Key Takeaways; Cannabis Sector
- Tilray Brands made waves by ranking on the Brewers Association list of top producing craft brewers in the United States.
- WM Technology’s Weedmaps announced a marketing campaign with the launch of “20 Days of Deals” during the 420 holidays.
- ScottsMiracle-Gro announced timing of Q2 2023 financial results and conference call.
Key Takeaways; Psychedelic Sector
- Awakn signed a collaboration agreement with University of Exeter for upcoming Phase III Trial, which will be the largest ketamine-assisted psychological therapy clinical trial to date.
The cannabis industry has been facing tough times lately, with both operators and investors feeling the pressure. The cannabis stock index saw a 12.5% decline in Q1 of 2023, followed by a further drop of 1.9% last week; this puts the index down 15.9% for the year. Although the current situation may seem dire, experts predict that the cannabis industry will eventually make a resurgence but will take time. In this weekly round-up, we will take a closer look at the latest news and developments in the cannabis and psychedelics sectors.
Top Marijuana Companies for Week
#1: Tilray Brands
Tilray Brands, Inc. (NASDAQ: TLRY), a top-tier global company in the cannabis-lifestyle and consumer packaged goods industry, recently announced that its division dedicated to U.S. beer had been ranked #9 in the Brewers Association’s 2022 annual report of the top 50 craft brewing companies in the United States.
The company stated that its U.S. Beer division has significant potential for growth, and it remains committed to providing premium-quality products that appeal to consumers while expanding its distribution network into untapped markets and grow its leading portfolio of diverse brands that resonate with adult consumers.
The announcement of Tilray’s ranking on the Brewers Association’s list of top 50 craft brewing companies in the United States followed the release of financial results for the third fiscal quarter ending on February 28, 2023, whereby the company announced $145.6 million in net revenue, and a positive adjusted EBITDA, marking the 16th consecutive quarter of profitability.
In addition to announcing the financial results, Tilray also announced that it had entered into a definitive agreement to acquire HEXO Corp. (NASDAQ: HEXO) for an aggregate purchase price of approximately $56 million, which will position the company in an excellent position for continued growth and market leadership in Canada, which is the largest federally legal cannabis market in the world. The acquisition is expected to close in June 2023, subject to customary and negotiated closing conditions.
#2: WM Technology
WM Technology, Inc. (NASDAQ: MAPS), operator of Weedmaps, which is the leading online cannabis marketplace for consumers, recently launched its “Power of Weed” marketing campaign by launching ’20 Days of Deals’ during the 420 holiday.
As part of the ‘Power of Weed’ campaign, Weedmaps plans to facilitate local market events throughout April and produced in-market pop-up celebrations for 420, which includes branded merchandise giveaways and prizes for consumers. The company also announced that the deal was expected to run from Monday, April 10th, to Sunday, April 30th.
Weedmaps stated that the inspiration for the company’s focus on deals was derived from nearly 15 years of first-party consumer data and research, which uncovered that 41% of cannabis consumers exclusively buy cannabis using a deal or discount. Additionally, the research also found out that 67% of consumers reported that finding dispensaries with the best deals is important when shopping for cannabis.
Randa McMinn, Chief Marketing Officer at Weedmaps, said, “While we celebrate the plant every day, 420 is a celebration in and of itself. We want our campaign to expand that shared sentiment throughout April and for our online marketplace to be the destination for consumers to take advantage of the best deals in their area for 420.”
#3: ScottsMiracle-Gro
The Scotts Miracle-Gro Company (NYSE: SMG), a leading lawn and garden care company, announced the timing of its second-quarter earnings report. According to the company, the report will be released on May 4, 2023, before the market opens.
Additionally, the company stated that the earnings call will be held on the same day at 9 a.m. ET, during which the senior management team will discuss the financial results and provide insights into the company’s future outlook.
Recently, ScottsMiracle-Gro announced its update on the fiscal 2023 second quarter. During this update, the company stated that it expects to achieve a net leverage ratio below the credit facility covenant of 6.5 times, with the final Q2 net leverage ranging from 6.0. According to, ScottsMiracle-Gro, this improvement in the overall financial position is attributed to the company’s disciplined approach to cost control, focus on improved efficiencies, and initiatives to engage consumers early in the lawn and garden season.
ScottsMiracle-Gro Chairman and CEO, Jim Hagedorn, expressed his pride in the company’s accomplishments this fiscal year and the positive direction it is heading. He also expressed his gratitude to all those involved, including associates, the board of directors, banks, and retail partners.
In addition, ScottsMiracle-Gro also announced the appointment of Nate Baxter as Executive Vice President of Technology & Operations. Hagedorn stated that Baxter’s addition to the company’s executive team reflects the company’s effort to strengthen the team with next-generation leaders capable of making an immediate impact.
Top Psychedelic Company for Week
#1: Awakn
Awakn Life Sciences Corp. (OTC: AWKNF) announced that it had signed a collaboration agreement with the University of Exeter to conduct a Phase III clinical trial to assess the effectiveness of ketamine-assisted therapy for the treatment of severe Alcohol Use Disorder (AUD). According to the company, this will be the largest ketamine-assisted psychological therapy clinical trial to date and the only Phase III psychedelic clinical trial to receive government funding.
Awakn also stated that the trial will be a two-armed randomized placebo-controlled clinical trial with 280 participants, which will be delivered in ten UK National Health Service sites. The company also announced that it will contribute GBP £800,000 towards the costs of the trial, with the National Institute for Health and Care Research (NIHR), the Medical Research Council (MRC), and the University of Exeter contributing the balance of the costs.
The trial follows on from the impressive results of the Phase II a/b trial announced in January 2022, where participants experienced on average 86% abstinence at six-months post-treatment, versus 2% pre-trial. If the results of the Phase III trial are positive, Awakn plans to apply for marketing authorization for ketamine-assisted therapy to treat severe AUD.
Awakn CEO, Anthony Tennyson, expressed delight at the agreement, noting that the collaboration with the University of Exeter gives a clear roadmap for the Phase III trial. He added that the University of Exeter is a world-leading research institute and a partner that Awakn is happy to work with. Tennyson further stated that Awakn shares the same vision as the University of Exeter of providing a new, more effective treatment for AUD to the millions of people who are in desperate need of it.