NEW YORK, June 2, 2020 /PRNewswire/ -- Psychedelic products for medical purposes have been getting more attention in recent years. Last year, the U.S. Food and Drug Administration (FDA) approved Johnson & Johnson's SPRAVATO™ (esketamine) CIII nasal spray for use in conjunction with an oral antidepressant in adults with treatment-resistant depression (TRD). This FDA approval represents the first new drug for depression in decades. It was also a sign for investors; according to CNBC , Brad Loncar, a biotech investor with Loncar Investments, who specializes in cancer and rare disease, explained that, "A decision (like that) by FDA is the ultimate signal for investors… It shows that there's a regulatory path forward for this class of drugs, which typically causes a flood of investment in the area." In fact, the first steps towards legalization of such products have already started, as Denver residents voted to decriminalize psilocybin, the psychoactive substance found in mushrooms. Newleaf Brands Inc. , Curaleaf Holdings, Inc. /zigman2/quotes/205334348/delayed CURLF -1.12% /zigman2/quotes/203485866/delayed CA:CURA -1.27% , Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB +3.88% , Aphria Inc. /zigman2/quotes/207425803/composite APHA +3.10% /zigman2/quotes/205566616/delayed CA:APHA +2.50% , 22nd Century Group, Inc. /zigman2/quotes/207391257/composite XXII -3.20%
The process of legalization for psychedelics started to gather steam very recently, but it already resembles the process the cannabis industry went through. Within the cannabis industry, it is the medical segment that held the leading revenue share of 71.0% in 2019, owing to the growing adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, arthritis, and Parkinson's disease and Alzheimer's disease among other neurological conditions. Moreover, the increasing need for pain management therapies along with a growing burden of chronic pain among elders is expected to boost the product demand. As a result, the global marijuana market is expected to grow from USD 42.20 Billion in 2017 to USD 466.81 Billion by 2025 while registering a CAGR of 35.3%, according to data compiled by Verified Market Intelligence.
Newleaf Brands Inc. announced breaking news yesterday that, "it has changed its name from NewLeaf Brands Inc. to Mydecine Innovations Group Inc. and its ticker symbol from 'NLB' to 'MYCO'. Subject to approval of the Canadian Securities Exchange (the "CSE"), the Company expects the name and symbol change to take effect on June 2, 2020 when its common shares will begin trading on the CSE under the new name 'Mydecine Innovations Group Inc.' and new ticker symbol 'MYCO'.
Pursuant to the Company's recent acquisition of Mydecine Group, the Company's fundamental business continues to be the development of innovative products in the Naturally Sourced Therapies (NST) space, comprised of the hemp, cannabis, and psilocybin markets. Accordingly, the company believes that the name and ticker symbol change reflects an initiative to align the Company's brand with this new strategic focus. The name change was approved by the board of directors on May 26, 2020.
No action is required by existing shareholders with respect to the name and ticker symbol change. Certificates representing common shares of NewLeaf Brand Inc. will not need to be exchanged as a result of the name change."
For our latest "Buzz on the Street" Show featuring Newleaf Brands Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=IZf5nWh1S0I
Curaleaf Holdings, Inc. (otcqx:CURLF) /zigman2/quotes/203485866/delayed CA:CURA -1.27% announced earlier this year that it had completed its acquisition of three Arrow Alternative Care ("AAC" and "Arrow") dispensaries in Connecticut. Strategically placed in key metro areas, AAC has established itself as a market leader in Connecticut, operating three out of the 18 total dispensaries in the state. AAC's first store opened in Hartford in 2016, the second in Milford in 2017 and the Stamford store opened to customers in January 2020. "The acquisition of AAC further strengthens our market presence in Connecticut, while reaffirming our position as a leading cannabis operator in the United States," said Joe Lusardi, CEO of Curaleaf. "As with most Curaleaf dispensaries, Arrow will operate as an essential service business allowing Curaleaf to continue to provide patients with the products they rely on during these challenging times. And like all our dispensaries, Arrow has implemented the additional COVID-19 measures to protect employees and patients while remaining open. We look forward to providing our products directly to Connecticut patients and to building a long-lasting relationship with them."
Aurora Cannabis Inc. /zigman2/quotes/210559470/composite ACB +3.88% announced on February 3rd, 2020 its Aurora River production facility, located in Bradford, Ontario, has received European Union Good Manufacturing Practice certification. EU GMP certification is granted to companies whose production facilities demonstrate a high degree of quality and consistency in their manufacturing procedures and is a requirement for the export of medical cannabis products into most European markets. "Aurora is leading the development of medical markets across Europe and around the world," said Terry Booth, CEO of Aurora. "The EU GMP certification of our River facility further validates our strategy focused on purpose-built facilities, designed and constructed exclusively for the production of high-quality, pharmaceutical grade cannabis. I congratulate our team on successfully working with regulators and licensing bodies to ensure Aurora's facilities and products are in accordance with local and international standards that will allow for greater access to the highest quality medical cannabis products to patients who need them."
Aphria Inc. /zigman2/quotes/207425803/composite APHA +3.10% /zigman2/quotes/205566616/delayed CA:APHA +2.50% announced last year that it had received a cultivation licence from Health Canada for Aphria Diamond, the Company's second Leamington, Ontario cannabis greenhouse facility, bringing an additional 1,300,000 sq. ft. of production space with an annual growing capacity of 140,000 kg. Combined with the Company's Aphria One facility and its subsidiary Broken Coast Cannabis, the Company now has more than 2,400,000 sq. ft. of cultivation space capable of reaching a total annualized production capacity of 255,000kg. "We are extremely pleased to receive the licence for our long-awaited Aphria Diamond facility, which more than doubles our Canadian production capacity," said Irwin D. Simon. "Reaching industry-leading production levels coinciding with the expansion into new categories and new opportunities for cannabis in Canada and around the world is a transformative moment for Aphria Inc."
22nd Century Group, Inc. /zigman2/quotes/207391257/composite XXII -3.20% announced last year, the initial closing of an investment in Panacea Life Sciences, Inc. (Panacea), a rapidly-growing, vertically-integrated, consumer-facing company operating exclusively in the legal, hemp-derived, CBD product space. 22nd Century's investments in Panacea over the next twelve to eighteen months are expected to total USD 24 Million, in a combination of cash and 22nd Century stock in exchange for Panacea-issued debt and preferred equity. 22nd Century has also received a warrant to purchase preferred stock of Panacea, which upon full exercise will provide 22nd Century with a controlling equity position in Panacea. "After a disciplined and thorough review of the opportunities available to 22nd Century to maximize shareholder value creation, we are pleased to announce the Company's first investment in the legal, hemp/cannabis, consumer packaged goods space," said Cliff Fleet, President and Chief Executive Officer of 22nd Century Group. "This investment is a major milestone in 22nd Century's on-going execution of our hemp/cannabis strategic growth plan and offers the opportunity for strong projected shareholder returns.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
Is there a problem with this press release? Contact the source provider Comtex at firstname.lastname@example.org. You can also contact MarketWatch Customer Service via our Customer Center.
Copyright (C) 2020 PR Newswire. All rights reserved