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Monday, 10 May 2021

Investor Ideas #Potcasts 562, #Cannabis News and #Stocks on the Move; (CSE: $XTRX.C), (NASDAQ: $VFF) (TSX: $VFF.TO), (CSE: $TRUL.C) (OTC: $TCNNF

 



 

Investor Ideas #Potcasts 562, #Cannabis News and #Stocks on the Move; (CSE: $XTRX.C), (NASDAQ: $VFF) (TSX: $VFF.TO), (CSE: $TRUL.C) (OTC: $TCNNF)

 

Delta, Kelowna, BC, May 10, 2021 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca  release today’s podcast edition of  cannabis news and stocks to watch plus insight from thought leaders and experts.

 

Listen to the podcast:

https://www.investorideas.com/Audio/Podcasts/2021/051021-StocksToWatch.mp3

 

Read this in full at https://www.investorideas.com/news/2021/cannabis-potcasts/05101XTRX-VFF-TRUL.asp

 

Hear Investor ideas cannabis potcast on iTunes  

 

Hear the investor ideas potcast on Spotify

 

Today’s podcast overview/transcript:

 

Good afternoon and welcome to another episode of Investorideas.com "Potcast" featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.

 

Today’s podcast is sponsored by Phyto Extractions Inc. (CSE:XTRX), an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, BC at its co-located Health Canada Licensed Standard Processing (extraction, no cultivation), Sales (extracts, topicals, and edibles) through Adastra Labs Inc. and Analytical Testing Laboratory through Chemia Analytics Inc. Adastra Labs also has a pending Health Canada R&D license amendment.

 

In today’s podcast we look at a few public company announcements.

 

Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF) today announced its financial results for the first quarter ended March 31, 2021.  All figures are in U.S. dollars unless otherwise indicated.

 

The Company's financial statements for the three months ended March 31, 2021, as well as the comparative periods for 2020, have been prepared and presented under United States Generally Accepted Accounting Principals ("GAAP"). On March 31, 2021, Village Farms owned 100% of Pure Sunfarms Corp., as the full acquisition of the remaining interest in Pure Sunfarms occurred November 2, 2020.  Accordingly, for the three months ended March 31, 2021, Pure Sunfarms' financial results are consolidated with Village Farms' results.  For the three months ended March 31, 2020, Pure Sunfarms is accounted for on a proportionate basis within "Equity Earnings from Unconsolidated Entities".

 

Pure Sunfarms Highlights Included:

 

       Achieved its third consecutive quarter of sequential growth in its priority sales channel, Retail Branded Sales, of 20% or greater;

       Achieved its tenth consecutive quarter of positive Adjusted EBITDA; and,

       Was the top selling brand of dried flower products with the Ontario Cannabis Store (OCS) (by kilograms sold and dollars sold) for the quarter ended March 31, 2021 and remained the top-selling brand of dried flower products with the OCS (by kilograms sold and dollars sold) since retail branded sales launch in October 2019.

       Produce sales increased 9%, however, Produce Adjusted EBITDA decreased 50% as a result of lower pricing as the tomato industry is experiencing one of the lowest pricing environments for tomatoes-on-the-vine and beefsteak varieties in the past ten years;

       Completed a registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 10,887,097 common shares at a purchase price of US$12.40 (approximately C$15.70) per Common Share for gross proceeds of approximately US$135 million (approximately C$171 million);

       Received warrant exercise proceeds of US$17.7 million resulting in the issuance of 3,045,283 additional common shares. The warrants were issued as part of the September 2020 Registered Direct equity offering. As of the date of this news release, 1,652,830 warrants remain outstanding;

       Repaid in full the C$19.9 million (approximately US$15.6 million) promissory note, plus accrued interest of C$621,534.25 (approximately US$486,849.78), that the Company issued to Emerald Health Therapeutics, Inc. as partial consideration for the November 2020 acquisition of the remaining common shares of Pure Sunfarms that the Company did not own; and,

       Was added to the S&P/TSX Composite Index (Consumer Staples sector) prior to trading on March 22, 2021.

       Increased the equity investment in Altum International Pty Ltd from 6.6% to just under 12% as a capital efficient means to participate in international opportunities in the Asia-Pacific region.

       Village Farms amended the Operating Loan terms to extend the credit agreement with an amended line of credit of C$10,000 and maturity date of May 7, 2024.

 

"The first quarter of 2021 was yet another strong quarter for Pure Sunfarms, which delivered its third consecutive quarter of strong sequential growth in our priority sales channel, Retail Branded Sales – up 20% from the fourth quarter – and is especially encouraging given the softness in the Canadian market due to pandemic restrictions, which stalled sales growth for the rest of the industry," said Michael DeGiglio, CEO, Village Farms. "Our continuing strong momentum was again driven by Pure Sunfarms' leading market share performance in dried flower1 which remains by far the largest product category, with our brand success firmly rooted in our reputation for premium quality products at an everyday price.  This, combined with our best-in-class operations, low-cost production and prudent SG&A management enabled Pure Sunfarms to deliver its tenth consecutive quarter of positive Adjusted EBITDA – every quarter since commencing sales in late 2018."

 

"As we look ahead, our 1.1 million square foot Delta 3 facility is operating at full capacity, and with expected strong growth demand we look forward to significantly expanding our production capacity in the coming months, with plans to increase capacity by 50% by year end and double it in the second half of 2022.  All of this positions Pure Sunfarms – with our existing assets and operations – to meaningfully and sustainably grow its profitability over both the short- and long-terms."

 

"Our continued success and leadership in Canada provide great confidence in our U.S. and international cannabis plans. We continue to monitor the regulatory progress in the U.S. in terms of our opportunity to legally participate in what we believe will be a different market environment that will position experienced, new entrants for success.  We are confident that our unparalleled large-scale, low-cost cultivation capabilities, alongside one of the largest high-tech greenhouse footprints in the country, will provide a meaningful advantage to capitalize on this significant opportunity. We will do so strategically, with prudence and our unwavering commitment to return on investment. In tandem, internationally, we continue to pursue targeted, strategic opportunities for the long-term that, again, meet our thresholds for return on investment."

 

Trulieve Cannabis Corp. (CSE: TRUL) (OTC: TCNNF) and Harvest Health & Recreation Inc. (CSE: HARV)(OTCQX: HRVSF) announced that they have entered into a definitive arrangement agreement pursuant to which Trulieve will acquire all of the issued and outstanding subordinate voting shares, multiple voting shares and super voting shares of Harvest. Under the terms of the Arrangement Agreement, shareholders of Harvest will receive 0.1170 of a subordinate voting share of Trulieve for each Harvest subordinate voting share (or equivalent) held, representing total consideration of approximately $2.1 billion based on the closing price of the Trulieve Shares on May 7, 2021.

 

Trulieve, a leading multi-state operator with a focus on the northeast and southeast regions of the United States, and Harvest, a leading multi-state operator with a focus on the west coast and northeast regions of the United States, have built deep, vertically integrated operations in their key markets, becoming leading operators in the United States, the world's largest regulated cannabis market.

 

Upon completion of the Transaction, as well as the closing of other previously announced acquisitions by Harvest and Trulieve, the combined business will have operations in 11 states, comprised of 22 cultivation and processing facilities with a total capacity of 3.1 million square feet, and 126 dispensaries serving both the medical and adult-use recreational cannabis markets.

 

Key Transaction Highlights and Benefits

       Increases Scale Across Our Hub Markets – through the creation of the largest U.S. cannabis operator on a combined retail and cultivation footprint basis;

       Creates the Most Profitable US MSO – with combined 2020 Adjusted EBITDA of $266 million1,2 and combined 2021E consensus Adjusted EBITDA3 of $461 million, delivering an unparalleled platform for continued growth;

       Delivers a Superior Existing Retail and Distribution Model – from a robust retail network of 126 dispensaries across 11 states, the combined company will have leading market shares in Arizona and Florida;

       Strong and Expanding Multi-State Presence – bolsters Trulieve's expansion in US northeast and southeast hubs in Florida, Pennsylvania and Maryland, and establishes a southwest hub in core markets including Arizona, where recreational adult use of cannabis was recently legalized;

       Optimizes Nationwide Presence – through well-established retail and wholesale channels across markets, as well as the ability to reach an estimated total addressable market of US$19.3 billion in 2025E (Arcview market estimate);

       Adds Premium Brands – to Trulieve's portfolio of in-house brands and national brand partners with a successful line of products across multiple form factors;

       Leverages Expert Operating Teams and Best Practices – from each of Trulieve and Harvest, enhancing operational excellence by combining unparalleled knowledge of, and success in winning, state license application processes and the ability to rapidly bring operations to market; and

       Accretive Transaction Reinforces Trulieve's Leading Financial Metrics – by reinforcing superior financial performance relative to peers through industry-leading margins and strong projected profitable growth.

 

"Today's announcement is the largest and most exciting acquisition so far in our industry, creating the most profitable public multi-state operator.  Importantly, our companies share similar customer values with a focus on going deep in core markets. This combination offers us the opportunity to leverage our respective strong foundations and propel us forward with an unparalleled platform for future growth," stated Kim Rivers, Chief Executive Officer of Trulieve. "Harvest provides us with an immediate and significant presence in new and established markets and accelerates our entry into the adult use space in Arizona. Trulieve and Harvest are leaders in our markets, recognized for our innovation, brands, and operational expertise with true depth and scale in our businesses. We look forward to providing best-in-class service to patients and customers on a broader national scale as we create an iconic US cannabis brand."

 

"We are thrilled to be joining Trulieve, a company that has achieved unrivaled success and scale in its home state of Florida," said Steve White, Chief Executive Officer of Harvest.  "As one of the oldest multi-state operators, we believe our track record of identifying and developing attractive market opportunities combined with our recent successful launch of adult use sales in Arizona will add tremendous value to the combined organization as it continues to expand and grow in the coming years."

 

 

OG DNA Genetics, a globally recognized leading cannabis brand, today announced a licensing agreement with UNIVO Pharmaceuticals LTD, an Israeli based medical cannabis company trading on the Tel Aviv stock exchange under the symbol (UNVO.TA).

 

This Agreement will grant UNIVO license to the DNA brand and access to their proprietary library of award-winning genetics (including Kosher Kush) for use at the company’s 5-acre cultivation facility located in the south of Israel.

 

“We’re excited to announce our partnership with UNIVO Pharmaceuticals and our entry into the rapidly developing Israeli medical cannabis market. Through this partnership, we will be able to bring our unique varieties to Israel and develop new and exciting cannabis-derived medicinal products to export internationally. We couldn’t ask for a better partner to enter the Israeli medical cannabis market with than UNIVO Pharmaceuticals,” said Rezwan Khan, President of DNA Genetics.

 

“We are pleased to announce a strategic joint venture with DNA Genetics, a well-known global player in the field of cannabis, who has examined the Israeli market and partnered with us to build a joint international brand. We strongly believe that the technological and marketing capabilities of both companies will result in a high quality and competitive brand that will be launched shortly, which will contribute to our market presence both locally and outside our domestic Israeli market,” said Golan Bitton, CEO of UNIVO Pharmaceuticals.

"We are pleased to partner with DNA Genetics, one of the leading companies in the field of cannabis genetics and farming. Our professional teams will collaborate on Amit Farm to develop new cannabis strains while growing the best genetics and make available the best products using our leading global standard farming infrastructure for the benefit of patients in Israel and other countries," said Omer Layani, Amit Farm Manager.

 

Since its inception, the genetics developed by DNA have won more than 200 awards, in all

categories, at the most prestigious cannabis events around the world – making DNA the global standard in breeding and growing truly best-in-class strains. These awards include the High Times’ Top 10 Strain of the Year, which was inducted into the High Times Seedbank Hall of Fame in 2009, the High Times’ 100 Most Influential People in the Industry, and the High Times’ Trail Blazers Award, for contributions made towards uniting the fields of entrepreneurship, politics, and medicine.

 

Veridocs Inc., a leader in solutions for ID authentication and identity management, announced the introduction of the Veridocs BrightTower Retail Safety and Security System. This affordable, modular system automates the age verification process with technology far more advanced than a barcode scan and can also check internal and external watch lists according to state and local regulations. With ID readers, software, training, and additional options and integrations, BrightTower Retail delivers a flexible tool that outperforms standard ID verification systems and helps cannabis retailers maintain strict compliance.

 

BrightTower Retail’s ID authentication starts when a customer or staff member inserts an ID into the reader. It is quickly compared against a global database to confirm the presence of security features such as UV and other specialized inks, plus other electronic features present in the document. The technology confirms a match between the encoded data (such as barcodes and chips) with the data printed on the front of the document. This helps retailers easily spot barcode forgeries, which are increasingly common on fake IDs.

 

Cannabis retailers also have the option of incorporating watch list checks, automatically comparing the data on the ID document to databases as required by any state and local regulations. An option for facial matching compares the ID photo to a live image of the person presenting the ID, giving staff a useful tool to flag customers “borrowing” an older sibling or friend’s ID. Retailers can also use the technology to keep audit trails of ID scans for future reference and enforcement concerns.

 

BrightTower Retail includes on-demand training modules designed by experts in organizational safety and security. With this training, retailers can easily onboard staff members and help them make the right decisions when a fake ID is flagged, or a security concern arises.

 

Additional options such as security cameras with covert triggers are available for users to add extra layers of protection customized for their environments. BrightTower’s security experts—veterans of safety, security and fraud prevention—are also available for custom consulting and on-site assessments and trainings.

 

“BrightTower Retail was designed to help eliminate staff guesswork in spotting fake or ‘borrowed’ IDs,” Veridocs President and CEO Joe Oprosko said. “We’re giving retailers the tools—in both technology and training—to be certain they’re protecting themselves against fines, possible threats and fraud.”

 


Once again, today’s podcast is sponsored by Phyto Extractions Inc. (CSE:XTRX), an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, BC at its co-located Health Canada Licensed Standard Processing (extraction, no cultivation), Sales (extracts, topicals, and edibles) through Adastra Labs Inc. and Analytical Testing Laboratory through Chemia Analytics Inc. Adastra Labs also has a pending Health Canada R&D license amendment.

 

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#Cannabis #Stock News: Phyto Extractions (CSE: $XTRX.C) (Frankfurt:D2EP) Announces Michael Forbes as New CEO; @adastra_labs

 

#Cannabis #Stock News: Phyto Extractions (CSE: $XTRX.C) (Frankfurt:D2EP) Announces Michael Forbes as New CEO; @adastra_labs

 

 


LANGLEY, BC, May 10, 2021  (investorideas.com Newswire)  Phyto Extractions Inc. (formerly, Adastra Labs Holdings Ltd.) (CSE:XTRX)(Frankfurt:D2EP) ("Phyto Extractions" or the "Company") is proud to announce Michael Forbes Pharm, MBA as its new CEO and director.

 

Read this news, featuring XTRX in full at https://www.investorideas.com/CO/XTRX/news/2021/05101New-CEO.asp

 

Mr. Forbes comes to Phyto Extractions with a background firmly rooted in medicine, cannabis production and entrepreneurship. Demonstrating his knowledge and experience in the cannabis industry, Mr. Forbes has founded five cannabis medical clinics under the Concord Medical Clinic umbrella, built Clarity Cannabis and Honeycomb Cannabis to over 10 locations, and also founded the cannabis licensed production facility, Sitka Weed Works, in Canada.

 

"I am honored to have been selected to serve as the new CEO and look forward to overseeing the execution of the corporate vision of continued leadership in the recreational cannabis space through the development of brand offerings that position us as the clear choice in the mind of cannabis consumers now and in the future," said Michael Forbes, CEO. "My experience in health care, medicine, business operations and cannabis will be integral to continuing to strengthen the company's current position and planned expansion into the burgeoning medical market."

 

Having medical experience of over 16 years, Mr. Forbes has also built and operated pharmacy chains across British Columbia and Alberta, and founded a dozen medical clinics, including 3 methadone clinics in order to protect the public from drug diversion and increase accessibility to medicine.

 

Mr. Forbes graduated from the University of British Columbia in 2002 with a BSc. in Pharmaceutical Sciences, also achieving additional certification in Hormone Restoration, Age Management Medicine, and more recently, Cannabis Plant Production and Facility Management from Kwantlen Polytechnic University. He was elected to attend the Ivey School of Business for Canada's Top 40 under 40 in 2017 where he received an honorary MBA.

 

In other corporate news, Donald Dinsmore, the Chief Operating Officer of the Company, was appointed as an additional director to fill the vacancy created by the prior resignation of Blaine Bailey. Following such changes, the board of directors consists of Michael Forbes, Donald Dinsmore, Stephen Brohman and George Routhier.

 

About Phyto Extractions

Phyto Extractions is an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, BC at its co-located Health Canada Licensed Standard Processing (extraction and products, no cultivation), Sales (extracts, topicals, and edibles), and R&D through Adastra Labs Inc. and Analytical Testing Laboratory through Chemia Analytics Inc.

 

ON BEHALF OF THE BOARD

PHYTO EXTRACTIONS INC.

 

Per: "Donald Dinsmore"

Donald Dinsmore

Chief Operating Officer and Director

Phone: (778) 715-5011

 

The CSE has not reviewed or approved of any contents of this news release.

 

SOURCE: Phyto Extractions Inc.

 

Phyto Extractions Inc. (CSE:XTRX) (Frankfurt:D2EP) is a featured Cannabis stock on Investorideas.com

 

Visit profile page

 

Disclaimer/Disclosure:

Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions. Disclosure: XTRX is a featured cannabis stock on Investorideas.com and the cannabis potcast effective April 14 More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

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Friday, 7 May 2021

Investor Ideas #Potcasts 561, #Cannabis News and #Stocks on the Move; (CSE: $XTRX.C), (CSE: $TER.C), (NASDAQ: $CRON) (TSX: $CRON.TO), (CSE: $TRIP.C) (NASDAQ: $MNMD)

 



 

Investor Ideas #Potcasts 561, #Cannabis News and #Stocks on the Move; (CSE: $XTRX.C), (CSE: $TER.C), (NASDAQ: $CRON) (TSX: $CRON.TO), (CSE: $TRIP.C) (NASDAQ: $MNMD)

 

Delta, Kelowna, BC, May 7, 2021 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca  release today’s podcast edition of  cannabis news and stocks to watch plus insight from thought leaders and experts.

 

Listen to the podcast:

https://www.investorideas.com/Audio/Podcasts/2021/050721-StocksToWatch.mp3

 

Read this in full at https://www.investorideas.com/news/2021/cannabis-potcasts/05071XTRX-TER-CRON-TRIP-MNMD.asp

 

Hear Investor ideas cannabis potcast on iTunes  

 

Hear the investor ideas potcast on Spotify

 

Today’s podcast overview/transcript:

 

Good afternoon and welcome to another episode of Investorideas.com "Potcast" featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.

 

Today’s podcast is sponsored by Phyto Extractions Inc. (CSE:XTRX), an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, BC at its co-located Health Canada Licensed Standard Processing (extraction, no cultivation), Sales (extracts, topicals, and edibles) through Adastra Labs Inc. and Analytical Testing Laboratory through Chemia Analytics Inc. Adastra Labs also has a pending Health Canada R&D license amendment.

 

In today’s podcast we look at a few public company announcements.

 

 

TerrAscend Corp. (CSE:TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced the grand opening of its second New Jersey medical cannabis dispensary.

 

The 6,500 square foot dispensary, located at 1865 Springfield Avenue in Maplewood, features interactive product displays and a large "bud bar'' where customers can see and smell flower products before purchasing. Patients can access a wide selection of TerrAscend's Kind Tree flower, vapes and syringes, as well as an assortment of other brands. A designated express pickup area for online orders and digital menus in the lobby make for quick and easy shopping.

 

TerrAscend is vertically integrated in New Jersey with one of the state's largest cultivation and manufacturing facilities.

 

"To say that we're excited about the opening of The Apothecarium Maplewood, would be an understatement," said Jason Wild, Executive Chairman of TerrAscend. "The size, aesthetic and throughput capacity of our new dispensary combined with the availability of high-quality Kind Tree flower, vapes and syringes from our recently completed indoor facility, sets The Apothecarium Maplewood up to be one of the top performing dispensaries in the U.S."

 

Greg Rochlin, CEO of TerrAscend Northeast, added, "Providing our high-quality products and service to patients and caregivers is core to TerrAscend's mission. I believe this dispensary sets the bar for quality in the state and I'd like to thank our team for their hard work in creating this beautiful space." Mr. Rochlin continued, "I would also like to thank the newly seated New Jersey Cannabis Regulatory Commission for allowing The Apothecarium Maplewood to be the first Commission approved dispensary in the state."

 

Red Light Holland Corp. (CSE: TRIP), an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles to the legal, recreational market within the Netherlands, recently provided an update on its intellectual property as the Company has received patent pending status for the customization and personalization of microdosing kits and protocols based on biometric and movement data, for the Company's natural occurring consumer goods product consisting of raw, natural and unprocessed magic truffles.

 

"Biometric data, especially our pose and the way we move, is an untapped gold mine of data that can help us understand what is happening in our subconscious. Utilizing this data to help people find the psilocybin microdose that works best for them can potentially be a breakthrough in personalization of wellness applications," said Sarah Hashkes, Red Light Holland's Chief Technology and Innovation Officer. "This innovation brings together two of the most promising tools we have to promote growth, embodiment practices and psychedelics and is part of the larger scope of scientifically based support structures Red Light Holland is creating to ensure the increase in neural plasticity caused by psychedelics is accompanied with a 'set and setting' that help people make the most out of naturally occurring psilocybin."

 

"Working with natural substances and combining them with cutting edge innovation and proprietary technology to hopefully help people as opposed to limiting people, is now the way of the future," added Todd Shapiro, CEO and Director of Red Light Holland. "Red Light Holland's progressiveness, creativity and pure belief in providing access, coupled with Sarah Hashkes' expertise, and the help of our Senior Advisor, IP lawyer and psychedelics advocate, Graham Pechenik, generates the precise combination of experience, forethought and understanding of natural occurring psilocybin to potentially prove out the benefits of and change the stigma around the use of these magical substances. Learning about these potential benefits and being a part of developing precise dosages for the betterment of consumers is now a more realistic goal for Red Light Holland."

 

Red Light Holland's newest innovation also incorporates the ground-breaking advancements in its iMicro Digital Care App and its Wisdom Truffle, further contributing to a growing technology ecosystem designed to allow consumers to obtain the greatest possible benefit from their microdosing journeys.

 

Evidence for the benefits of psilocybin continues to accumulate, and people who microdose psilocybin-containing mushrooms report improvements in mood, focus, creativity, and general well-being, as well as the amelioration of symptoms of mental health issues. (See, e.g., Anderson et al., Microdosing psychedelics: personality, mental health, and creativity differences in microdosers. Psychopharmacol. (Berl). 236, 731-740 (2019); Lea et al., Psychedelic Microdosing: A Subreddit Analysis. J. Psychoactive Drugs 52, 101-112 (2020).)

 

Meanwhile, acceptance of psilocybin continues to spread, with voters in Oregon legalizing the use of psilocybin and psilocybin-containing fungi for therapy, and numerous other jurisdictions moving toward legalization or decriminalization. Despite this growing body of evidence, and despite the increasing acceptance of its use both as a medicine and for the betterment of healthy people, little is currently known about how dosage amounts and protocols can be optimized for specific individuals. This is particularly true in the case of microdosing, and those interested in achieving the benefits of microdosing must generally rely on trial and error, or expensive coaches, and there is no assurance that either will lead to optimal outcomes. Working to overcome these hurdles, ongoing research by inventor Sarah Hashkes, CTIO of Red Light Holland, has resulted in a novel approach to microdosing, which enables personalized dosing amounts and protocols that are based on collected biometric and movement data, and correlated with the qualities and characteristics of Red Light Holland's natural products.

 

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) (NEO: MMED), a leading psychedelic-inspired medicine company announced the launch of its Project Angie to advance the development of psychedelics, including LSD, to treat pain conditions. MindMed is currently exploring two primary clinical indications for the treatment of pain.

 

For the commencement of Project Angie, MindMed will initiate a study of LSD in a severe pain indication. MindMed is currently preparing a pre-IND briefing package for this Phase 2a Proof of Concept study which it plans to submit to the FDA in the second half of 2021. In addition, the Company is also evaluating a second indication in a common, often debilitating, chronic pain syndrome.

 

Patients experiencing chronic pain represent a large and growing segment of the population and, according to IQVIA, the global market for analgesics is expected to grow over $31 billion by 2030. At the same time, overuse of opioids in the treatment of pain has contributed to the opioid epidemic in the United States and around the world. There has been little innovation in the pain market in decades and the treatment paradigm is still dominated by opioids and nonsteroidal anti-inflammatory drugs (NSAIDs).

 

Preliminary evidence, including a clinical study co-authored by MindMed collaborating researchers Prof. Dr. Matthias Liechti and Dr. Kim Kuypers, suggests that psychedelics may offer an entirely novel mechanism of action for treating pain, which could ultimately offer patients a new treatment option. The exact mechanisms by which psychedelics may carry out their analgesic effect have not been fully characterized but may involve direct effects on endogenous pain modulation pathways. This mechanism is particularly relevant as altered function, or dysfunction, of these pain modulation pathways has been implicated in a range of pain syndromes.

 

"Evidence dating back to the 1950s suggests that LSD and other psychedelics may have analgesic effects, but this treatment area remains largely untapped by companies studying psychedelics, with the majority of research focusing solely on psychiatric indications" said MindMed Chief Development Officer, Rob Barrow.

 

MindMed CEO & Co-Founder J.R. Rahn said "With the launch of Project Angie, we seek to align closely with MindMed's core mission to improve mental health and combat substance use for the many patients in need. If we can help to develop a new paradigm to treat pain, it may have the potential to greatly reduce the use of addictive medicines such as opioids currently ravaging society and its mental health."

 

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), today announced its 2021 First Quarter business results.

 

“This quarter for Cronos Group would not have been possible without the tenacious and innovative efforts put forward by every Cronos employee across our organization. In the first quarter of 2021 our results in Canada were impacted by market dynamics due to the COVID-19 pandemic and ensuing stay-at-home orders and various other restrictions. Despite this, we continued to push forward our innovation pipeline and execute on our strategy, which was a true testament to the strength of our team,” said Kurt Schmidt, President and CEO, Cronos Group.

 

“In March, we were recognized as one of Fast Company’s Most Innovative Companies for our joint venture with Ginkgo Bioworks to produce cannabinoids using biosynthesis. Our partnership with Ginkgo is critical to executing our Company’s vision: to transform industries through cannabinoid innovation. A critical component to commercializing fermented cannabinoids is a Health Canada processing license, which Cronos Fermentation received in April. Receiving this license is a great accomplishment and I am looking forward to bringing our innovative product pipeline to market over time utilizing this technology. This partnership is a global effort for our organization, and it is a great demonstration of how our research and development and innovation teams across regions work together to push critical projects forward. Last month, we also announced our U.S. Cronos Employees Political Action Committee as well as a robust Marketing Code of Conduct that all of our brands and employees have pledged to uphold. We’re proud to be on the record supporting responsible legalization efforts in the United States.”

 

Financial Results

(in thousands of U.S. dollars)

 

Three months ended March 31,

 

Change

 

 

2021

 

2020

 

$

 

%

Net revenue

 

 

 

 

 

 

 

 

United States

 

$

2,441

 

 

 

$

2,176

 

 

 

$

265

 

 

 

12

 

%

Rest of World

 

10,170

 

 

 

6,256

 

 

 

3,914

 

 

 

63

 

%

Consolidated net revenue

 

12,611

 

 

 

8,432

 

 

 

4,179

 

 

 

50

 

%

 

 

 

 

 

 

 

 

 

Gross profit (loss)

 

$

(2,963

)

 

 

$

(6,476

)

 

 

$

3,513

 

 

 

(54

)

%

Gross margin

 

(23

)

%

 

(77

)

%

 

N/A

 

54

 

pp

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (i)

 

$

(37,075

)

 

 

$

(37,055

)

 

 

$

(20

)

 

 

 

%

 

 

 

 

 

 

 

 

 

Other Data

 

 

 

 

 

 

 

 

Cash and cash equivalents (ii)

 

$

1,024,450

 

 

 

$

1,128,396

 

 

 

$

(103,946

)

 

 

(9

)

%

Short-term investments (ii)

 

214,925

 

 

 

206,230

 

 

 

8,695

 

 

 

4

 

%

Capital expenditures

 

7,072

 

 

 

7,516

 

 

 

(444

)

 

 

(6

)

%

(i) See “Non-GAAP Measures” for more information, including a reconciliation of adjusted earnings (loss) before interest, taxes, depreciation and amortization (“Adjusted EBITDA”)

(ii) Dollar amounts are as of the last day of the period indicated

 

First Quarter 2021

       Net revenue of $12.6 million in Q1 2021 increased by $4.2 million from Q1 2020. The increase year-over-year was primarily driven by continued growth in the adult-use Canadian cannabis market, sales in the Israeli medical cannabis market, and an increase in sales in the U.S. segment driven by new U.S. hemp-derived CBD products introductions, partially offset by strategic price reductions on various adult-use cannabis products in Canada in the second half of 2020.

       Gross loss of $3.0 million in Q1 2021 decreased by $3.5 million from Q1 2020. The decrease in losses year-over-year was primarily driven by an increase in net revenue and a decrease in inventory write-downs in the Rest of World ("ROW") segment.

       Adjusted EBITDA loss of $37.1 million in Q1 2021 increased marginally from Q1 2020. The marginal increase in losses year-over-year was primarily driven by an increase in sales and marketing costs due to brand development in the U.S. segment, and an increase in research and development ("R&D") costs driven by increased spending on product development and developing cannabinoid intellectual property. Partially offset by decreases in sales and marketing spend in the ROW segment, gross loss and general and administrative expenses.

 

 


Once again, today’s podcast is sponsored by Phyto Extractions Inc. (CSE:XTRX), an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, BC at its co-located Health Canada Licensed Standard Processing (extraction, no cultivation), Sales (extracts, topicals, and edibles) through Adastra Labs Inc. and Analytical Testing Laboratory through Chemia Analytics Inc. Adastra Labs also has a pending Health Canada R&D license amendment.

 

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