Staff, Author at Green Market Report - Page 22 of 201

StaffJune 30, 2022
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4min1070

Grown Rogue International Inc.  (CSE: GRIN) (OTC: GRUSF) reported its fiscal second-quarter 2022 results for the three months ending April 30, 2022. Grown Rogue reported revenue rose 72% to $4.7 million versus $1.37 million for the same time period last year. Sales also rose sequentially from the first quarter’s revenue of $3.73 million. 

The company delivered a net income of $144,734 versus last year’s net loss of $1.4 million. The company said this was the fourth consecutive quarter of positive net income and positive operating cash flow, before changes in working capital.

Grown Rogue had another very strong quarter, reporting positive operating cash flow, net income, and free cash flow,” said Obie Strickler, CEO of Grown Rogue. “In Q2, we estimate we had one of the lowest average indoor selling price of any public cannabis company at $872 per pound of whole flower ($1.92 per gram) while reporting 23% operating cash flow margins, before changes in working capital”, continued Mr. Strickler. “We continue to evaluate opportunities for new markets where we can bring our craft quality and efficiencies to provide better access for patients and consumers. Oregon had a particularly strong quarter with revenue up 70% quarter over quarter even while the overall market was down slightly. The company launched pre-rolls in Michigan during the quarter and we are excited about the initial receptivity in this category. I could not be more proud of our team as we were north of $1M in EBITDA for the third consecutive quarter and have established Grown Rogue as the consistent market leader in the Oregon flower market, one of the most competitive states in the US. We are laser-focused on continuing to become more efficient while staying on trend with leading genetics and quality.”

Revenue Breakdown

Breaking down the revenue results, Grown Rogue’s Oregon market delivered revenue of $2.36 million compared to $1.37 million in the second quarter of 2021, an increase of 72%. It also jumped from the first quarter’s revenue of $1.39 million.  The average selling price of indoor whole flower was $719 per pound. The price dropped from the first quarter price of $781 per pound. The monthly indoor production increased to approximately 800 pounds of whole flower in the second quarter, with expectations to be at or near 1,000 pounds per month in the third quarter.

The Michigan market reported revenue of $2.34 million compared to pro-forma revenue of $1.38 million in the second quarter of 2021, an increase of 70%, but flat from the first quarter’s sales. The average selling price of indoor whole flower was $1,182 per pound. The price also fell in Michigan from the first quarter’s $1,322 per pound. The monthly indoor production of whole flower increased to approximately 550 pounds in the second quarter of 2022, with expectations to be at or near 750 pounds per month in the third quarter.

 

 


StaffJune 29, 2022
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7min740

The Daily Hit is a recap of the top cannabis business stories for June 29, 2022.

ON THE SITE

CannaRegs Lawsuit Comes to a Quiet End

The cannabis tech firm CannaRegs announced that a lawsuit that was filed against it has been dismissed. CannaRegs is a  technology platform that provides users enhanced access to all state and municipal cannabis rules and regulations. It was acquired by Fyllo in January 2020. Fyllo is another cannabis tech firm whose CannaBrain marketing technology ingests and interrogates billions of data points, allowing brands to safely build and execute advertising campaigns while also enabling publishers to create and monetize compliant ad inventory. At the time of the acquisition, Amanda Ostrowitz, CannaRegs’ founder and CEO,  joined Fyllo as its Chief Strategy Officer reporting to CEO Chad Bronstein. Read more here.

Law Could Allow Cannabis Ads on Local TV, Radio

Broadcasters have been notorious for their refusal to air cannabis ads. Even in states where the product is legal, advertisers found themselves being turned down as the Federal Communication Commission (FCC) took the stance that a federally illegal product could not be advertised. Read more here.

Summer Trends See Sales Spike on Long Weekends, Holidays

If predicted trends prove to be true, this Thursday, June 30, may be the busiest cannabis retail sales day for summer 2022, as Americans in legal states get ready to celebrate the long 4th of July weekend. Cannabis consumers are likely to celebrate independence by indulging in their favorite flower and other products that enhance a day at the beach, backyard BBQ with friends, or summer vacation in some legal destination. Read more here.

IN OTHER NEWS

Red White & Bloom Brands Inc.

Red White & Bloom Brands Inc., (CSE: RWB) (OTCQX: RWBYF) provided this update on the status of a management cease trade order granted on May 3, 2022 by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order. On May 3, 2022, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2021, beyond the period prescribed under applicable Canadian securities laws. Read more here.

Tilray Brands, Inc.

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, announced that its medical cannabis division, Tilray Medical, has expanded its medical cannabis offerings in the United Kingdom. Tilray Medical now offers the broadest portfolio of cannabis flower in the UK market today, including a differentiated range of high THC products, cultivated at its EU-GMP-certified facility in Portugal. Read more here.

Decibel Cannabis Company Inc.

Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF), a cannabis producer, announced that is has received its certification to export its cannabis products internationally. “This is a very important milestone for the outlook of the Company as this certification unlocks untapped markets for Decibel. The opportunity allows the Company to provide its high-quality craft cannabis products internationally, while also setting the stage for the Decibel brands to develop international recognition and additional consumer exposure,” said Paul Wilson, Chief Executive Officer. Read more here.

Sugarbud Craft Growers Corp.

Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS, SUGR.WR, SUGR.DB) (OTCQB: SBUDF) announces that it has entered into shares for services agreements with certain arm’s length service providers, pursuant to which Sugarbud will issue a total of 665,020 Shares at a deemed price of $0.35 per Share in satisfaction of amounts owing to such persons in the aggregate amount of $232,757. The Shares to be issued in connection with the Transaction will represent approximately 10.2% of the issued and outstanding shares of Sugarbud on a post-transaction basis. Read more here.

CEA Industries Inc., Merida Capital Holdings

CEA Industries Inc. (NASDAQ: CEAD, CEADW), a controlled environment agriculture (CEA) systems engineering and technologies company, announced it has entered into an agreement with Merida Capital Holdings in which Merida agrees to use the company as its sole provider of certain products and services for Merida’s indoor cultivation facilities. Read more here.

Allied Corp.

Allied Corp. (OTCQB: ALID) announced that it has completed the first shipment of commercial dried cannabis from Colombia to an international market. On April 01, 2022, Colombia enacted the new legislation allowing for the legal export of dried cannabis produced in Colombia. In April 2022, Allied submitted several applications for export approvals. After many levels of regulatory inspections, analyses, discussions and questions, Allied’s first export approval came in June 2022. Read more here.


StaffJune 28, 2022
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7min2430

The Daily Hit is a recap of the top cannabis business stories for June 28, 2022.

ON THE SITE

Safe Harbor Financial SPAC Postponed Again

The Northern Lights Acquisition Corp. (NASDAQ: NLIT), a special purpose acquisition corporation, has rescheduled its special meeting of stockholders once again to Tuesday, June 28, 2022 at 4:00 pm ET. The vote was originally planned for June 24 in order to approve Safe Harbor Financial as the qualifying transaction for the SPAC. Read more here.

Aleafia Health Reaffirms Guidance for 2023

Aleafia Health Inc. (OTCQX: ALEAF) reported its financial results for the quarter ended March 31, 2022, with total revenue of $10.7 million versus last year’s $7.5 million for the same time period. The net loss was trimmed to $4.1 million from last year’s $11.2 million for the same time period. Aleafia also reaffirmed guidance of delivering between $53 and $63 million in total net revenue in the fiscal year 2023. Read more here.

Jazz Pharmaceuticals MS Study Misses its Mark

Jazz Pharmaceuticals plc (Nasdaq: JAZZ) announced top-line results from the Phase 3 RELEASE MSS1 trial (NCT04657666) evaluating nabiximols oromucosal spray (JZP378, or Sativex , ex-U.S.) on clinical measures of spasticity in individuals with multiple sclerosis (MS). The RELEASE MSS1 trial did not meet the primary endpoint of change in Lower Limb Muscle Tone-6 (LLMT-6) between baseline and Day 21, as measured by the Modified Ashworth Scale (MAS). Read more here.

Analysts are Warming Up to Aurora Cannabis

Two analysts have begun warming up to Aurora Cannabis (NASDAQ: ACB) but for two entirely different reasons. Stifel analyst W. Andrew Carter upgraded his rating on Aurora from Sell to Hold and lowered his target price from C$2.50 to C$2.15. Cantor Fitzgerald analyst Pablo Zuanic upgraded his rating from Neutral to Overweight and increased his price target from C$3.90 to C$4.05. The stock is currently trading around C$2.00 ($1.55). Read more here.

IN OTHER NEWS

New Leaf Ventures Inc.

New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF, a management and investment organization dedicated to evaluating, investing, and accelerating advanced stage operations in the North American Cannabis sector, wishes to advise that an assessment of the region’s oversaturated cannabis production conditions has led to the strategic divestiture of equipment, downsizing of related personnel, and an infusion of capital through the sale of cultivation related assets. The company and the license holder remain committed to the development, production, distribution and sale of cannabis retail brands and products. Read more here.

Pervasip Corp., KRTL International Corp.

Pervasip Corp. (OTC: PVSP), a developer of companies and technologies in high value emerging markets, and Artizen Corp. today announced that it and Dr. Kyeung-Il Park, the Head of Department of Horticulture & Life Science in Yeungnam University, in partnership with KRTL International Corp., a wholly owned subsidiary of KRTL Holding Group Inc. (OTC: QENC), have received approval to be acting as the exclusive expert groups providing services and support for the development of  the indoor smart growing section of the Korean Hemp development project. Read more here.

Bright Green Corporation

Bright Green Corporation (Nasdaq: BGXX), a company selected by the U.S. government to grow, manufacture, and sell, under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today provided an update on the progress made on its world-class agricultural complex in Grants, New Mexico. Read more here.

Aleafia Health Inc.

Aleafia Health Inc. (TSX: AH, OTCQX: ALEAF) announced that it has closed its previously announced amendment of its unsecured convertible debentures. “We are delighted we have now completed this transaction,” said Tricia Symmes, Aleafia Health’s CEO. “We want to thank all those who participated for demonstrating their confidence in the Company’s future. Coupled with the closing of the $5.6 million private placement announced last week, the Company is now much better positioned to execute on its ambitious growth plans in all key segments of its business: adult-use, medical and international.” Read more here.

Turning Point Brands, Inc., Petalfast Inc.

Petalfast Inc., a full-spectrum marketing and sales agency for the cannabis industry, announced a partnership with Turning Point Brands, Inc. (NYSE: TPB), to drive distribution expansion of their iconic rolling paper brand, Zig-Zag. Turning Point is a manufacturer and distributor of national branded consumer products, including alternative smoking accessories and consumables. Read more here.

Khiron Life Sciences Corp.

Khiron Life Sciences Corp., (TSXV: KHRN) (OTCQX: KHRNF) (Frankfurt: A2JMZC) a global medical cannabis company, continues expansion of the Khiron end-to-end solution throughout Latin America and Europe. Khiron is serving a record number of patients who are being treated with Khiron products globally. The company has recently reached a cumulative stock of more than 100.000 bottles of medical cannabis sold. Read more here.

DC Cannabis Trade Association

Today, in a major win for cannabis patients, the DC Council voted unanimously to pass the “Medical Marijuana Self-Certification Emergency Amendment Act of 2022.” This bill allows individuals 21 years of age and older to self-certify their eligibility for medical cannabis without needing a healthcare practitioner’s recommendation. Read more here.

 

 

 


StaffJune 28, 2022
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4min1230

Jazz Pharmaceuticals plc (Nasdaq: JAZZ) announced top-line results from the Phase 3 RELEASE MSS1 trial (NCT04657666) evaluating nabiximols oromucosal spray (JZP378, or Sativex , ex-U.S.) on clinical measures of spasticity in individuals with multiple sclerosis (MS). The RELEASE MSS1 trial did not meet the primary endpoint of change in Lower Limb Muscle Tone-6 (LLMT-6) between baseline and Day 21, as measured by the Modified Ashworth Scale (MAS).

“We remain committed to the nabiximols program and are actively assessing the RELEASE MSS1 trial results, which will be presented at a future medical meeting. We look forward to additional data from two other ongoing trials that have the potential to support a U.S. FDA New Drug Application submission,” said Rob Iannone, M.D., M.S.C.E., executive vice president, global head of research and development at Jazz Pharmaceuticals. “I would like to extend a heartfelt thank you to all those who supported and made this study possible, including the patients who were enrolled, their families, our investigators, staff, and all of the dedicated Jazz employees.”

The Sativex or nabiximols oromucosal spray is a complex botanical mixture formulated from extracts of the cannabis sativa plant and contains the cannabinoids delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD), as well as other cannabinoid and non-cannabinoid components. Nabiximols oromucosal spray (known as Sativex ex-U.S. and first approved in the U.K. in 2010) has been approved in 29 countries for the treatment of adult patients with moderate to severe spasticity due to MS who have not responded adequately to other anti-spasticity medication based on previously completed clinical trials.

Multiple sclerosis (MS) spasticity is one of the most common motor symptoms associated with MS. MS spasticity often manifests as involuntary muscle stiffness and/or spasms, occurring in up to 84% of individuals with MS, and approximately one-third of individuals with MS still live with uncontrolled spasticity symptoms. However, MS spasticity can also lead to pain, sexual dysfunction, dysarthria, fatigue, depression and anxiety, mobility impairment, bladder and bowel dysfunction, and sleep disturbances. Less than half of individuals with MS receiving treatment for spasticity are satisfied with the current treatment regimens and 41% of physicians are dissatisfied with current treatment regimens.

Despite the disappointment of this study, there are two additional, ongoing Phase 3 trials for the treatment of MS:

  • RELEASE MSS3: A Phase 3 multicenter, double-blind, placebo-controlled trial evaluating the efficacy of nabiximols oromucosal spray, compared to placebo, when added to standard of care, for the improvement of muscle spasms associated with MS over a 12-week treatment period. The estimated enrollment is 446 participants.
  • RELEASE MSS5: A Phase 3 multicenter, randomized, double-blind, placebo-controlled, 2-treatment, 2-period, crossover trial evaluating the effect of multiple doses of nabiximols oromucosal spray compared to placebo on a clinical measure of velocity-dependent muscle tone in the lower limbs (Lower Limb Muscle Tone-6 [LLMT-6]) in participants with MS over a 3-week treatment period. The estimated enrollment is 190 participants.

 


StaffJune 28, 2022
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6min2921

The Northern Lights Acquisition Corp. (NASDAQ: NLIT), a special purpose acquisition corporation, has rescheduled its special meeting of stockholders once again to Tuesday, June 28, 2022 at 4:00 pm ET. The vote was originally planned for June 24 in order to approve Safe Harbor Financial as the qualifying transaction for the SPAC. In addition to moving the vote again, Northern Lights also said that it has deposited an aggregate of $1,150,000 (representing $0.10 per public unit sold in the company’s initial public offering) into the company’s trust account to extend the period of time it has to consummate the Business Combination by three months from June 28, 2022 to September 28, 2022, although the company currently anticipates that the Business Combination will close by June 30, 2022 subject to satisfaction or waiver of the closing conditions. 5AK, LLC, the Company’s sponsor, funded the deposit in exchange for a non-interest bearing, unsecured promissory note.

According to Northern Lights, the deal is valued at $185 million or 9.1x 2023 EV/EBITDA vs. 9.7x peer group average according to Northern Lights. The enterprise value of the IPO is 2.0x versus the cannabis SPAC average of 3.0x. These figures were determined by GreenWave Advisors. Once complete, the company will begin trading on the Nasdaq stock exchange under the ticker “SHFS”.

Protecting the SPAC

Last week, Northern Lights said that it had entered into a redemption backstop arrangement in the form of an OTC Equity Prepaid Forward Transaction agreement for up to $50 million with Midtown East Management NL LLC. Midtown East has agreed not to sell any public shares it purchases in connection with the planned business combination. Northern Lights anticipates that the shares purchased in connection with the agreement will help ensure the maximum redemption threshold condition in the business combination agreement will be met. The redemption backstop arrangement is in addition to the $60 million PIPE commitment from certain accredited investors previously announced on February 14, 2022.

According to Crunchbase, Safe Harbor was founded in 2015 and provides banking services to companies in the cannabis industry. It offers financing solutions that complies and follows regulations of the industry. Since legislation protecting cannabis companies’ access to standard banking actions hasn’t been enacted, companies like Safe Harbor continue to fill a need in the industry. Safe Harbor says on its website that it presently processes funds from 20 different states nationally.

Loan Provider

Recently Safe Harbor Financial closed on a $5 million senior secured loan to Solar Cannabis Co., an established vertically-integrated cannabis operator headquartered in Somerset, Massachusetts. Solar Cannabis said it would use the funds to further accelerate its growth. The transaction marked the evolution of Safe Harbor’s senior secured lending program, which was established to provide loans to cannabis operators in states in which cannabis is legal. Solar Cannabis’ loan is the first extended by Safe Harbor outside of its home state of Colorado.

Safe Harbor, through its predecessor entity, began offering loan services in 2020 with the buildout of its commercial lending program in late 2021 to help cannabis operators overcome their historic reliance on expensive, non-traditional forms of capital. Since initiating the program, the company has developed an actionable pipeline of approximately $500 million across nine states from both new as well as existing clients.

 


StaffJune 27, 2022
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7min1470

The Daily Hit is a recap of the top cannabis business stories for June 27, 2022.

ON THE SITE

Safe Harbor Financial SPAC Deal Could Close Today

The Northern Lights Acquisition Corp. (NASDAQ: NLIT), a special purpose acquisition corporation, rescheduled its special meeting of stockholders to Monday, June 27, 2022 at 4:00 pm ET. The vote was originally planned for June 24 in order to approve Safe Harbor Financial as the qualifying transaction for the SPAC. The deal is valued at $185 million or 9.1x 2023 EV/EBITDA vs. 9.7x peer group average according to Northern Lights. The enterprise value of the IPO is 2.0x versus the cannabis SPAC average of 3.0x. Once complete, the company will begin trading on the Nasdaq stock exchange under the ticker “SHFS.” Read more here.

ManifestSeven Implodes Despite Raising Millions

How does a company raise millions, make millions, but then basically go out of business in just a few years? It seems to happen more and more in the cannabis industry. ManifestSeven is one such company. Too much debt and bloated salaries conspired to bring the company down. Read more here.

Medical Mushrooms Leave no Room for the Magic

In Oregon, when voters approved Ballot Measure 109 calling for the legalization of psilocybin in November 2020, there was a silent hurrah throughout the state among people who took magic mushrooms for fun that went something like this: “Now we can go into a psilocybin store and get a few grams of ‘shrooms—or maybe a handful—for the next concert.” But that wasn’t the case. The measure was created to provide psilocybin for mental health therapy. It was strictly medicine. Wasn’t it? Read more here.

Medical Mushrooms Showing Potential for Treating COVID Symptoms

Revive Therapeutics Ltd. (OTCQB: RVVTF) (CSE: RVV) gave an update last week on the company’s U.S. Food & Drug Administration (FDA) Phase 3 clinical trial  (NCT04504734) to evaluate the safety and efficacy of Bucillamine, an oral drug with anti-inflammatory and antiviral properties, in patients with mild to moderate COVID-19. Read more here.

IN OTHER NEWS

Curaleaf Holdings, Inc., B Noble Inc., and Fab 5 Freddy

B Noble Inc. and Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), an international provider of consumer products in cannabis, today announced the expansion of its B NOBLE product partnership in New Jersey. Founded in collaboration with Fab 5 Freddy, legendary Hip-Hop pioneer, filmmaker, visual artist and cannabis advocate, and Bernard Noble, B NOBLE is a for-profit, cause-based cannabis brand. Read more here.

Cronos Group Inc.

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announced that at its Annual Meeting of Shareholders held on June 23, 2022, shareholders voting in person or by proxy held in total 265,763,587 common shares of the company, representing 70.76% of the total number of common shares of the company outstanding. Read more here.

Agrify™ Corporation, Ora Pharm

Agrify™ Corporation (Nasdaq: AGFY), a provider of advanced cultivation and extraction solutions for the cannabis industry, announced it has signed a definitive agreement to supply Ora Pharm, a Waikato, New Zealand-based health and wellness company developing high-quality, sustainably-produced medicinal cannabis, with a full suite of end-to-end hardware and software products to be utilized at a 5,000-square-foot facility in Auckland, New Zealand. Read more here.

Chemesis International Inc.

Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA), announced that it will complete a consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for each two pre-consolidation common shares. Any fraction of a common share will be rounded down to the nearest whole number. As a result of the consolidation, the outstanding common shares of the company will be reduced to ‎33,588,039‎. Read more here.

Agra Ventures Ltd.

Agra Ventures Ltd. (CSE: AGRA) (OTC: AGFAF) (FRA: PU31), a diversified company focused on the international cannabis industry, is pleased to provide the voting results from its Annual General & Special Meeting that was held today in Vancouver, British Columbia. A total of 947,584 common shares of the Company were voted, representing 3.81% of Agra’s outstanding shares. Shareholders voted in favor of all applicable items of business set before the meeting. Read more here.

INDIVA Limited 

INDIVA Limited  (TSXV: NDVA) (OTCQX: NDVAF) announced the results of its annual general meeting of shareholders. At the meeting, Indiva shareholders approved: the re-election of the seven nominated directors, being Niel Marotta, Andre Lafleche, Hugh Hamish Sutherland, John Marotta, James Yersh, Russell Wilson and Rachel Goldman; the appointment of Ernst & Young LLP as the company’s auditors; and the adoption of the company’s amended and restated omnibus incentive plan. Read more here.


StaffJune 27, 2022
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6min910

Revive Therapeutics Ltd. (OTCQB: RVVTF) (CSE: RVV) gave an update last week on the company’s U.S. Food & Drug Administration (FDA) Phase 3 clinical trial  (NCT04504734) to evaluate the safety and efficacy of Bucillamine, an oral drug with anti-inflammatory and antiviral properties, in patients with mild to moderate COVID-19.

Following Revive receiving positive comments from the FDA in regards to the company’s request to determine and agree on the Study’s potential new primary efficacy endpoints and the company’s submission of a Data Access Plan (“DAP”) to the FDA, the FDA has accepted the DAP to allow for the unblinding of the pre-dose selection data. The company will now proceed to unblind the pre-dose selection data to potentially support the amended Study protocol with the new primary efficacy endpoints. The proposed new primary efficacy endpoints may include the rate of sustained clinical resolution of symptoms of COVID-19, which addresses the shift in COVID-19 clinical outcome observed over the course of the pandemic, and, therefore, to have more meaningful study endpoints for the FDA to consider for potential Emergency Use Authorization.

Despite the pandemic seemingly waning, the company believes that with the Omicron variant, including the BA.2 variant, being the dominant strain over the Delta variant, there is an urgent need to treat symptom resolutions in addition to preventing hospitalizations. Revive made sure to note that it is not making any express or implied claims that its product has the ability to eliminate or cure COVID-19 (SARS-2 Coronavirus) at this time.

Medical Mushrooms

According to a study, medicinal mushrooms have documented effects on different diseases, including infections and inflammatory disorders. “The related Basidiomycota Agaricus blazei Murill (AbM), Hericium erinaceus (HE), and Grifola frondosa (GF) have been shown to exert antimicrobial activity against viral agents, Gram‐positive and Gram‐negative bacteria, and parasites in vitro and in vivo. Since the mechanism is immunomodulatory and not antibiotical, the mushrooms should be active against multi‐drug resistant microbes as well. Moreover, since these Basidiomycota also have anti‐inflammatory properties, they may be suited for the treatment of the severe lung inflammation that often follows COVID‐19 infection.”
“An AbM‐based mushroom extract (Andosan), also containing HE and GF, has been shown to significantly reduce bacteraemia and increase survival in mice with pneumococcal sepsis, and to improve symptoms and quality of life in IBD patients via an anti‐inflammatory effect. Hence, such mushroom extracts could have prophylactic or therapeutic effect against the pneumonic superinfection and severe lung inflammation that often complicates COVID‐19 infection. Here, we review antimicrobial and anti‐inflammatory properties of AbM, HE and GF mushrooms, which could be used for the battle against COVID‐19.”

The Center for East-West Medicine, at the University of California Los Angeles (UCLA) applied to the US Food and Drug Administration (FDA) in April 2020 for approval to conduct 2 randomized phase 1 trials. According to the JAMA Network, the double-blind, placebo-controlled studies would evaluate the safety and feasibility of treating mild to moderate COVID-19 with either medicinal mushrooms, which have a long history as natural therapeutics for pulmonary disease, or a Chinese herb formulation that’s widely used there as a COVID-19 remedy. JAMA reported that the FDA ultimately sanctioned the MACH-19 (Mushrooms and Chinese Herbs for COVID-19) trials, which are now underway at UCLA and UCSD and are supported by the Krupp Endowed Fund. Meanwhile, a third MACH-19 trial is investigating the use of medicinal mushrooms as an adjuvant to COVID-19 vaccines.

“Researchers are currently conducting in vitro and animal studies with natural products to evaluate direct antiviral activity or to address COVID-19 sequelae,” D. Craig Hopp, PhD, deputy director of the Division of Extramural Research at the National Center for Complementary and Integrative Health (NCCIH), said in an interview. But the MACH-19 treatment trials are unique, he noted, because they’re evaluating natural products among humans with acute SARS-CoV-2 infection.”


StaffJune 23, 2022
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7min1280

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

ON THE SITE

IGC Makes Progress on THC for Alzheimer’s

India Globalization Capital, Inc. (IGC) (NYSE: IGC) announces its financial results for the fiscal year ending March 31, 2022. IGC reported that its revenue was approximately $397 thousand and $898 thousand for Fiscal 2022 and Fiscal 2021, respectively. The net loss for Fiscal 2022 for IGC was approximately $15 million or $0.30 per share, compared to approximately $8.8 million or $0.21 per share for Fiscal 2021. Adjusting for approximately $5.3 million in one-time and non-cash expenses, the net loss is approximately $9.7 million in Fiscal 2022. Read more here.

Selling the Psuedo-Psychedelic Sizzle

Say you want a quick microdose of an uplifting substance this morning and decide to turn to one of a handful of companies promising a “magic” experience with their mushroom concoctions—such as Mudwtr. A little psilocybin buzz should do the trick, right? Oops… better look closer. Read more here.

Executive Spotlight: Dave Choulpek

Juva Life (OTC: JUVAF) is a life sciences research company with an immense background in cannabis, allowing the company to cultivate and to derive small molecule compounds that target inflammation in the human body. Currently Juva Life is working with Juva-019 and Juva-041, which are non-cannabinoid molecules found to be naturally occurring in the cannabis plant. Juva Life’s assets include one micro business, one cannabis cultivation facility and two cannabis delivery companies in California. Read more here.

IN OTHER NEWS

Khiron Life Sciences Corp.

Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) (Frankfurt: A2JMZC), a global medical cannabis company throughout Latin America and Europe, announced the results of its 2022 Annual General and Special Meeting of shareholders held on June 23, 2022. Read more here.

Auxly Cannabis Group Inc.

Auxly Cannabis Group Inc. (TSX: XLY), a consumer packaged goods company in the cannabis products market, announced that it has amended and restated the unsecured convertible debentures in the capital of the company issued under its standby facility with an institutional investor, which was previously announced on April 28, 2020. Read more here.

Nabis Cannabis, Teamsters Local 630

Drivers and fleet maintenance workers at Nabis Cannabis have voted overwhelmingly to ratify their first contract with Teamsters Local 630. It is the first collective bargaining agreement at the rapidly-growing cannabis distribution company. “I’m incredibly proud of the tenacity and courage that was demonstrated by this group of workers,” said Lou Villalvazo, Local 630 Secretary-Treasurer. “What they have done at this company can serve as a model for successful organizing and bargaining throughout the California cannabis industry moving forward.” Read more here.

Item 9 Labs Corp.

Item 9 Labs Corp. (OTCQX: INLB) — a vertically integrated cannabis dispensary franchisor and operator announced today that its new 20,000 square-foot, state-of-the-art cultivation and lab facility in Pahrump, N.V. is nearing completion and expected to be fully operational by end of 2022. Read more here.

CannTrust Holdings Inc.

CannTrust Holdings Inc. (unlisted), minority investor in Phoena Holdings Inc. (formerly CannTrust Equity Inc.) today announced that it is seeking an order from the Ontario Superior Court of Justice extending the time for the company to call the next annual meeting of its shareholders. The company also provided an update concerning its board of directors’ review of strategic alternatives. Read more here.

CryoMass Technologies Inc.

CryoMass Technologies Inc. (OTCQX: CRYM) announced that CryoMass begins trading today on OTCQX under the symbol “CRYM.” Christian Noël, CryoMass CEO, stated, “We are pleased to reach this important milestone, as OTCQX is the highest tier of the OTC markets. Of more than 12,000 securities traded on the OTC Markets, only 644 (as of May 31, 2022) have met the requirements for trading on the OTCQX® Best Market. The upgrade to the OTCQX will increase CryoMass’s accessibility to U.S. investors and will allow our shareholders to trade more effectively. This also reflects our continued commitment to responsible corporate governance.” Read more here.

Akanda Corp.

Concerned shareholders of Akanda Corp. have today replaced a majority of the board of directors of the Corporation, with highly-qualified and motivated directors. The concerned shareholders of the corporation collectively own or control 16,556,779 common shares of the corporation (representing approximately 54.1% of the issued and outstanding common shares of Akanda), and yesterday passed a written resolution of the shareholders of the corporation pursuant to the provisions of the Business Corporations Act (Ontario) removing each of Louisa Mojela, Philip van den Berg, Charles Kié, Gila Jones, Gugu Dingaan and Bridget Baker as directors of the Corporation effective immediately. Read more here.


StaffJune 23, 2022
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7min6940

Juva Life (OTC: JUVAF) is a life sciences research company with an immense background in cannabis, allowing the company to cultivate and to derive small molecule compounds that target inflammation in the human body. Currently Juva Life is working with Juva-019 and Juva-041, which are non-cannabinoid molecules found to be naturally occurring in the cannabis plant. Juva Life’s assets include one micro business, one cannabis cultivation facility and two cannabis delivery companies in California. The company was founded by Doug Chloupek in 2018, with the ultimate goal of bringing together a hand-picked team of cannabis industry veterans and leading, highly-respected medical researchers to create rigorously-tested, consistent, quality products built on research and a retail system that fosters informed customers through education and science. 

Doug has an immense background in both medical and adult-use cannabis, and was the visionary, co-founder, and COO of BAS Research. BAS Research (BAS) was California’s first licensed medical cannabis manufacturing and research group, dedicated to developing breakthrough pharmaceutical-grade cannabis products. He is a strong believer that standardized dosing and research is the first step to confirming the effectiveness of medical cannabis. The pharmaceutical industry follows an existing set of processes, and takes many different pathways to achieve an ultimate goal. Juva Life is taking a chemical approach to research versus a biological one, and is using modern tools to identify potential answers. In short, cannabis is known to anecdotally reduce pain and inflammation – Juva Life’s goal is to identify how and why this works, and isolate the specific molecules responsible for positive pain management effects in humans. 

Full name: Doug Chloupek 

 

Title: Founder, CEO, and Chairman of the Board

 

Company: Juva Life

 

Years at current company: 4

 

Education profile: I took an atypical route – I graduated high school 2 years early, and college wasn’t for me. I worked hard as a young person, homeschooled myself and have been working a 40/hr week job since age 15. 

 

Most successful professional accomplishment before cannabis: 

Over the past 12 years, I have led and created seven successful cannabis businesses, including the operation of cannabis retail businesses for 9 of those years, cultivation businesses for 8 of those years, and manufacturing businesses for 6 of those years. Prior to joining the cannabis industry, I acquired an additional 12 years of experience in marketing, brand creation, and advertising. I had been in media sales for about a decade, launched an online advertising/marketing firm for attorneys back in 2005, and had an entertainment company booking entertainers for local venues. Unlocking the health benefits hidden in cannabis was the motivating and all-consuming factor to create Juva and has brought us to where we are today. 

Company Mission: 

The Company’s mission is to leverage its unique knowledge of the chemistry and anti-inflammatory properties contained within cannabis to develop safe and effective therapeutics. We believe there are unappreciated small molecules identified by Juva and found in the cannabis plant that hold the keys to regulating inflammation in the human body. Our team of scientists are doing the much-needed research to validate our findings using established pharmaceutical assays to prove their efficacy.

Company’s most successful achievement:  

The discoveries of proprietary non-cannabinoid molecules, JUVA-019 and JUVA-041.

Juva-019 is a molecule found and derived from cannabis. It is a non-cannabinoid molecule, which is a naturally occurring molecule that is different from THC and CBD, with no psychoactive effects. Juva Life’s research team discovered Juva-019 by screening the whole library of compounds in cannabis using standard pharmaceutical assays, looking for compounds that stood out for their anti-inflammatory properties. 

Juva-041 is unique in that it actually inhibits multiple cytokines, which are responsible for inflammation in the human body. Juva Life’s researchers expect Juva-041 to have a potentially broader application than Juva-019, and have identified a process for straightforward, inexpensive synthesis of this molecule, without having to cultivate cannabis.

Has the company raised any capital (yes or no)? If so, how much?:

Yes, $36 million to date

Any plans on raising capital in the future?

Yes

Most important company 5 year goal: 

Juva Life’s goal is to unlock the secret of cannabis’ relationship with inflammation and pain management. Our team’s deep research background brings together top experts across multiple disciplines to apply a level of science and rigor not historically seen in the cannabis industry. At the core of its research, Juva Life is embarking to discover why and how cannabis works, and who it works for. With the recent discoveries of JUVA-019 and JUVA-041, we believe we are well on track to accomplish this goal. 

 


StaffJune 23, 2022
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4min1070

India Globalization Capital, Inc. (IGC) (NYSE: IGC) announces its financial results for the fiscal year ending March 31, 2022. IGC reported that its revenue was approximately $397 thousand and $898 thousand for Fiscal 2022 and Fiscal 2021, respectively. The net loss for Fiscal 2022 for IGC was approximately $15 million or $0.30 per share, compared to approximately $8.8 million or $0.21 per share for Fiscal 2021. Adjusting for approximately $5.3 million in one-time and non-cash expenses, the net loss is approximately $9.7 million in Fiscal 2022.

In Fiscal 2022 and Fiscal 2021, revenue was primarily derived from the Life Sciences segment, which involved sales of in-house brands and alcohol-based hand sanitizers, among others. In Fiscal 2022, the company de-emphasized the manufacturing and sale of low-margin hand sanitizers and shifted its focus to higher-margin white label services and the sale of products under its brands. This increased the gross margin from 12% in Fiscal 2021 to 48% in Fiscal 2022. The infrastructure segment had lower revenue in Fiscal 2022 due to the continued impact of the COVID-19 pandemic.

The company has roughly $10 million in cash on hand. SG&A expenses increased by approximately $5.3 million or 68% to $13.2 million for Fiscal 2022, from approximately $7.9 million for Fiscal 2021. The increase is attributed to one-time expenses, which include law-suit settlement expenses of approximately $264 thousand; impairment of facility of $833 thousand; net realizable value (NRV) adjustment of $1.7 million for its hemp crop; approximately $475 thousand in provisions for advances paid; approximately $1.7 million in provisions against inventory that was stolen at our vendor’s facility; and an increase of approximately $1.3 million attributable to non-cash expenses. Adjusting for approximately $5.3 million in one-time and non-cash expenses, the SG&A for the fiscal year 2022 was lower year over year by approximately $500 thousand.

R&D

Research and Development expenses were attributed to the Life Sciences segment. The R&D expenses increased by approximately $1.4 million or 151% to $2.3 million in Fiscal 2022, from approximately $929 thousand for Fiscal 2021. The increase is attributed to the now completed Phase 1 clinical trial on Alzheimer’s. “We expect R&D expenses to increase with progression in Phase 2 trials on IGC-AD1 and pre-clinical trials on TGR-63.”

Alzheimer’s

IGC completed the first-in-human safety and tolerability trial on its tetrahydrocannabinol (THC) based investigational new drug IGC-AD1. During the trial, the company discovered positive signals for improving several neuropsychiatric symptoms including agitation in dementia associated with Alzheimer’s. “Based on these signals, we are initiating a larger efficacy trial to test IGC-AD1 as a symptom modifying agent, specifically on agitation in dementia due to Alzheimer’s disease.”

On June 7, 2022, the USPTO issued a patent (#11,351,152) to IGC titled “Method and Composition for Treating Seizures Disorders.” The patent relates to compositions and methods for treating multiple types of seizure disorders and epilepsy in humans and animals using a combination of cannabidiol (CBD) with other compounds. Subject to further research and study, the combination is intended to reduce side effects caused by hydantoin anticonvulsant drugs such as phenobarbital, by reducing the dosing of anticonvulsant drugs in humans, dogs, and cats.


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