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 9th – 15th, 2021.
Without further ado, let’s get started.
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10. Massive Win for Creso Pharma’s Psychedelics Subsidiary as Halucenex Secures Coveted Health Canada Dealer’s Licence
As one of the few companies worldwide with a Dealer’s Licence, Halucenex is now able to possess, sell, transport and conduct R&D on a range of psychedelics, such as psilocybin, ketamine, LSD and MDMA
Creso Pharma (ASX: CPH) (OTC: COPHF) (FRA: 1X8) announced that, on August 11, 2021, its wholly-owned Canadian psychedelics subsidiary, Halucenex Life Sciences secured the highly sought-after Controlled Drugs and Substances Dealer’s Licence from Health Canada. This news is a milestone achievement for Halucenex as the psychedelics firm can now move forward with its planned phase II clinical trial, which will seek to test the efficacy of psilocybin on treatment-resistant post-traumatic stress disorder (PTSD).
9. Tilray Acquires Majority Position in Amended MedMen Convertible Notes, Accelerating Path Into U.S. Cannabis Market if Federal Legalization Occurs
Many believe federal cannabis legalization could happen sooner rather than later and Tilray’s chairman and CEO Irwin D. Simon is among them
Tilray (NASDAQ: TLRY) (FRA: 2HQ) announced on Tuesday Tilray has acquired the majority of MedMen’s (CSE: MMEN) (OTCQX: MMNFF) (FRA: 0JS) outstanding senior secured convertible notes that were originally held by certain funds affiliated with Gotham Green Partners, LLC (GGP) and others. What’s In It For Tilray? For starters, the investment provides Tilray with a potential accelerated path into the U.S. cannabis market upon federal legalization via a significant equity position in MedMen through conversion of the notes and the ability to exercise-associated warrants.
8. Atai Life Sciences to Research Potent Psychedelic Herb Salvia Divinorum Through its New Subsidiary
The companies expect to begin clinical trials on Salvinorin A in the second half of 2022
Atai Life Sciences (NASDAQ: ATAI) has announced the launch of a new subsidiary that will research Salvinorin A, the active compound in salvia divinorum, a hallucinogenic herb native to Central America. Atai, based in Berlin, is developing a variety of psychedelic treatments for mental health purposes. Revixia Life Sciences is the newest addition to its portfolio, which includes a significant stake in Compass Pathways (NASDAQ: CMPS).
7. Canopy Growth’s BioSteel Becomes Official Sports Drink Of The Los Angeles Lakers In A ‘Slam Dunk’ Deal
The Los Angeles company agreed to support the 17-time NBA champions’ performance with Clean. Healthy. Hydration., year-round both on and off the court
BioSteel Sports Nutrition, which is part-owned by Canopy Growth (TSX: WEED) (NASDAQ: CGC) (FRA: 11L1), announced Monday it had entered a multi-year sponsorship deal as the official sports drink of the Los Angeles Lakers. The deal includes BioSteel Sports Drink on the Lakers team bench and integration of the BioSteel brand into the team bench set ups, locker room displays and in-arena signage.
6. MindMed Reports Q2 Earnings With Net Loss of $36 Million and Cash Balance of $157 Million to Continue With its Clinical Pipeline
Net cash used in operating activities during the quarter amounted to $12 million, versus a total cash burn of $10 million in the quarter ended March 31
The psychedelics-focused medicines company MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ), announced its second-quarter financial results Friday with a net and comprehensive loss of $36 million, which compares to a loss of $14 million in the previous quarter. At the end of the reporting period – on June 30, MindMed held assets of $194 million including $160 million in cash. This compares to $201 million in assets the company held at the end of the first quarter, out of which $157 million was owned in cash.
5. Green Thumb Industries Price Target Raised By Cantor as it Reports Q2 Results, 85.4% YoY Spike in Revenue
Cantor Fitzgerald’s Pablo Zuanic kept an ‘Overweight’ rating on GTI’s stock, increasing the price target to $46 from $43.50
Cannabis company Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2), the owner of Rise Dispensaries, revealed on Wednesday after the market close that its revenue spiked 85.4% year-over-year and 14.1% sequentially – 7% above FactSet consensus – reaching $221.9 million in the quarter ended June 30, 2021. In its second-quarter earnings report, the company posted a positive adjusted EBITDA of $79.3 million, which accounted for 35.7% of revenue, representing an 11.1% sequential improvement or 6% above FactSet consensus. In comparison to the prior year’s period, that’s more than a double growth.
4. Field Trip Health Reports Fiscal First Quarter 2022 Financial Results
At June 30, 2021 had approximately $100 million in unrestricted cash and cash equivalents, funds held in trust and short-term investments
Field Trip Health (TSX: FTRP) (NASDAQ: FTRP) reported its fiscal Q1 2022 results for the three months ended June 30, 2021. During the fiscal first quarter, Field Trip continued to execute on its FT-104 drug development strategy, the buildout of a globally recognized brand of psychedelic-assisted therapy sites and the development of its digital tools “Trip” and “Portal”. With the signing of leases for 5 new Field Trip Health centers during the quarter and an additional 3 subsequently, the Company significantly ramped its operations in order to position it as an early mover in the emerging psychedelics industry. Despite the continuing impact of the COVID-19 pandemic and its variants on operations, the Company believes that interest in, and demand for, psychedelic therapies will continue to rapidly expand over the coming years. The Company anticipates an increase in long-term demand for its depression-related psychedelic therapies as case counts start to diminish in the future. With 7 existing sites and 11 locations under construction or about to commence construction, Field Trip remains on track to have 20 sites open or under construction by December 2021.
3. Trulieve Reports 14th Consecutive Quarter of Profitability, Q2 2021 Revenue Up 78% YoY
The company is also poised to enter the Georgia medical cannabis market
Trulieve (CSE: TRUL) (OTCQX: TCNNF) announced its financial results Thursday for the second quarter ended June 30, 2021, revealing a roughly $21 million sequential improvement in revenue, reaching $215.1 million. Shares traded 2.82% lower at $32 per share in Wednesday’s after-hours session. The Tallahassee, Florida-based company said it has achieved its 14th consecutive quarter of profitability with over 500,000 customers served over the period, amid negotiations to merge with Harvest Health (CSE: HARV) (OTCQX: HRVSF).
2. Atai Life Sciences Reports Second Quarter 2021 Financial Results and Business Update
During the quarter, Atai successfully completed its IPO on the NASDAQ raising $258.8 million in gross proceeds
Atai Life Sciences (NASDAQ: ATAI) reported its financial results for the second quarter ended June 30, 2021 and provided a corporate update. “In the second quarter of 2021, we made significant advancements to build our business and successfully completed an initial public offering on Nasdaq, raising approximately US$258.8 million in gross proceeds,” said Florian Brand, CEO and co-founder of atai. “We have the financial resources to maximize the value of our decentralized drug development platform for the improved probability of clinical success and leverage the value of our transformative pipeline. 2021 continues to be a pivotal year for atai with multiple upcoming catalysts across our expanding pipeline.”
1. MSOs Cannabis ETF Manager Weighs in on Green Thumb Industries, Trulieve & Cresco Labs Post Earnings
The heavy earnings week saw many of the industry’s largest cannabis companies reported their quarterly results
Benzinga caught up with Dan Ahrens, portfolio manager of the AdvisorShares Pure U.S. Cannabis ETF (NYSE: MSOS) and the AdvisorShares Pure Cannabis ETF (NYSE: YOLO). Following their respective earnings releases, Ahrens shared his thoughts on Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2), Trulieve (CSE: TRUL) (OTCQX: TCNNF) and Cresco Labs (CSE: CL) (OTCQX: CRLBF). Here’s what the portfolio manager had to say.
READ FULL MSO EARNINGS ARTICLE
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