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.