The Daily Hit is a recap of cannabis business news for October 6, 2022.
ON THE SITE
Biden To Pardon Marijuana Convictions, Calls For Classification Review
President Joe Biden on Thursday announced a sweeping directive that would alter the laws surrounding cannabis and its classification as a dangerous substance, as well as grant pardons to those who suffered from the War on Drugs. In a statement, the president stated that he plans to pardon all prior federal offenses and begin an administrative review alongside Justice Department to process pardons for simple marijuana possession. Read more here.
Floridians Stocked Up On Cannabis Ahead Of Hurricane Ian
Florida operators that had to temporarily shutter last week amid Hurricane Ian’s wrath are coming back online, though some companies are still reeling from its violent landfall. With the Sept. 30 cutoff date for the fiscal third quarter, some companies could see some additional padding to earnings reports, as patients throughout the state flocked to stores early last week to stock up on medicine ahead of the storm’s arrival. Read more here.
Agrify To Help Three Companies’ Grows Go Vertical
Agrify Corporation (Nasdaq: AGFY) said that three companies have decided to operate their cultivation businesses using the company’s rapid deployment packs (RDPs) — a prepackaged, quick-to-deploy alternative to traditional grow facilities. Prairie State Cannabis LLC in Illinois, LowKey LLC in Massachusetts and MediFlora Cultivation LTD in South Africa have all elected to use the tech, which the company said is able to provide “best-in-class” cultivation capabilities in potentially as little as 60-90 days. Read more here.
Recreational Psychedelics Enters The Conversation
The medical psychedelics decriminalization efforts are growing, with now 20 different states (or cities and counties within states) either decriminalizing or working on decriminalizing psychedelics. There have been pushbacks, with complaints that some decriminalization efforts include making them the “lowest law enforcement priorities,” a ruling that still effectively criminalizes psychedelics. That same ruling applied to the decriminalization of cannabis. Read more here.
Zynerba Gets Patent For Fragile X Drug
Zynerba Pharmaceuticals, Inc. (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. Read more here.
Green Thumb Industries Sees Board Shakeup
Three of four independent board members of Green Thumb Industries (OTC: GTBIF), including Dorri McWhorter, resigned over what the marijuana company said was “a disagreement as to the company’s policies and practices related to personal misconduct.” Read more here.
IN OTHER NEWS
Agrify Corporation (Nasdaq : AGFY), a provider of cultivation and extraction solutions for the cannabis industry, today issued the following statement relating to the default of its customer Bud & Mary’s Cultivation, Inc. under a construction loan facility extended by Agrify to Bud & Mary’s associated with an Agrify Total Turn-Key Solution project and the lawsuit brought by Bud & Mary’s in response to the default notice. Read more here.
Bespoke Extracts, Inc.
Bespoke Extracts, Inc. (OTCQB: BSPK) today announced that the Colorado Marijuana Enforcement Division (MED) has approved Bespoke’s application for “suitability”. This approval enables Bespoke to acquire, subject to final state and local approval, any business licensed by the MED. Read more here.
Merchants & Marine Bank, CannaFirst Financial
Merchants & Marine Bank, a century-old Mississippi-based banking institution, has launched CannaFirst Financial, the first banking division dedicated to business owners in Mississippi’s quickly emerging cannabis industry. CannaFirst will serve clients in platform integration, online and mobile banking, cash transport, and treasury solutions. It is overseen and staffed by seasoned banking professionals with significant experience and certifications in emerging markets and industries. Read more here.
Neuraxpharm Group, Panaxia
Neuraxpharm Group, a European specialty pharmaceutical company focused on the central nervous system, and Panaxia (TASE: PNAX), a global pharmaceutical company that develops, manufactures and markets advanced medical cannabis products of pharmaceutical quality, today announced the signing of two addendums to their agreement to expand their collaboration into the Czech and Swiss markets. Read more here.
F1SeedTech and NewBreedSeed (NBS) announced that they have entered into a definitive agreement, with F1SeedTech acquiring 100% of the shares of NBS. The merger creates the industry leader in F1 hybrid varieties of cannabis, combining the day-neutral breeding activities of NBS and the short-day breeding activities of F1SeedTech in Israel and the Netherlands, respectively. Read more here.
Optimi Health Corp.
Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce and supply natural, EU-GMP grade psilocybin and other psychedelic substances, most notably MDMA, is applauding the government of Alberta’s decision to regulate some psychedelics for therapeutic use in the province. Read more here.
Cybin Inc. (NEO:CYBN) (NYSE AMERICAN:CYBN), a biopharmaceutical company focused on progressing Psychedelics to Therapeutics®, provided an update on its intellectual property progress in support of its research and development strategy. The company continues to prioritize the development of in-house IP and licensing opportunities that support its active development programs and future novel drug candidates. Read more here.