The Daily Hit is a recap of the top financial news stories for Wednesday, May 1, 2024.
On the Site
Senate Democrats reintroduce bill to federally legalize marijuana
Happily piggybacking on yesterday’s historic news that the Biden administration is poised to reschedule marijuana, Senate Democratic leaders announced they would be going even further by re-introducing a formerly-shelved bill to fully legalize cannabis by removing it from the list of controlled substances altogether. Read more here.
Compass Pathways, Journey Clinical to develop psilocybin treatment delivery model
Compass Pathways plc (Nasdaq: CMPS) entered into a research collaboration agreement this week with Journey Clinical, a U.S.-based psychedelic-assisted psychotherapy platform. Read more here.
MindBio to test LSD to treat menstrual mood symptoms
MindBio Therapeutics Corp. (CSE:MBIO) received regulatory approval for a series of clinical trials related to women’s health using MB22001, a proprietary titratable form of lysergic acid diethylamide (LSD) designed to be self-administered for take-home use by patients. Read more here.
Israel’s InterCure posts $16.9 million loss due to war in Gaza
Israeli medical marijuana company InterCure Ltd. (NASDAQ: INCR) (TASE: INCR) posted a loss last year of 63.5 million New Israeli Shekels, or about $16.9 million, “mainly due to war damage” following the Hamas attack on Oct. 7 last year, the company reported on Wednesday. Read more here.
Scotts plans recovery after Hawthorne sales drop 28%
The Scotts Miracle-Gro Company (NYSE: SMG) announced its second quarter results ending March 30, 2024, showing a slight rise in net sales over the year as the lawn and garden giant’s hydroponics segment continues to slump. Read more here.
The bottom-line impact of rescheduling marijuana
Removing marijuana from the federal government’s most dangerous class of drugs will give cannabis companies a much-needed financial boost. Read more here.
Urban-gro maintains 2024 outlook despite first-quarter dip
Cannabis consulting firm urban-gro, Inc. (NASDAQ: UGRO) reported its financial results for the first quarter ending March 31, 2024, showing revenue down annually despite reaffirming its full-year guidance. Read more here.
Cannabis industry views DEA news as ‘positive step,’ but more work lies ahead
Corporate cannabis, small business owners, and advocates alike had a lot to say on Tuesday, after the U.S. Drug Enforcement Administration confirmed it will put forth a proposal to reschedule cannabis from its current Schedule I classification to Schedule III under the Controlled Substances Act. Read more here.
In Other News
Cookies
Cookies today announced its intention to acquire all operational cannabis assets related to the production and sale of Cookies-branded cannabis products in the Sunshine State from TRP Co. and its affiliates in Florida. Read more here.
Psyched Wellness
Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) closed the final tranche of its previously announced non-brokered private placement for $2.5 million. Read more here.
