psychedelics Archives - Green Market Report

StaffSeptember 19, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

12min460

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

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

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.


StaffAugust 25, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

6min110

The Daily Hit is a recap of cannabis business news for August 25, 2022.

ON THE SITE

Aurora Buys $45 Million Majority Stake in Bevo Farms

Bevo will take over the shuttered Aurora Sky facility as part of the completed deal. Aurora Cannabis (Nasdaq: ACB, TSX: ACB) acquired a majority stake in grow giant Bevo Farms in a bid to consolidate and offload one of its largest greenhouses. Read more here.

New York Opens Adult-Use Retail Application

OCM said that it would distribute up to 150 conditional adult-use retail dispensary permits. New York’s Office of Cannabis Management is now accepting applications for those directly affected by the war on drugs in a first-round distribution of state adult-use retail licenses. Read more here.

SLANG Forms M&A Division as Revenues Rise

SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) revenues rose in the second quarter as the company looks toward snapping up new opportunities through a new M&A commission. The cannabis consumer packaged goods company released financial results for the second quarter ending June 30, 2022. Read more here.

Feds Agree to Create Task Force to Help Psychedelics Development

The task force would address issues associated with the approval and rollout of medical psychedelics to treat mental health disorders. Earlier this month, the U.S. government took a significant step toward legitimizing psychedelics as a therapeutic treatment by announcing the formation of an interagency task force around the issue. Read more here.

IN OTHER NEWS

POSaBIT Systems Corporation

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), the leading provider of payments infrastructure in the cannabis industry, today announced its financial results for the three months ended June 30, 2022. Read more here. Read more here.

Blueberries Medical Corp.

Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA), the Canadian parent of Blueberries S.A.S., a Latin American licensed cultivator and producer of medicinal cannabis and medicinal-grade cannabis extracts, reported its financial results for the quarter ended on June 30, 2022. Read more here.

Cannabis Global, Inc.

Cannabis Global, Inc. (OTC: CBGL), a licensed Los Angeles-based manufacturer and distributor in the cannabis sector, today made comments on expected corporate growth and unique products launching into the California Cannabis marketplace. For the fiscal year ending on August 31, 2022, the company expects to report strong growth, driven by new product introductions and multiple new distribution partnerships. Read more here.

Far & Dotter

Far & Dotter, the inclusive cannabis dispensary franchise model from Curio Wellness, has announced its intentions to support entrepreneurs applying to enter New York’s complex cannabis industry. Read more here.

Abaca, Pacific Valley Bank

Abaca, a financial platform for cannabis operators, and Pacific Valley Bank (OTC Pink: PVBK), are partnering to expand access to cannabis banking in the California market. Read more here.

Cannabix Technologies Inc.

Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF), developer of marijuana breathalyzer devices for law enforcement and the workplace, reports it continues to successfully test a supplemental version of its FAIMS technology for detection of ∆9-tetrahydrocannabinol (THC) and related analytes in human breath in new comprehensive multi-analysis study of subjects under the influence of marijuana in the southern United States. Read more here.

Ascend, Teamsters Local 25

Workers at Ascend in Boston voted overwhelming this week to join Teamsters Local 25, becoming the first cannabis dispensary in New England to organize with the union. Read more here.

Optimi Health Corp.

Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce natural, scalable, and accessible psychedelic and functional mushrooms, announced that it has finalized three new Canadian retail and e-commerce distribution agreements for its Optimi Life nutraceutical mushroom products. Read more here.


StaffAugust 24, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

7min80

The Daily Hit is a recap of cannabis business news for August 24, 2022.

ON THE SITE

TerrAscend Acquires Michigan Chain For $28.5 Million

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) completed its acquisition of Michigan dispensary chain Pinnacle Emporium from KISA Holdings, LLC, for $28.5 million. The purchase price will be a combination of cash and two promissory notes in an aggregate amount of $10 million and stock. Read more here.

Chalice Drops Truth Bomb

In a fairly depressing letter to shareholders, Oregon-based Chalice Brands (OTC: CHALF) dropped a truth bomb about the industry’s woes. The letter starts out nice enough. It talks about the progress made in the number of states that have legalized cannabis even if the Federal government has chosen to stay on the sidelines and keep it registered as a schedule 1 drug. Read more here.

4 Cannabis Companies That Pay Dividends

Instead of just spending money on cannabis, let it make you some money. There are a handful of cannabis stocks that actually pay dividends. So while you do spend some money upfront to buy the stocks, you can then watch the checks roll in every quarter as dividends get paid. Read more here.

LSD Compound Promotes Brain Growth, Study Finds

A new study from BetterLife Pharma (CSE: BETR, OTCQB: BETRF) showed that a compound drawn from LSD promotes brain growth. The findings provide new evidence of the chemical’s therapeutic ability to treat depression and other mental-health disorders. Read more here.

Why Athletes Are Turning to Psychedelics

The body of research on how psychedelics can affect athletes is expanding – and so is usage of the substances. Professional athletes often are willing to try anything for better opioid-free wellness and sports performance, and more of them are willing to admit it publicly. Read more here.

Hamptons Cannabis Expo 2022

Every year when summer is just about to end, New Yorkers can head out to Long Island for the Hamptons Cannabis Expo. This year as New York inches closer to full legalization, many were excited about the upcoming market, but some also expressed frustration about the amount of time it is taking. Read more here.

IN OTHER NEWS

MJ Holdings Inc.

MJ Holdings Inc., a cannabis holding company, today announced it has been awarded “penny stock exempt” status on www.otcmarkets.com in accordance with rules established by the U.S. Securities and Exchange Commission. This means shares of MJ Holdings Inc common stock are no longer subject to limitations associated with “penny stocks” (stocks selling for less than $5.) Read more here.

Hydrofarm Holdings Group, Inc., The Agricultural Gas Company

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM), a manufacturer and distributor of equipment and supplies for controlled environment agriculture, today announced that it has entered an exclusive distribution agreement with The Agricultural Gas Company, supplier of advanced CO2 enrichment solution for commercial cultivators. Read more here.

Pure Harvest Corporate Group, Inc.

Pure Harvest Corporate Group, Inc. (OTC: PHCG), a vertically integrated consumer products holding company focused on plant-based nutraceuticals, recreational cannabis, hemp-derived health and wellness products, and other emerging industries, today announces a positive corporate event has resulted in a significant reduction in corporate debt. Read more here.

The Hempshire Group, Inc.

The Hempshire Group, Inc. (TSXV: HMPG) is a California-based non-tobacco and non-nicotine smokable alternatives company that formulates and sells its own proprietary brand of cannabidiol hemp smokes. Hempshire recently commenced trading on the TSX Venture Exchange and today provided an overview of the company and its strategic initiatives to support growth in 2022 and 2023. Read more here.

AdvisorShares

AdvisorShares, a sponsor of actively managed exchange-traded funds (ETFs) and cannabis fund manager, today announced that the AdvisorShares MSOS 2x Daily ETF (Ticker: MSOX) will begin trading today. Read more here.

Rainbow Realty Group

Rainbow Realty Group, LLC and its affiliates announced closing a loan cross-collateralized by 9 properties in Sacramento, CA. At the properties there are 13 tenants, of which 12 are licensed cannabis operators. License-types include: 3 operating dispensaries, 2 dispensaries in development, 2 cultivators, 2 manufacturers, 2 delivery businesses, and a microbusiness. Read more here.

Needham Bank, Bostica, LLC

Needham Bank, a financial institution in Massachusetts that provides marijuana banking, announced it has closed a cannabis business loan to Bostica, LLC, a cannabis cultivator and manufacturer of cannabis products. Bostica will use the financing to complete the construction of their 60,000-square-foot cannabis cultivation and manufacturing facility in Lynn, Massachusetts. Read more here.


StaffAugust 23, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

4min120

The Daily Hit is a recap of cannabis business news for August 23, 2022.

ON THE SITE

New Jersey Sales Off to a Hot Start

Customer turnout, cross-border demand drive consumption up in the first three months of legal adult-use sales. A tidal wave of demand for pot in New Jersey is driving promising numbers for operators in the new adult-use cannabis market, according to a report from cannabis data firm BDSA. Read more here.

Ascend Dumps Its MedMen New York Deal

Ascend made pretty negative comments about the New York market in its decision to back out of buying MedMen’s assets. After spending time and money fighting MedMen (OTC: MMNFF) to close on its original agreement to sell its New York assets to Ascend Wellness (OTC: AAWH), the company apparently had buyer remorse. Read more here.

Still No Revenue For Nasdaq-Listed Bright Green

Bright Green posted mixed updates as it moves toward commercialization since moving into the Nasdaq Stock Market as a direct listing. Bright Green Corporation (Nasdaq: BGXX) posted mixed updates as it tries to inch toward commercialization since moving into the Nasdaq Stock Market as a direct listing. The company reported financial results for the quarter ending June 30, 2022. Read more here.

DMT Company GH Research Gives Business Update

GH Research PLC (Nasdaq: GHRS) reported financial results for the second quarter ended June 30, 2022 and gave updates on its business. The company has no revenue at this time and is focused on developing its DMT drugs for mental health issues. The company also said it does not expect to have revenue for several years. GH Research has $265.4 million in cash as of June 30, 2022, compared to $276.8 million as of December 31, 2021. The company said it believes that has enough capital to fund its operating expenses and capital expenditure requirements into 2025. Read more here.

Psychedelic Companies Turn Focus to Resilience

To talk about company resilience in the psychedelics industry is a bit premature. After all, most of the more prominent companies didn’t open their doors until 2016 or later. But it’s the perfect time to build a foundation for resilience while they look to a future of opportunity. Established life science businesses can help show the way. Read more here.

IN OTHER NEWS

Tilray Brands, Inc.

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, today announced that its medical cannabis division, Tilray Medical, has received approval and verification from The Natural Health Science Foundation of its flagship product, Tilray Purified Oral Solution CBD100, to be used in clinical trials in Australia and New Zealand. Read more here.

Chalice Brands Ltd.

Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF), a consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, announced today that it has issued the following open letter to shareholders from the Chalice Brands leadership team. Read more here.


Debra BorchardtAugust 23, 2022
DMT.jpg?fit=960%2C640&ssl=1

5min200

GH Research PLC (Nasdaq: GHRS) reported financial results for the second quarter ended June 30, 2022 and gave updates on its business. The company has no revenue at this time and is focused on developing its DMT drugs for mental health issues. The company also said it does not expect to have revenue for several years. GH Research has $265.4 million in cash as of June 30, 2022, compared to $276.8 million as of December 31, 2021. The company said it believes that has enough capital to fund its operating expenses and capital expenditure requirements into 2025.

GH Research reported a net profit of $0.3 million, or $0.006 earnings per share, for the quarter versus a net loss of $2.1 million, or $0.053 loss per share, for the same quarter in 2021. This was due to the foreign exchange gain in the quarter.

In May 2022, the company announced the positive outcome of its pre-IND meeting with the U.S. Food and Drug Administration (FDA) and said it expects to submit the IND for GH001 in TRD no later than the first quarter of 2023. GH001 is the proprietary inhalable 5-methoxy-N,N-dimethyltryptamine (5-MeO-DMT) product candidate. The planned IND-opening study is a Phase 1 imaging study in patients with TRD designed to further elucidate the mechanism of action of GH001 (GH001-TRD-104).

Expenses

R&D expenses were $4.2 million for the quarter versus $2.0 million for the same quarter in 2021. The increase was primarily due to increased activities relating to the company’s technical development and clinical trials and increases in employee expenses to support these activities. G&A expenses were $2.5 million for the quarter versus $0.7 million for the same quarter in 2021. The increase was primarily due to an increase in insurance costs, as well as increased employee expenses.

Studies

In March 2022, GH Research announced its plan to submit clinical trial applications in several European countries for a multi-center, randomized, controlled Phase 2b trial of GH001 in treatment-resistant depression (TRD) (GH001-TRD-201). “We plan to submit such applications beginning in the third quarter of 2022. When such applications are approved, we expect to recruit approximately 80 patients for this trial. The primary objective will be to determine the efficacy of a single-day individualized-dosing regimen (IDR) of GH001 compared with placebo in improving depressive symptoms as assessed by the mean change from baseline in Montgomery-Åsberg Depression Rating Scale (MADRS) at the end of the 7-day double-blind phase.”
In May 2022, the company announced the positive outcome of its pre-IND meeting with the U.S. Food and Drug Administration (FDA), and expects to submit the IND for GH001 in TRD not later than the first quarter of 2023. The planned IND-opening study is a Phase 1 imaging study in patients with TRD designed to further elucidate the mechanism of action of GH001 (GH001-TRD-104).
“Our recently announced Phase 2a proof-of-concept clinical trials of GH001 for the treatment of patients with bipolar II disorder and a current depressive episode (BDII) (GH001-BD-202) and for the treatment of patients with postpartum depression (PPD) (GH001-PPD-203) have now received regulatory approvals and site startup activities have commenced. The trials have an open-label, single-arm design with 7 days duration and they are expected to recruit approximately 15 patients each. The primary objective of the trials will be to determine the efficacy of a single day IDR of GH001 in improving depressive symptoms as assessed by mean change in MADRS from baseline to day 7.”

 

 


Choose Your News

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

 Subscribe

We respect your privacy. See our privacy policy.


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 – 1 day

Researchers Seek to Remove ‘Trip’ as Popularity of Psychedelic Treatments Grows

@GreenMarketRpt – 2 days

The Weekly Stash Video September 30, 2022

Back to Top

Choose Your News

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

 Subscribe

We respect your privacy. See our privacy policy.