Public Archives - Green Market Report

Debra BorchardtDecember 11, 2023


Exopharm Limited is buying Tryp Therapeutics Inc. (CSE: TRYP) in an all-stock deal valued at C$12.8 million dated December 8, 2023. According to the company statement, the purchase price of C$0.08 represents a 78% premium to the closing price of $0.045 and a 112% premium to the 20-day volume-weighted price of $0.0378 per Tryp share on December 8, 2023.

Tryp CEO Jason Carroll said, “Joining forces with Exopharm heralds a new era for Tryp, where we expect our combined strength and shared vision to elevate us to the prominent platform of the ASX. With enhanced access to capital and the evolving landscape of the Therapeutic Goods Administration (TGA) regulations in Australia for select psychedelics, we see even more paths forward to innovate and grow. I am thrilled to emphasize that our ongoing clinical commitments and our TRP-8803 R&D program remain unchanged and will be pursued with the same vigor and dedication. It is not expected that Exopharm’s current R&D program will be pursued following completion of the transaction. With this merger, we’re even better positioned to serve our stakeholders.”

Deal Details

Tryp said that its shareholders are expected to receive 4.52 Exopharm Shares for each Tryp share held. The majority of the directors of the combined entity are to be appointed by Tryp. The combined entity is expected to relist on the Australian Securities Exchange in the first quarter 2024. However, the company did note that the listing will require the company to raise AUD $6 million under a public offering.

Tryp’s Situation

Carroll is a relatively new CEO having just been named to the post in August 2023. The company hasn’t posted financial earnings since July when the company delivered results for the quarter ending in May 2023. At that time, Tryp reported that it had no operating revenues during the quarter and relied on external financing to generate capital for its continued operations. As a result of its activities, the company continues to incur losses. For the nine months ended May 31, 2023, the company reported a net loss and comprehensive loss of
$3,496,657 (May 31, 2022 – $5,325,216) and a basic and diluted loss per share of $0.04 (May 31, 2022 – 0.07).

Tryp announced in November that it had closed a private placement of unsecured convertible notes for aggregate gross proceeds of AUD$3,215,000.

Exopharm (EX1) is described as a leader in advancing and manufacturing technologies for exosome-based medicines using exosomes or extracellular vesicles (EVs) as a chassis for improved and non-viral drug delivery.  Currently, Exopharm is executing a strategy to maximize the significant value of the company’s IP position in the exosome field.

Tryp’s lead program is TRP-8803, which is a proprietary formulation of IV-infused psilocin that alleviates numerous shortcomings of oral psilocybin including significantly reducing the time to onset of the psychedelic state, controlling the depth and duration of the psychedelic experience, and reducing the overall duration of the intervention to a commercially feasible timeframe. The company reported that it has completed a Phase 2a clinical trial for the treatment of Binge Eating Disorder at the University of Florida, which demonstrated an average reduction in binge eating episodes of greater than 80%.


Debra BorchardtDecember 5, 2023


Curaleaf has agreed to sell its Vermont assets to Zenbarn Farms, according to Vermont Business Magazine.

In November, CEO Boris Jordan said on the company’s earnings call that it had left Vermont – as well as Michigan – but didn’t give any additional details.

Vermont Business reported that Zenbarn Farms announced the planned acquisition of Vermont Patients Alliance (VPA) and all Vermont assets currently operated by Curaleaf. VPA was one of the original medical cannabis companies in the state and had previously been purchased by Grassroots out of Chicago and then came to Curaleaf after it acquired Grassroots.

Curaleaf did note in its recent MD&A that the Vermont assets were designated as held-for-sale.

Zenbarn Farms

“This represents an opportunity to take our business to the next level and create something that will truly contribute to the Vermont community,” remarked a representative from Zenbarn Farms. “We aim to foster a sustainable and equitable cannabis industry in the state of Vermont, and are grateful for the groundwork laid by Curaleaf, which has set a strong foundation for continued success.”

Zenbarn is described as a mission-driven social equity company focused on creating a sustainable and equitable cannabis industry. The company says it is committed to using organic, sustainable, and regenerative agricultural practices and providing training opportunities for underrepresented groups in the cannabis industry.

This purchase includes a medical dispensary in Bennington, a Medical/Recreational dispensary in Montpelier, and a state-of-the-art hybrid greenhouse cultivation and manufacturing facility. Vermont Digger reported that Zenbarn plans to close the adult-use dispensary in Montpelier.

Future Plans

According to the reports, Zenbarn Farms plans to use the new facility to produce premium-quality cannabis using organic, sustainable, and regenerative agricultural practices. Vermont Business reported that the company also plans to create a craft cannabis campus with a workforce development program and brand incubator supporting the development of a group of Vermont cannabis brands.

Vermont Business wrote, “The workforce development program will offer seed-to-sale training, internship opportunities, and workshops to individuals in Vermont and nationally. The program will focus on providing training to BIPOC, women, people with disabilities, and those reentering society from correctional facilities. The brand incubator will develop brands to showcase Vermont growers, producers, and innovative products.”

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

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


Recent Tweets

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.