The Daily Hit is a recap of cannabis business news for August 2, 2022.
ON THE SITE
Cantor UpGrades Clever Leaves Amid International Expansion
Clever Leaves (NASDAQ: CLVR) could become one of the world’s top five cannabinoid exporters by the end of this year, according to a new report by Cantor Fitzgerald analyst Pablo Zuanic. The findings come a week ahead of the company’s second-quarter earnings release and half a year since CEO Andres Fajardo was tapped to lead the company out of a desperate cash burn and into new, more profitable markets overseas. Read more here.
TransCanna Get $16 Million Loan With Pelorus Equity Group
Pelorus Equity Group closed on a $15.8 million debt financing agreement with TransCanna Holdings Inc. The company said in a statement that the proceeds would be used to refinance and develop TransCanna’s California facility, as well as for construction costs, and the payment of interest on existing debt. Read more here.
Psychedelic Drug Stigma Is Starting To Dissolve
As psychedelics make their way into mainstream medicine, step by careful step, there are still difficult questions people (and potential patients) want to have answered that amount to multiple elephants in the room. What exactly are they? Who is saying that they are “medicine”, and why? Aren’t they all still illegal drugs that can seriously hurt people? Isn’t this “medicine” thing just a ploy to legitimize a banned recreational drug, like ecstasy (which was granted breakthrough therapy designation by the FDA)? Read more here.
Germany Clears Cannabinoid Medication For Insomnia
Zelira Therapeutics Ltd (ASX: ZLD,OTC-QB: ZLDAF), received formal approval from German regulatory authority BfArM to launch in the German medical cannabis market for its new insomnia medication Zenivol. Zenivol is the first clinically validated, pharmaceutical-grade, cannabis-based sleep medication. Read more here.
Lollapalooza Gives Downtown Chicago Cannabis Stores A Contact High
Lollapalooza delivered another summer pick-me-up to marijuana shops downtown. PharmaCann and Cresco Labs (OTC: CURLF) report record sales at their River North stores during the four-day music festival that ended Sunday. David Chiovetti, chief commercial officer of PharmaCann, which operates a store near Clark and Superior streets, said sales were up “double digits over last year. More people came in, and people spent more.” Read more here.
IN OTHER NEWS
Cookies Co-Founder and CEO Gilbert Anthony Milam Jr., also known as Berner, is featured on the August/September 2022 issue of Forbes. The editorial decision to spotlight the 38-year-old rapper and cannabis entrepreneur by one of the world’s most respected business publications represents yet another powerful milestone for the $72 billion cannabis industry. Read more here.
Flora Growth Corp., Pharma Indigena Misak Manasr Sas
Flora Growth Corp. (NASDAQ: FLGC), an all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today a joint venture agreement with Pharma Indigena Misak Manasr Sas, the largest indigenous tribe in Colombia, on the development of cultivation best practices, manufacturing, export, and marketing of cannabis and cannabis containing products. Read more here.
Red White & Bloom Brands Inc.
Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) reported it has filed its 2021 audited financial statements, its 2022 first quarter financial statements and related 2021 and 2022 first quarter Management’s Discussion and Analysis and is providing certain full year 2021 and Q1, 2022 financial results and select subsequent events. Read more here.
Captor Capital Corp.
Captor Capital Corp. (CSE: CPTR; FRANKFURT: NMVA; STUTTGART: NMVA), announced today the release of its Audited Annual Financial Statements and MD&A for the year ended March 31, 2022. For the twelve months from April 1, 2021 to March 31, 2022 revenues from the sale of cannabis at the Company’s California dispensary network were $32,737,461, with the Company recording a gross profit of $12,307,212. Revenues from cannabis sales were up $16,520,051 (102%) from the previous fiscal year, while gross profit was up $7,010,238 (132%), in the face of a competitive and challenging retail cannabis environment. Read more here.
NewLake Capital Partners, Inc.
NewLake Capital Partners, Inc. (OTCQX: NLCP), a provider of real estate capital to state-licensed cannabis operators, today announced that it has added two lenders to its existing five-year revolving credit facility and upsized the aggregate commitment under the facility from $30 million to $90 million. The credit facility matures in May 2027, and has a fixed interest rate of 5.65% for the first three years and a floating rate thereafter. The Credit Facility allows for further expansion as additional lenders are added, or the commitments of existing lenders are increased. Read more here.
Incannex Healthcare Limited, Curia Global, Inc.
Incannex Healthcare Limited (Nasdaq: IXHL) (ASX: IHL), a clinical-stage pharmaceutical company developing unique medicinal cannabinoid pharmaceutical products and psychedelic medicine therapies for unmet medical needs, announced that it has engaged Curia Global, Inc. to further develop and manufacture GMP-grade IHL-216A, Incannex’s proprietary inhaled drug product for the treatment of concussion and traumatic brain injury. Read more here.
Hydrofarm Holdings Group, Inc.
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM), a manufacturer and distributor of hydroponics equipment and supplies for controlled environment agriculture, announced preliminary unaudited financial results for its second quarter ended June 30, 2022. Read more here.