Congressman Backs Ballot to Legalize Psychedelic Mushrooms

The global community is quickly waking up to the benefits of psilocybin mushrooms. Johns Hopkins Medicine for example announced the launch of the Center for Psychedelic and Consciousness Research to study compounds like psilocybin to treat a range of mental health problems, including addiction and depression. There is even evidence that psilocybin can treat alcohol addiction, and substantially alleviate alcoholism, as noted in the San Francisco Chronicle. Better, Rep. Earl Blumenauer (D-OR), who advocated for the legalization of marijuana, said he’s in favor of a proposed Psilocybin Services Act, which would allow adults to visit licensed facilities to have the psychedelic administered in a supervised environment, as noted by Marijuana Moment. In short, the mushroom story is just heating up, as folks begin to understand its medical and psychological benefits. Along the way, it’s creating sizable opportunity for companies such as The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF),  The Supreme Cannabis Company Inc. (TSX:FIRE) (OTC:SPRWF), Tilray Inc. (NASDAQ:TLRY), OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI), and Canopy Growth Corporation (TSX:WEED)(NYSE:CGC).

The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWSThe Yield Growth Corp. announced announces its subsidiary Flourish Mushroom Labs Inc. has entered into an agreement to acquire approximately 18% of the outstanding stock of Translational Life Sciences Inc. TLS aims to develop proprietary formulations using restricted substances to focus on unmet medical needs in opioid dependence, psychotic illness, pain management and traumatic brain injury, including concussion. The company also offers services to design and oversee clinical trials of restricted substances such as psilocybin based formulations for third parties.

Its team is comprised of physicians and scientists who are recognized thought leaders in the fields of Neurology, Pharmacology, Pain Management, Addiction and Biochemistry and have significant experience in the clinical application of cannabinoid compounds. The company’s medical team includes William Honer, Caroline MacCallum and Dr. William Panenka, MD, MSc, FRCPC (Neurology and Psychiatry). The founder of TLS, Dr. Panenka, is a dually boarded Neurologist and Psychiatrist and Canadian Institute of Health Research funded academic faculty member at the University of British Columbia. He did a post doctoral fellowship at UBC and Harvard University. He maintains an internationally recognized research program in brain injury, mental health and addictions. Dr. Caroline MacCallum is the Chief Medical Officer of TLS. She is a pharmacist and internal medicine physician with deep expertise in complex pain and medical cannabis. She is a medical director of a Vancouver based private cannabis clinic and an internationally sought after speaker and world recognized leader in cannabis education, policy, clinical guideline development and research. Dr. William G. Honer is a key scientist at TLS and an Internationally recognized translational scientist and physician. He is a Psychiatrist and the previous Head of Department at UBC. He is Fellowship trained at Columbia University and the Albert Einstein College of Medicine. He has published over 300 peer-reviewed manuscripts including primary clinical trial authorship works in journals such as the New England Journal of Medicine.

The terms of the binding letter of intent are as follows: Yield Growth subsidiary Flourish shall issue 15,000,000 units of Flourish, consisting of 15,000,000 shares and 15,000,000 warrants to acquire additional Flourish shares at $0.50 per share, and in exchange Flourish shall acquire approximately 18% of the TLS stock, at a deemed cost of $750,000. The transaction assumes a post-closing valuation of Flourish Mushroom Labs of approximately $7,000,000. No shares or warrants in Yield Growth shall be issued as part of the transaction. “I’m overjoyed that Flourish Mushroom Labs can provide a leading investment into a company with such enormous potential,” says Yield Growth and Flourish CEO Penny White. “We will fully support TLS in its goal to develop over the counter products to prevent and treat opiate addiction, which is having devastating effects on individuals, families and communities across the globe.”

Other related developments from around the markets include:

The Supreme Cannabis Company Inc. (TSX:FIRE)(OTC:SPRWF) announced its Board of Directors has named Colin Moore, Director of the Company and former President of Starbucks Coffee Canada, as Interim President and Chief Executive Officer, effective immediately. Mr. Moore succeeds Navdeep Dhaliwal, who has departed the Company. The Company is in the process of engaging a leading, nationally recognized search firm to identify and evaluate a new CEO to lead Supreme Cannabis in its next phase of profitable, long-term growth. Today, with Supreme Cannabis firmly established as one of the world’s fastest-growing, premium plant driven-lifestyle companies and our industry entering its second phase, the Board determined that the Company would benefit from leadership with the skills and experience to accelerate our growth and transformation into a leading cannabis CPG company,” Supreme Cannabis Board Chairman, Michael La Brier said. “We are fortunate to have Colin Moore stepping up to serve as our Interim CEO and lead our efforts to drive long-term, profitable growth and shareholder value during this transitional period.”

Tilray Inc. (NASDAQ:TLRY) announced the expansion of its global senior leadership team with two strategic hires: Jon Levin as Chief Operating Officer, who was formerly with Revlon, and Michael Kruteck as Chief Financial Officer, who was formerly with Molson Coors and Pharmaca. Mr. Kruteck’s appointment will be effective immediately after filing the Annual Report on Form 10-K for the year ended December 31, 2019. Mark Castaneda, Tilray’s current CFO, will take on the role of Strategic Business Development and continue to advise the company and assist in Kruteck’s transition. “We are thrilled to have these experienced leaders join our team as we continue to disrupt the global pharmaceutical, alcohol, CPG and functional food and beverage industries,” said Brendan Kennedy, Tilray CEO. “Jon and Michael come to Tilray with extensive expertise in their respective fields and we look forward to their contributions as we pioneer the future of cannabis and hemp around the world. As CFO, Mark has led the company through its IPO and substantial growth in the past couple years and we thank him as he transitions to a new strategic role with the company.”

OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI) announced it has secured a supply agreement with Medical Cannabis by Shoppers, the online medical cannabis platform by Shoppers Drug Mart Inc. This agreement reflects the companies’ shared commitment to offering Canadian consumers access to high quality medical cannabis products. “We are extremely proud to partner with Shoppers and believe that our complementary approach to the medical cannabis market will offer the full strength of our combined national networks to Canadian patients,” says Tim Emberg, Senior Vice President of Sales and Commercial Operations. “We are pleased that we will now be able to offer medical cannabis patients across the country even greater access to our growing portfolio of high-quality products.”

Canopy Growth Corporation (TSX:WEED)(NYSE:CGC) submitted its final documentation for its beverage facility to Health Canada in late June 2019 and subsequently received the licence in late November 2019. In the seven weeks since receiving the licence, the Company has made meaningful progress towards scaling the production process for its cannabis beverages from lab scale to commercial scale. Management remains very confident in the underlying beverage science and in its ability to scale production and deliver high quality, differentiated cannabis beverages to the market. However, the scaling process is not complete and the Company is extending its to-market date while the internal teams complete the final steps. “Canopy has had seven weeks to work with THC in the brand new beverage facility to scale processes and IP it has developed in the R&D environment,” said David Klein, CEO, Canopy Growth. “In order to deliver products that meet our customer’s high standards we are electing to revise the launch date while we work through the final details.”

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