The Daily Hit: June 3rd, 2021

It’s time for your Daily Hit of cannabis financial news for June 3rd, 2021. 

On the Site

Executive Spotlight: Kathryn Blackwell

Kathryn Blackwell is the Co-Founder and CEO of The Open Dør, a national cannabis retail franchise headquartered in Scottsdale, Arizona. 

Since establishing The Open Dør in 2020, Kathryn has integrated proven franchise strategies and merchandising practices into the dispensary brand to deliver a modern aesthetic and transform the consumer experience. 

RIV Capital Stays On Path To Crossover To U.S. Cannabis

RIV Capital Inc. (TSX: RIV) (OTC: CNPOF) released its financial results for the fourth quarter and fiscal year ended March 31, 2021, which proved to be a very transitional period for the company. 

Riv sold certain financial assets to Canopy Growth for $118.4 million in cash in February, as well as 3.65 million common shares of Canopy Growth and other aggregate forms of payment. 

Eddie Lucarelli, Chief Financial Officer, said, “With the CGC Transaction complete and the PharmHouse Credit Facility fully settled, our rejuvenated balance sheet puts us in an advantageous position to capitalize on the growing momentum in the U.S. cannabis market.”

Silo To Create Mushroom Stores In Jamaica

Silo Wellness Inc. (CSE: SILO) has signed a letter of intent with Canadian-based mushroom company Mushe Inc. to create the first legal functional and psychedelic mushroom retail outlet based in Jamaica. 

Silo Wellness currently cultivates psilocybin mushrooms, conducts psychedelic wellness retreats, and is testing a proof-of-concept patent-pending nasal spray.

Empower Clinics Adds Diabetes To Clinic Portfolio

Empower Clinics Inc. (CSE: CBDT) (OTCQB: EPWCF) is buying Medi + Sure Canada Inc. also called Medisure, a leading Canadian manufacturer of medical devices for patients managing diabetes in a deal valued at $3.5 million. 

Last year, Empower created a subsidiary company dedicated to the advancement of psilocybin research and patient care, addressing the significant mental health issues of anxiety, depression, post-traumatic stress disorder (PTSD), and addiction.

In Other News

Zynerba Announces Results of Study Exploring Cannabinoid Therapy for Autism Spectrum Disorder

Cannabinoid pharmaceuticals company, Zynerba Pharmaceuticals, announced their presentation of efficacy and safety findings in children and adolescents with Autism Spectrum Disorder. 

“The previously disclosed data from these three studies provide evidence of the potential for Zygel [the cannabinoid product studied) to have a clinically meaningful impact on a variety of endpoints associated with ASD and related disorders,” said Joseph M. Palumbo, M.D., LFAPA, MACPsych, Chief Medical Officer of Zynerba. “Should these findings be confirmed in additional trials, we believe Zygel has the potential of being a new and differentiated therapeutic option for these patient communities.”

Cannabics Pharmaceuticals Launches Program for Cancer Treatment Research 

Gabriel Yariv, Cannabics Pharmaceuticals President and COO, said: “We have successfully completed a series of preclinical experiments in our in-house research facilities and have identified promising antitumor results on Breast Cancer cell lines. Based on these encouraging results, we now plan further research aimed at developing a new drug candidate for the treatment of Breast Cancer.”

This announcement comes shortly after the launch of a similar treatment program for melanoma. 

Jay-Z’s Company Invests in First Black Woman-Owned Speakeasy 

Jay-Z’s company, TPCO Holding Corp., aka The Parent Company, has chosen Josephine & Billie’s to be its first social equity corporate venture fund investment. 

The speakeasy-style storefront will be a private cannabis consumption lounge, exclusive to BIPOC women and allies.