Here’s What You Missed in Cannabis, Psychedelics This Week

In this week’s “Rising High,” The Fly’s recurring series focused on cannabis and psychedelic stock news, The Fly looks back on an acquisition, a collaboration and a study publication.

IIP ACQUIRES FLORIDA PROPERTY FOR $13M: Innovative Industrial Properties (IIPR) announced Monday that it closed on the acquisition of a 16-acre property comprising 145,000 square feet of industrial space in Ocala, Florida, and entered into a long-term, triple-net lease with a subsidiary of AYR Wellness (AYRWF). The purchase price for the property was $13M. AYR is expected to redevelop one building on the property comprising 98,000 square feet of industrial space for expected use as a regulated cannabis cultivation facility upon completion, for which IIP has agreed to provide reimbursement of up to $30M. Assuming full reimbursement for the construction, IIP’s total investment in the property is expected to be $43M. In addition to this property, IIP owns and leases to AYR one processing facility in Ohio comprising 11,000 square feet. (read more)

CURALEAF ENTERS COLLABORATION WITH KINDLYMD: KindlyMD (KDLY) announced Monday a strategic collaboration with Curaleaf Holdings (CURLF). Under the terms of the collaboration, KindlyMD and Curaleaf will work together to provide educational resources and information with a community perspective on holistic pain management and treatment. KindlyMD providers will introduce the KindlyMD Complete Care program, which will afford patients in Utah County and its surrounding areas the option to more easily access the medical cannabis care options offered by Curaleaf pharmacists. “Our innovative collaboration with Curaleaf will provide more patients with access to pain management treatment options and alternative therapies, including, where appropriate, medical cannabis care in the state of Utah,” said Tim Pickett, KindlyMD CEO. “Our companies share a common goal in helping to combat our nation’s opioid crisis and the negative impacts of addiction and overdose. As the United States government moves toward rescheduling cannabis as a legitimate medicine, this collaboration will help more patients find sustainable, safer, and more affordable healthcare treatment options.” (read more)

GROWGENERATION’s HRG UNVEILS B2B PORTAL: GrowGeneration (GRWG) announced Tuesday that wholesale division Horticultural Rep Group has unveiled its new B2B portal for hydroponic retailers and garden centers. The new portal, HRG Marketplace, aims to revolutionize the way HRG customers and partners across the United States access and procure products. Effective immediately, the HRG Marketplace will become accessible to over 500 existing customers and tens of thousands of garden centers nationwide, offering unparalleled access to the industry’s hydroponic products. The HRG B2B Portal was created as a one-stop destination for all hydroponic product needs across various categories. It will also thoroughly change the customer experience, allowing them to browse products online with items ranging from the nutrient brand Drip Hydro to the coco line Char Coir. Designed to streamline the procurement process for businesses while adding flexibility and convenience, the portal offers an extensive range of services including detailed product catalogs, shipping tracking, purchase orders and invoices, credit management, inventory location and more. “We are excited to launch this cutting-edge platform that directly addresses the requirements of today’s hydroponic products industry,” said Brian Carlevato, Director of HRG. “The HRG portal is more than just a marketplace. Its B2B functionality empowers hydroponic retailers and garden centers, providing a seamless centralized hub that enables them to grow their businesses by meeting the growing demand for high-quality hydroponic products with efficiency and ease.” (read more)

IGC PHARMA PUBLISHES STUDY ON DELTA 9 THC: IGC Pharma (IGC) announced Monday the publication of a research article in the European Society of Medicine Journal. The study investigates the effects of CYP2C9 polymorphisms on the pharmacokinetics of delta-9-tetrahydrocannabinol and its active metabolite in Alzheimer’s disease patients. The publication is titled “A study on CYP2C9 polymorphism in Puerto Rican Alzheimer’s Patients and its role in the Pharmacokinetics of ∆-9-tetrahydrocannabinol”. The article highlights the importance of understanding genetic variations in CYP2C9, an enzyme crucial for drug metabolism, and its impact on the efficacy and safety of treatments involving THC. IGC Pharma’s leading drug candidate IGC-AD1 was tested in a Phase 1 multiple ascending dose trial with a Puerto Rican population. The study examined the effect of CYP2C9 polymorphisms on THC metabolism in AD patients. Key findings revealed significant variations in THC and OH-THC half-life among different CYP2C9 phenotypes, suggesting the need for personalized dosing strategies in AD patients. Puerto Rico, with an elevated AD rate of 12% compared to 10.7% in the continental US, was chosen to ensure comprehensive data collection and improve the accessibility of effective therapies. Ram Mukunda, CEO of IGC Pharma, commented, “We are very pleased to announce the publication in the prestigious European Society of Medicine journal. This publication is a testament to our dedication to pioneering research in Alzheimer’s disease. Understanding the genetic factors influencing drug metabolism is critical for developing safe and effective treatments. We are proud to contribute to the scientific community with this important study, reinforcing our commitment to enhancing patient care and delivering shareholder value through scientific inn0vation.” (read more)

NUMINUS COMMENTS ON FDA PDAC RESULTS: On Friday, Numinus Wellness (NUMIF) commented on the results of the June 4 meeting of the U.S. Food and Drug Administration’s Psychopharmacologic Drugs Advisory Committee. The independent committee reviewed Lykos Therapeutics’ new drug application for MDMA used in combination with psychological intervention for individuals with post-traumatic stress disorder. The PDAC voted against recommending approval of MDMA for PTSD in a majority decision where 2 of 11 found that the available data demonstrates MDMA’s effectiveness in PTSD patients, and one committee member found that the benefits of MDMA outweigh its risks for treating PTSD patients based on available data. The FDA is expected to decide on Lykos’ new drug application in August this year and is not bound by the PDAC’s guidance. Payton Nyquvest, CEO, said, “While the decision of the PDAC was not the preferred outcome for many in the mental health care community, considering the dire need for an effective treatment for the millions impacted by PTSD, we understand the PDAC was acting in the best interests of patient safety and quality care. Based on the positive results from Lykos’ Phase 3 trial, which focused on adult patients, we are optimistic that once the PDAC’s specific concerns are addressed, MDMA-assisted therapy will be made available.” (read more)

CANNABIS/PSYCHEDELIC STOCKS: Publicly-traded companies in the space include Acreage (ACRHF), Ascend Wellness (AAWH), Atai Life Sciences (ATAI), Aurora Cannabis (ACB), Avant Brands (AVTBF), BZAM (BZAMF), Cannabist Company (CBSTF), Cannara Biotech (LOVFF), Canopy Growth (CGC), Chicago Atlantic (REFI), Clearmind (CMND), Clever Leaves (CLVR), Compass Pathways (CMPS), CordovaCann (LVRLF), Cresco Labs (CRLBF), Cronos Group (CRON), CURE Pharmaceutical (CURR), CV Sciences (CVSI), Cybin (CYBN), Delta 9 (DLTNF), Entourage Health (ETRGF), Enveric Biosciences (ENVB), Fire & Flower (FFLWF), Flora Growth (FLGC), Trees Corporation (CANN), Green Thumb Industries (GTBIF), Goodness Growth (GDNSF), Greenlane (GNLN), Hemp (HEMP), Heritage Cannabis (HERTF), High Tide (HITI), InterCure (INCR), IM Cannabis (IMCC), India Globalization Capital (IGC), Indiva (NDVAF), Lotus Ventures (LTTSF), Lowell Farms (LOWLF), Lucy Scientific Discovery (LSDI), Medipharm (MEDIF), MedMen (MMNFF), MindMed (MNMD), NewLake Capital (NLCP), Numinus (NUMIF), Optimi Health (OPTHF), Organigram (OGI), Planet 13 (PLNHF), Red White & Bloom (RWBYF), Relmada Therapeutics (RLMD), Reunion Neuroscience (REUN), Revitalist (RVLWF), RIV Capital (CNPOF), RYAH Group (RYAHF), Safe Harbor Financial (SHFS), Sproutly (SRUTF), Skye Biosciences (SKYE), SNDL (SNDL), Stem Holdings (STMH), Sunniva (SNNVF), TerrAscend (TSNDF), Tetra Bio-Pharma (TBPMF), Tilray (TLRY), Trulieve (TCNNF), Tryp Therapeutics (TRYPF), Verano (VRNOF), Village Farms (VFF), Zynerba (ZYNE) and 4Front Ventures (FFNTF).