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 study dosing, a completed acquisition and a research partnership.

ATAI ANNOUNCES DOSING IN PART 2 OF BPL-003 STUDY: atai Life Sciences (ATAI) announced Wednesday that the first patient has been dosed in Part 2 of Beckley Psytech’s Phase 2a study, evaluating BPL-003 in patients living with Treatment Resistant Depression. In Part 2 of this open-label Phase 2a study, patients with moderate-to-severe TRD who are on a stable course of certain oral selective serotonin reuptake inhibitor antidepressants will receive a single dose of BPL-003 alongside psychological support to explore the safety, tolerability, efficacy, pharmacokinetics and pharmacodynamics of BPL-003 as an adjunctive therapy to SSRIs. Patients will be followed for 12 weeks post-dosing. Initial results are expected in 1H25. Part 1 of the Phase 2a study investigating BPL-003 for TRD assessed a single 10mg dose of BPL-003 alongside psychological support in patients with moderate-to-severe TRD who were not taking concomitant antidepressants. Initial data showed that a single dose of BPL-003 induced a rapid antidepressant response in 55% of patients on the day after dosing. The antidepressant effect was durable, with a 55% response rate maintained at week 4, which continued to week 12. There were 55% of patients in remission at week 4 and 45% in remission at week 12. BPL-003 was also shown to require a short time in clinic with acute effects resolving on average in less than two hours. The BPL-003 Phase 2b study is currently underway, evaluating the effects of a single medium or high dose of BPL-003 against a sub-perceptual dose in TRD patients. Initial results from that study are expected in 2H24.  (read more)

CURALEAF COMPLETES NORTHERN GREEN CANADA ACQUISITION: Curaleaf Holdings (CURLF) announced Monday the closing of its acquisition of Northern Green Canada, a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. The company said, “The accretive acquisition amplifies the company’s strategic advantage in established European markets including Germany, Poland and the United Kingdom and provides a foothold in the emerging markets of Australia and New Zealand. Integrating NGC’s international operation will equip Curaleaf with a secure and consistent high quality, non-irradiated, indoor EU-GMP flower supply, essential to maintaining its leading positions in Germany, the United Kingdom and Poland.” Terms of the acquisition of NGC include an initial payment at closing of the company’s subordinate voting shares valued at approximately $16M, subject to a typical post-closing adjustment. An earnout may also be paid in 2025 based upon 2024 performance of NGC’s operations, up to 50% of which will be cash and the rest paid in additional subordinate voting shares. The issuance of shares in connection with the acquisition of NGC has been conditionally approved by the Toronto Stock Exchange, subject to fulfilling customary listing conditions.  (read more)

OPTIMI, KPU-AGC PARTNER FOR MUSHROOM RESEARCH: Optimi Health Corp. (OPTHF) announced Tuesday a research and development partnership with the Kwantlen Polytechnic University Applied Genomics Centre. The project, entitled, “Genetic Identification of Psilocybin Containing Mushroom,” will utilize KPU-AGC’s genomics technology to unravel the intricate genetic makeup of Optimi’s psilocybin-containing mushrooms. Optimi boasts an extensive genetic bank of over 200 psilocybin-containing mushroom strains and aims to produce mushrooms rich in psilocybin and other related tryptamine alkaloids.  Through the partnership, Optimi seeks to enhance its DNA characterization abilities, enabling precise species and strain-level identification of mushroom genetics for potential use in clinical trials and authorized medicinal activities. Objectives of the project include: DNA mushroom extraction: the AGC will first extract DNA from 20 mushrooms of the Psilocybe and Panaeolus species cultivated from Optimi’s genetics laboratory, using the cetyltrimethylammonium bromide method. Species Identification by interspaced transcribed spacer. Sequencing: extracted DNA from the 20 selected samples will undergo ITS sequencing to create a genotyping protocol for species identification. Strain-level ID by SNPs derived from ddRAD-sequencing: the development of a novel method for strain-level identification, making this the first study that will provide single nucleotide polymorphism data for Psilocybe and Panaeolus strains.  (read more)

HIGH TIDE REPORTS C$1.97M IN 4/20 SALES: High Tide (HITI) announced Wednesday that on April 20, it generated C$1.965M in total retail gross revenues across all retail platforms, representing a 35% increase from the previous Saturday. The company’s Canadian bricks-and-mortar stores reported a 30% increase, while sales across its e-commerce platforms reported an increase of 119% over the previous Saturday. “I am excited to report continued year-over-year growth in our 4/20 sales across our retail ecosystem. Our bricks and mortar sales have been powered by a selectively curated real estate strategy, and our unique ELITE and Cabana Club offerings, which have also ensured that our store network continues to outperform industry averages,” said Raj Grover, CEO. (read more)

GREENLANE RECEIVES NASDAQ NON-COMPLIANCE NOTICE: Greenlane Holdings (GNLN) announced Wednesday that on April 18, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying Greenlane that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1). The non-compliance is a result of not having timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, with the Securities and Exchange Commission. On April 1, the company filed a Form 12b-25 Notification of Late Filing with the SEC related to the Form 10-K. This notification has no immediate effect on the listing of Greenlane’s common stock on the Nasdaq. However, if Greenlane fails to timely regain compliance with the Nasdaq Listing Rule, Greenlane’s common stock will be subject to delisting from Nasdaq. Under the Nasdaq rules, the company has 60 calendar days, or until June 17, to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. The company is working diligently and expects to file its Form 10-K within the 60-day period, which would eliminate the need for the company to submit a formal plan to regain compliance.  (read more)

CANNABIS/PSYCHEDELIC STOCKS: Publicly-traded companies in the space include Acreage (ACRHF), Aurora Cannabis (ACB), Ayr Wellness (AYRWF), Avant Brands (AVTBF), BZAM (BZAMF), Cannabist Company (CBSTF), Cannara Biotech (LOVFF), Canopy Growth (CGC), Chicago Atlantic (REFI), Clearmind (CMND), Clever Leaves (CLVR), Compass Pathways (CMPS), CordovaCann (LVRLF), Cresco Labs (CRLBF), Cronos Group (CRON), CURE Pharmaceutical (CURR), CV Sciences (CVSI), Cybin (CYBN), Delta 9 (DLTNF), Entourage Health (ETRGF), Enveric (ENVB), Fire & Flower (FFLWF), Flora Growth (FLGC), Trees Corporation (CANN), Goodness Growth (GDNSF), Green Thumb (GTBIF), GrowGeneration (GRWG), Hemp (HEMP), Heritage Cannabis (HERTF) IM Cannabis (IMCC), India Globalization Capital (IGC), Indiva (NDVAF), Innovative Industrial Properties (IIPR), InterCure (INCR), Lotus Ventures (LTTSF), Lowell Farms (LOWLF), Lucy Scientific Discovery (LSDI), MediPharm (MEDIF), MedMen (MMNFF), MindMed (MNMD), NewLake Capital (NLCP), Numinus (NUMIF), Organigram (OGI), Planet 13 (PLNHF), Red White & Bloom (RWBYF), Relmada Therapeutics (RLMD), Reunion Neuroscience (REUN), Revitalist (RVLWF), RIV Capital (CNPOF), 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), Zynerba (ZYNE) and 4Front Ventures (FFNTF).