

  • Learn from leading experts in the medical psychedelics industry who are setting the narrative for both mental health and psychedelic therapeutics on the global stage in front of world leaders.

  • Experience sessions curated to engage all six senses and give an unforgettable heart-opening, mind-stimulating, experience of human connection through sound meditation, breathwork, and conscious leadership workshops.

  • Connect with psychedelic entrepreneurs, researchers, policy makers, and nonprofit leaders and some of the world’s most innovative psychedelic organizations like the Multidisciplinary Association for Psychedelic Studies (MAPS), Maya Health, Compass Pathways, Imperial College London, and many others.


StaffMay 20, 2022
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4min4190

Cannabis plant tracking company Metrc has named Michael Johnson, a Metrc veteran who has been serving as president and chief financial officer as CEO, effective immediately. The former CEO Jeff Wells, who was also co-founder and chair of the board of directors, has transitioned to chief visionary officer. The company also announced that Lewis Koski, who has served as a chief operating officer since 2019, has been promoted to chief strategy officer. Additionally, Steve Asma, the operations and customer experience leader joins the Metrc team as senior vice president of customer experience.

“This is an exciting time for Metrc, with technology advancements at the forefront that will pave the way for more sophisticated programs that maintain safe and secure markets,” said Jeff Wells. “As we rapidly expand our business, we feel it’s the perfect time to restructure and expand our leadership team. Since joining Metrc, Michael has been integral in scaling our company, driving core financial decisions, and enhancing business practices across the board. It’s been a privilege to serve and represent Metrc as CEO – I’m exceptionally proud of the work we’ve accomplished, and I’m excited to continue to work closely with Michael in his new role. Transitioning to CVO, I’ll have the opportunity to help craft and see through the long-term vision for our company – to provide the necessary data for the assurance of a secure, diverse, and resilient legal cannabis market, along with exceptional service. Our brightest days are ahead of us.”

Metrc currently holds exclusive government contracts in every region of the U.S., with a total of 21 government contracts to date. With four newly announced state contracts in March and April 2022 alone, Metrc sits at the forefront of radio-frequency identification (RFID) data collection for regulatory compliance in the country. To date, the company has a 100% contract renewal rate and has tracked more than 150 million cannabis plants and 70 million packages – these numbers are expected to rapidly grow with the expansion of existing markets and the creation of new ones.

Michael Johnson added: “It is an honor to become the CEO of such an innovative and groundbreaking company. This dedicated and creative team has collectively guided our business processes and substantially expanded our operations, providing a bedrock for the efficient and impactful company we’ve become. I’d like to express my deepest gratitude to Jeff, our management team, and the board of directors for the opportunity to spearhead the advancement of our RFID technology and SaaS platform, which is transforming the regulated supply chain sector. I look forward to leading Metrc in its next chapter of growth – furthering our mission to power technological innovation and data-driven regulations.”

 


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