It’s time for your Daily Hit of cannabis financial news for April 7, 2021.
On The Site
Curaleaf Holdings, Inc. (OTCQX: CURLF) has successfully completed the previously announced acquisition of the European-based EMMAC Life Sciences Limited, a deal valued at approximately $50 million in cash and 17.5 million shares of Curaleaf. Curaleaf has simultaneously established Curaleaf International Holdings Limited in Guernsey to hold the EMMAC investment and further its European expansion.
In order to speed up the process of expanding Curaleaf International, Curaleaf said it has secured an investment of $130 million from a single strategic institutional investor in exchange for a 31.5% equity stake in Curaleaf International, implying a $413 million Post Money valuation, with $80 million in cash available to spend.
Mydecine Innovations Group (OTC: MYCOF) has announced its four lead novel drug candidates as it prepares for its Pre-Investigational New Drug (IND) meetings with the FDA and Health Canada. Mydecine said it believes that these drug candidates are unique and patentable in the United States and Canada and has received advice from counsel confirming such belief. The four initial drug candidates include:
- MYCO – 001 is pure psilocybin from natural fungal sources. Its target uses include mid-to-late stage clinical trials.
- MYCO – 002 is an entactogenic compound that has been created with the goal of reducing harm and improving the safety profile vs. traditional MDMA.
- MYCO – 003 is a psilocybin-based formula with reduced anxiety potential, with the aim of removing the possibility of “bad trips,” even with severely ill patients.
- MYCO – 004 is a patch-delivered tryptamine compound. Properties include short duration (~2hours), transdermal, precision dosing, and long-term compound stability. The target use is mid-to-late-stage clinical trials, taking advantage of current publicly available data.
In the year 2020, the size of the cannabidiol market worldwide was anticipated to be around USD 9.3 billion. It is substantially driven by an increasing fund for cannabinoid research, legalizing the use of CBD in different regions, and increasing happenings of chronic diseases and health complications. However, there are severe effects related to cannabis, and strict government rules and regulations may reduce the growth and expansion of the organic CBD oils market; because of its wide health edges, Oxford, which has the foremost economical analysis centers in the world, has declared to launch a USD 12.36 million analysis program on cannabidiol products.
In Other News
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) announced its common shares will be listed on the TSX Venture Exchange. The common shares of the Company will commence trading on TSXV at the opening on Thursday, April 8, 2021. The Company is presently trading on the Canadian Stock Exchange. At the commencement of trading on the TSXV, the securities of the Company will be delisted from the CSE with no resulting change to the Company’s ticker (LOVE).
GKUA, the consumer lifestyle brand co-founded by artistic giant Lil Wayne, announced today it has entered into a monumental exclusive agreement with the Los Angeles Memorial Coliseum for all 4/20 events, for years to come. As part of the new partnership, GKUA will host experiential and interactive parties, performances, and additional festivities for in-person and streaming audiences. The debut event, UPROAR, VIP Party and Performances, at The Torch at the LA Memorial Coliseum, featuring Lil Wayne, Young Money, and Friends, will take place on August 13, 2021 and is set to be a grand opening of the nearly century-old Coliseum after a multi-million renovation.