cannabis Archives - Green Market Report

StaffOctober 6, 2022
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8min8260

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

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, NewBreedSeed

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.

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.


StaffOctober 5, 2022
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5min8580

The Daily Hit is a recap of cannabis business news for October 5, 2022.

ON THE SITE

NBA Legend Isiah Thomas Hopes To Score In His International Hemp Venture

One World Products (OTCQB: OWPC), a fully-licensed hemp and cannabis producer in Colombia — owned by former Detroit Pistons point guard Isiah Thomas — is one step closer to commercialization. The news comes as OWP recently found $10 million in financing to help scale industrial hemp operations and work its way into the capital markets by 2023. Thomas has previously said that he wants the auto industry to trade plastic for hemp. Read more here.

DEA Licensed BRC Raises $20 Million

An active Drug Enforcement Administration (DEA) pharmaceutical cannabis license holder, Biopharmaceutical Research Company completed a $20 million Series A fundraise. BRC said the raise will help it aggressively scale its operations and increase its product offering, conduct sponsored research, and execute its go-to-market strategy. Read more here.

Nevada Cannabis Sales Drop For Fiscal 2022

The Nevada Cannabis Compliance Board (CCB) and the Nevada Department of Taxation (DoT) released figures showing more than $965 million in taxable sales reported by Nevada’s legal cannabis industry over a 12-month period. Read more here.

Croptober Not Feeling So Celebratory

National cannabis wholesale prices continued their multi-month plunge at the end of September, likely not a good sign for outdoor marijuana farmers heading into harvest season known in the industry as ‘Croptober’. According to Cannabis Benchmarks, for the week that ended Sept. 30, the company’s spot index decreased 2.2% down to $966 per pound of cannabis flower, down from over $1,050 per pound two months ago. Read more here.

The Marriage Of Herbal Nutriceuticals and Psychedelics

Nutraceuticals have been getting a bad health and wellness rap for years. Most of the chatter is about them not being “real”; doctors ignore them in part because they have not gone through any FDA-approved clinical trials—even as their patients rave about the health benefits they get from taking them. Now there’s a movement to team up nutraceuticals with psychedelics and apply the science developed around psychedelics to advance nutraceuticals as more credible health and wellness products. Read more here.

IN OTHER NEWS

Curaleaf Holdings, Inc., Tryke Companies

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), an international provider of consumer products in cannabis, today announced the completion of its previously announced acquisition of Tryke Companies (dba as Reef Dispensaries), a privately held vertically integrated, multi-state cannabis operator. With the close of the transaction, Curaleaf’s national footprint has reached 29 cultivation sites and 144 dispensaries nationwide. Read more here.

atai Life Sciences N.V.

atai Life Sciences N.V. (Nasdaq: ATAI), which is developing VLS-01, a form of N,N-dimethyltryptamine (DMT) for the treatment of treatment-resistant depression (TRD), announced today the dosing of the first subject in their Phase 1 SAD trial of VLS-01. Read more here.

Zylorion Health Inc.

Zylorion Health Inc., a precision mental health care and psychedelic therapy focused company, today announced the filing of a composition of matter patent with the United States Patent and Trademark Office for the company’s novel second-generation lead psychedelic compound. Read more here.


StaffOctober 4, 2022
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6min7940

The Daily Hit is a recap of cannabis business news for October 4, 2022.

ON THE SITE

Cantor Gives Irwin Naturals a $7 Target Price

Cantor Fitzgerald analyst Pablo Zuanic initiated coverage on supplement company Irwin Naturals Inc. (OTC: IWINF) with an overweight rating and a $7 price target. The stock currently trades at roughly $1.58 per share. The shares are listed on the Canadian Securities Exchange (CSE), and with limited free float, but a NASDAQ listing is possible in the future. Read more here.

GOP Tries To Tie Cannabis To Suicide, Violent Crime

Archconservative Republicans and their network of influence have recently taken a staunch stand against the legalization of marijuana. The largest Congressional GOP faction affirmed its national position on cannabis, saying that it should remain federally prohibited and suggested adolescent consumption could be tied to suicide and violent crime with more studies. Read more here. Read more here.

Psychedelics Law Being Prepped For Florida

While Florida digs out of the extensive damage caused by Hurricane Ian, the business of lawmaking and regulation for the medical psychedelics industry continues, with the hope of quickening access to psychedelics for the large veteran population in the state and for others needing access to legalized mental health treatment in the state. Read more here.

Medical Marijuana Inks Asset Purchase Deal To Expand Hemp Footprint

Medical Marijuana, Inc. (OTC: MJNA) — formerly known as GRN Holdings — has entered into an agreement to purchase assets from a hemp and natural wellness company for an undisclosed amount. Bill Andreoli, the president of seller MFINITY Global will become the president of Medical Marijuana, Inc. subsidiary, Kannaway, LLC. Read more here.

Not Everyone Is A Fan Of Fast-Tracked Psychedelics

While the psychedelic renaissance continues to gather steam, there is a growing uneasiness about the pace of the industry development. The excitement has been fueled specifically by three events: the report of MDMA going into Phase 3 clinical trial, the final phase of research on the road to FDA approval; the development of legalized psilocybin programs in Oregon (Measure 109) and elsewhere in the country; and the movements to decriminalize certain psychedelics that now includes 20 states (or a local government within the state) either already decriminalizing or looking into doing it soon. Read more here.

IN OTHER NEWS

Bright Green Corporation, Alterola Biotech Inc.

Bright Green Corporation (NASDAQ: BGXX), a company selected by the U.S. government to grow, manufacture, and sell cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today announced that it has completed its previously announced strategic partnership and acquisition of 25% of the issued and outstanding common stock of Alterola Biotech Inc. (OTC PINK:ABTI), a U.K.-based pharmaceutical company focused on developing cannabinoid and cannabinoid-like medicines and products, for total consideration of $4 million. Read more here.

Biopharmaceutical Research Company

Biopharmaceutical Research Company, an active Drug Enforcement Administration (DEA) pharmaceutical cannabis license holder, announced the completion of a $20M Series A fundraise. This will enable the company to aggressively scale its operations and increase its product offering, conduct sponsored research, and execute on its go-to-market strategy. The round is being led by Intrinsic Capital Partners, with participation from Argonautic Ventures, Achari Ventures, AFI Capital Partners, Delta Emerald Ventures, Self Health America (SHAC) and a number of preeminent family offices. Read more here.

Decibel Cannabis Company Inc., Breath of Life International Ltd.

Decibel Cannabis Company Inc. (TSX-V: DB) (OTCQB: DBCCF), a cannabis producer, announced it has secured an on-going supply agreement with Breath of Life International Ltd. to launch Decibel’s Qwest brand and cannabis products in Israel. The supply agreement is for $4.8 million of premium cannabis product, with the first shipment expected in the fourth quarter. Read more here.

Sweet Leaf Madison Capital

Sweet Leaf Madison Capital, a nationwide provider of tailored debt financing solutions for the middle-market cannabis industry, today announced the closing of a loan for $207,000 to Koach Enterprises, a cannabis startup in California creating a high-end brand through vertical integration. The funds will be used to purchase energy-efficient, top-of-the-line LED grow lights from Spectrum King LED. Read more here.


StaffOctober 3, 2022
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7min9710

The Daily Hit is a recap of cannabis business news for October 3, 2022.

ON THE SITE

SEC Charges Eight In Cannabis Stock Promotion Scheme

Elegance Brands, Emerald Health Pharmaceutical, and High Times are accused of a stock promotion scheme – The Securities and Exchange Commission announced on September 30 that it had charged eight in a stock promotion scheme that included Emerald Health Pharmaceuticals and High Times Holdings. The SEC says investors purchased $80 million of securities following the promotions. The individuals received payments based on the number of securities sold. Read more here.

Cannabis Banking Bill Passage After Election Season ‘Likely,” Analyst Says

The cannabis industry may not have to remain in regulatory limbo for much longer, but it may take some last-minute horse-trading between aisles, according to Cantor Fitzgerald analyst Pablo Zuanic. After a Sept. 26 trip to D.C. to meet with lawmakers, the Cantor analyst believes that Congressional leaders are poised to pass banking legislation for the cannabis industry in the lame-duck session. Read more here.

Michigan Wants Marijuana Moratorium

Michigan’s largest marijuana operations are plotting an offensive to stop competitors from entering the market in an attempt to buoy falling weed prices in the state. At the request of a lobbyist for some of the state’s largest recreational and medical cannabis growers, the Legislative Service Bureau has drawn up new legislation to prohibit the Michigan Cannabis Regulatory Agency from approving new grower licenses, according to draft legislation obtained by Crain’s. Read more here.

IN OTHER NEWS

Akerna Corp.

Akerna Corp. (Nasdaq: KERN), an enterprise software company and developer of comprehensive technology infrastructures, ecosystems, and compliance engines for the global cannabis industry, today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase 400,000 shares of Series A convertible redeemable preferred stock and 100,000 shares of Series B convertible redeemable preferred stock. Each share of Series A and Series B preferred stock has a purchase price of $9.50, representing an original issue discount of 5% of the $10.00 stated value of each share. Read more here.

Akanda Corp.

International medical cannabis platform company Akanda Corp. (NASDAQ: AKAN) today announced that the company has received a written notification on September 27, 2022, from the Listing Qualifications Department of the Nasdaq Stock Market LLC, notifying the company that it is not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2). It resulted from the fact that the closing bid price of the company’s common shares, no par value, was below $1.00 per share for a period of 30 consecutive business days. Read more here.

New Leaf Ventures Inc., High Profile Holdings Corp.

New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVD), announced that it has entered into a non-binding letter of intent to acquire High Profile Holdings Corp., a retail-focused private British Columbia cannabis company. Read more here.

Nabis, StateHouse Holdings

Nabis, a licensed cannabis wholesale platform, today announced an exclusive distribution partnership with California’s StateHouse Holdings. The agreement, which involves StateHouse winding down its distribution arm while pivoting its logistics to Nabis’ technology-centered platform, is an example of the industry’s latest consolidation trend, where self-distributed brands are outsourcing to simplify their business structures, increase efficiencies and prepare for scaling ahead. Read more here.

Heritage Cannabis Holdings Corp., Como Health LLC

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF), is announced that it is commencing operations in the state of Missouri after Como Health LLC, doing business as 3Fifteen Primo Cannabis, recently received an approval to operate from the Missouri Section for Medical Marijuana Regulation. Initial production on vape products, concentrates, and pre-rolls has already commenced in the state. Read more here.

Silo Pharma, Inc.

Silo Pharma, Inc. (Nasdaq: SILO), a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research, today announced that it is working with Premier Consulting as its regulatory partner to assist with the preparation of a pre-investigational new drug (IND) package and meeting request with the United States Food and Drug Administration (FDA) for a novel topical formulation of ketamine, designated as SPC-26, for the treatment of fibromyalgia. Read more here.

Tryp Therapeutics, Inc.

Tryp Therapeutics, Inc. (CSE: TRYP) (OTCQB: TRYPF), a clinical-stage biotechnology company focused on developing psilocybin-based compounds for diseases with unmet medical needs, today announced that the World Intellectual Property Organization (WIPO) published their international patent application (PCT/IB2022/052347) covering the intravenous administration of psilocybin and psilocin. The PCT application, titled “Improved Methods For The Use of Psychedelics” expands and strengthens the IP related to the Company’s development of TRP-8803, an IV formulation of psilocin, which will be administered in conjunction with psychotherapy. Read more here.


StaffSeptember 19, 2022
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12min3610

The Daily Hit is a recap of cannabis business news for September 19, 2022.

ON THE SITE

Zeroed In On Germany, Curaleaf Acquires Majority Stake in Four20 Pharma

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) said that it acquired a 55% stake in Four20 Pharma, a top five German producer and distributor of medical cannabis in the European Union. The deal is worth €19.7 million or approximately $19.7 million, according to SEDAR filings. Read more here.

High Tide Borrows $19 Million For Expansion

High Tide wants to go from 140 stores to 150 – High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) closed on a $19 million senior secured credit facility with connectFirst Credit Union Ltd., with an initial 5-year term, at connectFirst’s floor interest rate. The company said its plan was to use the proceeds to expand its store count. Read more here.

Tri-State Area Expects Thousands Of Cannabis Jobs

As legalization marches forward in the tri-state area, so do the hopes for job creation. A new report from Cannabiz Media outlined those aspirations and how much these new employees could cost. The report dives explicitly into New York, New Jersey, and Connecticut as the tri-state region in the Northeast. Read more here.

Icanic Brands To Buy Coachella Valley Boutique Dispensary

The acquisition will be paid in stock. – Icanic Brands Company, Inc. (CSE: ICAN) (OTCQB: ICNAF) said that it plans to acquire The Leaf, a luxury boutique dispensary located in Palm Desert, California. Under the accord, Icanic will acquire The Leaf for a price tag based on the dispensary’s trailing twelve months of revenue calculated on the date of closing. Read more here.

The Future Psychedelics Workforce Is Getting Schooled Today

A jump in research studies sparks increased educational programs – There is a growing need for more therapists, more clinicians, and more researchers in the psychedelics industry. Academic institutions around the world are beginning to add courses and training programs to their list of curricula available for any student who wants to specialize in some aspect of psychedelics, in an effort to quickly build a psychedelics workforce. Read more here.

Jane Technologies Honored For The Best E-Commerce Platform At Green Market Report Tech Awards

Jane’s unique platform offers dispensaries and cannabis brands a turnkey e-commerce solution with many marketing and analytics options. The Green Market Report Tech Awards were presented following the first-ever Green Market Report Tech Summit on Sept. 8 at The Pearl event space in San Francisco. This week, we’ll be providing a closer look at the honorees. Read more here.

IN OTHER NEWS

Denver City Council Considers Changes to Marijuana Rules in Effort to Bolster Delivery

Denver City Council will consider a proposal Monday to drastically cut license fees for marijuana delivery services and extend — forever — a requirement that delivery company owners come from socially disadvantaged backgrounds. The current “social equity” mandate is set to end in 2024, but the city aims to call the bluff of dispensaries waiting until then to establish their own delivery services rather than rely upon the existing businesses. Read more here.

Medical Marijuana Company Sues Minnesota Over THC Regulations

A Minnesota-based medical cannabis company is suing the state over its THC regulations, claiming discrimination. Last week, Vireo Health filed a civil lawsuit against the Minnesota Department of Health, the state and several county attorneys, saying Minnesota’s THC laws discriminate against Vireo. Read more here.

NY’s Oneida Indian Nation to Launch Cannabis Operation

The Oneida Indian Nation will start construction next month on a full-scale, 50,000-square-foot cannabis cultivation and production facility. Retail locations, which will be announced at a later date and located exclusively on Nation lands, are projected to open in late 2023. The entire cannabis operation, from seed to sale, will be operated by the Oneida Indian Nation. The cultivation and manufacturing facility will be located on Hill Road in Verona, New York. Read more here.

Red White & Bloom Brands Inc.

Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) a multi-state cannabis operator and house of premium brands, announced the appointment of Colby De Zen as President and Director of the Company effective immediately and the appointment of Gabriel Bianchi to the Board of Directors upon completion of regulatory approvals. The company further announces that it has restructured the terms of certain outstanding debentures issued by the company to arm’s length lenders in the aggregate principal amounts of USD $70,040,000 and CDN $2,120,000 and issued a new convertible debenture in the principal amount of CDN $17,000,000. Read more here.

Northern Lights Acquisition Corp.

Northern Lights Acquisition Corp. (Nasdaq: NLIT), a special purpose acquisition company, announced that it has amended that certain unit purchase agreement dated February 11, 2022, by and among the company, 5AK, LLC, the company’s sponsor, SHF, LLC d/b/a Safe Harbor Financial, a Colorado limited liability company, SHF Holding Co., LLC, a Colorado limited liability company and the sole member of Safe Harbor, and partner Colorado Credit Union, a Colorado corporation and the sole member of the seller, to extend the date by which the transactions contemplated thereby had to be consummated from August 31, 2022 until September 28, 2022, and provide for the deferral of $30 million of the $70 million due to the seller at the closing of the business combination. Read more here.

Rubicon Organics Inc.

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), a licensed producer focused on cultivating and selling organic certified, premium cannabis, provided a corporate and operational update for the period ending August 31, 2022. Read more here.

BYND Cannasoft Enterprises Inc.

BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) announced yesterday that it has signed a share purchase agreement to acquire 100% ownership of Zigi Carmel Initiatives & Investments Ltd., which holds the patent pending intellectual property for a therapeutic device that uses low concentrations of CBD oils, such as hemp seed oil and other natural oils, to treat certain women’s health issues. Read more here.

TREES CORPORATION

TREES CORPORATION (OTCQB: CANN) announced that is has signed definitive documents to acquire the Green Tree Longmont and Green Tree Berthoud dispensaries in the state of Colorado, over 34,000 square feet of grow operations and a state-of-the-art manufacturing facility. This acquisition will add to the company’s current footprint in Colorado and will bring its total number of Colorado dispensaries to 4 along with 3 operational stores in Oregon, for a total of 7 retail dispensaries. Read more here. Read more here.

Exclusive Brands

Exclusive Brands, a Michigan-based vertically integrated cannabis company composed of retail locations, a processing and manufacturing facility, and licensed grow operations, as well as home to cannabis brands, announced today that the company has added an indoor facility and greenhouses to their existing farm located in Arlington, Michigan. Read more here.

BellRock Brands Inc.

BellRock Brands Inc. (CSE: BRCK.U), a cannabis consumer packaged goods and intellectual property platform, announced that its subsidiary, Ironton Properties, LLC, has finalized the sale of its Denver real property to a third-party buyer for $2.5 million USD. Approximately $2 million of proceeds from the sale were used to fully repay a promissory note entered into in May of 2022. Read more here.

Psyence Group Inc.

Psyence Group Inc. (CSE: PSYG|OTCQB: PSYGF), a life science biotechnology company pioneering the use of natural psychedelics in mental health and well-being, announced that it has received approval for its Phase IIa clinical trial from the Medicines and Healthcare Products Regulatory Agency (MHRA), the UK equivalent regulatory body to Canada’s Health Canada and the US’s FDA. The clinical trial will assess the efficacy and safety of psilocybin-assisted psychotherapy versus psychotherapy alone for the treatment of adjustment disorder due to an incurable cancer diagnosis. 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 announced that it has completed enrollment in the Phase IIa clinical trial of its intravenous formulation of N, N-dimethyltryptamine (DMT) candidate, SPL026, with psychotherapy for the treatment of major depressive disorder. This formulation recently received patent protection in the United States under patent no. 11,406,619 for injectable formulations of DMT based compounds. Read more here.


StaffAugust 25, 2022
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6min1150

The Daily Hit is a recap of cannabis business news for August 25, 2022.

ON THE SITE

Aurora Buys $45 Million Majority Stake in Bevo Farms

Bevo will take over the shuttered Aurora Sky facility as part of the completed deal. Aurora Cannabis (Nasdaq: ACB, TSX: ACB) acquired a majority stake in grow giant Bevo Farms in a bid to consolidate and offload one of its largest greenhouses. Read more here.

New York Opens Adult-Use Retail Application

OCM said that it would distribute up to 150 conditional adult-use retail dispensary permits. New York’s Office of Cannabis Management is now accepting applications for those directly affected by the war on drugs in a first-round distribution of state adult-use retail licenses. Read more here.

SLANG Forms M&A Division as Revenues Rise

SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) revenues rose in the second quarter as the company looks toward snapping up new opportunities through a new M&A commission. The cannabis consumer packaged goods company released financial results for the second quarter ending June 30, 2022. Read more here.

Feds Agree to Create Task Force to Help Psychedelics Development

The task force would address issues associated with the approval and rollout of medical psychedelics to treat mental health disorders. Earlier this month, the U.S. government took a significant step toward legitimizing psychedelics as a therapeutic treatment by announcing the formation of an interagency task force around the issue. Read more here.

IN OTHER NEWS

POSaBIT Systems Corporation

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), the leading provider of payments infrastructure in the cannabis industry, today announced its financial results for the three months ended June 30, 2022. Read more here. Read more here.

Blueberries Medical Corp.

Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA), the Canadian parent of Blueberries S.A.S., a Latin American licensed cultivator and producer of medicinal cannabis and medicinal-grade cannabis extracts, reported its financial results for the quarter ended on June 30, 2022. Read more here.

Cannabis Global, Inc.

Cannabis Global, Inc. (OTC: CBGL), a licensed Los Angeles-based manufacturer and distributor in the cannabis sector, today made comments on expected corporate growth and unique products launching into the California Cannabis marketplace. For the fiscal year ending on August 31, 2022, the company expects to report strong growth, driven by new product introductions and multiple new distribution partnerships. Read more here.

Far & Dotter

Far & Dotter, the inclusive cannabis dispensary franchise model from Curio Wellness, has announced its intentions to support entrepreneurs applying to enter New York’s complex cannabis industry. Read more here.

Abaca, Pacific Valley Bank

Abaca, a financial platform for cannabis operators, and Pacific Valley Bank (OTC Pink: PVBK), are partnering to expand access to cannabis banking in the California market. Read more here.

Cannabix Technologies Inc.

Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF), developer of marijuana breathalyzer devices for law enforcement and the workplace, reports it continues to successfully test a supplemental version of its FAIMS technology for detection of ∆9-tetrahydrocannabinol (THC) and related analytes in human breath in new comprehensive multi-analysis study of subjects under the influence of marijuana in the southern United States. Read more here.

Ascend, Teamsters Local 25

Workers at Ascend in Boston voted overwhelming this week to join Teamsters Local 25, becoming the first cannabis dispensary in New England to organize with the union. 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 natural, scalable, and accessible psychedelic and functional mushrooms, announced that it has finalized three new Canadian retail and e-commerce distribution agreements for its Optimi Life nutraceutical mushroom products. Read more here.


StaffAugust 24, 2022
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7min1570

The Daily Hit is a recap of cannabis business news for August 24, 2022.

ON THE SITE

TerrAscend Acquires Michigan Chain For $28.5 Million

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) completed its acquisition of Michigan dispensary chain Pinnacle Emporium from KISA Holdings, LLC, for $28.5 million. The purchase price will be a combination of cash and two promissory notes in an aggregate amount of $10 million and stock. Read more here.

Chalice Drops Truth Bomb

In a fairly depressing letter to shareholders, Oregon-based Chalice Brands (OTC: CHALF) dropped a truth bomb about the industry’s woes. The letter starts out nice enough. It talks about the progress made in the number of states that have legalized cannabis even if the Federal government has chosen to stay on the sidelines and keep it registered as a schedule 1 drug. Read more here.

4 Cannabis Companies That Pay Dividends

Instead of just spending money on cannabis, let it make you some money. There are a handful of cannabis stocks that actually pay dividends. So while you do spend some money upfront to buy the stocks, you can then watch the checks roll in every quarter as dividends get paid. Read more here.

LSD Compound Promotes Brain Growth, Study Finds

A new study from BetterLife Pharma (CSE: BETR, OTCQB: BETRF) showed that a compound drawn from LSD promotes brain growth. The findings provide new evidence of the chemical’s therapeutic ability to treat depression and other mental-health disorders. Read more here.

Why Athletes Are Turning to Psychedelics

The body of research on how psychedelics can affect athletes is expanding – and so is usage of the substances. Professional athletes often are willing to try anything for better opioid-free wellness and sports performance, and more of them are willing to admit it publicly. Read more here.

Hamptons Cannabis Expo 2022

Every year when summer is just about to end, New Yorkers can head out to Long Island for the Hamptons Cannabis Expo. This year as New York inches closer to full legalization, many were excited about the upcoming market, but some also expressed frustration about the amount of time it is taking. Read more here.

IN OTHER NEWS

MJ Holdings Inc.

MJ Holdings Inc., a cannabis holding company, today announced it has been awarded “penny stock exempt” status on www.otcmarkets.com in accordance with rules established by the U.S. Securities and Exchange Commission. This means shares of MJ Holdings Inc common stock are no longer subject to limitations associated with “penny stocks” (stocks selling for less than $5.) Read more here.

Hydrofarm Holdings Group, Inc., The Agricultural Gas Company

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM), a manufacturer and distributor of equipment and supplies for controlled environment agriculture, today announced that it has entered an exclusive distribution agreement with The Agricultural Gas Company, supplier of advanced CO2 enrichment solution for commercial cultivators. Read more here.

Pure Harvest Corporate Group, Inc.

Pure Harvest Corporate Group, Inc. (OTC: PHCG), a vertically integrated consumer products holding company focused on plant-based nutraceuticals, recreational cannabis, hemp-derived health and wellness products, and other emerging industries, today announces a positive corporate event has resulted in a significant reduction in corporate debt. Read more here.

The Hempshire Group, Inc.

The Hempshire Group, Inc. (TSXV: HMPG) is a California-based non-tobacco and non-nicotine smokable alternatives company that formulates and sells its own proprietary brand of cannabidiol hemp smokes. Hempshire recently commenced trading on the TSX Venture Exchange and today provided an overview of the company and its strategic initiatives to support growth in 2022 and 2023. Read more here.

AdvisorShares

AdvisorShares, a sponsor of actively managed exchange-traded funds (ETFs) and cannabis fund manager, today announced that the AdvisorShares MSOS 2x Daily ETF (Ticker: MSOX) will begin trading today. Read more here.

Rainbow Realty Group

Rainbow Realty Group, LLC and its affiliates announced closing a loan cross-collateralized by 9 properties in Sacramento, CA. At the properties there are 13 tenants, of which 12 are licensed cannabis operators. License-types include: 3 operating dispensaries, 2 dispensaries in development, 2 cultivators, 2 manufacturers, 2 delivery businesses, and a microbusiness. Read more here.

Needham Bank, Bostica, LLC

Needham Bank, a financial institution in Massachusetts that provides marijuana banking, announced it has closed a cannabis business loan to Bostica, LLC, a cannabis cultivator and manufacturer of cannabis products. Bostica will use the financing to complete the construction of their 60,000-square-foot cannabis cultivation and manufacturing facility in Lynn, Massachusetts. Read more here.


StaffAugust 23, 2022
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4min1390

The Daily Hit is a recap of cannabis business news for August 23, 2022.

ON THE SITE

New Jersey Sales Off to a Hot Start

Customer turnout, cross-border demand drive consumption up in the first three months of legal adult-use sales. A tidal wave of demand for pot in New Jersey is driving promising numbers for operators in the new adult-use cannabis market, according to a report from cannabis data firm BDSA. Read more here.

Ascend Dumps Its MedMen New York Deal

Ascend made pretty negative comments about the New York market in its decision to back out of buying MedMen’s assets. After spending time and money fighting MedMen (OTC: MMNFF) to close on its original agreement to sell its New York assets to Ascend Wellness (OTC: AAWH), the company apparently had buyer remorse. Read more here.

Still No Revenue For Nasdaq-Listed Bright Green

Bright Green posted mixed updates as it moves toward commercialization since moving into the Nasdaq Stock Market as a direct listing. Bright Green Corporation (Nasdaq: BGXX) posted mixed updates as it tries to inch toward commercialization since moving into the Nasdaq Stock Market as a direct listing. The company reported financial results for the quarter ending June 30, 2022. Read more here.

DMT Company GH Research Gives Business Update

GH Research PLC (Nasdaq: GHRS) reported financial results for the second quarter ended June 30, 2022 and gave updates on its business. The company has no revenue at this time and is focused on developing its DMT drugs for mental health issues. The company also said it does not expect to have revenue for several years. GH Research has $265.4 million in cash as of June 30, 2022, compared to $276.8 million as of December 31, 2021. The company said it believes that has enough capital to fund its operating expenses and capital expenditure requirements into 2025. Read more here.

Psychedelic Companies Turn Focus to Resilience

To talk about company resilience in the psychedelics industry is a bit premature. After all, most of the more prominent companies didn’t open their doors until 2016 or later. But it’s the perfect time to build a foundation for resilience while they look to a future of opportunity. Established life science businesses can help show the way. Read more here.

IN OTHER NEWS

Tilray Brands, Inc.

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, today announced that its medical cannabis division, Tilray Medical, has received approval and verification from The Natural Health Science Foundation of its flagship product, Tilray Purified Oral Solution CBD100, to be used in clinical trials in Australia and New Zealand. Read more here.

Chalice Brands Ltd.

Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF), a consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, announced today that it has issued the following open letter to shareholders from the Chalice Brands leadership team. Read more here.


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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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