PALM BEACH, Florida, Oct. 10, 2019 /PRNewswire/ -- As the cannabis market booms, another drug may soon follow in its footsteps -- psilocybin mushrooms. Already, we're seeing a groundswell of interest. In fact, activists in California are working on getting its decriminalization added to the 2020 ballot. The proposed amendment – called the California Psilocybin Decriminalization Initiative — would revise state drug laws to decriminalize the "personal possession, storage, use, cultivation, manufacturing, distribution in personal possession amounts, according to Marijuana Moment. Better, the U.S. FDA already granted 'breakthrough status' to COMPASS Pathways' psilocybin-assisted therapy in October 2018, which allows the FDA assist in the development of a promising drug to treat serious illnesses. In addition, researchers at New York University found psilocybin mushrooms caused a 'rapid and sustained' reduction in anxiety and depression in patients with cancer," as reported by the Financial Post. As excitement builds, it's opening a range of opportunity for companies that have already established launching cannabis products including The Yield Growth Corp. (CSE:BOSS) (OTCQB:BOSQF), GW Pharmaceuticals (NASDAQ:GWPH), Tilray Inc. (NASDAQ:TLRY), Aphria Inc. (NYSE:APHA) (TSX:APHA), and The Green Organic Dutchman (TSX:TGOD)(OTCQX:TGODF).
The Yield Growth Corp.(CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS:The Yield Growth Corp. just announced that its wholly owned subsidiary Flourish Mushroom Labs Inc. has completed the acquisition, announced on September 24, 2019, of a catalogue of mushroom formulas as the foundation of a mushroom edibles business. The formulas and know-how acquired relate to formulations that may be used to create ready to eat packaged food products or packaged food products that may be mixed with mushroom varietals of the consumer's choice. The formulations include soups, teas, hot cocoa, elixirs and truffles. Flourish has engaged the developers to create additional products to add to the base catalogue and commercialize the formulas, going to market first with mushroom based soups and coffees. "Learning and memory are the core cognitive functions of the human brain," says Penny White, Yield CEO." With a rapid decline of age affecting the population cognitive deficit is leading to many neurological diseases. Flourish recognizes the early prevention needed for declining learning and memory to conduct research into creating edible products combining the mushroom medicine for a broad potential market." Included in the acquisition is know-how and research related to edible mushrooms that could be used in the formulations and various health benefits that can accrue to people eating those mushrooms, as determined by researching data published from clinical trials and from knowledge of Chinese, Tibetan and Ayurvedic medicine. The varieties of mushrooms to be used in the formulations include Lion's Mane, Turkey Tail, Reishi, Shitake, Chagas, Cordyceps and other wild varietals. The research and data on health benefits are included in the acquisition by Flourish. Flourish purchased the formulations and all know-how and data related to the formulations with the issuance of 120,000 common shares of Yield Growth at a deemed value of $0.25 per share.
Other related developments in Yield Growth's industry include:
GW Pharmaceuticals PLC (NASDAQ:GWPH) just announced that the European Commission (EC) has approved the marketing authorization for EPIDYOLEX for use as adjunctive therapy of seizures associated with Lennox‑Gastaut syndrome (LGS) or Dravet syndrome, in conjunction with clobazam, for patients 2 years of age and older. The approval paves the way for the launch of the medicine across Europe. "The approval of EPIDYOLEX marks a significant milestone, offering patients and their families the first in a new class of epilepsy medicines and the first and only EMA-approved CBD medicine to treat two severe and life-threatening forms of childhood-onset epilepsy," said Justin Gover, GW's CEO. "This approval is the culmination of many years of dedication and collaboration between GW, physicians and the epilepsy community. We believe patients and physicians deserve access to rigorously tested and evaluated cannabis-based medicines, manufactured to the highest standards and approved by medicines regulators, and we are delighted to be the first to offer this solution to the epilepsy community."
Tilray Inc. (NASDAQ:TLRY) announced it has entered into a definitive agreement pursuant to which Tilray, through a wholly-owned subsidiary of High Park Holdings Ltd. (will acquire all of the issued and outstanding securities of 420 Investments Ltd., an adult-use cannabis retail operator headquartered in Calgary, Alberta. FOUR20 provides adult-use cannabis consumers with a premium retail experience focused on high quality product selection, education and community. FOUR20 currently operates six licensed retail locations and has 16 additional high-traffic locations secured in desirable locations in Alberta, including Canmore, Calgary and Edmonton. Tilray and High Park will leverage FOUR20's retail expertise and brand and market knowledge to expand into other Canadian provincial markets where Licensed Producer retail ownership will be permitted in the future. "FOUR20 offers a premium retail experience for the mainstream cannabis consumer and builds on our broader retail strategy, which includes several minority investments in other leading cannabis retailers," says Tilray Chief Corporate Development Officer Andrew Pucher. "With FOUR20, we will elevate the retail experience for consumers by offering the best quality-tested products while preparing for the next wave of legalized product launches taking place by year's end."
Aphria Inc. (NYSE:APHA) (TSX:APHA) issued the following statement in regards to Aleafia Health Inc.'s termination of the Company's wholesale cannabis supply agreement with Emblem Corp. "We are disappointed that Aleafia has chosen to terminate its Agreement with Aphria Inc. The Company had every intention of fulfilling its obligations under the Agreement. As a large shareholder of Aleafia, Aphria made good faith efforts to ensure continuation of the Agreement understanding it was in the best interest of all parties involved. However, the termination of this legacy Agreement frees up significant supply allowing the Company to service its brands that are in high-demand across the country." The Parties are contractually obligated to negotiate for a period of 30-days following the receipt of a formal notice of termination. If the Parties fail to arrive at any agreement or settlement within the 30-days, and if Aleafia initiates a formal claim for damages, the Company intends to vigorously defend itself.
The Green Organic Dutchman (TSX:TGOD)(OTCQX:TGODF) announced that it isreviewing financing alternatives in order to complete construction at its facilities in Ancaster, Ontario and Phase 1a at Valleyfield, Quebec. As previously disclosed, the Company had been engaged in discussions for ordinary course commercial bank facilities and equipment leasing. However, due to changing market conditions, those sources of financing have been unavailable on acceptable terms within the timeframes required, leading the Company to commence a review of additional alternatives. The Company currently has no debt and $56.7 million in cash available in Canada, including $40.2 million in restricted cash allocated to capital expenditures. Construction at Ancaster is largely complete with all grow rooms licensed by Health Canada and approximately 6 weeks left before substantial completion of the processing facility. The evidence package for this final component is expected to be submitted to Health Canada by the end of November for licensing. The Company will prioritize any financing secured to accelerate commercial production in order to ramp-up revenues. TGOD already has supply agreements in place with Alberta, British Columbia and Ontario, and plans to distribute nationally as production increases in 2020. Portfolio development is underway for Cannabis 2.0 with first phase of product launches scheduled for December 2019, including organic teas and infusers.
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