Bright Minds Archives - Green Market Report

StaffNovember 28, 2022
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5min9960

The Daily Hit is a recap of cannabis business news for Nov. 28, 2022.

ON THE SITE

Veterans’ Plight Spotlights Need for Cannabis Legalization as Congress Moves Research Bill

As a historic House-passed cannabis research bill makes its way to President Joe Biden’s desk after surviving a Senate vote, questions remain regarding its impact on the future of federal legalization. One group whose concerns get washed in the stalemates and political acrobatics: former service members facing the specter of stigma and barriers to accessing safe medicine. Read more here.

NY Cannabis Regulators Disclose How They Chose Licensees

Retail cannabis applicants who lived in low-income areas, in public housing or were homeless when they were convicted of marijuana-related offenses had an advantage in the application process for legal cannabis dispensaries, according to details newly revealed in court papers. Read more here.

Bill Would Make Cannabis Companies Eligible for SBA Loans

A Democratic senator has formally introduced a bill that, if successful, would make U.S. cannabis companies fully eligible for federal loans through the Small Business Administration. Read more here.

Done Deals: Trees, Bright Minds

Despite the challenges of raising capital these days in the cannabis and psychedelics industry, two companies managed to close deals before the end of the year.

Read more here.

Cantor Issues Upbeat Cannabis Report

Cantor Fitzgerald analyst Pablo Zuanic wrote an upbeat research report on the major cannabis companies despite the somewhat depressing tone in the industry. Despite the sunny optimism, he opted to leave ratings, estimates, and price targets unchanged. Read more here.

More Earnings Reports

IN OTHER NEWS

Cannibble Foodtech Ltd.

Cannibble Foodtech Ltd., (CSE: PLCN), a food tech company that develops and manufactures hemp-enhanced food and beverage products, has entered into a share purchase agreement to acquire Eshbal Functional Foods Cooperative Ltd., a private Israeli gluten-free food tech manufacturer. Read more here.

Hempacco

Hempacco Co. Inc. (Nasdaq: HPCO), a hemp smokables company, entered into a joint venture agreement with Sonora Paper Co. Inc. to manufacture, market, and distribute hemp blunt wraps, hemp tubes, and hemp smoking cones based on SPCI’s intellectual property. Read more here.

Hempacco also entered into a joint venture agreement with High Sierra Technologies Inc. (OTC: HSTI) for the production, marketing, and sales of hemp smokables. Pursuant to this agreement, HSTI and Hempacco formed a new Nevada corporation known as Organipure Inc, in which HSTI and Hempacco each own 50% equity interest. Read more here.


StaffNovember 28, 2022
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3min7250

Despite the challenges of raising capital these days in the cannabis and psychedelics industry, two companies managed to close deals before the end of the year.

Trees

The Canadian-based Trees Corp. (NEO: Tree) completed the closing of a non-brokered private placement of 745 units at a price of $1,000 per unit for gross proceeds of approximately $745,000. The closing is expected to be the final tranche closing in the larger offering for aggregate gross proceeds of $945,000, as previously announced on October 21, 2022. The company said it would the money for general working capital requirements and the opening of its next Trees Cannabis location in Etobicoke, ON, anticipated opening in January 2023. The company currently has 13 Trees branded storefronts in Canada, including eight (8) stores owned and operated in Ontario and five (5) stores operated in BC.

According to the company statement, each Unit consists of one 12.0% secured convertible promissory note bearing a principal amount of $1,000, convertible into common shares of the company at a conversion price of $0.015 per common share and maturing 36 months from the closing of the Private Placement

Bright Minds

Psilocybin drug company Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG)  announced a non-brokered private placement of pre-funded warrants of the company at a price of $1.249 per PFW and units of the company at a price of $1.25 per Unit. The aggregate minimum gross proceeds are $1 million and the aggregate maximum gross proceeds are $2,050,000. The company said it plans to use the money to complete the Phase 1 clinical trial for BMB-101 and a regulatory toxicology package and related activities for BMB-202.

Bright Minds is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain. The company’s drugs have been designed to potentially retain the therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating better drugs to first-generation compounds, such as psilocybin. Bright Minds has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult-to-treat disorders such as resistant epilepsy, treatment-resistant depression, PTSD, and pain.

 


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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


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