It’s time for your Daily Hit of cannabis financial news for March 1, 2020.
On the Site
The cannabis community is certainly pleased to see that the state of Virginia has legalized adult-use cannabis, but it will be some time before sales can begin. Still, despite support for the legislation it looked to be a nail-biter to the end. The Virginia House and Senate lawmakers were in agreement on passing the law, but they differed on just exactly what it would look like. The two sides have been working over the past few weeks to reach a compromise, which was beginning to look less possible. Then on Saturday, it seemed the law just managed to squeak through.
Psychedelic medicine company Novamind Inc. (OTC:NVMDF) reported its fiscal second-quarter results for the three months ended December 31, 2020. Novamind reported revenue of $1,288,828 primarily composed of patient services revenue from its network of four Cedar Psychiatry outpatient mental health clinics in Utah. The company said it was a 47% increase over the first fiscal quarter ending September 30th, 2020.
Novamind reported a net loss of $3,567,883 for the second quarter versus a net loss of $493,614 for the first quarter. The company said the net loss was primarily due to expenses related to the company’s listing on the CSE, and funding of capacity expansion at its Cedar Psychiatry clinics.
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) didn’t completely sell its New York operations to privately held Ascend Wellness, but it’s pretty close. Last week, beleaguered California-based cannabis operator MedMen signed an agreement with Ascend Wellness Holdings, where Ascend would make an investment of approximately $73 million in MedMen NY Inc. or MMNY. MedMen’s shares jumped over 14% in trading on Friday to lately sell at 48 cents.
Optimi Health Corp. (CSE: OPTI) announced the closing of its oversubscribed initial public offering on February 24, 2021. Pursuant to the Offering, the Company issued 27,600,000 units of the Company at a price of $0.75 per Unit for aggregate gross proceeds to the Company of $20,700,000, which includes the full exercise of the over-allotment option. The common shares of the Company and the common share purchase warrants issued began trading on February 25, 2021 on the Canadian Securities Exchange.
In Other News
IM Cannabis Corp. (CSE:IMCC), a multi-country operator in the medical cannabis sector with operations in Israel and Germany, is pleased to announce that the Company’s common shares will commence trading today on the NASDAQ Capital Market under the ticker symbol “IMCC”. IMC will be the first Israeli medical cannabis operator to list its shares on NASDAQ. The Company’s NASDAQ listing is expected to increase access to investment in IMC for retail and institutional investors around the world. Furthermore, with access to a much larger capital market, the Company expects to improve liquidity for its Common Shares and, in turn, optimize its cost of capital.
Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF), an emerging biopharma company in the life sciences category committed to the research and development, production, and acceptance of alternative nature-sourced medicine for mainstream use, has completed the world’s first international legal export of dried psilocybin mushrooms.
In December 2020, the Company announced the completion of its first commercial harvest of 20 kilograms (44 lbs) of psilocybin mushrooms at a private mycology-focused research and cultivation facility in Jamaica. The first shipment of the harvest has now been received at Mydecine’s Canadian Current Good Manufacturing Practice (CGMP) facility, which has a Health Canada Schedule 1 Dealer’s License attached to it, allowing for legal import/export, research and development, cultivation, product development, and commercial sale of active psychedelic medicinal compounds.