The Daily Hit is a recap of the top cannabis business stories for July 26, 2022.
ON THE SITE
Texas Leader Wants Hemp Expansion Amid License Shakedown Scandal
Texas Agriculture Commissioner Sid Miller is calling for an expansion of the state’s current cannabis laws while a license shakedown scandal swirls around him. Last week, Miller posted an editorial on the Texas Department of Agriculture website calling for a loosening of the state’s cannabis laws. Texas has only legalized medical marijuana for a very restrictive list of conditions, but the state is also a big proponent of industrial hemp. While Miller is calling for “expanded access to the compassionate use of cannabis products in Texas,” a scandal is swirling within his orbit. Read more here.
Red Light Holland Pushes To Expand In Netherlands
Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: TRUFF) will acquire two retail stores based in the Netherlands in a bid to expand their psychedelic truffles and wellness products. The company also said the acquisition makes Red Light Holland fully vertical – marrying their production, packaging and distribution operations with the retail shops and online sales. Read more here.
The Still-wary NIH Cozies Up To Psychedelics Research
The National Institutes of Health (NIH), the world’s largest funder of medical research, has been taking a keen interest in psychedelics over the last few years. The NIH invests about $41.7 billion annually in medical research mostly in the U.S., with Texas getting the most ($6.7 billion). More than 80 percent of NIH’s funding is awarded for extramural research, largely through almost 50,000 competitive grants to more than 300,000 researchers at more than 2,500 universities, medical schools, and other research institutions in every state. Read more here.
IN OTHER NEWS
Stable Road Acquisition Corp., Momentus Inc.
Shareholder rights law firm Robbins LLP is investigating the officers and directors of Stable Road Acquisition Corp. (NASDAQ: SRAC, SRACW, SRACU) to determine whether they breached fiduciary duties or violated securities laws in connection with the company’s acquisition of Momentus Inc. Stable Road Acquisition Corp. is a special purpose acquisition company that went public in November 2019. Its purpose, according to a filing with the SEC, was to merge with a company in the cannabis industry. Read more here.
Sugarbud Craft Growers Corp.
Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.DB, SUGR.WR, SUGR.WS, SUGR.WT) (OTCQB: SBUDD) announced that it has received the initial purchase order from Alberta Gaming, Liquor and Cannabis for the company’s first Dry Sift Hash Infused 3 x 0.5g multi-pack Pre-Roll format. Read more here.
Salus Bioceutical (Thailand) Co., Ltd., a leading cannabis company in Thailand, has added the ENTEXS Corporation RMD-T Series for THC-free production in their Thai GMP-compliant hemp research, cultivation, and processing facility in Thailand’s Chiang Mai province, which makes Salus Bioceutical the first and only company in Thailand to provide premium medical grade distillate with THC less than 0.2%. Read more here.
Small Pharma Inc.
Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announces that it has received Issue Notification from the United States Patent and Trademark Office that its patent application no. 17/459,284 will be granted on August 9, 2022, in the United States under patent no. 11,406,619 for novel injectable formulations of N,N-dimethyltryptamine (DMT) based compounds. Read more here.
2022 AACC Annual Scientific Meeting & Clinical Lab Expo
As the cannabis derivative delta-8-THC grows in popularity, it’s important for drug tests to be able to detect and differentiate it from delta-9-THC—the primary psychoactive ingredient in cannabis. Breaking research showcased at the 2022 AACC Annual Scientific Meeting & Clinical Lab Expo demonstrates that common drug testing methods can do just that. Read more here.
The AURORA Institute
The AURORA Institute launched with its inaugural event honoring the first four AURORA Institute Prize winners. They were recognized for their significant contributions to ending the mental health crisis. Evening of Discovery was a one-of-a-kind celebration, focusing on the new science of mental health, mindful meditation, understanding the science behind psychedelics, and exploring the integration of the metaverse and virtual reality in mental health interventions. Over USD 8m was committed during the evening, which will be both directed to the charities represented by winners of the AURORA Institute Prize on stage and the ideas brought forward during the “call to action.” Read more here.