Here’s What You Missed in Cannabis, Psychedelics This Week

In this week’s “Rising High,” The Fly’s recurring series focused on cannabis and psychedelic stock news, The Fly looks back on a discovery of compounds, analyst views and a brand launch.

ENVERIC DISCOVERS PRECLINICAL COMPOUNDS: Enveric Biosciences (ENVB) announced Wednesday the discovery of multiple novel compounds sourced using the company’s Psybrary platform and proprietary computational chemistry and artificial intelligence drug-discovery system. The novel compounds span seven distinct molecule classes totaling at least 57 unique product opportunities, all of which are protected by Enveric’s expansive intellectual property portfolio and represent potential out-licensing opportunities and non-dilutive revenue streams for the company. Together, the novel and distinct molecule classes broaden and deepen Enveric’s library of assets targeting difficult-to-address mental health disorders, adding to its lead candidate EB-003, a first-in-class neuroplastogen designed to eliminate hallucinations, and EB-002, formerly EB-373, a next generation synthetic prodrug of the active metabolite, psilocin. “Our ability to identify EB-003 and EB-002 as our lead drug candidates was the result of an extensive process in which our research team analyzed more than one thousand compounds spanning numerous classes of molecules, utilizing our proprietary PsyAI and Psybrary platforms,” said CEO Joseph Tucker. “As a result, Enveric now possesses what we believe to be one of the most diverse portfolios of potential drug molecules for the treatment of key, underserved mental health and neurological disorders. Our dedicated approach to protecting our discoveries should enable us to generate significant near- and long-term value for our shareholders via potential partnering and/or licensing agreements.” (read more)

INNOVATIVE INDUSTRIAL PRICE TARGET RAISE: Roth MKM raised the firm’s price target on Innovative Industrial Properties (IIPR) on Wednesday to $117 from $110 and kept a Buy rating on the shares. The company should report another solid quarter despite managing through a U.S. cannabis liquidity crisis, limited capital to deploy, and various tenant defaults, the analyst said. While new tenants on its defaulted properties have been slow to materialize, Roth MKM expects to see Innovative Industrial Properties make progress in re-leasing over the near-term, the firm added. (read more)

CYBIN PRICE TARGET LOWERED: On Thursday, Canaccord lowered the firm’s price target on Cybin (CYBN) to $4 from $5 and kept a Buy rating on the shares. The firm said they believe shares remain undervalued relative to the sizes of the indications it is targeting. In the near term, given the early, but promising data on CYB003 so far, they remain cautiously optimistic heading into the 3-month efficacy data that could come any day now. (read more)

4FRONT LAUNCHES MISSION CANNABIS BRAND: 4Front Ventures (FFNTF) announced Tuesday the launch of Mission Cannabis, its marquee flower brand. Mission is now available at all Mission Dispensaries in Massachusetts. It will soon be available in Illinois as well, with the rollout anticipated in the coming days. Andrew Thut, CEO, said, “At 4Front, we continually aim to innovate and command the market by delivering high-caliber, customer-oriented cannabis products. The introduction of Mission Cannabis underscores our commitment to delivering a product that stands out in both the recreational and wellness categories. Mission flower provides a balanced cannabis experience that does not compromise on quality or affordability.” With a range of THC levels tailored to provide a variety of potential experiences, Mission caters to a wide range of consumer preferences and purposes. (read more)

CANOPY GROWTH LAUNCHES NEW PRE-ROLLS: Canopy Growth (CGC) announced Thursday the introduction of five new pre-roll products across the company’s adult-use cannabis portfolio from brands 7ACRES and Hiway. “Forging ahead with our commitment to innovation, we’re excited to offer new pre-roll offerings that meet consumers across a range of occasions and price points,” said Dave Paterson, President, Canada. “With convenience and enjoyment in mind, our new 7ACRES Smooth Burners offer a high-quality pre-roll with a unique filter design enabling a smooth and slow session, while our new Hiway Water Hash Infused pre-rolls provide consumers a premium experience in a value package.” All new pre-roll offerings are available for purchase via legal recreational cannabis e-commerce channels and retail locations in select regions. (read more)

CANNABIS/PSYCHEDELIC STOCKS: Publicly-traded companies in the space include Acreage (ACRHF), Audacious (AUSAF), Atai Life Sciences (ATAI), Aurora (ACB), Avant Brands (AVTBF), Ayr Wellness (AYRWF), BZAM (BZAMF), Cannara Biotech (LOVFF), Chicago Atlantic (REFI), Clearmind (CMND), Clever Leaves (CLVR), Cresco Labs (CRLBF), CordovaCann (LVRLF), Cronos (CRON), Columbia Care (CCHWF), Compass Pathways (CMPS), CURE Pharmaceutical (CURR), Curaleaf (CURLF), CV Sciences (CVSI), Delic Holdings (DELCF), Delta 9 (DLTNF), Entourage Health (ETRGF), Fire & Flower (FFLWF), Flora Growth (FLGC), Trees Corporation (CANN), Goodness Growth (GDNSF), Greenlane (GNLN), Green Thumb (GTBIF), GrowGeneration (GRWG), Hemp (HEMP), High Tide (HITI), India Globalization Capital (IGC), Indiva (NDVAF), IM Cannabis (IMCC), InterCure (INCR), Wellbeing Digital (KONEF), Khiron Life Sciences (KHRNF), Lotus Ventures (LTTSF), Lowell Farms (LOWLF), Lucy Scientific Discovery (LSDI), MediPharm (MEDIF), MedMen (MMNFF), MindMed (MNMD), NewLake Capital (NLCP), Numinus (NUMIF), Optimi Health (OPTHF), Organigram (OGI), Planet 13 (PLNHF), Red White & Bloom (RWBYF), Reunion Neuroscience (REUN), Revitalist (RVLWF), RIV Capital (CNPOF), Relmada (RLMD), RYAH Group (RYAHF), Safe Harbor Financial (SHFS), SNDL (SNDL), Sproutly (SRUTF), Skye Biosciences (SKYE), Stem Holdings (STMH), Sunniva (SNNVF), TerrAscend (TRSSF), Tetra Bio-Pharma (TBPMF), Tilray (TLRY), Trulieve (TCNNF), Tryp Therapeutics (TRYPF), Verano (VRNOF), Village Farms (VFF), Wesana Health (WSNAF) and Zynerba (ZYNE).