Isiah Thomas Archives - Green Market Report

StaffOctober 5, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

5min9600

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.


Adam JacksonOctober 5, 2022
isiahthomas.webp?fit=1136%2C852&ssl=1

6min11970

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 company received its second round of funds from its recent $10 million financing deal 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.

“We are delighted that our newest institutional investor clearly values the vision and tremendous growth potential that we see for OWP,” said Thomas, OWP’s chairman and CEO. “Furthermore, one of our original investors in OWP has increased his investment enabling us to restructure our debt with much more favorable terms.”

Upon filing an S-1 with the Securities and Exchange Commission as part of its recent common stock purchase agreement and registration rights agreement, an institutional investor made its second fixed-price follow-on equity investment of $150,000.

The fixed-price equity investments were priced at $0.15 per share.

Thomas noted that the second equity investment provides additional capital that will be used to continue to scale company operations in Colombia, enhance industrial sales of hemp products to customers and expand its carbon credits program.

“Of tremendous importance to us has been the faith and enthusiasm this institutional investor has demonstrated, evidenced by their $300,000 investment that is priced approximately 50% higher than our recent share price,” he said.

“Even more supportive long term, they are allowing us control over the timing and amounts of future equity capital, which allows us to take advantage of sudden increases in our stock price.”

OWP is the largest Black-controlled hemp and cannabis producer with offices in Las Vegas, Nevada, as well as offices and operations in Bogota and Popayan, Colombia. The company planted its first crop of cannabis in 2018 at its cultivation site in Popayan, Colombia, and began harvesting commercially in the first quarter of 2020.

“What I see in Colombia is the opportunity to become the green capital of carbon capture by working with the indigenous farmers, growers and the Afro-Colombian community,” Thomas said in a May interview with Radio W Colombia, “…because this is a unique opportunity in a unique time where the environment is calling for us to change our behavior. And not only change our behavior, but make sure that we continue to reduce our carbon footprint.”

Thomas’ international holding company, Isiah International, as well as OWP and the remaining business consortium controls approximately 1.2 million acres of land in Colombia focused on the licensed production of industrial hemp for integration into sustainable, carbon-reducing products.

OWP expects to supply its global clients with industrial and commercial applications for cannabis, hemp, and hemp products — including derivatives in crude oil, distillate, and isolate forms — with industrial-scale production to serve global cannabis and hemp demand. Its products will be produced and tested according to GAP, GMP, and ISO standards.

“I would also like to highlight that I am personally investing an additional $500,000 at $0.15 per share in $100,000 increments over the next five months,” said Thomas. “As an ascendant international hemp and cannabis company focused on environmental, social, and governance (ESG) standards, we believe that these latest rounds of investment and refinancing position us well to elevate the company to the next level.”

Cover Photo: Rey Del Rio/Getty Images


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

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


READ MORE



Recent Tweets

@GreenMarketRpt – 2 days

Georgia Medical Cannabis Program Rules Delayed over Technicality

@GreenMarketRpt – 2 days

Illinois Cannabis Sales Bolstered by New Stores in January

@GreenMarketRpt – 2 days

Bright Green Attempts to Lure Investors to Its $500 Million Offering

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.