The Daily Hit is a recap of the top cannabis business stories for July 14, 2022.
ON THE SITE
Valens Reports Slower Growth, Takes Big Loss
The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) reported its second quarter fiscal year 2022 financial results for the period ending May 31, 2022. Valens reported that its net revenue increased 3.5% sequentially to $24.0 million in the second quarter versus $23.2 million in the first. The company said the increase was driven by double-digit growth in both Green Roads and B2B, which was partially offset by a decline in provincial sales. Read more here.
Organigram Revenues Jump, Easily Beats Estimate
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) announced its results for the third quarter ending May 31, 2022. Organigram said that revenue increased 90% to $55 million, versus $29 million in the same time period in 2021. This beat the Yahoo Finance average analyst estimates for revenue of $26 million, however, it increased over the second quarter’s revenue of $43 million. The company attributed the increase to growth in adult-use recreational revenue, but it was partly offset by a lower average net selling price due to product mix and a decrease in medical revenue. Read more here.
Psychedelics VC Firm Iter Investments Closes $20 Million Fund
Psychedelic venture capital firm Iter Investments has closed its successful round of funding on Fund I having raised over $20 million. The fund was launched in April 2021 with the goal of raising $20 million and is closing with over $20 million committed. Read more here.
3 Goals of Next Gen Psychedelics
The psychedelics industry today has focused mostly on finding, patenting, and taking to clinical trials some version of a psychedelic substance. But now that these substances are going deeper into clinical trials than ever before, the goals that researchers are working to achieve within a relatively straightforward biotech development cycle are to make psychedelics less “out there,” and transition them into more reliable and available mental health wellness treatment they are meant to be. Read more here.
IN OTHER NEWS
Harborside Inc., StateHouse Holdings Inc.
Harborside Inc. (CSE: HBOR), (OTCQX: HBORF ), a California-focused, vertically integrated cannabis enterprise, today announced that it will complete the previously announced name change to StateHouse Holdings Inc. on July 25, 2022. The company previously filed articles of amendment to effect these changes. “This is an important milestone for the company, which was formed through the business combination of four pioneering California companies,” said Ed Schmults, Chief Executive Officer. Read more here.
Agrify Corporation (Nasdaq: AGFY), a provider of advanced cultivation and extraction solutions for the cannabis industry, today announced a number of leadership changes to further support the company’s growth initiatives. Read more here.
Tyson 2.0, Columbia Care
Tyson 2.0, legendary boxer, entrepreneur and cannabis advocate Mike Tyson’s cannabis brand, announced today its launch in four additional markets: Arizona, Maryland, Ohio and Pennsylvania with Columbia Care. Columbia Care is Tyson 2.0’s exclusive national cultivation, manufacturing and distribution partner in the markets where it operates. The partnership was first announced in October of 2021, with products hitting shelves in November of 2021. Tyson 2.0 is now available in nine Columbia Care markets, with more planned in the coming months. Read more here.
Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF) announced that it has entered into a shares for debt agreement, to satisfy an aggregate of $172,075.98 of the company’s outstanding debt related to accrued but unpaid portions of the interest payments outstanding under certain convertible debentures of the company, as well as certain trade payables for products and services provided to the company. An aggregate of 1,012,209 common shares in the capital of the company at a deemed price of $0.17 per share are proposed to be issued to the creditor. The creditors include certain related parties of the company, including, Niel Marotta, the CEO and a director of the company, Jennifer Welsh, the CFO of the company, and Rachel Goldman, a director of the company. Read more here.
MJ Holdings, Inc.
MJ Holdings, Inc. (OTC Pink: MJNE) a diversified holding company, which through its subsidiaries, provides services to the regulated cannabis industry inclusive of cultivation and production management, infrastructure development and sales, informed shareholders that it has acquired MJH Research, Inc, a Florida corporation, to expand its cultivation operations. Read more here.
Green Thumb Industries Inc.
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a national cannabis consumer packaged goods company and owner of RISE dispensaries, today announced it has exercised its right to extend the maturity date of its senior non-brokered debt by one year, from April 30, 2024 to April 30, 2025. Read more here.
Heritage Cannabis Holdings Corp.
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF), advised that at the company’s annual general meeting held on June 30, 2022, shareholders of the company approved the items put forth, including, the election of Celine Arsenault, Clint Sharples, and David Schwede as directors, and the appointment of Davidson & Company LLP as auditor. Read more here.
Allied Corp. (OTCQB: ALID) is pleased to announce that it has completed its second shipment of commercial dried cannabis from Colombia to an international market. On April 01, 2022, Colombia enacted the new legislation allowing for the legal export of dried cannabis produced in Colombia. Read more here.
VPR Brands, LP
VPR Brands, LP (OTC: VPRB), on July 12, 2022, the Patent Trial and Appeal Board (PTAB) of the United States Patent and Trademark Office ruled to uphold the validity of VPR Brands Patent and denied institution of the petition for inter partes review (IPR) filed by Jupiter Research, LLC in Case No. IPR2022-00299 seeking to invalidate the Company’s US Patent number 8,205,622 B2. The decision of the PTAB is not appealable. Read more here.