The magic mushroom boom is just beginning to sprout in the U.S. In recent months, Denver and Oakland decriminalized the possession of products containing psilocybin. Then, just last week, the Santa Cruz City Council voted to pass a resolution that decriminalizes psychedelic mushrooms.
However, more cities may soon move to do the same.
For example, the Decriminalize Nature DC group in Washington D.C. is fighting for the decriminalization of mushrooms.
The group is asking that D.C. "cease prosecution of residents of the District of Columbia for non-commercial planting, non-commercial cultivating, purchasing, transporting, distributing, engaging in practices with, and/or possessing entheogenic plants and fungi as defined in D.C. Official Code §5-115.08,” as highlighted by WUSA9.
Better, studies are continuing to prove that magic mushrooms can help alleviate psychological issues, such as depression, anxiety, and even addiction.
Such news is creating sizable opportunity for companies that have already established launching cannabis products including The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF), OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI), Cronos Group Inc. (NASDAQ:CRON), Canopy Growth Corporation (NYSE:CGC)(TO:WEED), and Tilray Inc. (NASDAQ:TLRY).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. announced its subsidiary Flourish Mushroom Labs Inc. has completed an acquisition of approximately 18% of the outstanding shares of Translational Life Sciences Inc. (“TLS”).
TLS is a biotechnology company focused on developing proprietary formulations that contain restricted substances such as psilocybin and cannabis to serve unmet medical needs in the market. This includes opioid dependence, psychotic illness, pain management and traumatic brain injuries such as concussions. The company also offers services to design and oversee clinical trials of restricted substances for third parties.
The TLS team is comprised of physicians and scientists who are recognized thought leaders in the fields of Neurology, Pharmacology, Pain Management, Addiction and Biochemistry and have significant experience in the clinical application of cannabinoid compounds.
The company’s principal medical team includes:
Dr. William Honer: Head, Scientific Advisory Board at TLS and an Internationally recognized translational scientist and physician. He is a Psychiatrist and the previous Head of the Department of Psychiatry at UBC. He is Fellowship trained at Columbia University and the Albert Einstein College of Medicine. He has published over 300 peer-reviewed manuscripts including primary clinical trial authorship works in journals such as the New England Journal of Medicine.
Dr. Caroline MacCallum is the Chief Medical Officer of TLS. She is a pharmacist and internal medicine physician with deep expertise in complex pain and medical cannabis. She is a medical director of a Vancouver- based private cannabis clinic and an internationally sought after speaker and world recognized leader in cannabis education, policy, clinical guideline development and research.
Dr. William Panenka, MD, MSc, FRCPC (Neurology and Psychiatry). The founder of TLS, Dr. Panenka, is a dually boarded Neurologist and Psychiatrist and a Canadian Institute of Health Research funded academic faculty member at the University of British Columbia. He did a post-doctoral fellowship at UBC and Harvard University. He maintains an internationally recognized research program in brain injury, mental health and addictions.
Yield Growth subsidiary Flourish Mushroom Labs issued 15,000,000 units of Flourish, consisting of 15,000,000 shares (approximately 10% of Flourish outstanding shares) and 15,000,000 warrants to acquire additional Flourish shares at $0.50 per share, and in consideration Flourish acquired approximately 18% of the TLS outstanding stock, at a deemed cost of $750,000.
“As a founder in TLS, we will now work with TLS to increase the value of our investment by helping it build out its management team, raise additional capital and complete its plans to develop intellectual property in plant based medicine,” says Yield Growth and Flourish CEO Penny White. “We believe our alliance with TLS will help establish us a leader in the emerging industry of psychedelic medicine.”
Other related developments from around the markets include:
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.”
Cronos Group Inc. (NASDAQ:CRON) will hold its 2019 Fourth Quarter and Full-Year Earnings Conference Call on Thursday, February 27, 2020 at 8:30 a.m. EST. Cronos Group’s senior management team will discuss its financial results and will be available for questions from the investment community after prepared remarks.
Canopy Growth Corporation (TO:WEED)(NYSE:CGC) announced that Judy Schmeling has been appointed Chair of the Board of Directors and Jim Sabia has been appointed in principle as a member of the Company’s Board of Directors. Mr. Sabia will act as an observer to the Board as he and Canopy complete the standard Health Canada processes associated with the appointment. “It is my pleasure to welcome Judy Schmeling as our Chair of the Board of Directors and to welcome Jim to the Board,” said David Klein, CEO, Canopy Growth. “Judy’s leadership experience in highly competitive industries will be instrumental as we focus the business on its core priorities. Both Judy and Jim’s contributions will be extremely valuable as we continue the journey of building iconic brands.” Ms. Schmeling has been serving on the Canopy Growth Board of Directors since November 2018 and is chair of the Audit Committee. She currently serves on the Board of Directors of Constellation Brands, Inc. as well as Casey’s General Stores, both Fortune 500 companies. She is the former Chief Operating Officer of HSN Inc., an interactive multichannel retailer, and the former President of HSN’s Cornerstone Brands. Ms. Schmeling brings to her new role proven leadership acumen, valuable operations experience and extensive accounting and financial expertise.
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.”
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