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

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

Acreage obtains final order for Canopy arrangement as Wesana agrees to sell SANA-13 assets to Lucy

In this week’s "Rising High," The Fly’s recurring series focused on cannabis and psychedelic stock news, The Fly looks back on an agreement approval, an asset sale and cannabis earnings.

ACREAGE OBTAINS FINAL ORDER FOR CANOPY ARRANGEMENT: Acreage Holdings (ACRHF) announced Tuesday that it entered into a definitive asset purchase agreement with Lucy Scientific Discovery (LSDI) for the sale of its SANA-013 intellectual property and related assets for consideration of 1,000,000 common shares of Lucy and $570,000 in cash. $300,000 of the cash consideration is anticipated to be paid to WHI shortly and the remainder of the cash consideration is required to be paid to WHI at closing. The proceeds from the transaction are to be used by WHI for reasonable general corporate purposes which WHI deems necessary in its sole discretion to the development of SANA-013 and/or completion of the transaction contemplated by agreement. The share consideration shall be subject to a lock-up agreement whereby one-half of the consideration will be released 9 months from initial trading date of LSDI shares, and one-half of the consideration will be released 14 months from the initial trading date of LSDI shares. The agreement also contains customary non-solicitation covenants on the part of Wesana with respect to alternative transactions. The transaction is expected to close in the second quarter of 2023, subject to and following the satisfaction of the conditions precedent to the transaction.

The company said, “The transaction will enable Lucy to provide continued capital investment to further the SANA-013 research and development required to meet the standards set by the United States Food and Drug Administration to provide treatment against Major Depressive Disorder and other complementary orphan indications. The share consideration will enable the company to have economic exposure to the future growth potential associated with SANA-013 and other initiatives underway or contemplated by Lucy.”

Subject to an agreement on terms, it is anticipated that Wesana’s CEO and Chairman Daniel Carcillo will join Lucy’s team to integrate SANA-013 within Lucy. Wesana also announced that as part of a planned transition, Zed Wang has resigned as the CFO and Corporate Secretary, and Winfield Ding has been appointed as CFO and Corporate Secretary, effective immediately. Ding has been CFO and director for a number of public companies in Canada.

BODY AND MIND REPORTS Q2 EARNINGS: On Thursday, Body and Mind (BMMJ) reported second quarter loss per share of (2c) on revenue of $7.7M, which compared to loss per share of (3c) on a revenue of $7.8M in Q1.

"Our most recent quarter reflects improvement in wholesale pricing in Nevada and wholesale growth in Ohio as we focus on development of the new Illinois and New Jersey dispensaries," stated Michael Mills, CEO. "Construction at our new Illinois dispensary in Markham is more than 90% complete and we are on track to open in the next month as we leverage dispensary opening and operational experience from multiple markets. In Arkansas we expanded Body and Mind branded product offerings with new Body and Mind branded vape cartridges joining our wide existing product offerings including craft flower and concentrates."

CV SCIENCES RECEIVES PATENT IN JAPAN: CV Sciences (CVSI) announced Thursday that recently the company received its formal Certificate of Grant from the Japan Patent Office for its patent application 7216697. The patent covers methods of treating smokeless tobacco addiction by administering pharmaceutical formulations containing CBD and nicotine. CV Sciences has also filed corresponding patent applications that provide similar patent protection in additional key markets, with patents already granted in the United States, Canada, Australia, Germany, Great Britain, France, Spain, Netherlands, and Italy.

"The worldwide market for smokeless tobacco addiction is a multi-billion dollar sector, providing a life-changing treatment to people around the world," said Joseph Dowling, CEO. "CV Sciences’ developmental efforts surrounding CBD and nicotine have the potential to alter healthcare with a safe, natural method to reducing addiction to harmful substances. JPO’s patent grant further validates our first-of-its-kind treatment and positions the company to meet the medical needs of millions of patients globally."

Additionally on Tuesday, the company announced the launch of +PlusCBD Daily Balance THC-Free Gummies and Softgels. These new additions to the +PlusCBD product portfolio are now available for purchase at +PlusCBD.

GROWGENERATION PRICE TARGET LOWERED: Stifel lowered the firm’s price target on GrowGeneration (GRWG) on Monday to $4.30 from $5.25 and kept a Hold rating on the shares. Following the company’s Q4 results, the firm now estimates FY23 revenue of $268M, which it noted is down from a prior forecast of $279M, but at the high end of the company’s initial guidance of $250M-$270M. Stifel believes GrowGeneration "has and will continue to enhance its leading industry position" and that industry trends are "encouraging," but "fall short of providing absolute confidence in a second half hydroponics category recovery."

CANNABIS/PSYCHEDELIC STOCKS: Publicly-traded companies in the space include Aleafia Health (ALEAF), Atai Life Sciences (ATAI), Audacious (AUSAF), Aurora Cannabis (ACB), Avant Brands (AVTBF), Awakn Life Sciences (AWKNF), Ayr Wellness (AYRWF), Cannara Biotech (LOVFF), Chicago Atlantic (REFI), Clever Leaves (CLVR), Columbia Care (CCHWF), Compass Pathways (CMPS), CordovaCann (LVRLF), Cresco Labs (CRLBF), Cronos (CRON), Curaleaf (CURLF), CURE Pharmaceutical (CURR), Cybin (CYBN), Delic Holdings (DELCF), Delta 9 (DLTNF), Entourage Health (ETRGF), Fire & Flower (FFLWF), Flora Growth (FLGC), General Cannabis (CANN), BZAM (BZAMF),Greenlane (GNLN), Green Thumb (GTBIF), Goodness Growth (GDNSF), Hemp (HEMP), HEXO (HEXO), High Tide (HITI), India Globalization Capital (IGC),  Indiva (NDVAF), Innovative Industrial Properties (IIPR), InterCure (INCR), IM Cannabis (IMCC), Wellbeing Digital (KONEF), Khiron Life Sciences (KHRNF), Lowell Farms (LOWLF), Lotus Ventures (LTTSF), MediPharm Labs (MEDIF), MedMen (MMNFF), NewLake Capital (NLCP), Organigram (OGI), Planet 13 (PLNHF), Reunion Neuroscience (REUN),  Revitalist (RVLWF), RIV Capital (CNPOF), Relmada (RLMD), RYAH Group (RYAHF), Safe Harbor (SHFS), SLANG Worldwide (SLGWF), Small Pharma (DMTTF), SNDL (SNDL), Sproutly (SRUTF), Skye Biosciences (SKYE), Stem Holdings (STMH), Sunniva (SNNVF), TerrAscend (TRSSF), Tetra Bio-Pharma (TBPMF), Tilray (TLRY), Tryp Therapeutics (TRYPF), Trulieve (TCNNF), Verano (VRNOF), Village Farms (VFF), Zynerba (ZYNE) and 4Front Ventures (FFNTF).

Keywords: cannabis, weed, stocks, marijuana, cultivation, legalization, CBD, THC, hemp, psychedelics, ketamine, psilocybin, LSD, MDMA

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