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 July 26th – August 1st, 2021.
Without further ado, let’s get started.
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In May, Jazz Pharma finalized the acquisition of the cannabinoid drug company GW Pharmaceuticals for around $7.2 billion
Biopharmaceutical company Jazz Pharmaceuticals (NASDAQ: JAZZ) (FRA: J7Z) reported its financial results on Tuesday for the second quarter of 2021 with total revenue of $751.81 million, up by 34% from $562.43 million in the comparative period of 2020. Through its acquisition of GW Pharmaceuticals, Jazz enriched its portfolio of products with the addition of Epidiolex – the first FDA-authorized CBD medicine for treating children with severe forms of epilepsy. Epidiolex’s second-quarter net sales were $109.5 million.
Coming just eight weeks after beginning trade on the Toronto Stock Exchange, the uplist is a prestigious accomplishment
Last week, Field Trip Health (CSE: FTRP) (OTC: FTRPF) solidified its place among the elite psychedelic companies in the space. The uplist announcement to the NASDAQ Global Select Market—the highest echelon in the NASDAQ group of listings—was an extension of a prolonged news cycle which has helped boost its common shares +33.39% since the start of Q2 2021. We invited Executive Chairman Ronan Levy to TDR’s interview chair to expand on this and other relevant company events.
There’s no doubt that, if approved, Senate Majority Leader Chuck Schumer’s cannabis legalization bill would be a historic event for the U.S. cannabis industry
Cantor Fitzgerald’s Pablo Zuanic believes that even without such changes, U.S. multi-state operators will continue to benefit from ever-increasing sales growth and new legal states that are rolling out their adult-use marijuana programs or enhancing their existing medical cannabis programs. According to the analyst, sales should hit $36 billion by 2023, up from $17 billion in 2020. Zuanic confirmed that Cantor’s top U.S. picks remain Curaleaf (CSE: CURA) (OTCQX: CURLF), Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2), Trulieve (CSE: TRUL) (OTCQX: TCNNF), and Cresco Labs (CSE: CL) (OTCQX: CRLBF).
MindMed is exploring DMT as a potential drug candidate given its potential advantages as a short-acting psychedelic
MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ) announced the start of a Phase 1 clinical trial to assess the safety, pharmacokinetics and pharmacodynamics of DMT, a naturally occurring psychedelic substance and an active ingredient in ayahuasca. The outcome of this Phase 1 clinical trial is expected to facilitate potential future Phase 2 clinical trials of DMT in patients. The clinical trial is being conducted as an investigator-initiated study by Dr. Matthias Liechti as part of MindMed’s ongoing collaboration with the UHB Liechti Lab. The Phase 1 clinical trial has received all necessary regulatory approvals in Switzerland and subject enrollment has been initiated.
The earnings announcement comes on the heels of Tilray’s reverse acquisition of Aphria, and the combining of the two companies under the Tilray name
Tilray (NASDAQ: TLRY) (FRA: 2HQ), the Canadian cannabis lifestyle and consumer goods company, announced its Q4 and annual results following the close of its fiscal year 2021. The data in the earnings reports entail both Aphria‘s legacy business and four weeks of the new Tilray entity for the year ending May 31, 2021.
HAVN Life will export to Delic Labs in Canada for quality control and testing. This makes HAVN Life the first in the Caribbean Community and Common Market to export psilocybin
Havn Life Sciences (CSE: HAVN) (OTC: HAVLF) (FRA: 5NP) announced the harvest of its first crop of psilocybin-containing mushrooms from their growing and production facility in Jamaica. Working with its partner, GMP manufacturer P.A. Benjamin in Kingston, the Company will export the harvested psilocybin to Canada where it will be tested for safety and quality control through its lab partner, Delic Labs.
The executives’ compensation packages consist of salary as well as bonuses awarded as part of the company’s short- and long-term incentive plans
Executives for cannabis producer Canopy Growth (TSX: WEED) (NASDAQ: CGC) (FRA: 11L1) received more than 4 million Canadian dollars ($3.2 million) in cash bonuses after making “solid progress in the year,” according to a regulatory filing, even as the company lost CA$1.7 billion and laid off hundreds of workers.
The company also announced the release of its full-year 21 financial results
Red Light Holland (CSE: TRIP) (OTC: TRUFF) (FRA: 4YX), an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles, announced that it has entered into a definitive agreement as part of completing its previously announced acquisition of Mera Life Sciences.
The acquisition adds near-term cultivation capacity while the company looks to bring online its 114,0000 square foot facility in Sanderson Florida. The new Greenhouse to begin yielding product by year-end 2021
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multi-state cannabis operator and house of premium brands, strategically advanced its cultivation and production initiatives in the Florida market, with the purchase of a fully operational greenhouse in Apopka, Florida. Red White & Bloom Florida LLC, a Red White & Bloom Brands subsidiary, has closed on the acquisition of an operational 45,000 square foot greenhouse situated on 4.7 acres of land in Apopka, Florida. The Red White & Bloom team will begin rapid development on the facility to ensure all compliance standards are achieved for a Q4 2021 harvest schedule. This acquisition comes directly on the heels of the Sanderson Florida purchase and provides immediate benefits for significant cultivation expansion for delivery to RWBFL stores in Florida.
Discussions with Health Canada regarding receipt of Controlled Drugs and Dealer’s License are well progressed – expected to be granted imminently
Creso Pharma (ASX: CPH) (OTC: COPHF) (FRA: 1X8) provided investors with an update on the recent operational progress of its wholly-owned, Canadian psychedelics company, Halucenex Life Sciences. Halucenex has completed all requirements to satisfy USP 61 conditions, which provide significant validation for the use of its GMP grade psilocybin. Test work is well progressed and once complete, the data generated will allow Halucenex to further progress its Clinical Trial Authorisation (CTA) with Health Canada. The Company remains in advanced discussions with the regulatory body regarding the status of its Controlled Drugs and Substances Dealer’s license. The Company believes receipt of the Company’s Dealer’s License is imminent, which will allow further steps to be taken towards the commencement of a phase II clinical trial into efficacy of psilocybin when used for the treatment of Treatment-Resistant Post Traumatic Stress Disorder (PTSD).