It’s time for your Daily Hit of cannabis financial news for January 11, 2022.
On the Site
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) delivered its results for the first fiscal quarter ending November 30, 2021, with revenue increasing 57% to $30.4 million, from $19.3 million for the same time period last year. This beat the Yahoo Finance average analyst estimate for revenue of just $23.9 million. Organigram said the increase was primarily due to an increase in adult-use recreational revenue and international revenue, partly offset by lower average selling price due to product mix and a decrease in medical revenue. Organigram also trimmed its net loss to $1.3 million, versus last year’s net loss of $34.3 million. The company attributed it to the higher gross margin in the current quarter along with fair value adjustments on biological assets and inventories sold.
Female-owned Garden Society has raised more than $7 million in Series A funding. The funding was led by RJ Primo LLC and the proceeds will be used to scale product offerings, modernize manufacturing, and further expand its team to meet the growing demand throughout California, as well as to expand into other states in 2022. Garden Society said that in addition to the primary funding, the round included an oversubscribed SPV composed of strategic female and BIPOC angel investors.
Awakn Life Sciences Corp. (OTCQB: AWKNF) reported positive data from its Phase II A/B trial. It was the first controlled trial to investigate Ketamine-Assisted Therapy for the Treatment of Alcohol Use Disorder (AUD), the results have been published in the American Journal of Psychiatry. Awakn said the double-blind placebo-controlled trial included 96 patients with severe AUD, who were randomized to one of four groups: 1) three ketamine infusions (0.8 mg/kg IV over 40 minutes) plus proprietary manualized therapy (KARE); 2) three saline infusions plus KARE therapy; 3) three ketamine infusions plus alcohol education; and 4) three saline infusions plus alcohol education.
Cannabis lifestyle brand Pilgrim Soul raised $2 million in a strategic seed round from top tech, retail, and cannabis investors. The company said that the round includes investments from Merida Capital Holdings, Bee House, Meaningful Partners, serial entrepreneur and Skip-Hop founder Michal Diament, and other well-known tech entrepreneurs. Additional brand advisors and equity holders include veteran NBA player and Viola Brands founder Al Harrington, Merlin Kauffman, founder of Soothe, and former Sperry & Club Monaco CMO Ann Watson.
Field Trip Health Ltd. (NASDAQ: FTRP) announced that the U.S. Patent and Trademark Office (USPTO) has issued a Notice of Allowance for Field Trip’s patent application No. 17/364,047 for claims related to FT-104 (informally known as “Isoprocin Glutarate”), Field Trip’s first novel psychedelic molecule in development. FT-104 is being developed as a more efficient treatment with the experience lasting less than four hours. It has a potency and pharmacology similar to psilocybin and the cost and accessibility are also better with this compound. Claims in the allowed patent application titled, “Tryptamine Prodrugs”, cover the composition of matter, use, and manufacturing of a family of hemi-ester compounds of hydroxytryptamines, including FT-104.
In Other News
Greenlane Holdings, Inc. (NASDAQ:GNLN) announced that it has received approval from the United States Postal Service for a business and regulatory exception to the Prevent All Cigarette Trafficking Act, allowing Greenlane to ship vaporizers and accessories classified as electronic nicotine delivery systems products to other compliant businesses. With this new approval, over 97% of total annual sales will be eligible for shipment by freight, USPS, or major carriers, and the PACT Act’s impact will be reduced to less than 3% of annual sales.
Wesana Health Holdings Inc. (OTCQB: WSNAF) announced that the U.S Food and Drug Administration (FDA) granted the company’s request for a pre-IND (Investigational New Drug) meeting to discuss the novel therapy and proprietary protocol of SANA-013 for the treatment of Traumatic Brain Injury (TBI) related major depressive disorder (MDD).