The Daily Hit is a recap of the day’s top cannabis business stories for April 19, 2022.
On The Site
Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) also known as Audacious was awarded a provisional Cultivation license, as well as a provisional manufacturing license in the state of New Jersey. New Jersey has become the latest state to attract the attention of cannabis companies in the country. Adult-use sales will begin this Thursday, April 21 jump-starting a process that has continually stalled since voters agreed to legalize it in 2020. With a population near 9 million people, it is estimated that the total New Jersey market could reach $2 billion. Read more here.
While most people in the cannabis industry are gearing up for the high holiday of April, 20 or 420, our good friends in the psychedelic industry have their own day of celebration. It’s called Bicycle Day and it falls on April 19. The history is that on April 19, 1943, Albert Hofmann, the Swiss father of psychedelic medicine, dropped lysergic acid diethylamide (LSD) at 4:20 pm, interestingly enough, and went on a bike ride, becoming the first human to trip on LSD. Read more here.
Roth Capital Partners analyst Elemer Piros has issued an industry note covering six psychedelic drug companies. All have received buy ratings and Piros has assigned price targets for each stock. The main premise for the buy rating is the analyst’s analogy between cancer immunotherapy and psychedelic-assisted psychotherapy. He notes, that while the comparison isn’t perfect, there are many similarities. For example, in cancer immunotherapy once or infrequently to a cancer patient to fight tumors. That is then followed by weeks of supportive care. Remissions can sometimes last for 10years. While it doesn’t work for every patient, it has revolutionized cancer treatments. Piros compares that to psychedelic treatments for patients with various mental health issues. These patients have a handful of treatment sessions that are followed up by psychotherapy sessions. It isn’t a perfect solution, but for many the response rate is remarkable. Read more here.
In Other News
Grown Rogue International Inc. (OTC: GRUSF) announced the closing of the acquisition, previously announced on February 8, 2021, with HSCP, LLC a subsidiary of Acreage Holdings Inc.(OTC: ACRHF, ACRDF) for a state-of-the-art 30,000 Sq Ft indoor facility located in Medford, Oregon. The acquisition, which closed on April 14, 2022, brings Grown Rogue’s total indoor production capacity, including the Golden Harvests, LLC assets in Michigan, to 127,000 Sq Ft. Read more here.
High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) will mark the annual 4/20 cannabis holiday with the opening of two new stores in Alberta and Ontario. The new stores are located at 172 Leva Avenue in Red Deer County, Alberta and 595 Fanshawe Park Road West in London, Ontario. These openings will bring High Tide’s total number of branded retail locations across Canada to 115, and also represent the Company’s 62nd location in Alberta and 35th location in Ontario, respectively. Read more here.