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 May 3rd – 9th, 2021.
Without further ado, let’s get started.
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Braxia Scientific Enters a New Chapter as it Commences Trading Under its New Ticker “CSE: BRAX”
Braxia Scientific (CSE: BRAX) (OTCQB: SHRMF) (FRA: 496) has rebranded its growing network of leading clinics to Braxia Health, which includes the Canadian Rapid Treatment Centre of Excellence (CRTCE) established in 2018. The CRTCE is the only clinic in Canada previously involved in a randomized controlled pivotal trial for regulatory approval purposes of psilocybin for the treatment of adults with depression.
Agreement With Nucro-Technics to Test the Stability and Shelf Life of Psilocybin Liquid Formulations for Use in its Phase II Clinical Trial
Creso Pharma (ASX: CPH) (OTC: COPHF) (FRA: 1X8) announced that its target acquisition company Halucenex Life Sciences has signed an agreement with leading pharmaceutical contract research organization Nucro-Technics to provide microbiology and chemistry test work for a salient delivery solution using synthetic psilocybin which will be used in upcoming clinical trial submissions.
Village Farms Disclosed a Net Loss of $7.4 Million or a loss of $0.10 Per Share, Down By 276% From a Net Income of $4.2 Million or Earnings Per Share of $0.08 in the Same Quarter of the Prior Year
Village Farms (TSX: VFF) (NASDAQ: VFF) (FRA: 02V) posted its first-quarter financial results Monday with consolidated revenue of $52.4 million, up by 63% from the same period in 2020. The company’s consolidated earnings figures included Pure Sunfarm’s financial results, which the company acquired in November 2020.
For the Commencement of Project Angie, MindMed Will Initiate a Study of LSD in a Severe Pain Indication
MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ), a leading psychedelic-inspired medicine company announces the launch of its Project Angie to advance the development of psychedelics, including LSD, to treat pain conditions. MindMed is currently exploring two primary clinical indications for the treatment of pain.
Certain Highlights for 2020 and Subsequent to the Year-End Include Closing the Platinum Vape and Acreage Florida Acquisitions
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) anticipates filing its 2020 audited financial statements on or before May 31, 2021. As a result of this announcement, RWB provided certain 2020 and subsequent financial results. System-wide product sales for the company, which excludes RWB Michigan, RWB Florida and RWB Illinois, in the fourth quarter of 2020 was approximately CDN $26.5 million, an increase of 218% over the third quarter and the first full quarter post-closing of the Platinum Vape (PV) acquisition.
The Psychedelics Industry is Booming
In the last few years, research into the benefits of psychedelic drugs has become extremely popular. Dozens of psychedelics companies have popped up to research and develop psychedelics-based medicines and treatments. Of the many psychedelics companies, ATAI Life Sciences is one of the most significant. It is also one that investors need to watch, especially since the company plans to go public soon.
Investing in the Cannabis Industry Has Proven to Be Fruitful for Many in Recent Years
It is one of the fastest-growing sectors and still has plenty of space to continue to grow. To invest in cannabis in the United States, many people have invested in AdvisorShares Pure U.S. Cannabis ETF (NYSE Arca: MSOS). But the recent vote from the U.S. House of Representatives to approve the SAFE Banking Act could change everything. If it is fully approved, Cannabis MSOS may be able to uplist onto a more high-profile exchange like the NASDAQ.
Revenues Reported for the Quarter Represents a Beat on the Prior Guidance of $250 to $255 Million, While Also Marking a 13% Gain From the Fourth Quarter Revenue Figure of $230.3 Million
Curaleaf (CSE: CURA) (OTCQX: CURLF) reported its first-quarter financial results, with the company reporting total revenue of $260.3 million, beating consensus estimates. Adjusted EBITDA meanwhile came in at $62.6 million, beating consensus estimates of $60.2 million.
The Psychedelics Industry Has Recently Become a Place of Great Interest for Investors
Research into psychedelics has flourished, especially in Canada. In the U.S., states and cities have begun to decriminalize and even legalize psychedelics. This push for psychedelics has driven psychedelics companies and their stocks onto high-profile markets for trading like the NASDAQ. As the industry grows, investors eagerly await news of which psychedelics company will be the next. Of the many psychedelics companies, Cybin (NEO: CYBN) (OTC: CLXPF) is likely to be the next to uplist onto the NASDAQ.
Consolidation Among U.S. Based Multi-State Operators Has Officially Begun
Trulieve (CSE: TRUL) (OTCQX: TCNNF) announced that it will be acquiring Harvest Health (CSE: HARV) (OTCQX: HRVSF), creating what has been defined as the “most profitable Multi-State Operator (MSO) in the world largest cannabis market.”