It’s time for your Daily Hit of cannabis financial news for April 29th, 2020.
On the Site
Revive Therapeutics Researching Oral Dosage Of Psilocybin
Specialty life science company Revive Therapeutics Ltd. (CSE: RVV) has said that it will investigate novel oral dosage forms of psilocybin, such as oral dissolvable thin films or tablets, based on its wholly-owned patent-pending psilocybin formulations and its exclusive licensed drug delivery technology from the Wisconsin Alumni Research Foundation.
The company said in a statement that through initial evaluations with its research team, it has found there are several unique parallels between the company’s intellectual property portfolio of psilocybin-based formulations and delivery mechanism and the drug delivery technology, which is comprised of tannin-chitosan composites that have been studied with cannabidiol in the past.
Leafwire Announces Exclusive Partnership with FlowerHire
FlowerHire, a leading Staffing and Talent Strategy firm serving the regulated cannabis industry has signed an exclusive Partnership with Leafwire, “The LinkedIn of Cannabis,” which connects over 30,000 professionals across all cannabis verticals – including VCs, investment holding firms, supply chain operators, distributors, manufacturers, extractors, and retailers.
“By joining forces with Leafwire, we have not only broadened our ability to deliver best-in-class executive recruitment and talent services to their passionate user base, but we will also be able to help facilitate meaningful networking and innovative partnership opportunities that will undoubtedly advance the industry,” says David Belsky, CEO of FlowerHire.
Medical Marijuana Reports 26% Increase In 2019 Revenue
Medical Marijuana, Inc. (OTC: MJNA) reported financial results for the quarter and year ending Dec. 31, 2019, with $75.6 million in gross revenue in 2019, a 26.3% increase year-over-year when compared to 2018’s gross revenue of $59.8 million. The net ordinary income for 2019 was $3.3 million versus 2018’s net loss of $8 million. The company reported a positive adjusted EBITDA of $139 thousand in 2019 as compared to a loss of $1.2 million in 2018.
House of Saka, Inc. and Driven Deliveries, Inc. Partner for Statewide Doorstep Delivery in CA
During this time of mandatory quarantine, to be able to reach this population with products that can help relax people, help them sleep better, and overall make them much more comfortable while sheltering in their homes is key. This concept is exactly why cannabis has been deemed “essential”.
Understanding this reality, most cannabis brands are shifting their sales strategies and channels to provide the safest route receiving your products for consumption. In order to meet this new reality and demand, the House of Saka, Inc., producers of the first and only alcohol-free, cannabis-infused beverages made from select vineyards within the iconic Napa Valley appellation, announced today that its award-winning line of cannabis beverages are now available for home delivery throughout the entire state of California after partnering with Driven Deliveries, Inc.
In Other News
The Flowr Corporation Announces Results for The Full 2019 Year and Q4
The Flowr Corporation reports that the company generated gross revenue of approximately $1.6 million in the fourth quarter, along with achieving the highest level of quarterly production to date. The company’s gross revenues for the entire year were approximately $8.2 million based on 993 kilograms sold.