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 10th – 16th, 2021.
Without further ado, let’s get started.
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Aurora Cannabis Reported its Q3 2021 Results on Thursday, With the Company Showing Net Sales of $55.2 Million, Down From $73.5 Million a Year Earlier, and an Adjusted EBITDA Loss of $24.0 Million Compared to a Loss of $49.6 Million a Year Earlier
Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) received a downgrade from ATB Capital Markets on Thursday after the company’s quarterly numbers resulted in top and bottom-line misses. In an update to clients, ATB analyst David Kideckel said near-term uncertainty and lack of visibility on international growth avenues brought on the more cautious stance, where Kideckel dropped his rating from “Sector Perform” to “Underperform.”
The Head-to-Head Study Will Test Cybin’s Proprietary Sublingual Psilocybin Formulation Against a 25mg Psilocybin Capsule on 40 Patients
Cybin (NEO: CYBN) (OTC: CLXPF), a biotechnology company focused on progressing psychedelic therapeutics, announced on Tuesday it has received initial clearance to begin a Phase IIa clinical trial on psilocybin for patients suffering from major depressive disorders (MDD).
The Canadian Marijuana Company is Really Getting Into Acquisitions Lately
Canada’s HEXO Corp. (TSX: HEXO) (NYSE: HEXO) (FRA: 74H) is again going the acquisition route to bulk up its business. The company has signed an agreement to purchase fellow Ontario-based peer 48North (TSXV: NRTH) (OTCPK: NCNNF) in an all-stock deal valued at around 50 million Canadian dollars ($41 million) in enterprise value.
Over the Last Twelve Months, the Company Has Been Focused on Creating Relationships and Building a Robust Psilocybin-Based Product Pipeline That Includes Novel Uses, Formulations, Oral Thin Film Delivery and Biosynthetic Forms of Psilocybin
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, is pleased to announce it has entered into a feasibility agreement with LTS Lohmann Therapie-Systeme AG (“LTS”), a leader in pharmaceutical oral thin films, to develop and manufacture a proprietary oral psilocybin thin film strip for the Company’s clinical and commercial initiatives to evaluate in mental illness, neurological and substance abuse disorders.
With the Approval Now in Hand, the Company Currently Anticipates That it Will Begin Enrolling Patients in the Phase Two Trial in the Third Quarter of 2021
PharmaTher Holdings (CSE: PHRM) has seen the U.S. FDA approve the firm’s application for an investigational new drug. The approval relates to a phase 2 clinical trial to evaluate the use of ketamine in the treatment of levodopa-induced dyskinesia in patients with Parkinson’s disease.
The Market for Cannabis Companies Continues to Grow and See Rising Sales Numbers as More and More States in the U.S. Legalize Marijuana and for Some Companies, Like Curaleaf, 2021 May Be Better Financially Than Anyone Expected Based on its Most Recent Quarterly Report
Curaleaf (CSE: CURA) (OTCQX: CURLF), showed strong first-quarter earnings. These earnings have put them on track to deliver well-above-consensus numbers for the year. They also beat Curaleaf’s own guidance for full-year revenue ($1.2 billion) and are now expecting $1.3 billion. Analysts believe Curaleaf’s impressive performance is due to a number of factors, one of the most significant being that Curaleaf is an all-encompassing company. Curaleaf has a balance and depth within U.S. markets; they are prepared for federal legalization, and they have a strong balance sheet.
Horizons ETFs CEO Steve Hawkins Remains Bullish on the Long-Term Impact of the Entire Psychedelics Industry, Particularly the Potential Benefits of Widely Available Medical Products to Help Growing Mental Health Concerns
In January, Horizons ETFs Management (Canada) launched the first psychedelics-focused index fund by way of the public debut of the Horizons Psychedelic Stock Index ETF (NEO: PSYK). At the time, Steve Hawkins, president and CEO of Horizons ETFs, told the Investing News Network (INN) that the fund’s launch was driven by a desire to tap into innovative markets, as well as growing demand from the investor base looking at the psychedelic space. After giving the fund some time to perform, INN spoke with Hawkins again to discuss its movement and the interest investors have shown in psychedelics.
The Acquisition Will See the Company Acquire Three Outdoor Cannabis Cultivation Facilities Within the State, With a Total of 66 Acres of Cultivation Currently in Place in Aggregate
Curaleaf (CSE: CURA) (OTCQX: CURLF) is looking to become the largest Colorado cannabis cultivator, announcing this morning that it has entered into an agreement to acquire the Los Suenos Farms and related entities. The transaction as a whole is pegged at $67 million.
The Two Organizations Plan to Design and Conduct Research Together Surrounding Altered States of Consciousness, Psychedelic Psychotherapy, and Their Overall Impact on Mental Wellbeing
MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ), a leading clinical-stage psychedelic medicine company, today announced it has entered into a letter of intent to partner with The Chopra Foundation to educate and build public awareness around the use of psychedelic medicines to treat mental illness, remove outdated stigmas, and ultimately research mental wellbeing approaches that can be used in psychedelic related psychotherapy.
Trulieve is an Adult-Use and Medical Cannabis Company With Interests in CA, MA, Connecticut, PA, WV and FL, Where TRUL is the Largest Operator With 78 Dispensaries Along With Growing and Production Facilities
ATB Capital Markets analyst Kenric Tyghe says US multi-state operator Trulieve’s (CSE: TRUL) (OTCQX: TCNNF) has found a good match in acquiring Arizona-based Harvest Health (CSE: HARV) (OTCQX: HRVSF). Tyghe reviewed the merger in an update to clients on Monday where he reaffirmed his “Outperform” rating for TRUL and one-year target price of C$78.00.