Videos Archives - Green Market Report

Video StaffVideo StaffFebruary 26, 2021

3min1160

This is Psychedellux, the week’s top news for the psychedelics industry.

Massachusetts lawmakers are moving forward to decriminalize psychedelic drugs. The effort began at the city level when Somerville and Cambridge adopted measures that would make possession of psychedelics a low law enforcement priority. Now it has moved to a state-wide initiative with legislature introduced in both the state senate and house. 

Red Light Holland Corp. (OTC: TRUFF) announced that Brazil has granted authorization for the company’s iMicrodose packs, which contain 15g of Psilocybin Truffles, to be legally imported to Brazil. Also this week, the company issued 26 million units in an offering that brought in over $11 million. 

EMPOWER CLINICS INC. (EPWCF:OTCQB) announced the launch of its first three integrated health centres in Ontario, Canada with each location expected to generate $2.5 – $3.6 million in annual revenue. Advanced discussions are currently underway on multiple additional locations as the company begins the rollout of its national clinic expansion strategy.

NeonMind Biosciences Inc. (CSE: NEON) has purchased an initial order of GMP grade psilocybin from Psygen Labs Inc. for its planned phase 2 human clinical trial expected to begin in Canada later this year. Psygen is a Calgary-based company specializing in the synthetic manufacture of psychedelic medicines. The company provides non-exclusive access to psychedelic drug products for clinical research, therapeutic applications and is a leading supplier for the emerging commercial market.

Novamind Inc., (OTC PINK:NVMDF)  has changed its OTC symbol from “HNLMF” to “NVMDF” effective February 19, 2021.

Psychedellux has been brought to you by the Green Market Report.


Video StaffVideo StaffFebruary 26, 2021

6min2540

On Monday, New Jersey’s Democratic Governor Phil Murphy signed legislation that legalizes adult-use marijuana possession and licenses retail marijuana sales. The new law caps the number of state-licensed cultivators at 37 for the first two years. Existing state-licensed medical cannabis producers will be among those eligible to provide to the retail market. It has been estimated that adult-use retailers may be operational within six months.

James Patterson, the former CEO of California cannabis delivery platform Eaze pleaded guilty to one count of conspiracy to commit bank fraud according to a report at Law360. The plan was a scheme to deceive banks into processing more than $100 million worth of credit and debit payments for marijuana purchases. The major banks and credit card companies like Visa (NASDAQ: V) and Mastercard (NYSE: MA) refuse to work with cannabis companies as the product is still federally illegal. So any transactions using these products or lying to banks about the nature of the transactions is illegal. It is being suggested that the plea could be an indication that Patterson is with prosecutors and could testify against other defendants in an effort to lower his punishment

Privately-held multi-state cannabis operator Parallel and special purpose acquisition corporation (SPAC) Ceres Acquisition Corp.  (OTCQX: CERAF) have entered into a definitive business combination agreement involving a transaction that, if completed, would result in Parallel becoming a public company. The investors have an over-subscribed private investment in public equity (PIPE) of $225 million. The deal is expected to close in Summer 2021.The deal values Parallel at an implied enterprise value of $1.884 billion with expected net revenues of $447 million in 2021. 

Green Thumb Industries Inc. (OTCQX: GTBIF) announced it has raised approximately $56 million by selling 10 million of its subordinate voting shares, which was declared effective by the U.S. Securities and Exchange Commission (SEC) as of February 8, 2021.  Green Thumb said it had received and accepted offers from investors to purchase 1.6 million registered subordinate voting shares at $35.50 per share for a total of approximately $56 million. 

Acreage Holdings, Inc. (OTCQX: ACRDF, ACRHF) announced its subsidiary, High Street Capital Partners was selling Acreage Florida, Inc. to Red White and Bloom Brands, Inc.  (OTCQX: RWBYF) for $60 million. Acreage Florida is licensed to operate medical marijuana dispensaries, a processing facility, and a cultivation facility in the state of Florida. Last summer, Acreage had announced it was scaling back from its initial plan to be the cannabis company in the most states to one that was more focused on core-markets in just nine states in the Northeast, Mid-Atlantic, and Midwest. 

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) released results for the fourth quarter and year ending December 31, 2020. Innovative Industrial delivered a fourth-quarter FFO of $1.36 missed by $0.07 and the revenue of $37.09 million missed by $1.41 million despite increasing by 110%. 

High Tide Inc. (OTCQB: HITIF) announced the closing of its previously announced “bought deal” offering that raised over  $22 million.

That’s the big news for the week.


Video StaffVideo StaffFebruary 22, 2021

1min1490

Cypress Hill rapper and Dr. Greenthumb founder B-Real tells Green Market Report’s Debra Borchardt about the company’s plans for expansion. He also talks about why the customer is always right and why some celebrity brands are more successful than others. Thank you for watching the Green Market Report! Be sure to subscribe to stay up to date with all the original content from GMR.


Video StaffVideo StaffFebruary 19, 2021

1min800

On Weed Talk News this week, NBA legend Chris Webber teams up with JW Asset Management to create a 100 million dollar investment fund for social equity. Webber is another example of a professional athlete making a difference for society. Six lobby groups combine their efforts to write to new President Joe Biden asking for an executive order to expunge the records of non-violent cannabis offenders. New Jersey Governor still waiting to sign his state’s new legislation into law, while South Dakota’s ballot question is now heading to that state’s Supreme Court. Is Weed going to be for sale in our nation’s capital after all? California’s fertile ground in Humboldt County bans outdoor growing of legal hemp while their cannabis crop continues to provide 80% of the illegal market in the U.S. Debra Borchardt’s Green Market Report, Solomon Israel’s Canadian report from MJBiz International’s bureau, and Vote Pro Pot Cast’s, Phil Adams with the DC Report Jimmy Young from Pro Cannabis Media anchors.


Video StaffVideo StaffFebruary 19, 2021

2min1440

Psychedelic medicine biotech company MindMed (OTCQB: MMEDF) said it will acquire HealthMode for roughly C41 million. HealthMode is a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring. The acquisition will give MindMed access to HealthMode’s Intellectual Property, platforms for clinical drug trials, and its entire twenty-four-person digital medicine team. MindMed said it will incorporate HealthMode’s machine learning (ML) engineering, product development, and operations employees into its newly established digital medicine division, Albert. 

Revive Therapeutics Ltd. (OTC: RVVTF) entered into an agreement with Newscope Capital Corporation (OTCQB: PHRRF) to buy PharmaTher Inc.’s intellectual property pertaining to psilocybin for roughly C$10 million. PharmaTher is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals.

Field Trip Health Ltd. (OTCQX: FTRPF) reported its third fiscal quarter results for the three ending in December. Patient services revenues of $316,329 represented a 235% increase over the previous quarter. Net loss for the third fiscal quarter was $8 million.

Champignon Brands Inc. (OTCQB: SHRMF) announced it will withdraw and refile its condensed interim consolidated financial statements and MD&A for the three and six month periods ended March 2020. The restatement is related to previously recognized intangible assets in connection with the acquisitions of Artisan Growers, Novo Formulations and Tassili Life Sciences  for roughly $12 million.

That’s it for this week. Psychedellux has been brought to you by the Green Market Report. 


Video StaffVideo StaffFebruary 19, 2021

4min2940

The trading week was a little shorter as markets celebrated President day on Monday. However, there was still big news this week.

 

Verano Holdings began trading on the CSE this week using the symbol VRNO after closing the reverse takeover of Alternative Medical Enterprises better known as AltMed and sometimes referred to as AME. The stock quickly shot up from its listed price of $10 to $30 in canadian dollars. On a pro forma basis, the nine months of revenue would be $241 million and the net income would be $172 million making this one of the largest cannabis companies out there.

 

HEXO Corp. (TSX: HEXO; NYSE: HEXO) is buying Zenabis Global Inc.  (TSX: ZENA) in an all-stock deal valued at approximately $235 million. Zenabis had hinted that such a deal was in the making during its fight with Sundial.  In January, the company had said it had started talks with another significant licensed cannabis producer, so it seems Hexo was the company. 

 

five-time NBA All-Star Chris Webber announced a partnership with Jason Wild and JW Asset Management, LLC to launch a $100 million private equity cannabis fund that will invest in companies led by entrepreneurs of color pursuing careers in the cannabis sector.

 

GW Pharmaceuticals plc (Nasdaq: GWPH) reported total revenue for the fourth quarter of $148.2 million. The net loss for the quarter was $29.1 million. The total revenue for the full-year 2020 was $527.2 million, a 69% increase over last year.

 

Tilray, Inc. (Nasdaq: TLRY) said that total revenue in the fourth quarter increased 20.5% to $56.6 million. For the full year of 2020 total revenue increased 26% to $210.5 million. The net loss for the year decreased to $(271.1) million versus last year’s loss of $(321.2) million 

 

MedMen Enterprises Inc. (OTCQX: MMNFF) reported its net revenue was $33.8 million for the second quarter, up 0.3% sequentially excluding Evanston. Still, the company delivered a net loss of $68.9 million. The company reported that the general and administrative expenses were $33.8 million in the second quarter, a 47% decrease from the same period last year. However, revenues are barely covering the company’s expenses.

 

California-based cannabis company Harborside Inc.  (CSE: HBOR), (OTCQX: HBORF) has been fighting the IRS over tax payments related to IRC Section 280E. The company announced that the United States Tax Court ruled in favor of the Commissioner of Internal Revenue with respect to The SJW case which refers to San Jose Wellness which had two pending tax court cases. 


Video StaffVideo StaffFebruary 12, 2021

2min1240

The week’s recap of psychedelic industry news:

Revive Therapeutics Ltd. received a receipt for its final short form prospectus for aggregate gross proceeds of $20 million through a syndicate of underwriters led by with Canaccord Genuity Corp. the company also filed a Business Acquisition Report in connection with its acquisition of Psilocin Pharma Corp. 

Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) announced that Canaccord Genuity Corp. has agreed to purchase, on a bought deal basis, an aggregate of 30,000,000 units of the Company at a price of C$0.50 per Unit for aggregate gross proceeds to the Company of C$15,000,000. 

PharmaDrug Inc. (OTC: LMLLF) filed an application with the U.S. Food and Drug Administration to receive Orphan Drug Designation for N,N-Dimethyltryptamine or DMT in the treatment of stroke patients presenting for emergency medical assistance within 3-hours of symptom onset. 

Field Trip Health Ltd. (OTCQX: FTRPF) announced the official opening of the Field Trip Natural Products Limited Research and Development Laboratory for Psychedelic Fungi in Mona, Jamaica. The research facility, which is opening as part of Field Trip’s previously announced strategic partnership with the University of West Indies.

And finally, Red Light Holland announced it is legally selling natural microdoses to consumers, via Magic Truffles in their branded iMicrodose packs in the Netherlands. The company named Comedian, Russell Peters, Chief Creative Officer, and  Industrial Artist, Karim Rashid, was named Head of Design.

Next week I will be moderating a panel in the Mydecine speaker series on Feb 18 at microdose.buzz. The topic is “Can Psychedelic Drug Design Improve Safety and Efficacy for Medicine?” And it starts at 1:30 eastern

That’s the big news this week

Psychedellux was brought to you by the Green Market Report


Video StaffVideo StaffFebruary 12, 2021

4min2480

Canopy Growth (NASDAQ: CGC) announced its third quarter fiscal 2021 results with net revenue of $153 million, an increase of 23% versus Q3 2020. Canopy Growth said that $99 million of that revenue was driven by an increase in Canadian recreational and International medical cannabis revenue. Despite the increase in revenue, the company also recorded an eye-popping net loss of $829 million. Canopy said that this was a $720 million wider loss than the previous quarter and blamed the loss on impairment and restructuring charges and other related charges of $416 million.

Zig-Zag maker Turning Point Brands, Inc. (NYSE: TPB) announced financial results for the fourth quarter and full-year ending December 31, 2020. For the fourth quarter, the company said net sales increased 31.2% to $105.3 million and the net income increased from $25.0 million to $12.7 million. Turning Point beat expectations as the average analyst estimate for the quarter according to Yahoo Finance was $0.76 and the average estimate for revenues was $101 million. For the full year. net sales increased 11.9% to $405.1 million and the net income increased $19.3 million to $33.0 million.

The Green Organic Dutchman Holdings Ltd.  (TGOD) (OTC: TGODF) announced unaudited consolidated gross revenue for the fourth quarter of 2020 is expected to be approximately $10.9 million, reflecting growth of 235% over the prior year. Still the company revised its Canadian net revenue forecast to a range of $40 million to $45 million from the previous forecast of $61 million. 

cbdMD, Inc. ( NYSE: YCBD) announced its financial results for its first quarter ended December 31, 2020. Net sales for the first quarter of fiscal 2021 increased by 22% year-over-year to a record of $12.3 million from $10.1 million from the prior year’s quarter.

Canopy Rivers Inc. (OTC: CNPOF) reported an operating income of $3.0 million for the fourth quarter. The net income was $1.4 million.  Other comprehensive income was $80.8 million for the quarter and that led to a total comprehensive income for the quarter of $82 million. 

Zenabis Global Inc. (TSX:ZENA) announced that it has established an at-the-market equity program that allows the Company to issue up to C$15 million of common shares 

Columbia Care Inc. (OTCQX: CCHWF) has entered into an agreement with Canaccord Genuity Corp. for 2.8 million common shares at a price of C$9.00 per share for aggregate gross proceeds of C$25 million It is expected that the offering will be primarily sold to one large institutional investor. The deal is expected to close on or about February 25, 2021. 

And that’s the big news this week, on Monday the markets will be closed for President’s Day.


Video StaffVideo StaffFebruary 5, 2021

5min3040

The Scotts Miracle-Gro Company (NYSE: SMG) reported that company-wide sales increased 105% to a record $748.6 million in its fiscal first-quarter primarily driven by strong retailer support in the U.S. Consumer segment as well as continued momentum in Hawthorne, the company’s hydroponic subsidiary.  The real shining star though is the indoor growing company Hawthorne whose sales increased 71% to $309.4 million driven by strong demand in all categories of indoor growing equipment and supplies. Hawthorne sales guidance was increased to a range of 20 to 30% from a previous range of 15 to 20%.

Jazz Pharmaceuticals plc (Nasdaq: JAZZ) is buying GW Pharmaceuticals plc (Nasdaq: GWPH) in a deal valued at $7.2 billion or $6.7 billion net of GW cash. Jazz is a global biopharmaceutical company whose focus is in neuroscience, including sleep and movement disorders, and in oncology, including hematologic malignancies and solid tumors. Everyone knows GW Pharma for its epilepsy drug Epidiolex. Beyond Epidiolex, GW has a scientific platform and deep pipeline of cannabinoid product candidates. The stock jumped over 46% on the news.

Anthus (OTC: ITHUF) stock popped over 57% to lately sell at 29 cents after the company was able to close on an $11 million bridge financing. The company has had several decisions turn in its favor lately. The Monmouth County Superior Court decided to allow iAnthus to continue construction at the Pleasantville NJ facility despite a legal battle with MPX New jersey. .Last week, the company announced that in a unanimous decision, the British Columbia Court of Appeal dismissed the appeal of shareholders on the recapitalization plan. 

It seems a month doesn’t go by without  GrowGeneration Corp . (NASDAQ: GRWG ) making another acquisition. February is only just starting  and the hydroponic store chain has said it is buying Grow Depot, a two-store chain in Auburn and Augusta, Maine. The acquisition brings the total number of GrowGen hydroponic garden centers in Maine to five.

Power REIT (NYSE: PW) has acquired a 37,000 square foot state-of-the-art greenhouse cannabis cultivation facility located in Riverside County, California through a wholly-owned subsidiary for $7.685 million. The property is leased to luxury cannabis brand Canndescent, which has over 50% store penetration in California. 

Springbig announced its acquisition of BudTender. BudTender is a customer experience platform based in Canada. The acquisition will add over 200 clients to the existing customer base at springbig and will increase their market share to over 1,900 retail partners across Canada and the United States.

While many consumers put down the bottle this month for Sober January, some have picked up a cannabis-infused beverage instead causing sales to rise in this emerging category. Several cannabis beverage companies reported increases in sales in January, beyond what they experienced during the holiday season. 


Video StaffVideo StaffJanuary 29, 2021

6min2860

So many acquisitions happened this week. 

 

The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) entered into an agreement with ATB Capital Markets Inc. to raise C$35 million. Then following that announcement, Valens said it was buying LYF Food Technologies Inc. in a cash and share transaction for almost C$25 million, plus up to an additional C$17.5 million upon the business achieving certain earn-out EBITDA milestones. Valens said in a statement that the LYF Acquisition is expected to be accretive in 2021.

 

GrowGeneration Corp . (NASDAQ: GRWG ) is at it again. The hydroponic chain has acquired Indoor Garden & Lighting, a two-store chain of hydroponic equipment and indoor gardening supply stores serving the Seattle and Tacoma, Washington area. GrowGen said it will be consolidating its current Seattle operation into the acquired stores. This acquisition brings the total number of GrowGen hydroponic garden centers nationwide to 40 stores.

 

Ayr Strategies Inc. (OTCQX: AYRWF) has taken the next steps in its Arizona strategy by signing a Definitive Agreement to buy Blue Camo, LLC in a deal first announced in November 2020. the deal is valued at $75.4 million.

 

Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) is getting a lift in its stock after the company announced the closing of a sale-leaseback transaction with Innovative Industrial Properties, Inc. (NYSE: IIPR) that will bring the company roughly $35 million. Harvest sold an industrial property totaling approximately 292,000 square feet for $23.8 million. The company also noted on Friday that it began adult-use sales in Arizona.

 

Flower One Holdings Inc.  (OTCQX: FLOOF) completed an initial debt restructuring, closed on $10 million of a non-brokered convertible debenture offering that could rise to $25 million, and named a new CEO. The company recently defaulted on payments, so the debt has been modified and extended. Kellen O’Keefe was moved to the CEO spot from his previous position of Chief Strategy Officer

 

The doyen of lifestyle branding Martha Stewart has launched her line of hemp CBD products for dogs. Martha Stewart CBD for Pet was created in collaboration with Canopy Animal Health, a division of Canopy Growth Corporation (NASDAQ: CGC) which is focused on improving pet health through evidence-based CBD therapies.

 

And finally, This week the first psychedelic stock ETF (exchange-traded fund) began trading on the Canadian NEO exchange under the ticker PSYK. The base currency will be Canadian dollars. The ETF will be managed by Canadian financial services company Horizons ETF Management and it will be focused on the emerging psychedelics opportunity led by life science and pharmaceutical companies.



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