The Each day Hit: June 16, 2022

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The Each day Hit is a recap of the highest hashish enterprise tales for June 16, 2022.

ON THE SITE

IIPR Picks up Texas Property, Faces Lawsuit

Texas Authentic Holdings, LLC is the most recent hashish firm to promote its property to Progressive Industrial Properties, Inc. (IIP) (NYSE: IIPR) after which enter right into a long-term lease. The acquisition value for the property was roughly $12.0 million (excluding transaction prices), which was derived from prices Texas Authentic incurred to accumulate the 25 acres of land and develop the property by way of the date of closing. IIP mentioned that on the time of closing, the vast majority of mission web site work had been accomplished and two of the 4 buildings have been dried in with inside end out underneath development. Learn extra right here.

Vapes Enterprise is Again in Pennsylvania

Hashish firms are cheering a courtroom ruling that can permit the sale of vape merchandise within the state once more. Yesterday a Commonwealth Courtroom choose dominated that Pennsylvania medical marijuana firms might resume promoting vapes that have been taken off the cabinets in February in a controversial recall. Earlier this 12 months, the state regulators revealed a listing of over 500 vape merchandise they deemed couldn’t be offered as a result of they didn’t meet FDA necessities. Nonetheless, merchandise included within the recall had beforehand been accepted by the state Division of Well being for greater than three years and the recall particularly centered on medical marijuana vaporization merchandise that contained terpene components. Learn extra right here.

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Concentrates Market Declines in U.S., Grows in Canada

Concentrates, like wax, shatter or resin merchandise are extra common in mature hashish markets. As costs have dropped and familiarity with the product grows, this area of interest product is slowly discovering its place on hashish cabinets and in shoppers’ baskets. Headset lately did a deep dive into a brand new report titled, “Hashish Concentrates” to see what was occurring within the focus market and located massive variations between Canadian shoppers and U.S. shoppers. There have been additionally variations in market share in established markets versus newer markets. Learn extra right here.

Is Medicalizing Psychedelics a Step within the Proper Route?

One in all Hollywood director Adrian Lyne’s hottest films (he was the man who directed “Deadly Imaginative and prescient”), was “Jacob’s Ladder,” a trippy pseudo-horror film that was based mostly on an experiment with a powerful hallucinogenic 100 occasions extra highly effective than LSD that the Military was allegedly testing on unsuspecting U.S. Military troopers in Vietnam. Learn extra right here.

IN OTHER NEWS

The Valens Firm Inc.

The Valens Firm Inc. (TSX: VLNS) (Nasdaq: VLNS), a producer of branded hashish merchandise, introduced yesterday that on June 13, 2022, it obtained a written discover from the Itemizing {Qualifications} Division of The Nasdaq Inventory Market LLC indicating that the corporate just isn’t in compliance with the minimal bid value requirement of US$1.00 per share underneath the Nasdaq Itemizing Guidelines. Based mostly on the closing bid value of the Firm’s frequent shares for the final 30 consecutive enterprise days, the Firm has failed to fulfill the Minimal Bid Requirement set forth in Itemizing Rule 5550(a)(2) throughout that interval. Learn extra right here.

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New Leaf Ventures Inc., Stash Home

New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF), a administration and funding group devoted to evaluating, investing, and accelerating superior stage operations within the North American Hashish sector, needs to advise that its wholly-owned subsidiary, New Leaf USA, Inc. is introduced it has entered into an LOI with Stash Home, a nationally acknowledged manufacturing, know-how, and logistics firm. Learn extra right here.

Rubicon Organics Inc.

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), a licensed producer centered on cultivating and promoting natural licensed and premium hashish, is introduced that, topic to TSX Enterprise Alternate approval, the Firm has agreed to increase the maturity date of a beforehand introduced US$8 million principal quantity secured debenture to Inexperienced Island Investments Ltd. by roughly 18 months, from June 29, 2023, to December 31, 2024. Learn extra right here.

Candy Leaf Madison Capital, Pushed Grown

Candy Leaf Madison Capital, supplier of tailor-made, non-dilutive capital options for the hashish trade, as we speak introduced the closing of a primary mortgage mortgage for Pushed Develop, the Michigan-based hashish cultivation, extraction, and packaging firm. The transaction included a refinancing of current indebtedness and a rise of their present senior mortgage financing to partially fund the event of their property situated in Frederic Township, Michigan. Learn extra right here. Learn extra right here.

Authorized Hashish in Thailand

Thailand made headlines final week when it grew to become the primary nation in Asia to decriminalize marijuana, making it authorized to develop and promote or use for medicinal causes. Thai Well being Minister Anutin Charnvirakul expects authorized hashish manufacturing to spice up the economic system, however warned that leisure hashish use stays unlawful. Hashish decriminalization in Thailand opens up a brand new marketplace for hashish firms like Flora Progress Corp. (NASDAQ: FLGC), OrganiGram Holdings Inc. (NASDAQ: OGI) (TSX:OGI), Cronos Group (NASDAQ: CRON) (TSX: CRON), Cover Progress Corp. (TSX: WEED) (NASDAQ: CGC), and Zynerba Prescribed drugs (NASDAQ: ZYNE). Learn extra right here.

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The statements made regarding these merchandise haven’t been evaluated by the Meals and Drug Administration. The efficacy of these merchandise has not been confirmed by FDA-approved evaluation. These merchandises are normally not meant to diagnose, take care of, treatment, or forestall any sickness. All knowledge discovered proper right here won’t be meant as another option to or totally different from knowledge from well-being care practitioners. Please search the recommendation of your well-being care expert about potential interactions or totally different attainable points sooner than using any product. The Federal Meals, Drug and Magnificence Act requires this discovery.