The Daily Hit is a recap of the top cannabis business stories for July 13, 2022.
ON THE SITE
Cannabis Companies Are Digging Deeper Into Fintech
LeafLink is diving deeper into the world of payments. It’s an area that has bedeviled the industry as the large banks and credit card companies won’t work with the cannabis industry. LeafLink is mostly known for its wholesale cannabis platform, but now its expanded its payments suite to include Direct Payments for customers in six states. LeafLink’s Direct Payments solution is now in Colorado, California, Arizona, Massachusetts, Ohio, and Nevada. Read more here.
Decibel Expects Revenue Above $18 Million In Second Quarter
Decibel Cannabis Company Inc. (TSX-V: DB) (OTCQB: DBCCF) released a preliminary outlook for net revenue and Adjusted EBITDA for the second quarter, ending June 31, 2022. Decibel said it expects its revenue to be between $18.5 million and $19.5 million. The company also said it has demonstrated positive cash flow from operations in the first two quarters of 2022. Read more here.
Just How Many Dispensaries Are Already In New York City?
New York’s adult-use cannabis market expects to be immense once it reaches maturity. Various reports suggest the marketplace could earn between $1 billion and $3 billion annually in the coming years. Success will be determined, in large part, by the state’s ability to address the unlicensed market, sometimes referred to as the legacy market. States like California and Colorado have generated high sales but continue to struggle with unlicensed grows and dispensaries. Read more here.
Looking At Psychedelics For Cancer Patients Mental Health
Regardless of age, gender, class, or race, most people know someone who has battled or succumbed to the devastating effects of cancer. Many know the long journey and painful weeks or years of treatment that patients and their loved ones are subjected to. This includes both the drain on physical abilities as well as the strain on mental health. Yet, there is still little awareness regarding managing a holistic approach to cancer and patient treatment. Read more here.
IN OTHER NEWS
The Valens Company Inc.
The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS), a manufacturer of cannabis products, reported its second quarter fiscal year 2022 financial results for the period ended May 31, 2022. “The second quarter of 2022 clearly shows that we are executing on our 2022 objectives showing both modest revenue growth in the quarter and a meaningful decline in both cash burn and SG&A expenses. This is expected to accelerate in future quarters as the majority of cost savings from our Integration Initiatives have not been fully realized as these initiatives were executed part way through Q2 and into Q3 2022” said Tyler Robson, Chief Executive Officer of The Valens Company. Read more here.
Terranueva Corporation (CSE: TEQ) announced the closing of a non-brokered private placement of second rank convertible debentures for an aggregate gross principal amount of $2,950,000 paid in cash and bearing an interest rate of 5% per annum. The principal amount and interest are payable in five years, namely at the maturity of July 12, 2027, and the principal amount is convertible at any time until July 13, 2025, at the option of the holder, into voting common shares of the share capital of Terranueva at a conversion price of $0.08 per common share. Read more here.
Icanic Brands Company Inc.
Icanic Brands Company Inc. (CSE: ICAN) announced today that the Supreme Court of British Columbia has issued an interim order authorizing, among other things, the holding of a meeting of holders of 9.00% secured convertible debentures, to consider and vote upon a plan of arrangement to implement the previously-announced recapitalization transaction. Read more here.
Pervasip Corp., BCCTG, LLC
Pervasip Corp. (OTC: PVSP), a developer of companies and technologies in high value emerging markets, together with Zen Asset Management today announced a new strategic partnership between BCCTG, LLC and Zen Asset Management for development of concentrates brands. As a first project, the partners agreed on licensing Dabs4Less and Vape4Less for distribution by Artizen in Washington State and other US markets. Read more here.
Optimi Health Corp.
Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian company cultivating and synthesizing psychedelics and natural functional and psilocybin mushroom strains, announced that it has finalized a supply agreement with Bloom Psychedelic Therapy And Research Centre, a Calgary-based provider of mental health services, including psychedelic-assisted therapies employing ketamine treatments. Read more here.
Revitalist Lifestyle and Wellness, Ltd.
Revitalist Lifestyle and Wellness, Ltd. (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO), a publicly-listed chain of U.S. based ketamine wellness clinics, reported updates on strategic initiatives accomplished in June, including record breaking visits and an expansive catchment area for veterans with Veteran of Affairs benefits, to have access to Revitalist service lines across the U.S. Read more here.