The Daily Hit is a recap of the top cannabis business stories for June 23, 2022.
ON THE SITE
IGC Makes Progress on THC for Alzheimer’s
India Globalization Capital, Inc. (IGC) (NYSE: IGC) announces its financial results for the fiscal year ending March 31, 2022. IGC reported that its revenue was approximately $397 thousand and $898 thousand for Fiscal 2022 and Fiscal 2021, respectively. The net loss for Fiscal 2022 for IGC was approximately $15 million or $0.30 per share, compared to approximately $8.8 million or $0.21 per share for Fiscal 2021. Adjusting for approximately $5.3 million in one-time and non-cash expenses, the net loss is approximately $9.7 million in Fiscal 2022. Read more here.
Selling the Psuedo-Psychedelic Sizzle
Say you want a quick microdose of an uplifting substance this morning and decide to turn to one of a handful of companies promising a “magic” experience with their mushroom concoctions—such as Mudwtr. A little psilocybin buzz should do the trick, right? Oops… better look closer. Read more here.
Executive Spotlight: Dave Choulpek
Juva Life (OTC: JUVAF) is a life sciences research company with an immense background in cannabis, allowing the company to cultivate and to derive small molecule compounds that target inflammation in the human body. Currently Juva Life is working with Juva-019 and Juva-041, which are non-cannabinoid molecules found to be naturally occurring in the cannabis plant. Juva Life’s assets include one micro business, one cannabis cultivation facility and two cannabis delivery companies in California. Read more here.
IN OTHER NEWS
Khiron Life Sciences Corp.
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) (Frankfurt: A2JMZC), a global medical cannabis company throughout Latin America and Europe, announced the results of its 2022 Annual General and Special Meeting of shareholders held on June 23, 2022. Read more here.
Auxly Cannabis Group Inc.
Auxly Cannabis Group Inc. (TSX: XLY), a consumer packaged goods company in the cannabis products market, announced that it has amended and restated the unsecured convertible debentures in the capital of the company issued under its standby facility with an institutional investor, which was previously announced on April 28, 2020. Read more here.
Nabis Cannabis, Teamsters Local 630
Drivers and fleet maintenance workers at Nabis Cannabis have voted overwhelmingly to ratify their first contract with Teamsters Local 630. It is the first collective bargaining agreement at the rapidly-growing cannabis distribution company. “I’m incredibly proud of the tenacity and courage that was demonstrated by this group of workers,” said Lou Villalvazo, Local 630 Secretary-Treasurer. “What they have done at this company can serve as a model for successful organizing and bargaining throughout the California cannabis industry moving forward.” Read more here.
Item 9 Labs Corp.
Item 9 Labs Corp. (OTCQX: INLB) — a vertically integrated cannabis dispensary franchisor and operator announced today that its new 20,000 square-foot, state-of-the-art cultivation and lab facility in Pahrump, N.V. is nearing completion and expected to be fully operational by end of 2022. Read more here.
CannTrust Holdings Inc.
CannTrust Holdings Inc. (unlisted), minority investor in Phoena Holdings Inc. (formerly CannTrust Equity Inc.) today announced that it is seeking an order from the Ontario Superior Court of Justice extending the time for the company to call the next annual meeting of its shareholders. The company also provided an update concerning its board of directors’ review of strategic alternatives. Read more here.
CryoMass Technologies Inc.
CryoMass Technologies Inc. (OTCQX: CRYM) announced that CryoMass begins trading today on OTCQX under the symbol “CRYM.” Christian Noël, CryoMass CEO, stated, “We are pleased to reach this important milestone, as OTCQX is the highest tier of the OTC markets. Of more than 12,000 securities traded on the OTC Markets, only 644 (as of May 31, 2022) have met the requirements for trading on the OTCQX® Best Market. The upgrade to the OTCQX will increase CryoMass’s accessibility to U.S. investors and will allow our shareholders to trade more effectively. This also reflects our continued commitment to responsible corporate governance.” Read more here.
Concerned shareholders of Akanda Corp. have today replaced a majority of the board of directors of the Corporation, with highly-qualified and motivated directors. The concerned shareholders of the corporation collectively own or control 16,556,779 common shares of the corporation (representing approximately 54.1% of the issued and outstanding common shares of Akanda), and yesterday passed a written resolution of the shareholders of the corporation pursuant to the provisions of the Business Corporations Act (Ontario) removing each of Louisa Mojela, Philip van den Berg, Charles Kié, Gila Jones, Gugu Dingaan and Bridget Baker as directors of the Corporation effective immediately. Read more here.