The Daily Hit is a recap of the top cannabis business stories for June 28, 2022.
ON THE SITE
Safe Harbor Financial SPAC Postponed Again
The Northern Lights Acquisition Corp. (NASDAQ: NLIT), a special purpose acquisition corporation, has rescheduled its special meeting of stockholders once again to Tuesday, June 28, 2022 at 4:00 pm ET. The vote was originally planned for June 24 in order to approve Safe Harbor Financial as the qualifying transaction for the SPAC. Read more here.
Aleafia Health Reaffirms Guidance for 2023
Aleafia Health Inc. (OTCQX: ALEAF) reported its financial results for the quarter ended March 31, 2022, with total revenue of $10.7 million versus last year’s $7.5 million for the same time period. The net loss was trimmed to $4.1 million from last year’s $11.2 million for the same time period. Aleafia also reaffirmed guidance of delivering between $53 and $63 million in total net revenue in the fiscal year 2023. Read more here.
Jazz Pharmaceuticals MS Study Misses its Mark
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) announced top-line results from the Phase 3 RELEASE MSS1 trial (NCT04657666) evaluating nabiximols oromucosal spray (JZP378, or Sativex , ex-U.S.) on clinical measures of spasticity in individuals with multiple sclerosis (MS). The RELEASE MSS1 trial did not meet the primary endpoint of change in Lower Limb Muscle Tone-6 (LLMT-6) between baseline and Day 21, as measured by the Modified Ashworth Scale (MAS). Read more here.
Analysts are Warming Up to Aurora Cannabis
Two analysts have begun warming up to Aurora Cannabis (NASDAQ: ACB) but for two entirely different reasons. Stifel analyst W. Andrew Carter upgraded his rating on Aurora from Sell to Hold and lowered his target price from C$2.50 to C$2.15. Cantor Fitzgerald analyst Pablo Zuanic upgraded his rating from Neutral to Overweight and increased his price target from C$3.90 to C$4.05. The stock is currently trading around C$2.00 ($1.55). Read more here.
IN OTHER NEWS
New Leaf Ventures Inc.
New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF, a management and investment organization dedicated to evaluating, investing, and accelerating advanced stage operations in the North American Cannabis sector, wishes to advise that an assessment of the region’s oversaturated cannabis production conditions has led to the strategic divestiture of equipment, downsizing of related personnel, and an infusion of capital through the sale of cultivation related assets. The company and the license holder remain committed to the development, production, distribution and sale of cannabis retail brands and products. Read more here.
Pervasip Corp., KRTL International Corp.
Pervasip Corp. (OTC: PVSP), a developer of companies and technologies in high value emerging markets, and Artizen Corp. today announced that it and Dr. Kyeung-Il Park, the Head of Department of Horticulture & Life Science in Yeungnam University, in partnership with KRTL International Corp., a wholly owned subsidiary of KRTL Holding Group Inc. (OTC: QENC), have received approval to be acting as the exclusive expert groups providing services and support for the development of the indoor smart growing section of the Korean Hemp development project. Read more here.
Bright Green Corporation
Bright Green Corporation (Nasdaq: BGXX), a company selected by the U.S. government to grow, manufacture, and sell, under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today provided an update on the progress made on its world-class agricultural complex in Grants, New Mexico. Read more here.
Aleafia Health Inc.
Aleafia Health Inc. (TSX: AH, OTCQX: ALEAF) announced that it has closed its previously announced amendment of its unsecured convertible debentures. “We are delighted we have now completed this transaction,” said Tricia Symmes, Aleafia Health’s CEO. “We want to thank all those who participated for demonstrating their confidence in the Company’s future. Coupled with the closing of the $5.6 million private placement announced last week, the Company is now much better positioned to execute on its ambitious growth plans in all key segments of its business: adult-use, medical and international.” Read more here.
Turning Point Brands, Inc., Petalfast Inc.
Petalfast Inc., a full-spectrum marketing and sales agency for the cannabis industry, announced a partnership with Turning Point Brands, Inc. (NYSE: TPB), to drive distribution expansion of their iconic rolling paper brand, Zig-Zag. Turning Point is a manufacturer and distributor of national branded consumer products, including alternative smoking accessories and consumables. Read more here.
Khiron Life Sciences Corp.
Khiron Life Sciences Corp., (TSXV: KHRN) (OTCQX: KHRNF) (Frankfurt: A2JMZC) a global medical cannabis company, continues expansion of the Khiron end-to-end solution throughout Latin America and Europe. Khiron is serving a record number of patients who are being treated with Khiron products globally. The company has recently reached a cumulative stock of more than 100.000 bottles of medical cannabis sold. Read more here.
DC Cannabis Trade Association
Today, in a major win for cannabis patients, the DC Council voted unanimously to pass the “Medical Marijuana Self-Certification Emergency Amendment Act of 2022.” This bill allows individuals 21 years of age and older to self-certify their eligibility for medical cannabis without needing a healthcare practitioner’s recommendation. Read more here.