NeonMind Archives - Green Market Report

Kaitlin DomangueMarch 2, 2021
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It’s time for your Daily Hit of cannabis financial news for March 2nd, 2021. 

On the Site

Collecting and Storing Cannabis Pollen

Most growers these days are only interested in female plants, but if you want to cross different strains and breed new combinations, you’ll need the pollen. And in fact, few companies sell pollen so it’s actually much more practical to just collect your own. For indoor growers, collecting it is the only option, since nature’s elements are not present to spread the pollen for them.

Pro tip: If you are storing seeds for later pollen collection, best to occasionally pull one out and give it a germination test to make sure the little babies are still active and viable.

 

The Massachusetts Cannabis Industry is a Billion Dollar Marketplace

Cannabis business consulting firm Nucleus One recently released the findings of their February 2021 Massachusetts Adult-Use Marijuana Market Report. Nucleus-One tracks and analyzes data from the Cannabis Control Commission of Massachusetts. February’s report heralded good news for the Commonwealth’s cannabis industry after a short-lived decline in sales in 2020. Since the decline, December and January 2021 saw unprecedented sales, with over 98 active retailers in the state. This growth is due to higher sales in product categories other than flower shares, which hit an all-time low in December. 

 

CBN Market Targets Sleep

The demand for sleep aids and medications has seen a similar surge, and with it the debut of products containing Cannabinol (CBN), a minor cannabinoid with what some claim is a uniquely sedative effect.

Unlike CBD, CBN is not present in significant quantities in fresh marijuana, but when unheated marijuana ages or is exposed to air and light, the THC in it turns to CBN.

 

Circle K Ramps Up Cannabis Ownership

Alimentation Couche-Tard Inc. or ACT, the owners of Circle K have increased its equity stake in Canadian cannabis company Fire & Flower Holdings Corp.  (OTCQX: FFLWF). ACT announced that it plans to convert all of its approximately $28.5 million outstanding principal amount of 8.0% secured convertible debentures issued in April 2020 as well as the conversion of approximately $23.6 million principal amount of 8.0% unsecured convertible debentures issued to 2707031 Ontario Inc. Following the conversion, ACT will have converted a total of approximately $52 million principal amount of debt to equity and ACT will hold 19.9% of the issued and outstanding shares of Fire & Flower.

 

High Tide Crushes Fourth Quarter, 166% Increase in Revenue

Canadian cannabis retailer, High Tide Inc., (TSXV: HITI) (OTCQB: HITIF), announced their Q4 earnings yesterday for 2020. Despite the curveballs 2020 threw, High Tide landed on top, and reported a 118% increase in revenue bringing the total to $24.9 million for the fourth quarter. The revenue increase accounted for a 166% year-over-year growth, and brought the year’s total earnings to $83.3 million. 

In Other News

NeonMind Biosciences Inc. Files for Four Additional Provisional Patents

NeonMind Biosciences Inc. (CSE: NEON) (OTC:NMBDF) (FRA: 6UF) announced that they have filed four additional provisional patents on psilocybin preclinical data. NeonMind has a consumer products division focusing on medicinal mushroom infused products, as well as a pharmaceutical division focused on drug development of psychedelic compounds. 

The provisional patent features data derived from the company’s initial preclinical trial that began in November 2020. This trial examined the potential use of psilocybin as a treatment for weight loss. NeonMind’s proprietary preclinical data shows promise that both low and high dose psilocybin may reduce weight gain and that the reduction in weight gain can occur in a short period of time. 

“We are encouraged with the preliminary results obtained from our preclinical trial,” says NeonMind President & CEO Robert Tessarolo. “Through an expanded portfolio of patent applications, NeonMind is uniquely positioned to pursue exciting drug development opportunities in the enormously underserved weight management market. There have been so many solutions developed in the past that have disappointed; a new approach is desperately needed. We are actively building out our capabilities to execute the critical phases of drug development needed to support new drug applications to the FDA.” 

 

TILT Holdings Inc. Approved for Cultivation Expansion at Massachusetts Facility 

TILT Holdings Inc. (CSE: TILT) (OTCQX: TLLTF), announced its approval for expanding cultivation at their Massachusetts cultivation and manufacturing facility. The request was approved by Massachusetts Cannabis Control Commission and set for eight additional grow rooms at its subsidiary, Commonwealth Alternative Care, Inc. The new operations are set to begin later this month. 

“We are pleased to announce the regulatory approval of the second phase of the planned expansion of our 117,000 sq ft cultivation and manufacturing facility in Taunton, Massachusetts,” said Gary Santo, president of TILT. “We now have more than 56,000 sq. ft. of cultivation space with the ability to add a second grow tier to each of the eight new rooms, pending regulatory approval. Once planted, these additional rooms will fortify the supply of premium flower for our Taunton dispensary, and together with our award-winning kitchen and state-of-the art extraction and processing lab, will support the production and distribution of high-quality, consistent products for our brand partners. As we continue to solidify CAC’s presence in the state, we remain committed to working with the CCC to achieve final state licenses permitting medical dispensary operations at our Brockton and Cambridge locations, as well as adult-use operations at both our Brockton and Taunton locations.”

 

Canopy Growth Launches CBD Beverage Brand

Canopy Growth Corporation has launched a CBD beverage brand. The drink is already a top seller in the category after a successful Canadian launch. The brand is called Quatreau, and it contains 20 milligrams of U.S. grown hemp-derived CBD. Quaetreau comes in four refreshing flavors:

  • Quatreau CBD-infused Sparkling Water in Cucumber + Mint
  • Quatreau CBD-infused Sparkling Water in Passionfruit + Guava
  • Quatreau CBD-infused Sparkling Water in Ginger + Lime
  • Quatreau CBD-infused Sparkling Water in Blueberry + Acai

“We have proven our beverage strategy in Canada, where we are currently the market share leader in CBD-infused ready-to-drink beverages,” said Canopy Growth President and Chief Product Officer Rade Kovacevic. “Beverages are fueling growth in the CBD category and we believe this product will resonate with U.S. consumers looking for a naturally flavored, zero sugar option.”


StaffJanuary 27, 2021
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Mydecine

Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF)  has submitted a formal application to list its common shares on the NASDAQ Stock Exchange. NASDAQ is the second-largest exchange by market capitalization worldwide and is home to many of the world’s best technology companies. “We believe the Company is entering an accelerated growth phase and the timing could not be better for listing our Shares to NASDAQ,” said Josh Bartch, CEO & Chair of Mydecine. “This listing is intended to open the investment opportunity to a larger and more diverse pool of investors and help create greater shareholder value. A listing on the NASDAQ Capital Market is a natural progression for the Company and our shareholders.”

NeonMind

NeonMind Biosciences Inc. (CSE: NEON) has appointed pharmaceutical executive Robert Tessarolo as its President and Chief Executive Officer.
Mr. Tessarolo has 25 years of experience in the pharmaceutical industry. Most recently he held the position of President and Chief Executive Officer of Mind Medicine (Mindmed) Inc., a psychedelic drug discovery and drug development company now traded on the NEO exchange, from September 2019 to January 2020.  Prior, Mr. Tessarolo was President and Chief Executive Officer of Cipher Pharmaceuticals Inc., a diversified specialty pharmaceutical company listed on the Toronto Stock Exchange. His experience includes executive and key leadership roles that span over two decades including  commercial and business development experience with obesity, addiction and neurologic assets.
“These are exciting times in psychedelic drug development. There is an array of dynamic molecules that have been well characterized over the years but have not been adequately studied in the rigorous clinical trials necessary for regulatory approval. NeonMind grabbed my attention with its distinctive focus on the obesity market and desire to bring new treatment modalities to patients suffering with obesity. Over the years promising new drugs to treat obesity have failed to gain regulatory approval.  This market remains underserved and patients dissatisfied with current treatment options. A safe and effective new approach would be well received,” says NeonMind President and CEO, Robert Tessarolo. “NeonMind’s unique intellectual property portfolio makes it well positioned for growth. I’m grateful to be at the helm of this organization to lead its growth as it matures and makes what could be a truly significant impact on the health and well-being of populations worldwide.”
Ehave
Ehave, Inc. (OTC Pink: EHVVF) announced it is exploring how palliative patients could benefit from its Ketamine home delivery platform, KetaDASH. KetaDASH will be based on a dashboard that provides ketamine to patients who have had it prescribed by a physician. The dashboard will provide an objective view of performance metrics and allow KetaDASH to ensure necessary medical guidance, supervision, and support.
Ben Kaplan, CEO of Ehave said, “Our goal is to provide an IV service that will allow medical professionals to provide psychedelic-assisted therapies in the comfort and convenience of their patients’ homes. We believe a large number of patients prefer a medical technician come to their home over going to a clinic.”

StaffJanuary 4, 2021
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NeonMind Biosciences Inc. (CSE: NEON) common shares have begun trading on the Canadian Securities Exchange under the ticker symbol “NEON”.  NeonMind is a psychedelic drug development company and the company recently completed its oversubscribed Initial Public Offering on December 30, 2020, for gross proceeds of $4.6 million.

“Our public listing is a significant milestone for us as we execute on our plan to grow our intellectual property portfolio and product development pipeline,” says NeonMind founder and CEO, Penny White, “We are extremely grateful to the investment community for their participation in our successful public offering and we look forward to strategically increasing shareholder value as we advance our business in the psychedelic sector.”

The company said in a statement that its mission is to help people change their lives by changing their minds, through treatment with psychedelics. Its initial focus will be on obesity. NeonMind said it is exploring the use of psilocybin (a complex organic compound found in psychedelic mushrooms) as a potential treatment for weight loss through a preclinical trial. It has hired the University of British Columbia, which has been granted authorization by Health Canada to use Psilocybin in NeonMind’s Preclinical Trial, to test the potential use of Psilocybin to improve eating habits and cause weight loss. The Preclinical Trial started in November 2020 and NeonMind expects to complete an application for a Phase 2 Human Trial in the spring of 2021.

NeonMind has filed 5 US provisional patent applications claiming methods of aiding in weight loss, treating a compulsive eating disorder, treating obesity or a complication of obesity, and/or altering the diet of an individual by administering psilocybin and/or other psychedelic compounds or their analogs or by administering psilocybin or its analog in conjunction with therapy or other treatments.

NeonMind is also pursuing commercialization of its catalog of proprietary medicinal mushroom product formulas. It recently launched a collection of four mushroom-infused coffees which are infused with medicinal mushrooms Lion’s Mane, Turkey Tail, Reishi, and Cordyceps.


StaffSeptember 30, 2020
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Better Plant Sciences Inc.  (OTCQB: VEGGF) that its majority-owned subsidiary NeonMind Biosciences has entered into a definitive agreement with Psygen Labs Inc. for the supply of psilocybin for NeonMind’s planned preclinical, and clinical trials to study the use of a drug product including Psilocybin for the treatment of food cravings and anxiety. The agreement was signed on September 28th, 2020.
“Psilocybin is known to activate serotonin receptors,” says Dr. William Panenka, lead scientific advisor to NeonMind, “as a neurotransmitter, serotonin helps to relay messages from one area of the brain to another. Serotonin is responsible for some of the drivers which govern eating. We are very interested in furthering studies to test various dosing regimens for NeonMind to see the effects that psilocybin may have on the serotonin receptors that regulate food cravings.”
Psygen is a privately held company based in Calgary, Alberta that specializes in the synthetic manufacture of psychedelic drug substances and drug products. Psygen provides non-exclusive access to GMP compliant psychedelic drug substances and drug products for clinical trials, therapeutic applications and pre-clinical studies. Psygen has sponsored a Licensed Dealer who holds a license for the manufacture, sale, import, export, and analysis of LSD, psilocybin, MDMA, DMT, 2C-B, and mescaline. Psygen has applied to Health Canada for a Dealer’s License that will allow Psygen to manufacture, possess, sell, import, export, research, develop, and analyze psychedelic drug substances and drug products. Psygen is currently building out a 6,000 square foot lab capable of large-scale synthesis, formulation, and distribution of the above and additional psychedelics to a GMP standard.
In December 2019, NeonMind said it filed a U.S. provisional patent application in the United States for the invention relating to the therapeutic administration of psilocybin to provide weight loss benefits and potential treatment or regulation of diabetes, and regulation of blood glucose, and to reduce susceptibility to cardiovascular disease, high blood pressure, diabetes mellitus, hypertension, multiple sclerosis, erectile dysfunction, urinary incontinence, chronic renal failure, sleep apnea, asthma, and certain forms of cancer. In May 2020, NeonMind said it had completed the design of a preclinical trial to confirm that psilocybin is an effective treatment for weight loss and food cravings. In July 2020, the scientific investigator chosen to lead NeonMind’s preclinical trial submitted a Section 56 Exemption application to Health Canada for the use of psilocybin in the Trial.
“Psygen’s mission is to fill a supply gap for restricted drug substances and restricted drug products for use in clinical trials and in pre-clinical research,” says Danny Motyka, CEO of Psygen Labs Inc. “We have brokered supply of various restricted drugs for pre-clinical studies and clinical trials through our relationship with a Licensed Dealer.  Psygen is currently building out a commercial manufacturing facility designed for high-volume output of psychedelic drug substances and drug products, filling a niche in the evolving psychedelic medicine ecosystem.  Today these psychedelic drug substances are classified as restricted drugs, meaning no recognized medical use in Canada, and we are playing our part in moving those substances to the controlled drugs schedule of the Food and Drug Regulations or otherwise providing compliant access to psilocybin and other psychedelics.”
NeonMind is launching a line of coffees infused with health optimizing medicinal mushrooms including reishi, cordyceps, lion’s mane and turkey tail mushrooms.  Better Plant Sciences owns approximately 69% of the issued and outstanding stock of NeonMind.

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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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