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 17th – 23rd, 2021.
Without further ado, let’s get started.
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With Michigan’s Marijuana Market Continuing its Rapid Rise, the MRA Reported April Sales in the Great Lakes State Reached USD $154 Million, Putting the State’s Cannabis Market on a Current Annualized Run-Rate of USD $1.85 Billion
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced on Tuesday the successful launch of the company’s High Times branded THC products in 23 Michigan dispensaries throughout the majority of the Great Lakes State. Within the first two weeks, RWB’s initial CDN $1.25 million order was already 60% sold. As evidence of the popularity of the iconic High Times cannabis brand in Michigan, some retailers saw their High Times THC pre-orders exceed 10% of their dispensary’s total inventory.
Though There Have Been Positive Stories About Those Who Took Time to Reconnect With Family, Enjoy a Slower Pace of Life, and Exercise More During the Covid Crisis, Over Eight Out of Ten Americans Surveyed By Field Trip Reported at Least One Symptom of Depression
The results of Field Trip Health’s (CSE: FTRP) (OTC: FTRPF) first annual “State of Mind” survey hold few surprises for those who have followed the news around the effects of the pandemic on mental health. Field Trip Health is the largest provider of psychedelic therapies in the world and initiated this survey to look into the state of mental and emotional health in the U.S., and to get a sense of how receptive respondents are towards incorporating psychedelics into treatment.
The Move to the NASDAQ is Reportedly Part of the Firm’s Efforts to Reduce Costs
Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) reported that the company has completed the transfer of its stateside listing to the NASDAQ Global Select Market, from that of the New York Stock Exchange after yesterday’s closing bell. The planned transfer was originally reported on May 13. The company this morning is set to commence trading on the Nasdaq following the transfer while maintaining the symbol “ACB”.
Mescaline is a Classic Serotonergic Hallucinogen, Similar to LSD and Psilocybin, With a Long, Non-Regulated History of Spiritual Use
MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ) announced the approval by the local Swiss ethics committee of the first clinical trial evaluating the acute effects of different doses of mescaline and the role of the serotonin 5-HT2A receptor in mescaline-induced altered states of consciousness (MDR-Study). The study will be conducted at the University Hospital Basel Liechti Lab, in Basel, Switzerland, and is planned to start this month.
Three Analysts Have Revenue Estimates for the Third Quarter, With the Average Projection Coming in at USD $108 Million
Ayr Strategies (CSE: AYR.A) (OTCQX: AYRSF) announced that they will be reporting their fiscal third quarter financials after hours on March 26th. Analysts have a consensus C$58 12-month price target on the company, via a total of 4 analysts, with one analyst having a strong buy rating and the other three having buy ratings. The street high comes from Beacon Securities with a C$76 price target.
There is Now Data Suggesting That Magic Mushrooms and Ecstasy — Combined With Talk Therapy — May Help People With Severe Depression and Post-Traumatic Stress Disorder
Is there about to be a psychedelic drug boom in mental health treatment? In May researchers released data from a phase 3 trial that used MDMA (street name: ecstasy) along with talk therapy to treat people who have post-traumatic stress disorder (PTSD). And Compass Pathways (NASDAQ: CMPS) is exploring the use of psilocybin (the active ingredient in “magic mushrooms”) in combination with talk therapy, to treat people who have severe depression.
In March, the Companies Announced That KushCo Had Agreed to Become a Wholly-Owned Subsidiary of Greenlane Under an All-Stock Deal
Greenlane Holdings (NASDAQ: GNLN) and KushCo Holdings (OTCQX: KSHB) are one step closer to finalizing their recent merger. On Tuesday, the companies reported the expiration of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for the proposed merger.
Psilocybin Has Been Granted Breakthrough Therapy Designation by the U.S. FDA to Multiple Entities in the USA, and This Specific Trial Will Become the First of its Kind Comparing a 25mg Psilocybin Capsule With Cybin’s Proprietary Sublingual Film Formulation
Cybin Inc. (NEO: CYBN) (OTC: CLXPF), a biotechnology company focused on progressing psychedelic therapeutics, today announced that the Institutional Review Board (IRB) at the University of the West Indies Hospital, in Jamaica has granted approval to commence the study of its sublingual psilocybin formulation (CYB001) in a Phase II clinical trial for patients suffering with Major Depressive Disorder (MDD). Commencement of the clinical trial is subject to final confirmation of study material specifications by Jamaica’s Ministry of Health.
Acquisition Brings Number of GrowGen Locations Nationwide to 55
GrowGeneration (NASDAQ: GRWG), the nation’s largest chain of specialty hydroponic and organic garden centers, today announced its acquisition of The Harvest Company, a northern California-based hydroponic supply center and cultivation design innovator with stores in Redding and Trinity County. The Harvest Company serves growers in Northern California’s Emerald Triangle – the largest cannabis-producing region in the country.
Using This State-of-the-Art Drug Delivery Technology, MindMed is Seeking to Capitalize on the Opportunity to Mitigate the Serious Side Effects That Can Make Some Orally Administered Psychedelics Poor Drug Candidates
MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ) and Nextage Therapeutics (TASE: NXTG), an Israeli innovative drug development company, announced the execution of an MOU regarding the launch of an exclusive collaborative development program to optimize the delivery of certain psychedelic drug candidates, leveraging Nextage’s proprietary Brain Targeting Liposome System (BTLS) delivery technology, for which it has an exclusive license. MindMed and Nextage will initially collaborate to optimize the delivery of drug products based on noribogaine, and ultimately other ibogaine derivatives, and will share development costs and intellectual property arising from the collaboration.