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The Daily Hit is a recap of the top cannabis business stories for July 25, 2022.

ON THE SITE

D.C. Lawmakers Bring Back Cannabis Talks

This week Washington D.C. has brought cannabis back for more discussion. There are two different hearings and both could center around social equity issues that have proven difficult to tackle even at the state level. First up, Congressional lawmakers will look to discuss social equity provisions within marijuana legalization at a Senate Judiciary subcommittee – chaired by U.S. Senator Cory Booker (D-NJ) – at 2:30 p.m. Tuesday. Read more here.

Cannabis SPAC Closes, Gives Back Money

Former Cresco Labs co-founder Joseph Caltabiano (OTC: CRLBF) has decided to close his SPAC (special purpose acquisition corp.) Choice Consolidation Corp. (NEO: CDXX.UN.U) (OTCQX: CDXXF) and return the investor’s money. It had raised $172.5 million. The SPAC’s original plan was to target strategically important limited license states, and the company was looking to acquire single-state operators, distressed assets, and rehabilitation licenses. Read more here.

Flower One Reports Dramatic Drop In Revenue

Late on Friday after the market closed, Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) announced its financial results for the first quarter ending March 31, 2022. Revenue fell 21% to $8.9 million from last year’s $13.8 million for the same time period. This missed the Yahoo Finance analyst estimates for revenue of $13.1 million. Read more here.

Illinois Awards 149 Social Equity Licenses

Recipients now have 180 days to get their stores open and get final state approval, although they can seek an extension. After 812 days, almost 100 applicants finally have gotten 149 licenses to open new marijuana stores in Illinois. “It’s super exciting—finally,” said Akele Parnell, a co-owner of Marigrow, which plans to open a dispensary in Lincoln Park. Read more here.

7 M&A Psychedelics Transactions To Watch

While the psychedelics industry gets its proverbial ducks in a row, there is a growing interest in sharing business opportunities to help companies jostle for market leadership in an ever-burgeoning marketplace. Read more here.

IN OTHER NEWS

Nova Cannabis Inc.

Nova Cannabis Inc. (TSX: NOVC) announced it has established an at-the-market equity offering program that allows the company to issue up to $20 million of common shares from treasury to the public from time to time, at the company’s discretion and subject to regulatory requirements. Any common shares sold through the ATM Program will be sold at prevailing market prices when issued in ordinary broker’s transactions on the Toronto Stock Exchange, or another Canadian marketplace on which the common shares are listed, quoted or otherwise traded. Read more here.

InMed Pharmaceuticals Inc.

InMed Pharmaceuticals Inc. (Nasdaq: INM), a leader in the research, development, manufacturing and commercialization of rare cannabinoids, today provided an update on its Phase 2 clinical trial using investigational drug INM-755 cannabinol cream for the treatment of patients with epidermolysis bullosa. Read more here.

Sundial Growers Inc.

Sundial Growers Inc. (Nasdaq: SNDL) announced all of the resolutions put to holders of common shares of the company at the reconvened annual and special meeting held virtually today were passed. The meeting was originally held on July 21, 2022, and was adjourned, without any business being considered, due to a lack of quorum. Read more here.

B.More Inc.

B.More Inc., a 501(c)(3) non-profit, clinical-stage biopharmaceutical company focused on the development of psychedelic medicines for substance abuse disorders, today announced the submission of an IND application to begin a Phase 2b trial to determine the efficacy and safety of synthetic psilocybin (SYNP-101) in treating alcohol use disorder (AUD).  The trial, which will be initiated in early 2023, will be led by principal investigator Michael Bogenschutz, Director of the NYU Langone Center for Psychedelic Medicine. Read more here.

Pure Sunfarms Corp.

Today, Pure Sunfarms Corp., a wholly owned subsidiary of Village Farms International, Inc. (Nasdaq: VFF), announces its launch into additional Canadian markets: Yukon, Northwest Territories, New Brunswick, and in the weeks ahead, Newfoundland and Labrador. Read more here.

The Daily Hit: July 25, 2022 on Green Market Report.


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