The Daily Hit: May 3, 2021

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

On the Site

Tilray

Tilray, Inc. and Aphria Inc. have officially completed the previously announced merger. The combined company, which will be known as Tilray, is considered to be the leading cannabis-focused consumer packaged goods company with the largest global geographic footprint in the industry. The combined company had a market cap of approximately $8.2 billion based on the closing stock prices on April 30, 2021.

Headset

Cannabis data firm Headset has raised $1.825M in a round led by Silverleaf Venture Partners, a private equity investment manager. the company said that this additional funding will accelerate expansion into legal markets and support new opportunities across the growing cannabis industry. Headset said it will deploy capital which will allow the company to quickly expand its market intelligence platform.

Senator Schumer

This year’s New York City annual cannabis parade brought out a who’s who of New York politicians and activists. Senator Chuck Schumer told the Green Market Report that he and Senator Booker will be introducing legalization legislation in a few weeks.

Texas

Up until now, the cannabis market in Texas has been limited, to say the least. Its medical cannabis Compassionate Use Program has fewer enrolled patients and businesses than most other states, and their restrictions put them in the bottom 11 (out of 47 programs) for accessibility nationwide. But between a recent $25 million investment by one of the largest privately-held multi-state cannabis operators in the U.S. (Parallel) in a cannabis cultivation, production and retail facility in San Marco Texas, and breaking legislative gains including over a dozen pieces of cannabis-related legislation submitted for consideration in 2021, that is about to change.

In Other News

Organigram

Organigram Holdings Inc. (NASDAQ: OGI) has confirmed that Greg Engel is stepping away from his role as CEO effective today, however, he will continue to act as a special advisor to the Board through a transition period. Peter Amirault, current Board chairman, has been appointed by the Board to serve as executive chair on an interim basis, to oversee day-to-day management of the Company until a new permanent CEO is appointed. During this period, Geoff Machum, chair of the Board’s Governance and Nominating Committee, will serve as the independent lead director.

Mydecine

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) reported its financial results for the full year ended December 31, 2020 and provided a business update. Net loss attributable to common stockholders was $26.9 million for the year ended December 31, 2020, or a basic and diluted loss per share attributable to common stockholders of $0.24, as compared to a net loss attributable to common stockholders of $21.5 million for the year ended December 31, 2019, or a basic and diluted loss per share attributable to common stockholders of $0.96. As of December 31, 2020, the company had cash and cash equivalents of $2.2 million. Subsequent to the year-end 2020, the company raised approximately $30 million and is well-funded to advance its IP portfolio, expand clinical trial calendar, expand European operations; and build out its technology division.

Champignon

Champignon Brands Inc. (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF) has changed its name from “Champignon Brands Inc.” to “Braxia Scientific Corp.” and its ticker symbol will change from “SHRM” to “BRAX” on the Canadian Securities Exchange (the “CSE”). The name change reflects the Company’s commitment to providing access to, and leadership in, setting the standard of care for ketamine treatment in depression through its network of clinics, as well as the Company’s ketamine and psychedelic derivative research and drug development priorities. Braxia Scientific’s overarching aim is to shape the future of treatment for people suffering from depression and other mental health disorders.

Revive Therapeutics

Revive Therapeutics Ltd.(OTC: RVVTF) has entered into a sponsored research agreement with the University of California, San Francisco to explore the utility of Bucillamine as a treatment for severe COVID-19. The agreement will support research in the laboratory of Dr. John Fahy to test the efficacy of Bucillamine in pre-clinical models of COVID-19 and to design protocols that test the utility of Bucillamine in human trials.