Over the last year, Denver, Colorado, and Oakland, California decriminalized the possession of products containing psilocybin or psilocin. Just this week, the Santa Cruz City Council voted to pass a resolution that decriminalizes psychedelic mushrooms in the city. "Entheogenic plants offer many in our community a way out of the addictive pharmaceuticals known as opioids," said City Councilman Chris Krohn, as quoted by The Hill. "People came forward at last night’s meeting telling of the beneficial effects of how these plants changed their lives." Another city councilman, Drew Glover added, “With the passing of this resolution Santa Cruz has taken an important step in acknowledging the impact that the war on drugs has had on communities while at the same time giving people the liberty to choose how to address their medical needs, providing a potent tool to address issues like PTSD, addiction, and depression.” That’s all opening a range of opportunity for companies that have already established launching cannabis products including The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF), The Supreme Cannabis Company Inc. (TSX:FIRE)(OTC:SPRWF), OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI, Tilray Inc. (NASDAQ:TLRY), and Aphria Inc. (NYSE:APHA)(TSX:APHA).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. subsidiary Flourish Mushroom Labs is pleased to announce that on January 28, 2020 the Santa Cruz California City Council has unanimously voted in favor of a resolution to decriminalize a wide range of psychedelics. Marijuanmovement.com reports that activists in roughly 100 cities across the U.S. are hoping to replicate that resolution with the goal of decriminalizing certain psychedelic substances through ballot initiatives and legislative action at the local level.
“This move is an exciting step toward the safe and legal commercialization of psilocybin mushrooms,” said Yield Growth CEO Penny White. “With increasing awareness around the therapeutic potential of mushrooms, I expect to see this trend continuing, and we are preparing to meet the potential future demand for these products with Flourish Mushroom Labs.”
Psilocybin mushrooms are already completely legal in Jamaica and have been decriminalized in Portugal. Late in 2019, Johns Hopkins University received a $17 million dollar donation to study psilocybin as a treatment for disorders such as anorexia, opioid addiction, Alzheimer’s, chronic Lyme disease, post-traumatic stress disorder, and alcohol addiction, according to Quartz.com.
“With more dollars being put behind studying mushrooms for therapeutic use, I expect we will see more and more action to decriminalize psilocybin. We believe we are at the forefront of a true renaissance in therapeutic, plant-based medicine,” added Penny White.
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.”
OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI) announced products from its premium adult recreational Edison Cannabis Co. brand have been awarded top honours in the consumer-driven Leafly Readers Choice Awards. The Company’s Edison Cannabis Co. products took first-place position in four key product categories: Top THC-Dominant Flower, Top Pre-Roll, Top THC Oil and Top CBD Oil. “These products, chosen the finest in Canada by those who know cannabis best, are validation for all the hard work, thought and dedication applied to the development of the Edison Cannabis Co. brand and the quality of its products,” said Greg Engel, CEO, Organigram. “We’re incredibly proud of our teams and thank those who support our work. A special thanks to the team at Leafly for this celebration of cannabis in Canada.”
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.”
Aphria Inc. (NYSE:APHA)(TSX:APHA) announced that it has entered into an agreement to accept a strategic investment from an institutional investor, pursuant to which the Significant Investor has agreed to purchase 14,044,944 units of the Company at a price of C$7.12 per unit for aggregate gross proceeds to the Company of C$100,000,001. Each unit is comprised of one common share of Aphria and one-half of one common share purchase warrant of Aphria. Each warrant will entitle the Significant Investor to acquire one common share at a price of $9.26 for a period of 24 months from the closing date of the Offering. The Company intends to use the net proceeds from the Offering to finance international expansion, working capital and general corporate purposes. The units and the securities comprising the units are being offered pursuant to a shelf registration statement previously filed with and declared effective by the U.S. Securities and Exchange Commission on November 26, 2019 and, in Canada, will be offered and sold in Ontario only by way of a prospectus supplement to be filed in each of the provinces and territories of Canada.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media which has a partnership with www.MarijuanaStox.com is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media, which has a partnership with www.MarijuanaStox.com, is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement between Winning Media (partners of www.MarijuanaStox.com) and The Yield Growth Corp., Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for The Yield Growth Corp. We own ZERO shares of The Yield Growth Corp. Please click here for full disclaimer.
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