Senior Financial Writer @ Skyline Group of Companies. Capital markets professional, commentator & marketer.
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Articles by Benjamin Smith
Trulieve Sues Florida GOP For Amendment 3 Disinformation Campaign
Trulieve Cannabis, Florida’s largest medical cannabis company, is taking off the gloves against purported political interference in the state. Yesterday, the company filed a defamation lawsuit against the Florida Republican Party (GOP) for misinforming voters regarding a proposed constitutional amendment that would permit the legal recreational use of cannabis. A purposeful deception at the highest levels of state government.
Cannabis Talk In Tonight’s Presidential Debate Between Harris and Trump?
Democrat Kamala Harris and Republican Donald Trump will face off in a presidential debate on Tuesday night, their first and potentially decisive encounter ahead of the November election. With both candidates polling closely nationwide and in key swing states, the debate could be a turning point in the 2024 campaign. For cannabis investors, the key question is whether the issue will take center stage, especially following Trump’s recent endorsement of Florida’s Amendment 3 ballot initiative.
Trump Endorses Florida’s Amendment 3 to Legalize Recreational Cannabis
In one of his most explicit opinions on recreational cannabis to date, former U.S. President Donald Trump signaled that a possible Trump administration in 2025 may be more amenable to the industry than widely perceived. Trump’s comments on Florida’s Amendment 3, which seeks to legalize recreational marijuana in the state.
atai Life Sciences Announces Strategic Investment In Beckley Psytech Limited
atai Life Sciences (NASDAQ: ATAI) has made a play to bolster their psychedelics portfolio. The company announced a strategic investment in Beckley Psytech Limited, a private clinical-stage biotechnology firm committed to converting short-duration psychedelics into medicines for neuropsychiatric conditions.
Approval For The Spot Bitcoin ETF Appears On Track, Despite Matrixport Skepticism
In response to the recent chatter surrounding the eagerly anticipated Bitcoin spot ETF for the US market, Bloomberg senior analyst Eric Balchunas expressed his perspective, asserting that he has observed only positive indicators leading up to the impending decision. He expressed bewilderment over the assertions made by the Matrixport analyst in a recently published report. Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure.
Ontario Doubles Cannabis Retail Dispensary Capability
On January 1, 2024, changes took effect to Ontario Regulation 468/18 that affect licensed retail cannabis operators and their affiliates in the province. Changes to the Cannabis License Act now permit organizations to double the number of stores they operate, raising the cap from 75 to 150. The government asserts that this move is aimed at curbing the illegal cannabis market, aligning with similar regulations in other provinces.
AMA CPT III Codes For Psychedelic-Assisted Therapies Take Effect
While psychedelic trials continue to amass promising data on the clinical side, an important event has taken place as it relates to reimbursement. The American Medical Association‘s (AMA) Current Procedural Terminology (CPT) III codes for psychedelic-assisted therapies, as initially unveiled in July 2023, have officially been activated and went into effect January 1, 2024.
atai Life Sciences Announces Positive Data For Orally Administered MDMA Derivative EMP-01
atai Life Sciences (NASDAQ: ATAI), the tier-1 biopharmaceutical trialing psychedelic compounds for the treatment of mental health disorders, has unveiled positive findings from its Phase 1 investigation assessing the orally administered EMP-01—a R-enantiomer of MDMA (3,4-methylenedioxy-methamphetamine). An enantiomer is one of two stereoisomers that are mirror images of each other but cannot be superimposed onto one another. Great headline from $ATAI to kick off the first trading day of the year.
TDR’s Top 7 Cannabis Developments For The Week Of December 25
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of December 25. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies. 7.
War-Torn Nation Of Ukraine Approves Bill To Legalize Medical Cannabis
The Ukraine Parliament took a significant step towards the legalization of medical cannabis on Thursday. The legislative initiative approved a corresponding bill which garnered substantial support with 248 votes in favor and faced opposition from 16 members, according to local media outlets. This legislative advancement followed a previous obstruction by an opposition party, which impeded the bill’s progress through Parliament.
Awakn Life Sciences Enters Into Global Licensing Agreement For Sublingual Delivery Formulation
Awakn Life Sciences (NEO: AWKN, OTCQB: AWKNF), a clinical-stage biotechnology company specializing in the development of ketamine-assisted treatments for addiction, has entered into a global licensing agreement with LTS Lohmann Therapie-Systeme AG. Headquartered in Andernach, Germany, LTS focuses on creating advanced therapeutic solutions, including transdermal and oral thin film drug delivery technologies in the biotechnology industry.
Robert F. Kennedy Jr. Reaffirms His Support For Medicinal Psychedelics In New Interview
In a recent podcast interview, Robert F. Kennedy Jr. shared his perspectives on the potential of psychedelics as a mental health treatment. This revelation coincides with President Joe Biden’s imminent decision on a substantial defense bill, which, if passed, would allocate funds for studies involving psychedelics on active duty service members.
Organigram Reports Fiscal 2023 Financial Results
Organigram Holdings (NASDAQ: OGI) (TSX: OGI), one of Canada’s most prominent licensed cannabis producers, has disclosed its performance outcomes for the fourth quarter and the thirteen-month period concluding on September 30, 2023. The company also provided a comprehensive review of business operations for 2023, which included a follow-on investment of $124.6 million from British American Tobacco (BAT).
Sunstone Therapies Releases Encouraging Phase 2 Trial Findings For Major Depressive Disorder
Sunstone Therapies announced full results and methodology for its phase 2 clinical trial of psilocybin-assisted therapy to treat cancer patients suffering from major depressive disorder. The findings, published online in Cancer , the journal of the American Cancer Society, reveal that participants treated with psilocybin reported a notable reduction in depressive symptoms. Additionally, participants expressed positive views on the therapy during post-trial interviews.
Canopy Growth Divests UK-Based Skincare And Wellness Brand As Core Restructuring Continues
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) has finalized the divestiture of its skincare and wellness brand, This Works, to Inspirit Capital, an investment firm based in London. This Works, headquartered in London, England, is renowned for offering a diverse range of premium natural skincare and sleep solution products to a global consumer base.
TDR’s Top 5 Psychedelic Developments For The Week Of December 11
Welcome to TDR’s review of the Top 5 Psychedelic Developments for the week of December 11. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies. 5.
TDR’s Top 7 Cannabis Developments For The Week Of December 11
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of December 11. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies. 7.
MindMed's Phase 2b Compound MM-120 Shows Promise In Treating Generalized Anxiety Disorder
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), a clinical-stage biopharmaceutical company dedicated to pioneering innovative treatments for brain health disorders, has announced topline outcomes from its Phase 2b clinical trial of MM-120 (lysergide d-tartrate) targeting generalized anxiety disorder (GAD).
C21 Investments Unveils Fiscal Third Quarter 2023 Financial Results
C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF), a vertically integrated cannabis company, has disclosed its unaudited interim financial statements and management discussion and analysis for the third quarter concluded on October 31, 2023. These results adhere to U.S. Generally Accepted Accounting Principles, which is the gold standard for financial reporting by cannabis issuers.
Ohio Lawmakers Stumble Over Recreational Cannabis Regulations Ahead of Winter Recess
Ohio Statehouse leaders are currently in the process of reshaping regulations surrounding cannabis just before their winter break. Despite voters passing Issue 2 in November, empowering the Department of Commerce to formulate rules and issue licenses for recreational dispensaries, the timeline for implementation could extend up to nine months.
FDA Receives NDA From MAPS PBC Regarding MDMA-Assisted Therapy For PTSD
The moment that many psychedelic participants and investors have waited for has finally arrived. Today, MAPS Public Benefit Corporation (MAPS PBC) has formally communicated the submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for MDMA (capsules) in conjunction with MDMA-assisted therapy. This intervention includes psychotherapy, colloquially known as talk therapy, along with additional supportive services administered by qualified healthcare providers.
Genetic Revelations Pave the Way for the Development of Designer Mushrooms
Australian researchers have analyzed the genetic makeup of over 100 strains of Psilocybe cubensis, a psychoactive mushroom commonly known as the magic mushroom, encompassing both commercially cultivated and wild varieties. The outcomes of this analysis hold the promise of facilitating the cultivation of “designer mushrooms” with distinctive health benefits, according to the research team.
Tryp Therapeutics and Exopharm Limited Sign Definitive Agreement
Tryp Therapeutics Inc. (CSE:TRYP), a clinical-stage biotechnology company specializing in the development of intravenous-infused psilocin for diseases with high unmet medical needs, has been acquired. The company has entered into an Arrangement Agreement with Exopharm Limited as of December 8, 2023.
TDR’s Top 5 Psychedelic Developments For The Week Of December 4
Welcome to TDR’s review of the Top 5 Psychedelic Developments for the week of December 4. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies. 5. Cybin Announces Grant of Additional U.S. Patent in Support of its CYB003 Deuterated Psilocybin Analog Program Cybin Inc. announced that the United States Patent and Trademark Office has granted U.S. patent 11,834,410 in support of its CYB003 program.
TDR’s Top 7 Cannabis Developments For The Week Of December 4
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of December 4. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies. 7. Curaleaf Announces Receipt of Conditional Approval to List Subordinate Voting Shares on the TSX Curaleaf Holdings announced that it has received conditional approval from the Toronto Stock Exchange to list its subordinate voting shares on the TSX.
DEA Issued Warnings Georgia Pharmacies; Cautions Against Dispensing Medical Cannabis
The Drug Enforcement Administration (DEA) has issued warnings to pharmacies in Georgia, cautioning against the dispensing of medical cannabis due to its illegality under federal law. Approximately two months subsequent to the Georgia Board of Pharmacy’s groundbreaking decision allowing independent pharmacies to distribute THC oils, pharmacies registered with the DEA have been notified of potential violations of federal law.
Mortgage REIT Investment Funds Can Add Diversity To An Individual Portfolio
As a prospective investor, investing in private specialty-use mortgage real estate investment trust (REIT) fund requires a comprehensive understanding of its intricacies. As the structure of such products differs from public equity investments, knowledge of the landscape requires such determination.
Ohio Senate Republicans Unveil Revisions To Recent Cannabis Legislation
An Ohio state senator is expressing a desire to institute substantial modifications to a recently enacted law, a measure sanctioned by voters mere weeks ago—also known as Issue 2. The Northwestern Ohio senator recently dedicated approximately thirty minutes to elucidate the alterations he deems necessary.
MariMed Becomes Vertically-Integrated In Illinois With Opening Of Mr. Vernon Kitchen Facility
MariMed Inc., a prominent cannabis operator with a multi-state presence dedicated to enhancing daily lives, officially declares the initiation of cannabis product manufacturing and processing activities at its newly established processing kitchen in Mt. Vernon, Illinois. Despite encountering significant construction and regulatory setbacks, the company anticipates the availability of its acclaimed products at dispensaries across Illinois, in time for the holiday season.
TDR’s Top 5 Psychedelic Developments For The Week Of November 27
Welcome to TDR’s review of the Top 5 Psychedelic Developments for the week of November 27. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies. 5.
TDR’s Top 7 Cannabis Developments For The Week Of November 27
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of November 27. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies. 7. Cansortium Reports Third Quarter 2023 Results Cansortium Inc. announced financial and operating results for the third quarter ended September 30, 2023. Unless otherwise indicated, all financial results are presented in U.S. dollars.
Cybin Reports Positive Topline Data From Phase 2 Study Of CYB003 in Major Depressive Disorder
Cybin Inc. (NYSE American:CYBN) (NEO:CYBN), one of the leading public psychedelic biotech drug developers, released full CYB003 Phase 2 trial results for Major Depressive Disorder (MDD). The deuterated psilocybin derivative achieved strong follow-up results, which reaffirmed interim data released on October 31. With efficacy and safety established in a small patient cohort, Cybin now prepares for a more expansive Phase 3 trial scheduled to commence next year.
Numinus Reports Q4 & Full Year Fiscal 2023 Results, Including Greatly Reduced Cash Burn Rate
Psychedelic therapy clinic provider Numinus Wellness (TSX: NUMI) (OTCQX: NUMIF) announced fourth quarter and full year fiscal 2023 results Wednesday after market. The numbers show demonstrable growth on a year-over-year basis, plus reduced cash burn rate for the month of October down to previously elucidated targets. Numinus Wellness Inc.
Cansortium Reports Record Revenue In Its Fiscal Third Quarter 2023 Financial Results
Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) the fully-integrated provider of top-tier cannabis products with operations in three states, released third quarter 2023 financial results this afternoon. With an expansive dispensary retail portfolio in Florida, investors attuned to the Sunshine State are particularly attentive to results from the Florida-centric operator.
Key Lawsuit Over Cannabis Adult-Use Rollout Settled In New York
In a significant development reported yesterday, the state of New York voted to settle a longstanding cannabis lawsuit, marking a pivotal moment in the contentious rollout of cannabis licenses. The decision, reached by the unanimous vote of the state’s Cannabis Control Board, signals the resolution of a protracted legal battle that has left hundreds of dispensary openings in limbo.
TDR’s Top 5 Psychedelic Developments For The Week Of November 20
Welcome to TDR’s review of the Top 5 Psychedelic Developments for the week of November 20. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies. 5.
TDR’s Top 7 Cannabis Developments For The Week Of November 20
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of November 20. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies. 7.
'Danksgiving' Cannabis Sales Momentum Rise Lead By Shifting Consumer Attitudes And New Legal States
In the days leading up to Thanksgiving, one peculiar trend is making headlines in many cannabis-legal states across the Union. Green Wednesday, also dubbed the ‘Black Friday of Cannabis’, has become a significant event, with sales reaching impressive figures. Despite not being as entrenched as alcohol in vice partakings during the holiday, ‘Danksgiving‘ is thriving as the generational shift towards cannabis consumption among the younger generations gathers pace.
Washington State Study Demonstrates The Tangible Benefits Of Cannabis For Sleep
A new Washington State University study has shed light on the intriguing relationship between cannabis use and improved sleep quality. Contrary to conventional wisdom, individuals using cannabis as a sleep aid are steering away from more traditional options.
South Africa's Path to Legal Personal Cannabis Use Gains Traction
In a significant stride toward cannabis reform, South Africa’s National Assembly has granted approval for the Cannabis for Private Purposes Bill, potentially signaling the legalization of personal marijuana use. This development follows a pivotal 2018 judgment that decriminalized private marijuana use, marking a potential turning point in South Africa’s cannabis landscape.
TDR’s Top 5 Psychedelic Developments For The Week Of November 13
Welcome to TDR’s review of the Top 5 Psychedelic Developments for the week of November 13. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies. 5.
TDR’s Top 7 Cannabis Developments For The Week Of November 13
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of November 13. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies. 7. SNDL Inc. Reports Positive Net Cash And Overall Operational Performance SNDL Inc. released its financial and operational results for the third quarter ended September 30, 2023.
Cresco Labs Reports Third Quarter 2023 Financial Results
Cresco Labs (CSE: CL) (OTC:CRLBF) unveiled their third quarter 2023 financial results on Tuesday. Despite the sizable net loss caused by a large impairment, the company realized substantial improvements in both margin and operating cash flow.
SNDL CEO Zach George On Growth And The Company's Recent Q3 2023 Financial Results
Nary a day after SNDL Inc. (Nasdaq: SNDL) released its financial and operational results for the third quarter ended September 30, 2023, CEO Zach George joined the TDR podcast to explain financial journey for SNDL in this reporting quarter, emphasizing progress in margins and a positive outlook for the future. Regarding organic growth, this dynamic was unlocked by the cadence of well-located door openings.
SNDL Inc. Reports Positive Net Cash And Overall Operational Performance
SNDL Inc. (Nasdaq: SNDL) released its financial and operational results for the third quarter ended September 30, 2023. The company reported notable achievements across various key indicators, demonstrating positive momentum and strategic advancements. SNDL Reports Third Quarter 2023 Financial and Operational Results and Achieves Positive Net Cash from Operating Activities and Free Cash Flow View the results from Q3 2023 here: https://t.co/HxuIuxQbj2 pic.twitter.com/WUUhyvlrVa — SNDL Inc.
Breaking Down the Numbers: NewLake Capital's Q3 2023 Financial Report
NewLake Capital Partners (OTCMKTS: NLCP), a leading real estate capital provider to state-licensed cannabis operators, disclosed its financial results for the third quarter concluding on September 30, 2023. It was yet another quarter of net income solidly in the black.
TDR’s Top 5 Psychedelic Developments For The Week Of November 6
Welcome to TDR’s review of the Top 5 Psychedelic Developments for the week of November 6. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies. 5. Connecticut Man Charged After Police Find $8.5 Million Worth Of Illegal Mushrooms In Home Officials made a shocking discovery when they came across $8.5 million worth of psilocybin mushrooms in the home of a 21-year-old man in Connecticut.
TDR’s Top 7 Cannabis Developments For The Week Of November 6
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of November 6. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies. 7. Canopy Growth Reports Second Quarter Fiscal Year 2024 Financial Results Canopy Growth Corporation announced its financial results for the second quarter ended September 30, 2023. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Ascend Wellness Reports Q3 2023 Fiscal Year Financial Results
Ascend Wellness Holdings, a major cannabis multi-state operator operating in twenty states, released its financial results for the three months ending in June 2023. The company produced results that meet expectations on the top and bottom line. In the fiscal third quarter of 2023, Ascend Wellness Holdings (AWH) saw its sales go up by 14.9% compared to the previous quarter. This increase was because both their retail and wholesale businesses were doing well.
5 Scientifically Proven Truisms About The Pharmacological Effects Of Psilocybin
In the realm of contemporary science and healthcare, there exists an increasingly fervent excitement centered around an unassuming fungus that has captivated the imagination of researchers, clinicians, and the curious alike. Psilocybin, the mystical compound found in magic mushrooms, has emerged from the research periphery and stigma to take center stage in the world of medicine and scientific exploration. Last week’s Phase 2 readout by Cybin Inc.
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