The Daily Hit is a recap of the top cannabis business stories for July 28, 2022.
ON THE SITE
Tilray Delivers $457 Million New Loss For Fourth Quarter
Tilray Brands, Inc. (Nasdaq: TLRY) reported financial results for the fourth quarter and full fiscal year ending May 31, 2022, with net revenue growing 8% to $153.3 million during the fourth quarter from $142.2 million for the same period last year. This dramatically missed the Yahoo Finance average analyst estimate for revenues of $247 million and only barely grew over the third quarter’s revenue of $152 million. Read more here.
New Jersey Juices 2nd Quarter For Some Lucky Cannabis Companies
Get ready for some cannabis companies to report boosted earnings as revenues got juiced from New Jersey adult-use sales. Cantor Fitzgerald analyst Pablo Zuanic thinks that the addition of this market could drive growth in second-quarter sales for several companies in a report he issued on Thursday. While there hasn’t been any official data from New Jersey on the number of sales, which began April 21, Zuanic thinks it could be as high as $60 million in the second quarter. Read more here.
Lifeist Sees More Setbacks After Floods Jeopardize Production
Lifeist Wellness Inc. (OTCMKTS: NXTTF) is still reeling from a natural disaster that threatened profits in the second quarter. The company announced its third-quarter financial and operating results for the three and nine-month periods ending May 31, 2022. Net revenue decreased 15% to $4.1 million in the second quarter versus $4.9 million posted the same time last year. The $800,000 loss in net revenue in the second quarter was due to a $1 million decrease in Australian Vaporizers hardware revenue caused by a flood-related operational shutdown in March and April. Read more here.
Psychedelic Drug Co’s Looking For Ways To Speed Up FDA Process
Among the four Food and Drug Administration (FDA) pathways for developing new drugs faster are Fast Track, created in 1997, designed to expedite the review of drugs to treat serious conditions and fill an unmet medical need; and Breakthrough Therapy, created by the FDA in July 2012, a process designed to expedite the development and review of drugs that are intended to treat a serious condition, where “preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over available therapy on a clinically significant endpoint(s).” Read more here.
Ice T and Charis B Win License To Open Jersey City Dispensary
Actor and musician Ice T is opening a recreational dispensary with Charis Burrett, founder of The Medicine Woman, in Jersey City, New Jersey after the city board granted approval for the shop. The approval came from the Jersey City Cannabis Control Board, which establishes and enforces the rules and regulations governing the licensing, cultivation, testing and selling of the plant. The shop will be named The Medicine Woman Jersey City and will include 5,000 square feet of retail space. Read more here.
IN OTHER NEWS
StateHouse Holdings Inc. (formerly Harborside Inc.)
StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF), a California-focused, vertically integrated cannabis enterprise, is announced that it has reached a partial payment installment agreement with the Internal Revenue Service related to the federal tax returns of its wholly owned subsidiary Patients Mutual Assistance Collective Corporation for the 2007 to 2012 fiscal years and the 2020 fiscal year. Read more here.
Pineapple, Inc. (OTC Pink: PNPL), is a public reporting company in the legal cannabis industry with assets including operational management, technology, IP licensing, cannabis property rentals, and equity ownership in cannabis retail and production facilities. The company today announced that having attained current standing with the reporting requirements of the United States Securities and Exchange Commission and applied for quotation on the OTC Markets platform, it has entered the anticipated final stages to become publicly quoted on the OTC Markets platform. Read more here.
Cogent Bank, Green Check Verified
Cogent Bank, a full-service financial institution in the southeastern U.S. region, today announced a partnership with Green Check Verified, the leading fintech provider of compliant cannabis banking solutions and services. Through this partnership, Cogent plans to offer their full suite of products and services to the entire supply chain of businesses within the cannabis banking ecosystem. Read more here.
Irwin Naturals Inc.
Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) completed the acquisition of the assets of New England Ketamine, which is located in Salem, New Hampshire and serves clients in six different states in the Northeast. This is the third acquisition that Irwin Naturals Emergence has completed in the past five months as it builds a national chain of mental-health clinics providing psychedelic treatment using ketamine. Additionally, Irwin Naturals Emergence has reached binding agreements to acquire facilities in Georgia and in Vermont. Read more here.
COMPASS Pathways plc
COMPASS Pathways plc (Nasdaq: CMPS), a mental health care company, today announced it has launched a multi-center, double-blind randomized controlled phase II clinical trial investigating the efficacy of COMP360 psilocybin, administered with psychological support, in people with anorexia nervosa. Read more here.
Linneo Health, Alcaliber
Linneo Health, a global company in the research, cultivation and supply of cannabis, and Alcaliber, a leading independent supplier of intermediates and active pharmaceutical ingredients (APIs) to the global pharmaceutical industry, today announce an expanded medicinal cannabis offering by Linneo Health to include industrial derivatives. This follows the issuance of Good Manufacturing Practice (EU-GMP) certification for the industrial processing of cannabis derivatives to Alcaliber, by the Spanish Agency of Medicines and Medical Products (Agencia Española de Medicamentos y Productos Sanitarios – AEMPS). Read more here.
Rise Rock Creek Dispensary, Teamsters Local 777
Workers at the Rise Rock Creek Dispensary in Joliet, Ill. have voted overwhelmingly to join Teamsters Local 777. The facility is the third Rise location to affiliate with Local 777 in less than four months. “We’re making monumental progress in a short period of time because Illinois cannabis workers recognize that we’re the strongest union out there,” said Peter Finn, Teamsters Food Processing Division Director. “To all of the other Rise workers out there – join our movement! you’ll be glad that you did.” Read more here.