- Trulieve, TerrAscend, and Verano Holdings amongst Top Cannabis Gainers for the Week.
- Awakn Findings from Phase II A/B KARE Study to Be Published In American Journal of Psychiatry; Awakn to Participate at the Wonderland: Miami Conference.
- FDA Authorizes IND for Sponsored Feasibility Study Using Kernel’s Flow Technology – Cybin Launches EMBARK Psychedelic Facilitator Training Program – DEA Grants Cybin Schedule I Manufacturing License – Cybin to Host In-Person and Virtual R&D Briefing During Wonderland: Miami.
- Enveric Biosciences to Participate in Wonderland: Miami Conference.
- Colombian cannabis firm Flora to buy California vape brand for $30 million
Top Cannabis Gainers for This Week
#1: Trulieve Cannabis
Florida-based Trulieve Cannabis Corp. (OTCMKTS: TCNNF) and its subsidiaries operate as a medical cannabis company. The company cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, California, Massachusetts, Connecticut, Pennsylvania, and West Virginia and directly to patients through home delivery.
This week, Trulieve was one of the top gainers in the cannabis sector. On Friday, October 5, 2021, the shares of Trulieve closed up 21.16% at $28.00, with an estimated market cap of $5.6 billion. The catalyst for this high percentage gain was the flurry of acquisitions that the company has made in Florida, totaling more than $500 million over the past year. These acquisitions aim to make inroads into Trulieve Cannabis’ domination of the medical marijuana market, where annual sales top $1 billion.
#2: Verano Holdings
Chicago-based marijuana multi-state operator Verano Holdings Corp. (OTCMKTS: VRNOF) operates as a vertically-integrated multi-state cannabis operator in the United States. The company produces and sells a suite of cannabis products under consumer brands, including Encore, Avexia, MÃV, and Verano.
This week Verano Holdings also did so well in the market, its shares began to spike after hours on Friday, October 5, and by the end of the day, shares of VRNOF closed up 18.43% at $11.32, with an estimated market cap of $1.5 billion. This big move in the market was triggered when the company announced the reopening of Zen Leaf St. Charles in its new location at 3691 E Main Street in St. Charles, Illinois.
The Illinois cannabis market continues to experience steady growth in its second year. Through October 2021, the state recorded over $1.1 billion in adult-use cannabis sales alone, compared to $670 million in the previous full year. Also in Illinois, Verano recently completed a renovation and expansion of its Zen Leaf Evanston storefront at 1804 Maple Avenue, which approximately doubled the dispensary’s footprint.
North American cannabis company TerrAscend Corp. (OTCMKTS: TRSSF) cultivates, processes, and sells medical and adult-use cannabis in Canada and the United States. It produces and distributes hemp-derived wellness products to retail locations; and manufactures cannabis-infused artisan edibles.
TerrAscend was also another top gainer in the cannabis sector this week. The shares of TerrAscend closed up 15.80% at $5.75. TerrAscend’s market cap is at an estimate of $1.2 billion. TerrAscend high percentage gain was due to the company’s announcement that it had plans to enter Michigan’s marijuana market after reaching a deal to buy local operator Gage Growth in an all-stock transaction worth $545 million. This vast deal will make investors continue to pay close attention to this New York- and Toronto-based cannabis company.
Top Cannabis Stocks to Keep a Close Eye On
#1: Flora Growth
Colombian cannabis firm Flora Growth Corp. (NASDAQ: FLGC) is a cannabis company that cultivates, processes, and supplies cannabis products to pharmacies, medical clinics, and cosmetic companies worldwide. It grows, processes and supplies medicinal-grade cannabis oil, and cannabis oil extracts, and related products.
On November 3, 2021, Flora Growth reached a definitive agreement to acquire Carlsbad, California-based Vessel Brand. Flora Growth, a small cannabis cultivator and processor in Colombia with its head office in Toronto, agreed to buy Vessel for $8 million in cash and 4,557,318 Flora shares, amounting to about $30 million in total, according to a news release.
The Colombian company said in the release that the acquisition is an “opportunity to fast-forward Flora’s penetration into the United States and Canadian cannabis markets.”
“Integration plans with the Vessel team are already well advanced, and we expect step-change improvements to the marketing and sales strategies for our core consumer brands,” Flora CEO Luis Merchan said in a statement, “as well as new brand development in support of our global growth initiatives.”
#2: Awakn Life Sciences
Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) announced that, positive results from the ‘Ketamine in the Reduction of Alcoholic Relapse’ (KARE) psychotherapy intervention study, which was the first controlled study in the world to investigate ketamine-assisted psychotherapy, will be published in the American Journal of Psychiatry later this year. The study was conducted by the University of Exeter (UoE) and led by Prof. Celia Morgan, Professor of Psychopharmacology at UoE and Awakn’s Head of Ketamine-assisted psychotherapy for addiction. Awakn has acquired the rights to this research. With ketamine already a licensed medicine, the phase II a/b results allow Awakn to immediately deliver the KARE treatment in its clinics in the U.K. and Europe and through its licensing partnerships outside these territories. The University of Exeter and Awakn intend to move this research forward to a pivotal phase III trial.
In addition, Professor David Nutt, Chief Research Officer of Awakn, and Dr. Ben Sessa, Chief Medical Officer of Awakn, will present together on The Future of Addiction Treatments panel at the Wonderland: Miami conference on Tuesday, November 9 at 2:00 pm E.T.
#3: Enveric Biosciences
Enveric Biosciences, Inc. (NASDAQ: ENVB) is a pharmaceutical company that develops various cannabinoid medicines for cancer care. It has a pipeline of development programs for radiodermatitis, glioblastoma multiforme, pruritus, rashes, dry skin, and chemotherapy-induced neuropathy. The company’s headquarters are in Naples, Florida.
This week Enveric announced that Dr. Joseph Tucker, Chief Executive Officer, will participate in the upcoming Wonderland: Miami conference. Dr. Tucker will be speaking on the Next-Generation Psychedelics panel on Monday, November 8 at 3:10 pm E.T.
The FDA has authorized an IND application to proceed with the Cybin Inc. (NYSE: CYBN) sponsored feasibility study using Kernel’s Flow technology to measure ketamine’s psychedelic effect on cerebral cortex hemodynamics. Kernel Flow uses pulsed light instead of continuous-wave light to increase measured brain information. In contrast with electroencephalography (“EEG”) electrodes that usually require gel on the head or functional magnetic resonance imaging (“fMRI”) studies that require a participant to lie in a scanner, Kernel Flow is easily wearable. The entire system is the size and look of a bicycle helmet and could, in the future, be more broadly used for neuroscientific or physiological studies of brain activity during psychedelic use. As part of Cybin’s sponsorship of the feasibility study, the company will retain an exclusive interest in any innovations discovered or developed through its independent analysis of the study findings.
In addition, Cybin launched the EMBARK Psychedelic Facilitator Training Program. Led by a team of esteemed faculty, the program offers psychedelic clinical trial facilitators the foundational training needed to provide skillful and ethical care to participants receiving psychedelic treatment. This fall cohort of EMBARK facilitators is a collaborative project with the University of Washington. These facilitators are preparing for the first clinical trial exploring the potential of psilocybin-assisted psychotherapy to treat healthcare workers experiencing COVID-related distress.
Additionally, the US DEA granted Cybin a Schedule I manufacturing license, a federal requirement for investigators who intend to study, produce, analyze or otherwise work with Schedule I controlled substances. The DEA license is for Cybin’s research lab in the Boston area. The license will allow the company further to become a hub for innovation and drug discovery. Previously, Cybin conducted much of its R&D work through globally licensed research organizations in the U.S., Canada, and the U.K. and certain in-house capabilities. With the DEA license, Cybin will expand its internal R&D capabilities to support innovative drug discovery and delivery involving Schedule I compounds.
Finally, Cybin will host an in-person and virtual R&D briefing releasing research findings and data on Monday, November 8, 2021, from 8:30 am to 9:30 am E.T. on the advancements to create a promising approach for patients in need of effective and safe prescription therapies in the mental health space. The in-person session will take place at Wonderland, Miami.