The Daily Hit: June 16, 2021

It’s time for your Daily Hit of cannabis financial news for June 16, 2021.

On The Site

Creso Pharma

Cannabis company Creso Pharma Limited  (ASX: CPH)  (OTCQB: COPHF) is merging with psychedelic treatment company Red Light Holland Corp. (CSE: TRIP) (OTC Pink: TRUFF) to create The HighBrid Lab. The transaction is a reverse takeover of Red Light Holland by Creso Pharma giving Red Light shareholders a 29% premium for their shares. Creso shareholders will own 57% of the new company. The combined company will use the symbol TRIP. The new company is expected to have a cash balance of approximately C$45 million (A$48 million), providing considerable financial flexibility to progress its growth strategy.

Delta 8

If you feel like you’ve been catching a lot of Delta-8 THC content in the media lately, those aren’t just your social media apps hacking your brain. Hemp-derived Delta-8 THC is having a big moment in 2021 in terms of popularity and, most recently, in terms of concerns over legality, safety, and accuracy. This hot new cannabinoid has been branded as “legal marijuana” as the main intoxicating compound in cannabis but one most commonly derived from hemp for commercial use. Social listening data reveals that conversations around Delta-8 grew by a whopping 163% from December 2020 to April 2021, but all is not rosy for this latest trend in cannabis or for companies jumping into production to respond to the surging interest.

Arizona, Colorado, Delaware, and Montana are among the states that have explicitly banned sales of Delta-8 and at least four other states have already removed it from the shelves or otherwise restricted market access. The 2018 Farm Bill categorically removed hemp from the definition of marijuana and modified the definition of tetrahydrocannabinol to exclude tetrahydrocannabinol in hemp. The Drug Enforcement Agency’s interim rule turned that segment of the Farm Bill on its head, declaring derivatives of hemp containing delta-9 tetrahydrocannabinol in excess of .3% THC and all synthetic cannabinoids as controlled substances. 

Connecticut

The state of Connecticut keeps trying to pass the legalization of adult-use cannabis but seems to be thwarted each time. Marijuana Moment reported that in the state’s recent special session, the Senate approved a full legalization bill by a vote of 19-12. A week ago, during the state’s normal legislative calendar, lawmakers passed a similar bill, but Republicans pushed back. The session ended and the measure was moved to the special session. Although Republicans got the blame for the delay, several state Democrats have also expressed concerns. Governor Ned Lamont is mostly supportive of full legalization but has expressed problems with the social equity rules.

In Other News

PsyTech Inc., a leading source of education, clinical care and clinical tools for the fast-growing psychedelic medical sector closed a $3.81 million oversubscribed Series A funding round.  The round was led by Ambria Capital as well as investors in the psychedelics, banking, and medical practice sectors.

 “We are grateful to our new and existing investors who have shown material support for our mission to accelerate the mainstreaming of effective psychedelic-assisted therapies,” said Hayim Raclaw, Chief Executive Officer for PsyTech Inc. “Closing this round enables us to empower healthcare providers with professional-grade software tools, and deliver integrative care to patients. We have a complementary focus on educating the public on the efficacy of psychedelic-assisted therapies and combat the retrograde stigma surrounding their use in healthcare.”

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) announced the launch of its in-silico drug discovery program in conjunction with researchers at the University of Alberta. Led by top computer-aided drug development expert, Dr. Khaled Barakat, the program is focused on developing artificial intelligence/machine learning (AI/ML) supported drug screenings, including both the ability to build drugs from the receptor up and assess drugs around the receptors of Mydecine’s choosing. With its broader R&D capacity in drug development up and running, the in-silico program will enable the Company to more rapidly screen hundreds of thousands of new molecules without the need to produce them, allowing Mydecine to focus on the strongest potential therapeutics for its chemical and natural development programs. Mydecine will also be able to more efficiently screen its proprietary library of novel compounds designed by Chief Science Officer Rob Roscow and Advisory Board member, Dr. Denton Hoyer.

Leave a Reply

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

Don't Miss This Week's Groundbreaking News

Join the thousands of subscribers who stay informed with GMR's exclusive news briefs delivered directly to your inbox every Friday afternoon.

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 – 9 hours

We will be live blogging from all week. Head to the website – link in bio – if you didn’t m…

@GreenMarketRpt – 12 hours

⁦@PelorusEquityGr⁩ Upsizes Offering To $1 Billion

Back to Top

Don't Miss This Week's Groundbreaking News

Join the thousands of subscribers who stay informed with GMR's exclusive news briefs delivered directly to your inbox every Friday afternoon.

We respect your privacy. See our privacy policy.