Staff, Author at Green Market Report

StaffOctober 6, 2022

Zynerba Pharmaceuticals (Nasdaq: ZYNE), the leader in innovative pharmaceutically-produced transdermal cannabinoid therapies for orphan neuropsychiatric disorders, today announced that the U.S. Patent and Trademark Office has issued Patent No. 11,458,110, titled “Treatment of Fragile X Syndrome With Cannabidiol,” which includes claims directed to methods of treating Fragile X syndrome with cannabidiol.

This new patent, which expires in 2038, is part of an expanding international intellectual property portfolio covering Zynerba’s transdermal cannabidiol product candidate, Zygel. There are currently four corresponding U.S. patents and one corresponding EU patent related to methods of treating Fragile X syndrome. Last year Green Market Report reported that Zynerba
published the results from its open-label Phase 2 BELIEVE (Open-Label Study to Assess the Safety and Efficacy of Zygel (ZYN002) Administered as a Transdermal Gel to Children and Adolescents with Developmental and Epileptic Encephalopathy) study in the Journal of the American Medical Association (JAMA) Network Open.

The study demonstrated a 58% median monthly reduction in seizures at month 5, and a 43.5% reduction over the 6.5 month study period (the primary efficacy endpoint). In addition, the parents/caregivers noted improvements in social or interpersonal engagement and irritability (77%); alertness, energy, and sleep (53%); and cognition or concentration (47%).

48 patients with a mean age of 10.5 years were enrolled in BELIEVE and included in the safety analysis. 60% had at least one treatment-related adverse event (AE) over the 6.5 month trial period and 96% of these AE’s were mild or moderate. During the treatment period, 10 patients (21%) reported serious adverse events (SAEs). Two SAEs were considered to be possible treatment-related: nonconvulsive status epilepticus and lower respiratory tract infection, in separate patients. All SAEs were resolved, and none resulted in an alteration of the study medication. The study warned that there was no control group and so it is impossible to know how much was due to the placebo effect and the desire for cannabis products to work.

StaffOctober 5, 2022

The Daily Hit is a recap of cannabis business news for October 5, 2022.

ON THE SITE

NBA Legend Isiah Thomas Hopes To Score In His International Hemp Venture

One World Products (OTCQB: OWPC), a fully-licensed hemp and cannabis producer in Colombia — owned by former Detroit Pistons point guard Isiah Thomas — is one step closer to commercialization. The news comes as OWP recently found $10 million in financing to help scale industrial hemp operations and work its way into the capital markets by 2023. Thomas has previously said that he wants the auto industry to trade plastic for hemp. Read more here.

DEA Licensed BRC Raises $20 Million

Nevada Cannabis Sales Drop For Fiscal 2022

The Nevada Cannabis Compliance Board (CCB) and the Nevada Department of Taxation (DoT) released figures showing more than $965 million in taxable sales reported by Nevada’s legal cannabis industry over a 12-month period. Read more here.

Croptober Not Feeling So Celebratory

National cannabis wholesale prices continued their multi-month plunge at the end of September, likely not a good sign for outdoor marijuana farmers heading into harvest season known in the industry as ‘Croptober’. According to Cannabis Benchmarks, for the week that ended Sept. 30, the company’s spot index decreased 2.2% down to $966 per pound of cannabis flower, down from over $1,050 per pound two months ago. Read more here.

The Marriage Of Herbal Nutriceuticals and Psychedelics

Nutraceuticals have been getting a bad health and wellness rap for years. Most of the chatter is about them not being “real”; doctors ignore them in part because they have not gone through any FDA-approved clinical trials—even as their patients rave about the health benefits they get from taking them. Now there’s a movement to team up nutraceuticals with psychedelics and apply the science developed around psychedelics to advance nutraceuticals as more credible health and wellness products. Read more here.

IN OTHER NEWS

Curaleaf Holdings, Inc., Tryke Companies

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), an international provider of consumer products in cannabis, today announced the completion of its previously announced acquisition of Tryke Companies (dba as Reef Dispensaries), a privately held vertically integrated, multi-state cannabis operator. With the close of the transaction, Curaleaf’s national footprint has reached 29 cultivation sites and 144 dispensaries nationwide. Read more here.

atai Life Sciences N.V.

atai Life Sciences N.V. (Nasdaq: ATAI), which is developing VLS-01, a form of N,N-dimethyltryptamine (DMT) for the treatment of treatment-resistant depression (TRD), announced today the dosing of the first subject in their Phase 1 SAD trial of VLS-01. Read more here.

Zylorion Health Inc.

Zylorion Health Inc., a precision mental health care and psychedelic therapy focused company, today announced the filing of a composition of matter patent with the United States Patent and Trademark Office for the company’s novel second-generation lead psychedelic compound. Read more here.

StaffOctober 5, 2022

An active Drug Enforcement Administration (DEA) pharmaceutical cannabis license holder, Biopharmaceutical Research Company completed a $20 million Series A fundraise. BRC said the raise will help it aggressively scale its operations and increase its product offering, conduct sponsored research, and execute its go-to-market strategy.
“Receiving our DEA Schedule I registration in 2021 allowed us to significantly advance our research capabilities, optimize our cannabis growing operation, and produce novel cannabis-derived products in a federally compliant manner. This significant new financial infusion will further accelerate our ability to grow as a business, while establishing BRC as an industry leader,” said George Hodgin, BRC CEO. “Intrinsic not only provides us with the cash we need to scale aggressively, they also bring a wealth of experience in the pharmaceutical space. We’re so grateful to the Intrinsic team and to our other partners for seeing the high-growth potential of our work.”

According to the statement, BRC said that in 2021 it was one of a small number of American companies awarded a production license from the DEA to produce clean, consistent, and compliant cannabinoids for federally approved researchers across the United States. BRC said it has partnered with academic research institutions including Washington State University and the University of California-Davis.

The round was led by Intrinsic Capital Partners, with participation from Argonautic Ventures, Achari Ventures, AFI Capital Partners, Delta Emerald Ventures, Self Health America (SHAC) and a number of preeminent family offices.

“BRC has exactly the kind of high-growth potential our fund looks for in a company,” said Intrinsic Managing Partner Howard Goodwin M.D. “They’re a mission-driven company with excellent leadership in a high-growth industry, and we’re thrilled to have engaged with a business that is already in a significantly advantageous position given their unique ability to be fully compliant with the DEA.”

For years, the University of Mississippi had been the only legal place for cannabis to be grown for the government. However, in May 2021 the DEA opened the program up to other third-party applicants. “Pending final approval, DEA has determined, based on currently available information, that a number of manufacturers’ applications to cultivate marijuana for research needs in the United States appears to be consistent with applicable legal standards and relevant laws. DEA has, therefore, provided a Memorandum of Agreement (MOA) to these manufacturers as the next step in the approval process.”

That sparked several companies to apply for DEA approval. The Scottsdale Research Institute in Arizona received approval in May 2021 and Biopharmaceutical Research Co. in California received approval shortly thereafter. Royal Emerald Pharmaceuticals in California, received approval in December 2021, followed by Groff North America, based in Pennsylvania, in March 2022 and California-based Irvine Labs in April 2022. More recently, Bright Green (NASDAQ: BGXX) stated in its prospectus, “In May 2021, we entered into the MOA with the DEA, which outlines the terms of the DEA’s conditional approval of Bright Green to proceed through the DEA’s registration process, as described above. The MOA with the DEA is effective for a one-year term, renewable for up to four additional one-year terms. These terms are agreed to by both the DEA and BGC, and the MOA is filed under DEA Document Control Number W20078135E. There is no guarantee that we will obtain the necessary authorization now, or in the future for renewal purposes.”

StaffOctober 4, 2022

During Fiscal Year 22 (July 1, 2021 – June 30, 2022), licensed adult-use cannabis retail stores and medical dispensaries generated $965,091,123 in taxable sales. This is a decrease of roughly 4% as compared to over $1 billion in taxable sales from FY 21. The majority of sales were conducted in Clark County and unincorporated cities in Southern Nevada.

Nevada had made a big deal of crossing into the billionaire’s club in 2021 in the thick of Covid, so to see sales drop in 2022 as tourism has increased is troubling. Year-to-date Las Vegas visitor volume has increased by 27% and convention attendance has increased by 255%.

StaffOctober 4, 2022

The Daily Hit is a recap of cannabis business news for October 4, 2022.

ON THE SITE

Cantor Gives Irwin Naturals a $7 Target Price

Cantor Fitzgerald analyst Pablo Zuanic initiated coverage on supplement company Irwin Naturals Inc. (OTC: IWINF) with an overweight rating and a $7 price target. The stock currently trades at roughly $1.58 per share. The shares are listed on the Canadian Securities Exchange (CSE), and with limited free float, but a NASDAQ listing is possible in the future. Read more here.

GOP Tries To Tie Cannabis To Suicide, Violent Crime

Archconservative Republicans and their network of influence have recently taken a staunch stand against the legalization of marijuana. The largest Congressional GOP faction affirmed its national position on cannabis, saying that it should remain federally prohibited and suggested adolescent consumption could be tied to suicide and violent crime with more studies. Read more here. Read more here.

Psychedelics Law Being Prepped For Florida

While Florida digs out of the extensive damage caused by Hurricane Ian, the business of lawmaking and regulation for the medical psychedelics industry continues, with the hope of quickening access to psychedelics for the large veteran population in the state and for others needing access to legalized mental health treatment in the state. Read more here.

Medical Marijuana Inks Asset Purchase Deal To Expand Hemp Footprint

Medical Marijuana, Inc. (OTC: MJNA) — formerly known as GRN Holdings — has entered into an agreement to purchase assets from a hemp and natural wellness company for an undisclosed amount. Bill Andreoli, the president of seller MFINITY Global will become the president of Medical Marijuana, Inc. subsidiary, Kannaway, LLC. Read more here.

Not Everyone Is A Fan Of Fast-Tracked Psychedelics

While the psychedelic renaissance continues to gather steam, there is a growing uneasiness about the pace of the industry development. The excitement has been fueled specifically by three events: the report of MDMA going into Phase 3 clinical trial, the final phase of research on the road to FDA approval; the development of legalized psilocybin programs in Oregon (Measure 109) and elsewhere in the country; and the movements to decriminalize certain psychedelics that now includes 20 states (or a local government within the state) either already decriminalizing or looking into doing it soon. Read more here.

IN OTHER NEWS

Bright Green Corporation, Alterola Biotech Inc.

Bright Green Corporation (NASDAQ: BGXX), a company selected by the U.S. government to grow, manufacture, and sell cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today announced that it has completed its previously announced strategic partnership and acquisition of 25% of the issued and outstanding common stock of Alterola Biotech Inc. (OTC PINK:ABTI), a U.K.-based pharmaceutical company focused on developing cannabinoid and cannabinoid-like medicines and products, for total consideration of $4 million. Read more here.

Biopharmaceutical Research Company

Biopharmaceutical Research Company, an active Drug Enforcement Administration (DEA) pharmaceutical cannabis license holder, announced the completion of a $20M Series A fundraise. This will enable the company to aggressively scale its operations and increase its product offering, conduct sponsored research, and execute on its go-to-market strategy. The round is being led by Intrinsic Capital Partners, with participation from Argonautic Ventures, Achari Ventures, AFI Capital Partners, Delta Emerald Ventures, Self Health America (SHAC) and a number of preeminent family offices. Read more here.

Decibel Cannabis Company Inc., Breath of Life International Ltd.

Decibel Cannabis Company Inc. (TSX-V: DB) (OTCQB: DBCCF), a cannabis producer, announced it has secured an on-going supply agreement with Breath of Life International Ltd. to launch Decibel’s Qwest brand and cannabis products in Israel. The supply agreement is for $4.8 million of premium cannabis product, with the first shipment expected in the fourth quarter. Read more here.

Sweet Leaf Madison Capital

Sweet Leaf Madison Capital, a nationwide provider of tailored debt financing solutions for the middle-market cannabis industry, today announced the closing of a loan for $207,000 to Koach Enterprises, a cannabis startup in California creating a high-end brand through vertical integration. The funds will be used to purchase energy-efficient, top-of-the-line LED grow lights from Spectrum King LED. Read more here.

StaffOctober 3, 2022

The Daily Hit is a recap of cannabis business news for October 3, 2022.

ON THE SITE

SEC Charges Eight In Cannabis Stock Promotion Scheme

Elegance Brands, Emerald Health Pharmaceutical, and High Times are accused of a stock promotion scheme – The Securities and Exchange Commission announced on September 30 that it had charged eight in a stock promotion scheme that included Emerald Health Pharmaceuticals and High Times Holdings. The SEC says investors purchased $80 million of securities following the promotions. The individuals received payments based on the number of securities sold. Read more here.

Cannabis Banking Bill Passage After Election Season ‘Likely,” Analyst Says

The cannabis industry may not have to remain in regulatory limbo for much longer, but it may take some last-minute horse-trading between aisles, according to Cantor Fitzgerald analyst Pablo Zuanic. After a Sept. 26 trip to D.C. to meet with lawmakers, the Cantor analyst believes that Congressional leaders are poised to pass banking legislation for the cannabis industry in the lame-duck session. Read more here.

Michigan Wants Marijuana Moratorium

Michigan’s largest marijuana operations are plotting an offensive to stop competitors from entering the market in an attempt to buoy falling weed prices in the state. At the request of a lobbyist for some of the state’s largest recreational and medical cannabis growers, the Legislative Service Bureau has drawn up new legislation to prohibit the Michigan Cannabis Regulatory Agency from approving new grower licenses, according to draft legislation obtained by Crain’s. Read more here.

IN OTHER NEWS

Akerna Corp.

Akerna Corp. (Nasdaq: KERN), an enterprise software company and developer of comprehensive technology infrastructures, ecosystems, and compliance engines for the global cannabis industry, today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase 400,000 shares of Series A convertible redeemable preferred stock and 100,000 shares of Series B convertible redeemable preferred stock. Each share of Series A and Series B preferred stock has a purchase price of $9.50, representing an original issue discount of 5% of the $10.00 stated value of each share. Read more here.

Akanda Corp.

International medical cannabis platform company Akanda Corp. (NASDAQ: AKAN) today announced that the company has received a written notification on September 27, 2022, from the Listing Qualifications Department of the Nasdaq Stock Market LLC, notifying the company that it is not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2). It resulted from the fact that the closing bid price of the company’s common shares, no par value, was below $1.00 per share for a period of 30 consecutive business days. Read more here.

New Leaf Ventures Inc., High Profile Holdings Corp.

New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVD), announced that it has entered into a non-binding letter of intent to acquire High Profile Holdings Corp., a retail-focused private British Columbia cannabis company. Read more here.

Nabis, StateHouse Holdings

Nabis, a licensed cannabis wholesale platform, today announced an exclusive distribution partnership with California’s StateHouse Holdings. The agreement, which involves StateHouse winding down its distribution arm while pivoting its logistics to Nabis’ technology-centered platform, is an example of the industry’s latest consolidation trend, where self-distributed brands are outsourcing to simplify their business structures, increase efficiencies and prepare for scaling ahead. Read more here.

Heritage Cannabis Holdings Corp., Como Health LLC

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF), is announced that it is commencing operations in the state of Missouri after Como Health LLC, doing business as 3Fifteen Primo Cannabis, recently received an approval to operate from the Missouri Section for Medical Marijuana Regulation. Initial production on vape products, concentrates, and pre-rolls has already commenced in the state. Read more here.

Silo Pharma, Inc.

Silo Pharma, Inc. (Nasdaq: SILO), a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research, today announced that it is working with Premier Consulting as its regulatory partner to assist with the preparation of a pre-investigational new drug (IND) package and meeting request with the United States Food and Drug Administration (FDA) for a novel topical formulation of ketamine, designated as SPC-26, for the treatment of fibromyalgia. Read more here.

Tryp Therapeutics, Inc.

Tryp Therapeutics, Inc. (CSE: TRYP) (OTCQB: TRYPF), a clinical-stage biotechnology company focused on developing psilocybin-based compounds for diseases with unmet medical needs, today announced that the World Intellectual Property Organization (WIPO) published their international patent application (PCT/IB2022/052347) covering the intravenous administration of psilocybin and psilocin. The PCT application, titled “Improved Methods For The Use of Psychedelics” expands and strengthens the IP related to the Company’s development of TRP-8803, an IV formulation of psilocin, which will be administered in conjunction with psychotherapy. Read more here.

StaffOctober 3, 2022

Falling prices are causing a concern among existing players.

StaffSeptember 30, 2022

Good morning! We’re glad to be in your inbox today!

Welcome to Green Market Report’s The Morning Rise newsletter.

Even if you’re already subscribed to our Daily Hit, we believe you’ll find value in this newest addition to our news and information lineup.

What you can expect from The Morning Rise

Unlike The Daily Hit or the Weekly Stash, which recap the news we’ve already covered, The Morning Rise will provide you with new original content from our team on timely topics in the cannabis industry.

You’ll also see unique features that let you peer behind the GMR curtain to see what we’re up to. For example, Monday’s newsletter will feature “what we’re watching this week” to give you a heads up on the content to come.

In addition, we will provide you with quick-hit data snapshots to keep you up to speed on the industry and insights into what didn’t make the stories last week, including the colorful quotes from industry insiders that just didn’t fit in the final product.

This is a new adventure for us too, so we welcome feedback! What would you like to see more of? What’s not hitting the mark for you? Feel free to reach out to me directly at jenel@greenmarketreport.com to let me know.

Thanks for reading and enjoy The Morning Rise!

Jenel Stelton-Holtmeier, managing editor

StaffSeptember 30, 2022

There’s always a lot going on in cannabis, and we don’t always know what the next thing will be. That said, here’s a list of some of the things we’ll be watching this week:

Vermont’s first week of adult-use sales: At least three retailers said they were ready to launch, but will the state’s industry be plagued by some of the same challenges seen as other markets have come online?
Maryland looks like it’s getting closer to becoming the 20th state to legalize adult-use cannabis.
Tilray Brands (NASDAQ: TLRY) will be reporting earnings on Friday. Piper Sandler analysts have adopted a gloomy outlook on the company by cutting its fiscal year 2023 estimates.

What should we be watching? Have a tip? Email us at newstip@greenmarketreport.com.

StaffSeptember 29, 2022

The Daily Hit is a recap of cannabis business news for Sept. 29, 2022.

ON THE SITE

Vermont Recreational Cannabis Sales Will Launch Oct. 1 in Burlington

At least three Vermont stores will have adult-use cannabis sales beginning on Oct. 1: CeresMED in Burlington, Mountain Girl Cannabis in Rutland and FLORA in Middlebury. Several more retailers are expected to quickly follow. Read more here.

Heritage Cannabis Reports Rising Revenue, Trims Losses

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported its financial results for the third quarter ended July 31, 2022. Heritage delivered revenue of $10 million, an increase of 111% over last year’s $5.1 million. Heritage said the growth was attributed to a continued increase in its vape and concentrate offerings as well as the launch of the flower vertical. Read more here.

Safe Harbor SPAC Complete

Safe Harbor Financial, technically known as SHF Holdings (Nasdaq: SHFS) has completed its special purpose acquisition corporation (SPAC) deal with Northern Lights Acquisition Corp. (Nasdaq: NLIT). Northern Lights is now officially known as SHF Holdings, and the stock will continue to trade on the Nasdaq marketplace. SHFS Shares began trading at $9, down 12% as the broader market experienced selling and Norther Lights shares closed at $10.81 on Wednesday. Read more here.

IN OTHER NEWS

Canadian cannabis grower Sugarbud seeking creditor protection

Calgary, Alberta-based Sugarbud Craft Growers Corp. “expects that it is likely to default on several material debtor agreements due to ongoing liquidity constraints,” the company said in a Monday news release. The cannabis producer is seeking creditor protection. Read more here.

High Tide to Acquire 2 Jimmy’s Cannabis Shop Locations in British Columbia

High Tide (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company, entered into a definitive agreement to acquire 100% of the equity interest of 1171882 B.C. Ltd., operating as Jimmy’s Cannabis Shop BC. Under the deal, High Tide will acquire two of the five retail cannabis stores currently operated by Jimmy’s in British Columbia for $5.3 million. Read more here.

Irwin Naturals Acquiring Ketamine Media

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) has agreed to acquire all of the issued and outstanding shares of Keta Media LLC dba Ketamine Media, the nation’s leading growth platform for clinics offering ketamine-assisted therapy. With a global network dedicated to improving patient outcomes, KM has established relationships with clinics in more than 45 states and three countries connecting providers and patients using a unique patient-centered approach to communication. Read more here.

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Daily Hit: March 29, 2023

Schwazze Loses $18.5 Million Despite ‘Record’ Revenue

In other news

Massachusetts Republican Wants to Cap Potential MDMA Therapy Costs

Unrivaled Brands Posts Operating Profit, Reduces Liabilities 40% Following Restructure

Good Shroom Co. Posts Loss for Second Quarter Despite Increase in Sales

Staff, Author at Green Market Report - Page 22 of 213

Zynerba Gets Patent for Fragile X Drug

The Daily Hit: October 5, 2022

ON THE SITE

IN OTHER NEWS

DEA Licensed BRC Raises $20 Million

Nevada Cannabis Sales Drop For Fiscal 2022

The Daily Hit: October 4, 2022

ON THE SITE

IN OTHER NEWS

The Daily Hit: October 3, 2022

ON THE SITE

IN OTHER NEWS

Michigan Wants Marijuana Moratorium

Welcome to The Morning Rise!

What We’re Watching This Week

The Daily Hit: September 29, 2022

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Daily Hit: March 29, 2023

Schwazze Loses $18.5 Million Despite ‘Record’ Revenue

Massachusetts Republican Wants to Cap Potential MDMA Therapy Costs

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