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 (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, 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.