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The Daily Hit is a recap of cannabis business news for Jan. 5, 2023. ON THE SITE Cannabis Legalization Bills Introduced in Minnesota, South Carolina At least two more states this year will consider legalizing cannabis in some form. In Minnesota, Democratic lawmakers on Thursday introduced HF 100, which would legalize recreational cannabis. In South Carolina late last month, Republican lawmakers pre-filed two bills, both of which would legalize marijuana for medical uses. Read more here. Colombia Leans Further Into Cannabis The country of Colombia may have a reputation as the home for cocaine cartels, but it is leaning further…
The holiday season wasn’t filled with joy for cannabis retailers, who reported softer sales when compared with the holiday season a year ago. Same-store sales in December 2022 fell 5.3% from last year, with a number of factors likely contributing to the softness, according to data from Chicago-based Fyllo. The holiday weekend itself started off slow and ended with a visit from the Grinch. Dec. 23 – the largest sales day for operators in 2021 – saw same-store sales down 9.6%, but it was still the largest sales day of the season. The year-over-year decline nearly doubled for the Christmas…
The share price of Tryp Therapeutics Inc. (CSE: TRYP) (OTCQB: TRYPF) rose 20% in trading Thursday afternoon after the clinical-stage biotech firm published preliminary results that showed promising improvements in patient binge-eating episodes for its Phase 2a oral psilocybin-assisted therapy. The results were part of a pilot analysis meant to pave the way for further development and trial testing of IV-channeled psilocin (the active metabolite of psilocybin). The vision, Tryp CEO Jim Gilligan told Green Market Report, is to administer psilocin using an IV so that it is more analogous to the work of anesthesiologists, where patients are medically put to…
It’s one thing to hear from business owners about the future of their industry; it’s quite another to talk to business analysts who have a more objective approach to prognosticating about an industry that appears to be struggling as it pushes on through the noise and clutter of running complex biotech companies. The Psychedelics Invest Index showed that psychedelics stocks were down significantly in October 2022, taking a hard dive beginning Oct. 6. But the trend appears to be shifting up a bit as this new year begins. Leading the stock comeback in the 59 constituents of the index so…
After the market closed on Thursday, TPCO Holding Corp. also known as The Parent Company (OTCQX: GRAMF) announced that it has changed its agreements and restructured the relationship between Roc Nation LLC, SC Branding, LLC, and The Parent Company. Despite the celebrity affiliations, TPCO has consistently lost millions of dollars as revenues have failed to live up to expectations. According to the company statement, Shawn ‘JAY-Z’ Carter and affiliates and Roc Nation will return approximately 7.1 million common shares of The Parent Company. This is expected to help the company save roughly $33.5 million in top-line costs over an eight-year…
It was a shortened trading week as markets were closed on Monday for the New Year holiday. This week Aurora Cannabis (NASDAQ: ACB) bragged about its solid balance sheet holding $320 million, but the company neglected to mention that it had almost $600 million in cash just a year ago. The company did reduce its convertible debt, but only by $84 million. The company also noted it sold its Polaris facility which brought in $15 million, however the company neglected to say it had only been open for 2 years and it is thought to have spent $50 million developing…
Shares of Atai Life Sciences (Nasdaq: ATAI) plunged by more than 40% after phase 2a clinical trial results looking at ketamine therapy to treat depression failed to meet its primary endpoint. Atai said that while findings showed “signals of efficacy across all timepoints out to two weeks,” the treatment did not prove enough of a statistically significant change in participants’ baseline depression score after 24 hours versus the placebo. “We thank all the patients, families, caregivers, and investigators for their support and participation in the PCN-101 Phase 2a trial,” Atai’s CEO and co-founder Florian Brand said in a statement. The…
Growing Cannabis Outdoors: 10 Common Mistakes Every year we see how people repeat the same mistakes when it comes to growing outdoors, and we’ve decided to put them all together in one post to help others out and prevent them from making the same mistakes. Pay attention to these 10 common mistakes when growing cannabis outdoors and get ready to fill up your pantry this season! Germinating seeds wrong One of the most common and most deadly mistakes happens at the very start, during the germination. Germinating incorrectly or not taking care of the saplings can be lethal during this…
Cannabis in its natural state is a yearly plant; seeds germinate during spring when the conditions are right and it grows until the end of summer. When they days get short enough, it starts to flower, reproduces, grows seeds and dies. During the winter, seeds stay in the ground waiting for the right conditions, and only some seeds actually survive. When growing outdoors, you should right for the right moment to be as efficient as possible. When can Cannabis be Harvested Outdoors? Cannabis, just like all plants, needs a series of conditions in order to grow properly. If you’d like…
Cannabis plants need help to defend themselves from insects and fungi. If insects manage to get to your plants, or an illness is left untreated, you may end up running into issues. Insecticides and fungicides used when treating plants, apart from being effective, also need to leave no residues behind; when it comes to growing cannabis, everything that’s in your plants when you consume them will also be going into your system. Learning to combine phytofortifiers can be a way to avoid this. Many products, generally synthetic or chemical, as well as being bad for the environment, can also negatively…