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

Here’s What You Missed in Cannabis This Week

Flora Growth launches prescription medicines in Colombia as GrowGeneration acquires Montana store

In this week’s "Rising High," The Fly’s recurring series focused on cannabis and psychedelic stock news, The Fly looks back on a CGMP certification, a store acquisition and an analyst views.

FLORA GROWTH LAUNCHES PRESCRIPTION MEDICINES IN COLOMBIA: Flora Growth (FLGC) announced Tuesday the certification of its Bogotá-based compound formulation laboratory, Flora Lab 4, following the required regulatory inspection by INVIMA. The inspection certifies the lab as meeting Current Good Manufacturing Practices standards as determined by INVIMA.

The company said, “Flora Lab 4 specializes in manufacturing compound formulations utilizing cannabis derivatives and traditional master formulas. Flora Lab 4 will now begin offering its cannabis formulations as well as design, development and manufacturing services for third parties. The lab will also make available to clients its experienced team members, knowledge of cannabis and modern facilities to promote the growth of the medical cannabis sector.”

The team has developed eight cannabis-based formulations, in both topical and ingestible formats, specially designed to aid in the treatment of specific ailments, including various skin conditions, multiple sclerosis, anxiety and dementia, the company said in a statement. The team hopes to gather patient-reported pilot-study data to better understand patient responses and outcomes. With the approval from INVIMA, cannabis medicines can now be accessed by doctor networks throughout Colombia and can immediately be prescribed to patients over the age of 18. This offering comes as a law that went into effect on January 1, 2023, requires all insurance providers in the country to cover the cost of medical cannabis treatments for patients.

GROWGENERATION ACQUIRES MONTANA STORE: GrowGeneration (GRWG) announced Tuesday the acquisition of inventory and equipment from Community Garden & Greenhouse, a provider of hydroponics and garden supplies to the broader Bozeman, Montana growing market. As a part of the transaction, GrowGen also took over the existing store location at 1602 W. Beall St. Bozeman, MT.

Darren Lampert, CEO said, “We are excited to expand our retail footprint into Montana with this transaction. Since its founding, Community Garden & Greenhouse has been very successful in serving its local and surrounding growing communities. We look forward to continuing this strong legacy and further building-out this strategically important market for GrowGen.”

TILRAY, CANSATIVA PARTNER FOR DISTRIBUTION: Tilray Brands (TLRY) announced Thursday that its medical cannabis division, Tilray Medical, has expanded its European footprint across the Czech Republic through a new export and distribution partnership with Cansativa Group. The new strategic partnership broadens Tilray Medical’s distribution of EU-GMP certified medical cannabis products across pharmacies and hospitals to support medical cannabis patient care.

Additionally on Thursday, Tilray’s SweetWater Brewing Company announced its extended family of craft brands, which includes Green Flash Brewing and Alpine Beer, is now available in Nevada. SweetWater’s portfolio of beers is now available in more than 50,000 points of distribution across 44 states.

The company also announced on Tuesday that Manitoba Harvest debuted the brand’s first Regenerative Organic Certified Hemp Hearts exclusively at select Whole Foods Market (AMZN) stores across the United States. Following the exclusivity period, the product will continue to be available at Whole Foods Market and other locations throughout the U.S. and Canada.

CANOPY GROWTH UPGRADE: Bernstein analyst Nadine Sarwat upgraded Canopy Growth (CGC) to Market Perform from Underperform on Tuesday. When the firm had initiated on North American cannabis names last November, expectations for the sector were "still lofty" and a belief by some that SAFE Banking could pass "added to the optimism." Canopy Growth, the firm’s high conviction short at the time of the initiation, was trading as if U.S. federal legalization was "imminent," but its share price has fallen about 55%, more than any other name in the firm’s coverage of the space, over the last five months, Bernstein said. The company still faces headwinds from the structural challenges of the Canadian recreational cannabis market, but the firm said it believes these are now "largely priced-in."

INNOVATIVE INDUSTRIAL PROPERTIES PRICE TARGET LOWERED: Piper Sandler lowered the firm’s price target on Innovative Industrial Properties (IIPR) on Wednesday to $97 from $120 and kept an Overweight rating on the shares. As spring unfolds, real estate investment trust investors "are left waiting for clarity as the much anticipated recession refuses to come and the market battles between higher versus lower rates," the analyst said. The firm continues to favor the Sunbelt, retail, and industrial.

CANNABIS/PSYCHEDELIC STOCKS: Publicly-traded companies in the space include Acreage Holdings (ACRHF), Aleafia Health (ALEAF), Atai Life Sciences (ATAI), Audacious (AUSAF), Aurora Cannabis (ACB), Avant Brands (AVTBF), Awakn Life Sciences (AWKNF), Ayr Wellness (AYRWF), Body and Mind (BMMJ), 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), CV Sciences (CVSI), Cybin (CYBN), Delic Holdings (DELCF), Delta 9 (DLTNF), Entourage Health (ETRGF), Fire & Flower (FFLWF), 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), 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), Small Pharma (DMTTF), SNDL (SNDL), Sproutly (SRUTF), Skye Biosciences (SKYE), Stem Holdings (STMH), Sunniva (SNNVF), TerrAscend (TRSSF), Tetra Bio-Pharma (TBPMF), Tryp Therapeutics (TRYPF), Trulieve (TCNNF), Verano (VRNOF), Village Farms (VFF), Wesana Health (WSNAF), 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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