The Daily Hit: February 3, 2022

It’s time for your Daily Hit of cannabis financial news for February 3, 2022.

On The Site

Col-Care

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) has completed a private placement of $185 million in 9.50% senior-secured first-lien notes due 2026. Columbia Care said it would use the money to fund capital expenditures, strategic acquisitions and general corporate purposes. In addition to the offering, the company said it had received binding commitments to exchange approximately $31.75 million of its existing 13% senior secured notes due 2023 for an equivalent amount of 2026 Notes plus accrued but unpaid interest and any negotiated premium thereon. As a result of the note exchanges, Col-Care said it has received roughly $153,250,000 million in cash.

Novamind

Psychedelic mental health company Novamind Inc. (OTCQB: NVMDF) announced it has been selected by the Ketamine Research Foundation (KRF) to host a phase II clinical trial investigating ketamine-assisted psychotherapy (KAP) for adults with life-threatening illness (the “Conscious Dying/Conscious Living Trial”). Novamind said in a statement that the FDA approval of the study’s KAP protocol marks a first in the investigation of KAP for end-of-life patients and its potential to serve as a model of care for this difficult-to-treat population. Over the course of six weeks, study participants will undergo two KAP sessions at Novamind’s Murray, Utah research site under the supervision of clinical experts.

iAnthus

iAnthus Capital Holdings, Inc.  (CSE: IAN) (OTC: ITHUF) closed its acquisition of MPX New Jersey, LLC, a medical cannabis permit holder in New Jersey. The acquisition was originally announced in 2018 with a value of $835 million but became a tangled mess with competing lawsuits. On January 7, 2022, the New Jersey Cannabis Regulatory Commission approved iAnthus NJ’s acquisition of MPX NJ. As previously announced in the company’s February 2, 2021 news release, iAnthus NJ issued $11 million aggregate principal amount of senior secured bridge notes, the net proceeds of which are being used primarily for the construction and improvements of facilities leased by iAnthus NJ.

Psychedelics

It was bound to happen as the psilocybin decriminalization and legalization movement spread to more cities and states—psychedelics are becoming more part of the cultural mainstream in a lot of ways, from making cameos in Hollywood movies and TV dramas to being part of casual comments by celebrities on talk shows and reality shows, to endorsements and enterprise building by professional sports figures, to what we eat and drink, and even to what we wear. Among the contenders for best use of psychedelics in an ongoing TV streaming drama on Hulu is “Nine Perfect Strangers,” based on a bestselling book by Liane Moriarty. The show is about nine strangers going to a wellness resort where the resort’s director (Nicole Kidman) gives them higher and higher doses of psilocybin. Does hilarity ensue? Is the stigma of psychedelics a punch line? 

In Other News

Acreage

Acreage Holdings, Inc.  (OTCQX: ACRHF, ACRDF) announced its remodeled “House of Brands” product portfolio with the launch of cannabis craft brand Superflux and new product innovations under its flagship brand The Botanist. Building a cohesive product portfolio with distinct yet scalable core brand and product offerings unlocks new wholesale and retail revenue streams and attracts new audiences across Acreage’s footprint.

Palo Santo

Palo Santo, a leading psychedelic healthcare investment fund, announced the appointment of Zach Lomis as partner. As part of Palo Santo’s mission to address the growing global mental health crisis by increasing the supply of clinically effective and accessible treatment solutions, Lomis joins the firm’s founders and scientific advisors to assist in all elements of deal sourcing, thesis development and due diligence.

Leave a Reply

Your email address will not be published. Required fields are marked *

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 – 34 mins

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

@GreenMarketRpt – 3 hours

The Weekly Stash Video September 30, 2022

@GreenMarketRpt – 3 hours

Florida Drops Criminal Charges Against Former Ascend Wellness Chief

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.