Key Takeaways; Cannabis Sector
- Columbia Care released its first report on corporate social responsibility.
- Curaleaf expanded “The Farmer’s Select” collaboration with Autumn Brands.
Key Takeaways; Psychedelic Sector
- Awakn saw significant gains after recording impressive revenue growth in Q3 2022; The company also announced a Phase III clinical trial for its ketamine-assisted therapy.
- Revive announced expansion of life offering to investors based in Quebec.
Although many indexes have underperformed this year, many small-cap companies are doing fairly well despite the gloomy market outlook. For instance, the cannabis stocks bounced back strongly on Friday morning, following reports that Senate Majority Leader, Chuck Schumer, had made a last-ditch effort to include cannabis SAFE Banking bill in the larger omnibus funding package. The SAFE Banking Act would make it easier for marijuana businesses with state licenses to get access to financial services. However, the bill still appears to be a long shot due to Minority Leader Mitch McConnell’s opposition, but if it passes, it will have a significant positive impact on the cannabis industry.
Below is a review of the companies that performed the best this week in the cannabis and psychedelic industries.
Top Marijuana Companies for Week
#1: Columbia Care
One of the biggest and most seasoned growers, manufacturers, and providers of cannabis products in the United States, Columbia Care Inc. (OTC: CCHWF), announced the publication of its first-ever Corporate Social Responsibility (CSR) report, titled Cultivate Impact. The report, which looks back at the company’s previous year, highlights local, national, and industry initiatives that have had a positive impact specifically on the areas the company focuses on, which include opportunity, inclusion, access, and sustainability.
According to Columbia Care, the company’s CSR efforts are centered on four main tenets: “opportunity,” which emphasizes on providing social justice, education, and entrepreneurship opportunities to foster the inclusive cannabis industry of the future; “inclusion,” which celebrates authenticity and various viewpoints that propel the Company and industry forward; “access,” which is a commitment to removing stigmas and making cannabis accessible to those who need it; and “sustainability,” which develops more sustainable processes through innovation and collaboration with partners who share a commitment to the environment.
The CEO and Co-Founder of Columbia Care, Nicholas Vita, commented on this report, saying, “It is our responsibility as an industry leader to create a mission-driven framework for our company and demonstrate what cannabis and its workforce can do for the world. This report just scratches the surface of how we have strived to do just that.”
Curaleaf Holdings, Inc. (OTC: CURLF), a leading international provider of consumer cannabis products, announced its third Farmer’s Select collaboration, which is now accessible throughout California. The collaboration is with Autumn Brands, which is a woman-and-family-owned farm tucked away on the Santa Barbara County coast.
Curaleaf’s Farmer’s Select program, which was officially launched in July 2022, is an ongoing series of limited-edition partnerships with craft farmers and diverse operators in California.
The initiative reflects Curaleaf’s dedication to supporting smaller businesses in the Golden State while offering consumers high-quality products. The previous two collaborations, include partnerships with Sonoma Hills Farm in April 2022 and Delighted Farms in July 2022 both of which sold out in less than two weeks.
“We are proud to align ourselves with a conscientious, high-quality cultivator like Autumn Brands that prioritizes not just the consumer and the community but also the environment,” said Matt Darin, CEO of Curaleaf.
In addition, the company stated that supplies for The Select Elite Live Autumn Brands are currently on sale at dispensaries all around California.
Top Psychedelic Companies for Week
Awakn Life Sciences Corp. (NEO: AWKN) (OTC: AWKNF) had a great week and finished strong on Friday after the company released strong financial results and decent business highlights for the three months ended October 31, 2022.
The company reported that they had generated $430,504 in income from Awakn’s clinics during the three months that ended on October 31, 2022, compared to no revenue the year before. And in comparison, to the three months ending July 31, 2022, this indicated an increase of 27% or $90,673. According to Awakn, the delivery of ketamine-assisted therapy in the London, Bristol, and Oslo Awakn clinics was the main driver of revenue growth during this quarter. Additionally, the company announced that it has $1,132,590 in cash as of October 31, 2022.
Awakn’s Chief Executive Officer, Anthony Tennyson, commented on this significant growth by saying, “Today’s results and growth in revenue demonstrate continued progress in our business and successful execution of our business plan across both pillars of our business: R&D and Commercialization…”
Furthermore, Awakn announced at the start of the week that its Phase III clinical research, which is investigating the use of ketamine-assisted therapy for the treatment of severe AUD, will be conducted across seven NHS sites in the UK.
Additionally, the company reported that the National Institute for Health and Care Research (NIHR) and the Medical Research Council (MRC), both UK government agencies, had granted grant money for the trial, covering 66% of the costs. According to the company’s current estimates, the study is expected to cost the company about CA$3.75 million, of which Awakn will contribute roughly CA$1.25 million.
The British Broadcasting Corporation (BCC) covered this significant milestone announcement, highlighting Awakn’s recently announced Phase III clinical trial and examining how the company is using ketamine-assisted therapy to treat severe alcohol use disorder (AUD), which has grown to be a serious health crisis.
#2: Revive Therapeutics
Revive Therapeutics Ltd. (OTC: RVVTF) announced that it is including investors who live in the Province of Quebec in its previously announced private placement. On November 30, 2022, the company announced a private placement of units at a price of $0.15 per unit for a minimum of $3 million and a maximum of $5 million. But in this prior statement, the company stated that the Offering will be made available to buyers residing in all Canadian provinces, excluding Québec.
However, the company has backtracked on its earlier assertion, and as a result, they have now expanded the private placement to include investors who reside in the Province of Quebec.
According to the initial statement by the company, EMD Financial Inc. is leading the offering, and Revive plans to use the net proceeds for both clinical research and general working capital needs.
Since making this announcement, the company has experienced good investor sentiment, with the company’s stocks rising by more than 4% at the close of normal trading on Friday.