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 31st – June 6th, 2021.
Without further ado, let’s get started.
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RWB Also Announced the Company Achieved Positive Adjusted EBITDA of $460,000 for the First Quarter of 2021
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced that the company has released certain financial results for the first quarter of 2021, as well as the 2020 fiscal year. All figures are in Canadian dollars. RWB reported adjusted Q1 2021 revenue of $32.2 million, up 2.4% from the $31.4 million reported in Q4 2020. The company also announced the company achieved positive adjusted EBITDA of $460,000 for Q1 2021. While these figures are certainly impressive on their own, it’s important to note that the financial results released by Red White & Bloom do not include any earnings from RWB Michigan, RWB Florida or RWB Illinois.
Truth is, Most Folks Just Don’t Know Much About Psychedelics at All and I Don’t Say This as a Criticism, But Rather an Observation of Truth
They don’t know the history of psychedelics. They don’t know that some of these molecules have been used for medicinal purposes for decades, even centuries. They don’t know that last month, a Phase 3 Clinical Trial of MDMA-assisted therapy for PTSD achieved successful results for patients with severe and chronic PTSD. This is a very big deal, and will likely facilitate FDA approval as soon as next year. They don’t know that the FDA has granted “Breakthrough Therapy” designation for multiple companies studying various psychedelic medicines. They don’t know that MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ) is running clinical trials addressing anxiety with LSD-assisted therapy, adult ADHD with non-hallucinogenic doses of LSD, and addiction with ibogaine. They don’t know that Cybin Inc. (NEO: CYBN) (OTC: CLXPF) is running clinical trials addressing major depressive disorder using psilocybin. They don’t know that a company called Compass Pathways (NASDAQ: CMPS) is conducting a randomized controlled phase 2b study of psilocybin therapy for the treatment of what is still known as treatment-resistant depression. They don’t know that psychedelics represent the closest thing we’ve seen to any kind of major disruption to the $121 billion mental wellness industry in more than 50 years.
Cannabis Giant Curaleaf Has Announced a First-of-its-Kind Strategic Partnership Between its Select Brand and Rolling Stone
The partnership between Curaleaf (CSE: CURA) (OTCQX: CURLF) and the legendary music and culture authority highlights the long relationship between music and cannabis. Rolling Stone has a history of being at the center of that relationship. “Music and Cannabis go hand in hand,” said Rolling Stone president and CEO Gus Wenner.
The Randomized, Placebo-Controlled Trial Aims to Treat Symptoms of Depression, Anxiety, Burnout and PTSD Among Frontline Doctors, Nurses and Healthcare Professionals
Psychedelics and biotech company Cybin Inc. (NEO: CYBN) (OTC: CLXPF) is co-sponsoring a new clinical trial that will test the benefits of psilocybin treatment in health workers experiencing COVID-related distress. Researchers will apply psychedelics-assisted psychotherapy methods that use psilocybin in conjunction with psychological therapy. Cybin is sponsoring the trial in a partnership with the University of Washington in Seattle.
Acreage Saw its Retail Revenue Grow Sequentially By 3% and 47% Year-Over-Year to $25.8 Million
Cannabis company Acreage Holdings (CSE: ACRG.A.U) (OTCQX: ACRGF) (FRA: 0VZ) saw consolidated revenue climb to $38.4 million in the first quarter of 2021, marking a 58% spike compared to what the New York-based company reported for the same period of 2020. In Acreage’s earnings report published Saturday, CEO Peter Caldini credited the growth to the “consolidation of our New Jersey operations in June 2020 and same-store sales growth of 16%.”
In Advance of an Anticipated Uplisting on the NASDAQ, Field Trip Will File a Registration Statement With the United States Securities and Exchange Commission
Field Trip Health (CSE: FTRP) (OTC: FTRPF), a leader in the development and delivery of psychedelic therapies, is pleased to announce that it has applied to list its common shares on the NASDAQ Stock Exchange. “Psychedelics stand poised to disrupt modern psychiatry, and the NASDAQ is where world-class companies whose ambition is disruption list to reach a global audience of investors,” said Ronan Levy, Field Trip’s Executive Chairman. “By applying to list on the NASDAQ, we are declaring to the world that Field Trip is such a world-class company.”
Back in 2019, the U.S. Cannabis Industry Was Not Doing Well, With Stocks Trending Low, Spending High, and Debt Growing. At That Time, There Was No Sign That the Industry Would Ever Become Profitable
Now, just two years later, U.S. Cannabis Stocks are skyrocketing for all the right reasons. U.S. cannabis companies have become more efficient over time. From this increased efficiency, these companies have recently reported strong revenue growth and profitability in their first-quarter results for 2021: Curaleaf (CSE: CURA) (OTCQX: CURLF), Trulieve (CSE: TRUL) (OTCQX: TCNNF), Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2), Innovative Industrial Properties (NYSE: IIPR) (FRA: 1IK), Acreage Holdings (CSE: ACRG.A.U) (OTCQX: ACRGF) (FRA: 0VZ), Charlottes Web (TSX: CWEB) (OTCQX: CWBHF), GrowGeneration (NASDAQ: GRWG) and Harvest Health (CSE: HARV) (OTCQX: HRVSF).
Over the Past Months, Mydecine’s Research and Development Teams Have Screened Over 25 Mushroom Species, Including Various Varieties of p. Cubensis, and Has Selected and Analyzed Over 40 Unique Compounds Found Throughout the Various Species
Mydecine Innovations (CSE: MYCO) (OTC: MYCOF), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, announces that the Mydecine R&D team has made groundbreaking advances in psilocybin research with the discovery of over 40 compounds with pharmacological potential in mushrooms.
RWB Also Secured $6.5 Million Upon Closing an Unsecured Debenture Private Placement to an Arm’s Length Purchaser
Cannabis company Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) has secured roughly $44.5 million in financing by completing three financing transactions. What It Means For RWB: The Toronto-based company managed to provide roughly $36.8 million of new cash and retire $7.7 million in debt. “As evidenced by today’s announcement, we continue to demonstrate our ability to access the needed expansion and working capital, in the least dilutive possible manner to our shareholders, to execute on our strategy,” Brad Rogers, RWB CEO and chairman said Monday.
The Study Looked at the Effects of Two Doses of COMP360 Psilocybin (10mg and 25mg) Compared With Placebo in 89 Healthy Male and Female Adult Volunteers
Compass Pathways (NASDAQ: CMPS) reported further results from a phase I study showing that its COMP360 psilocybin had no clinically relevant negative effect on cognitive function when administered to healthy adult volunteers with support from specially trained therapists. Dr. Ekaterina Malievskaia, Chief Innovation Officer and Co-founder, COMPASS Pathways, said: “This study is an important part of our clinical development programme of psilocybin therapy for treatment-resistant depression (TRD). The results are encouraging and we are looking forward to reporting data from our phase IIb trial of COMP360 psilocybin therapy for treatment-resistant depression (TRD) later this year.”
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