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 August 2nd – 8th, 2021.
Without further ado, let’s get started.
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10. Red White & Bloom’s Florida Subsidiary Closes Acquisition of 45,000 Sq Ft Greenhouse on 4.7 Acres
RWB subsidiary Red White & Bloom Florida LLC expects its new greenhouse to start yielding product by the end of the year
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) announced that the company’s Florida subsidiary Red White & Bloom Florida LLC has closed its acquisition of a fully operational greenhouse in Apopka, Florida. The move sees RWB further strengthen its cultivation and production strategy in the Sunshine State. The completion of the acquisition sees RWB subsidiary Red White & Bloom Florida LLC add to its Florida arsenal a fully operational 45,000 sq ft greenhouse located in Apopka, Florida. The deal includes 4.7 acres of land, which the greenhouse is currently situated on.
9. Cybin Becomes First Psychedelics Company on the NYSE: CEO Explains Everything You Need to Know
The company is the first in the sector to enter the NYSE, following a trend of five psychedelics companies to debut on the Nasdaq since the beginning of the year
Cybin (NEO: CYBN) (NYSE: CYBN), a biotech company in the psychedelics space, began listing its stock on the New York Stock Exchange on Thursday. “This validation by the NYSE is incredibly humbling,” said CEO Doug Drysdale in an exclusive interview with Benzinga. He added that the listing provides a real opportunity for increased awareness as well as for growing the company’s shareholder base, especially among retail investors.
8. Cannabis Market Downturn Might Provide Buy-In Options for Promising Stocks
Cannabis stock investors have been reminded this summer about the two-sided reality of their stakes in the industry
Number one: The cannabis market is still an up-and-coming sector with immense potential in the near future. Number two: You might experience some in-flight turbulence. The cannabis sector has undergone a few months of steady declines, culminating in a steeper drop over the last thirty days. Every cannabis commodity has been vulnerable to the slowdown. These include the top four public cannabis stocks according to market cap: Curaleaf (CSE: CURA) (OTCQX: CURLF), Canopy Growth (TSX: WEED) (NASDAQ: CGC) (FRA: 11L1), Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2), and Trulieve (CSE: TRUL) (OTCQX: TCNNF). All have experienced declines in value in the last 30 days.
READ FULL CANNABIS STOCKS ARTICLE
7. Revive Therapeutics Provides Update on Psychedelics Clinical Product Pipeline
Focusing on novel uses, production and delivery forms of psilocybin as a next-generation solution for mental illness, substance abuse and neurological disorders
Revive Therapeutics (CSE: RVV) (OTCPK: RVVTF) (FRA: 31R) provided an update on the Company’s psychedelics development and clinical programs with a focus on psilocybin. The Company is working with the Board of Regents of the University of Wisconsin System under a clinical trial agreement to conduct a Phase I/II clinical study to evaluate the safety and feasibility of psilocybin in adults with methamphetamine use disorder.
6. Canopy Growth Posts Net Revenue of $136.2 Million For Fiscal Q1 2022
The company remains optimistic about achieving a positive adjusted EBITDA during the second half of the fiscal year 2022
Canopy Growth (TSX: WEED) (NASDAQ: CGC) (FRA: 11L1) reported this morning its financial results for fiscal Q1 2022 ending June 30, 2021, highlighting a net revenue of $136.2 million. This is a drop from Q4 2021’s $148.4 million but an increase from Q1 2021’s $110.4 million. The quarterly revenue is composed of $73.5 million from the Canadian cannabis business, $19.4 million from the international cannabis market, and $43.3 million from other consumer products.
5. 2 Promising “Ground-Floor” Psychedelic Stocks
Data Bridge Market Research found that the psychedelic market could reach $6.8 billion by 2027, up from $2 billion in 2019. The market could grow with a compound annual growth rate of 16.3%
Right now, the number of psychedelic stocks in the sector is limited. I found two, however, that are worth a look. MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ) is a biotech company that’s working on LSD experimental therapy for opioid withdrawal and pain treatment. Another with strong potential is Cybin (NEO: CYBN) (NYSE: CYBN), a Canadian pharmaceutical company developing psychedelic medicines to treat depression, anxiety and addiction.
READ FULL PSYCHEDELIC STOCKS ARTICLE
4. Curaleaf Hits USD $312.2 Million in Revenue For Q2 2021
The company posted a net loss of USD $9.7 million for the quarter, compared to last quarter’s net loss of USD $17.2 million
Curaleaf (CSE: CURA) (OTCQX: CURLF) on Monday announced its financial results for Q2 2021, which recorded USD $312.2 million in revenue. This is an increase from Q1 2021’s US$260.3 million and beats the analysts’ consensus estimate. The quarterly revenue also landed within the company’s guidance of USD $305–US$315 million. Breaking down the earnings for the quarter, retail revenue yielded USD $222.1 million while wholesale revenue posted USD $89.3 million.
3. Why I’m Psyched About Atai Life Sciences, Even With a Broken Chart
The psychedelics treatment area won’t be a zero-sum game
I’m not going to try and spin it, the Atai Life Sciences (NASDAQ: ATAI) chart is broken. The chart doesn’t just look broken. It is broken. Once ATAI shares lost the $17 level around July 26, the wheels came off, the level got rejected hard on the first bounce, and folks have been throwing in the towel ever since. In short, everything about ATAI is awful right now, but I happen to love the space long-term and believe that sellers here may regret their decision to sell when we look back in a year or two; heck, maybe even six months.
2. Scotts Miracle-Gro Takes Run At U.S. Cannabis Market Via USD $150 Million Investment in RIV Capital
The investment is said to make RIV the “preferred vehicle for investments” in the U.S. cannabis market for Scotts Miracle-Gro
It appears that Scotts Miracle-Gro (NYSE: SMG) (FRA: SCQA) is looking to take a run at the U.S. cannabis industry. The company announced that it would be taking a substantial stake in RIV Capital (TSX: RIV), a cannabis investment vehicle, via its subsidiary, The Hawthorne Collective. The arrangement will see ScottsMicro-Gro take what is effectively a 42% stake in the Canadian issuer via a US$150.0 million unsecured convertible note that is ran through its subsidiary The Hawthorne Collective.
1. Creso Pharma’s Halucenex Continues to Make Strong Progress in Psychedelics Industry Ahead of Phase II Clinical Trials
Discussions with Health Canada regarding Halucenex obtaining a Controlled Drugs and Dealer’s License are progressing well and the company expects the Dealer’s License could 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. As previously announced, Halucenex has completed all requirements to satisfy USP 61 conditions, which provide significant validation for the use of its GMP grade psilocybin. 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 the efficacy of psilocybin when used for the treatment of Treatment-Resistant Post Traumatic Stress Disorder (PTSD).
With U.S. Pot Stocks the Hot Theme of 2021, Here’s Why Red White & Bloom Could Be One of the Cannabis Sector’s Top Performers
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