Psychedelic drugs are just beginning a cultural renaissance. According to CTV News, Johns Hopkins is expanding its testing of psilocybin and other psychedelics, for issues including obsessive compulsive disorder, post-traumatic stress disorder, opioid use disorder, alcoholism and anorexia nervosa. Other research is examining the benefits of micro-dosing, which uses small doses of psilocybin to treat anxiety and depression.
Better, quite a few companies are jumping on the bandwagon.
All with the support of the U.S. Food and Drug Administration (FDA). In 2018, the US FDA gave “breakthrough therapy” status to psilocybin treatments being developed by Compass Pathways Ltd. for clinical depression, for example.
The FDA has also “given clearance for a variety of trials at this point and it looks like they are going to be expanding that framework,” said Richard Carleton, CEO of the Canadian Securities Exchange. “If that is the case then I’m certain we’ll see our first issuers probably before the middle of the year,” reports the Financial Post.
As excitement builds for the use of psilocybin mushrooms , it’s opening a range of opportunity for companies that have already established launching cannabis products including The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF), GW Pharmaceuticals (NASDAQ:GWPH), Aurora Cannabis Inc. (NYSE:ACB), Innovative Industrial Properties Inc. (NYSE:IIPR), and The Green Organic Dutchman Holdings (TSX:TGOD)(OTC:TGODF).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. subsidiary Flourish Mushroom Labs Inc. announces that it has acquired technology rights from its parent company The Yield Growth Corp. and filed a U.S. provisional patent for the invention of a method of manufacture for a mushroom extract that may be used in a variety of therapeutic and pharmaceutical formulations.
The patent application covers the invention of a unique mushroom extract which may have unique medicinal properties, as well as a method of manufacturing the extract from mushrooms including Psilocybe mexicana, and formulations and emulsions containing the mushroom extract. The mushroom extract may be in the form of an aqueous solution, or it may be a freeze or spray dried powder.
“Our proprietary extraction technology was initially invented to extract compounds from the root of the cannabis plant to manufacture hemp root oil, which we use in a number of our products, including our Urban Juve skincare line,” said Penny White, CEO of The Yield Growth Corp. and Flourish Mushroom Labs. “There is now also great interest in using this technology for medicinal mushrooms and psychedelic mushrooms when and where they are legal.”
As previously announced, Kingdom Brands Management Inc. will pay $500,000 to Flourish in exchange for the rights to use and sub-license the extraction technology in the United States.
“The method is able to extract both water soluble and non-water soluble compounds, which enables us to get the full spectrum of compounds available in the mushrooms including both triterpene extract and beta glucans,” added White. “In a commercial setting, the mushroom extract process is complex due to the pressure, temperature and surface area of raw material, so we are excited about the potential for use of our proprietary technology in mushrooms.”
Other related developments from around the markets include:
GW Pharmaceuticals (NASDAQ:GWPH) will announce on February 25th, 2020 its financial results for the fourth quarter and year ending December 31st, 2019. GW will also host a conference call the same day at 4:30 p.m. ET. Conference call information will be provided in the financial results press release.
Aurora Cannabis Inc. (NYSE:ACB) announced its financial and operational results for the second quarter of fiscal 2020 ended December 31, 2019. "Despite delivering modest growth in our core medical and consumer business in Q2, we took immediate and deliberate actions to align our Company to current market conditions," said Michael Singer, Executive Chairman and Interim CEO, Aurora Cannabis. "As announced last week, being a profitable cannabis company for our investors is the singular near-term focus for Aurora and we have begun to implement a business transformation plan where we intend to manage the business with a high degree of fiscal discipline."
Innovative Industrial Properties Inc. (NYSE:IIPR) announced the appointment of Mary Allis Curran to its board of directors. “We are very excited to have Mary Curran join IIP’s board,” said Alan Gold, Executive Chairman of IIP. “Mary brings a wealth of experience and executive leadership from the financial services industry, in addition to public company board-level expertise. With her breadth of experience and proven success in developing highly effective risk management strategies and driving improvements in business performance, we look forward to her contributions as IIP continues to execute on its business model of being the leading provider of real estate capital for the regulated medical cannabis industry.”
The Green Organic Dutchman Holdings (TSX:TGOD)(OTC:TGODF) announced that it secured a research licence from Health Canada. Valid for five years, the Licence allows TGOD to reduce the cost and accelerate the pace at which it develops new products by eliminating reliance on third parties. “As consumers become increasingly aware that not all cannabis products are created equal, we want to ensure that TGOD continues to go to market with consumables that bear a seal of premium quality that they can trust,” commented Brian Athaide, CEO. “By leveraging the expertise of our in-house Science and Marketing teams, we are able to optimize costs and accelerate our speed to market. In parallel, we are also layering on additional quality control measures ensuring a high level of consistency across all our product lines.”
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