Highlight of the day: January 11, 2022

It’s time for your Daily Hit of cannabis Financial News on January 11, 2022.

On the site

Organizational chart

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) released results for the first fiscal quarter ending November 30, 2021, with revenue up 57% to $ 30.4 million from $ 19.3 million for the same period last year. This exceeds the average estimate of analysts at Yahoo Finance for a turnover of only 23.9 million dollars. Organizational chart said the increase was mainly due to an increase in adult recreational income and international income, partially offset by a decline in the average selling price due to product mix and a decrease in medical income. Organigram also reduced its net loss to $ 1.3 million, from a net loss of $ 34.3 million last year. The company attributed it to the higher gross margin in the current quarter as well as to fair value adjustments on biological assets and inventory sold.

Gardening company

owned by women Gardening company lifted more than $ 7 million in Series A funding. Funding was led by RJ Primo LLC and the product will be used to expand product offerings, modernize manufacturing, and further expand its team to meet growing demand across California, as well as expand to other states in 2022. Garden Society said In addition to the main funding, the Le tour included an oversubscribed SPV made up of strategic women and angel investors from BIPOC.

awake

Awakn Life Sciences Corp. (OTCQB: AWKNF) reported positive data from its Phase II A / B trial. This was the first controlled trial of ketamine-assisted therapy for the treatment of alcohol use disorder (AUD), the results were published in the American Journal of Psychiatry. awake stated that the double-blind, placebo-controlled trial included 96 patients with severe AUD, who were randomized to one of four groups: 1) three infusions of ketamine (0.8 mg / kg IV over 40 minutes ) plus exclusive manual therapy (KARE); 2) three infusions of saline plus KARE therapy; 3) three infusions of ketamine plus alcohol education; and 4) three saline infusions plus alcohol education.

Pilgrim soul

Cannabis lifestyle brand Pilgrim soul raised $ 2 million in a strategic roundtable from leading investors in tech, retail and cannabis. The company said the round includes investments from Merida Capital Holdings, Bee House, Meaningful Partners, serial entrepreneur and Skip-Hop founder Michal Diament, and other well-known tech entrepreneurs. Other brand advisers and shareholders include veteran NBA player and founder of Viola Brands, Al Harrington, Merlin Kauffman, founder of Soothe, and former Sperry & Club Monaco CMO Ann Watson.

Excursion

Field Trip Health Ltd. (NASDAQ: FTRP) announced that the United States Patent and Trademark Office (USPTO) has issued a Notice of Leave for Field Trip Patent Application No. 17 / 364,047 for FT-104 claims ( officially known as ‘isoprocin glutarate’), Excursionthe first new psychedelic molecule in development. FT-104 is being developed as a more effective treatment with an experience lasting less than four hours. It has similar potency and pharmacology to psilocybin and the cost and affordability is better with this compound as well. The claims in the authorized patent application entitled “Tryptamine Prodrugs” cover the composition of matter, use and manufacture of a family of hydroxytryptamine half-ester compounds, including FT-104.

In other news

Greenway

Greenlane Holdings, Inc. (NASDAQ: GNLN) announced that it has received approval from the United States Postal Service for a commercial and regulatory exception to the Prevent All Cigarette Trafficking Act, allowing Greenlane to ship vaporizers and accessories classified as electronic nicotine delivery system products. to other compliant companies. With this new approval, over 97% of total annual sales will be able to be shipped by freight, USPS or major carriers, and the impact of PACT will be reduced to less than 3% of annual sales.

Wesana

Wesana Health Holdings Inc. (OTCQB: WSNAF) announced that the United States Food and Drug Administration (FDA) had granted the company’s request for a pre-IND (Investigational New Drug) meeting to discuss the new therapy and SANA-013’s proprietary protocol for the treatment of major depressive disorder (MDD) associated with traumatic brain injury (TBI).


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