Welcome to the Cannabis Countdown, the Legal Marijuana Industry’s Number One Curated Weekly News Recap.
In This Week’s Edition, We Recap and Countdown the Top 10 Cannabis and Psychedelic Stock News Stories for the Week of April 26th – May 2nd, 2021.
Without further ado, let’s get started.
* Yahoo Finance readers, please click here to view the full article.
In Addition to Acquiring All of Acreage Holdings’ Florida Operations, RWB Also Acquired Certain Owned and Leased Real Estate Assets Used in Acreage Florida’s Operations
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced that the company has closed the acquisition of Acreage Florida from Acreage Holdings (CSE: ACRG.A.U) (OTCQX: ACRGF) (FRA: 0VZ). The deal, which was originally announced via press release on February 25, 2021, sees RWB’s new subsidiary, RWB Florida LLC, officially take control of all of Acreage Florida’s issued and outstanding shares from Acreage Holdings’ subsidiary High Street Capital Partners, LLC.
Cowen, Evercore ISI and Berenberg Are Acting as Joint Book-Running Managers for the Offering and Cantor Fitzgerald & Co. and BTIG, LLC are Acting as Lead Managers for the Offering
Compass Pathways (NASDAQ: CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced the launch of a proposed public offering of 4,000,000 American Depositary Shares (ADS), each representing one ordinary share. Each of the ADSs is being offered by COMPASS. COMPASS expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 ADSs.
Under the Purchase Agreement, Green Thumb Will Also Acquire a Production Facility and Retail Dispensary in Abingdon, Virginia
Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2) announced Monday it will reach the Virginia market via its acquisition of Dharma Pharmaceuticals LLC. GTI, the cannabis consumer packaged goods company, confirmed it had signed a definitive agreement to buy Dharma Pharmaceuticals, though the price has not been disclosed. Dharma Pharmaceuticals owns one of five licenses under the Virginia medical cannabis market, which enables it to cultivate, process and retail directly to consumers. It was the first operator to offer medical cannabis products to patients in Virginia in 2020.
The Agreement Will Support Research in the Laboratory of Dr. John Fahy to Test the Efficacy of Bucillamine in Pre-Clinical Models of COVID-19 and to Design Protocols That Test the Utility of Bucillamine in Human Trials
Revive Therapeutics (CSE: RVV) (OTCPK: RVVTF) (FRA: 31R), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, announced that it has entered into a sponsored research agreement with the University of California, San Francisco (UCSF) to explore the utility of Bucillamine as a treatment for severe COVID-19.
Once All Acquisitions Are Closed, RWB and RWB Brands Will Be Available in 6 of the Top 10 U.S. States, Measured By Cannabis Revenue, With Sales in 2020 Exceeding $8.8 Billion
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) previously announced that it did not file its audit in advance of the April 30, 2021 deadline. The company anticipates filing its 2020 audited financial statements on or before May 31, 2021. As a result of today’s announcement, RWB is providing certain 2020 and subsequent financial results:
Creso Announced That its Total Q1 2021 Revenue Was A$1,385,000 – up 237% From Q4 2020
Creso Pharma (ASX: CPH) (OTC: COPHF) (FRA: 1X8) announced the release of its Quarterly Activities Report for the period ended 31 March 2021, together with its Appendix 4C Quarterly Cash Flow Report. “This quarter marked Creso’s evolution into a broader-based pharmaceutical company. Having undertaken a thorough search for quality, complementary acquisition opportunities, the company successfully identified and secured an agreement with psychedelics company, Halucenex, which, if approved by shareholders, will represent a significant milestone for the company, as it looks to commercialise new psychedelic-assisted psychotherapy treatments. Halucenex has made considerable progress during the quarter and provides Creso with access to another lucrative vertical,” said Adam Blumenthal, Creso Pharma Non-Executive Chairman.
Psychedelic Drug Development Startup MindMed Became the Second Company of its Kind to List on the NASDAQ on Tuesday, But its Share Price Crashed 30% During the First Day of Trading
MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ) which went public on Canada’s NEO stock exchange through a reverse takeover in March 2020 and has a current market cap of $1.3 billion, is working on clinical trials to explore the medicinal properties of powerful psychedelics, including lysergic acid diethylamide, MDMA, psilocybin.
Cannabis Company Trulieve is Scheduled to Release its Q1 2021 Financial Results on May 13, Before the Market Opens, and Will Follow Up With a Conference Call at 8.30 AM EST
Ahead of the earnings report, Cantor Fitzgerald’s Pablo Zuanic raised the price target to $89 from $83 on Trulieve’s (CSE: TRUL) (OTCQX: TCNNF) stock, while keeping an “Overweight“ rating. Zuanic said Cantor Fitzgerald raised the price target based on increased long-term EBITDA projections.
The Name Change Reflects the Company’s Commitment to Providing Access to, and Leadership in, Setting the Standard of Care for Ketamine Treatment in Depression Through its Network of Clinics, as Well as its Ketamine and Psychedelic Derivative Research and Drug Development Priorities
Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FRA: 496) announced that it has changed its name from “Champignon Brands Inc.” to “Braxia Scientific Corp.” and its ticker symbol will change from “SHRM” to “BRAX” on the Canadian Securities Exchange (CSE). Braxia Scientific’s overarching aim is to shape the future of treatment for people suffering from depression and other mental health disorders.
In April, Aphria Shareholders Finally Voted in Favor of the Merger, With Tilray Shareholders Following Suit Approving the Transaction on Friday
Tilray (NASDAQ: TLRY) (FRA: 2HQ) and Aphria (TSX: APHA) (NYSE: APHA) (FRA: 10E) have merged after months of negotiations, creating a company with a combined market cap of $3.3 billion. The two Canadian cannabis giants had been in talks since December with Aphria’s current CEO Irwin Simon to create a new enterprise. The resulting company, which is expected to generate roughly $81 million in annual pre-tax cost synergies within the next eighteen months, kept the Tilray name and will continue to trade on Nasdaq Global Select Exchange under the ticker symbol TLRY.