The Daily Hit is a recap of cannabis business news for October 4, 2022.
ON THE SITE
Cantor Gives Irwin Naturals a $7 Target Price
Cantor Fitzgerald analyst Pablo Zuanic initiated coverage on supplement company Irwin Naturals Inc. (OTC: IWINF) with an overweight rating and a $7 price target. The stock currently trades at roughly $1.58 per share. The shares are listed on the Canadian Securities Exchange (CSE), and with limited free float, but a NASDAQ listing is possible in the future. Read more here.
GOP Tries To Tie Cannabis To Suicide, Violent Crime
Archconservative Republicans and their network of influence have recently taken a staunch stand against the legalization of marijuana. The largest Congressional GOP faction affirmed its national position on cannabis, saying that it should remain federally prohibited and suggested adolescent consumption could be tied to suicide and violent crime with more studies. Read more here. Read more here.
Psychedelics Law Being Prepped For Florida
While Florida digs out of the extensive damage caused by Hurricane Ian, the business of lawmaking and regulation for the medical psychedelics industry continues, with the hope of quickening access to psychedelics for the large veteran population in the state and for others needing access to legalized mental health treatment in the state. Read more here.
Medical Marijuana Inks Asset Purchase Deal To Expand Hemp Footprint
Medical Marijuana, Inc. (OTC: MJNA) — formerly known as GRN Holdings — has entered into an agreement to purchase assets from a hemp and natural wellness company for an undisclosed amount. Bill Andreoli, the president of seller MFINITY Global will become the president of Medical Marijuana, Inc. subsidiary, Kannaway, LLC. Read more here.
Not Everyone Is A Fan Of Fast-Tracked Psychedelics
While the psychedelic renaissance continues to gather steam, there is a growing uneasiness about the pace of the industry development. The excitement has been fueled specifically by three events: the report of MDMA going into Phase 3 clinical trial, the final phase of research on the road to FDA approval; the development of legalized psilocybin programs in Oregon (Measure 109) and elsewhere in the country; and the movements to decriminalize certain psychedelics that now includes 20 states (or a local government within the state) either already decriminalizing or looking into doing it soon. Read more here.
IN OTHER NEWS
Bright Green Corporation, Alterola Biotech Inc.
Bright Green Corporation (NASDAQ: BGXX), a company selected by the U.S. government to grow, manufacture, and sell cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today announced that it has completed its previously announced strategic partnership and acquisition of 25% of the issued and outstanding common stock of Alterola Biotech Inc. (OTC PINK:ABTI), a U.K.-based pharmaceutical company focused on developing cannabinoid and cannabinoid-like medicines and products, for total consideration of $4 million. Read more here.
Biopharmaceutical Research Company
Biopharmaceutical Research Company, an active Drug Enforcement Administration (DEA) pharmaceutical cannabis license holder, announced the completion of a $20M Series A fundraise. This will enable the company to aggressively scale its operations and increase its product offering, conduct sponsored research, and execute on its go-to-market strategy. The round is being led by Intrinsic Capital Partners, with participation from Argonautic Ventures, Achari Ventures, AFI Capital Partners, Delta Emerald Ventures, Self Health America (SHAC) and a number of preeminent family offices. Read more here.
Decibel Cannabis Company Inc., Breath of Life International Ltd.
Decibel Cannabis Company Inc. (TSX-V: DB) (OTCQB: DBCCF), a cannabis producer, announced it has secured an on-going supply agreement with Breath of Life International Ltd. to launch Decibel’s Qwest brand and cannabis products in Israel. The supply agreement is for $4.8 million of premium cannabis product, with the first shipment expected in the fourth quarter. Read more here.
Sweet Leaf Madison Capital
Sweet Leaf Madison Capital, a nationwide provider of tailored debt financing solutions for the middle-market cannabis industry, today announced the closing of a loan for $207,000 to Koach Enterprises, a cannabis startup in California creating a high-end brand through vertical integration. The funds will be used to purchase energy-efficient, top-of-the-line LED grow lights from Spectrum King LED. Read more here.