Nov 19, 2019 (Baystreet.ca via COMTEX) -- U.S. cities are seriously considering the decriminalization of magic mushrooms. In Chicago, for example, city leaders passed a resolution in support of expanding the scientific and medicinal research on psychedelics, with a goal of decriminalizing the use of plants and fungi. Even Santa Cruz may soon decriminalize the use of psychedelic mushrooms. In fact, according to CBS San Francisco, the resolution proposes “that the investigation and arrest of individuals involved with the adult possession, use, or cultivation of psychoactive plants and fungi listed on the Federal Schedule 1 list for personal adult use and clinical research be among the lowest priorities for the city of Santa Cruz.” Over the last year, Denver, Colorado, and Oakland, California decriminalized the possession of products containing psilocybin or psilocin, as well. As excitement builds, it’s opening a range of opportunity for companies that have already established launching cannabis products including The Yield Growth Corp. /zigman2/quotes/202014329/delayed CA:BOSS 0.00% /zigman2/quotes/200119040/composite BOSQF +8.00% , The Green Organic Dutchman /zigman2/quotes/206870535/delayed CA:TGOD -4.49% /zigman2/quotes/204266798/composite TGODF -3.07% , Charlotte’s Web Holdings Inc. /zigman2/quotes/205374221/composite CWBHF +2.65% /zigman2/quotes/212650907/delayed CA:CWEB +2.21% , Curaleaf Holdings Inc. /zigman2/quotes/203485866/delayed CA:CURA -1.27% /zigman2/quotes/205334348/composite CURLF -1.12% , and Fire & Flower Holdings Corporation /zigman2/quotes/213611721/delayed CA:FAF -2.00% /zigman2/quotes/208193309/composite FFLWF -1.28% .
The Yield Growth Corp. /zigman2/quotes/202014329/delayed CA:BOSS 0.00% (otcqb:BOSQF) BREAKING NEWS: The Yield Growth Corp. just announced the appointment of chemical engineer, Vivek Taneja, as Vice President, Operations of its subsidiary Flourish Mushroom Labs Inc., to oversee the commercialization of the company’s functional mushroom products, beginning with organic mushroom coffees. Vivek will also be part of the team developing clinical trials to research innovative therapeutic uses of certain compounds in magic mushrooms. Vivek Taneja is an accomplished chemical engineer with more than 24 years of project management experience, including expertise in pilot plant and scale up studies, production management and technical project leadership. Prior to his appointment at Flourish Mushroom Labs, Mr. Taneja was the project manager for over $150 million of engineering design and construction projects for global companies including Coca-Cola, Nestle Water and Minute Maid. Mr. Taneja has been promoted to VP, Operations from a consultancy position with Flourish Mushroom Labs. His recent accomplishments at Flourish Mushroom Labs include further development of the company’s mushroom coffees with the Director of Research & Development, Bhavna Solecki. All raw ingredients have been sourced for 4 blends of mushroom infused coffees, packaging materials have been selected and the review of suitable manufacturing facilities is in progress. “I see the huge potential for the organic mushroom products we are developing,” says Vivek Taneja, “With recent research the functional and medicinaI use of mushrooms are becoming more prominent in the marketplace. Flourish is positioning itself by developing a wide range of products to meet consumer demand.”
Other cannabis-related developments from around the markets include:
The Green Organic Dutchman /zigman2/quotes/206870535/delayed CA:TGOD -4.49% /zigman2/quotes/204266798/composite TGODF -3.07% just announced that “Q3 marked TGOD’s entry into the recreational cannabis market with a small pilot in Ontario. We were thrilled to witness such positive feedback on product quality and packaging from retailers and consumers across the province. Based on the initial response, demand for high-quality flower is strong and TGOD is well positioned to capture the premium organic segment which is significantly underserved,” commented Brian Athaide, CEO of TGOD. “Despite the challenging market conditions in Canada, TGOD has an opportunity to be one of the first cash flow positive cannabis companies as early as Q2 2020. We rightsized our production and our first hybrid greenhouse is being commissioned, allowing us to produce at optimal levels while avoiding excess inventory or incurring unnecessarily high operating expenses. Our first harvest from the Ancaster hybrid greenhouse is expected in December, which will enhance our current product line and enable TGOD’s first material revenues in Canada in Q1 2020 which is very exciting.”
Charlotte’s Web Holdings Inc. /zigman2/quotes/205374221/composite CWBHF +2.65% /zigman2/quotes/212650907/delayed CA:CWEB +2.21% announced the appointment of Jacques Tortoroli to its Board of Directors. Mr. Tortoroli, who most recently served as Chief Administration Officer of Bacardi Limited in Bermuda, brings extensive global experience in finance and operations at both private and public companies. As CAO of Bacardi, the largest privately held spirits company in the world, he was a member of the Global Leadership Team and responsible for global finance, operations, information technology and real estate. Before joining Bacardi in 2014, Mr. Tortoroli had spent more than a decade at Viacom, Inc. He held a number of senior finance roles at the multinational entertainment company, most recently serving as both Executive Vice President of Finance for Viacom and as EVP and Chief Financial Officer for Viacom Media Networks, formerly MTV Networks. Prior to that, he held various executive leadership roles at Young & Rubicam, Inc., PepsiCo, Inc., and KPMG.
Curaleaf Holdings Inc. /zigman2/quotes/203485866/delayed CA:CURA -1.27% /zigman2/quotes/205334348/composite CURLF -1.12% opened its 27thdispensary in Florida at 3631 NW Federal Highway in Jensen Beach on Friday, November 15th. Curaleaf has the largest cannabis dispensary footprint in the US with 50 dispensaries across the country and continues to execute on its strategy of rapid expansion in Florida. The new 4,500 square foot location is accessible to patients from the Jensen Beach area, including the communities of Jupiter, Port St. Lucie, Stuart, Port Salerno and Palm City, and will offer a full range of premium quality medical cannabis products and private consultations by meticulously trained staff. "We have been hearing from patients about the need for a full-service medical cannabis center along the Martin County and St. Lucie County coast," said Joe Lusardi, Curaleaf CEO. "Curaleaf is proud to be the first dispensary in Jensen Beach, and we look forward to serving this community."
Fire & Flower Holdings Corporation /zigman2/quotes/213611721/delayed CA:FAF -2.00% /zigman2/quotes/208193309/composite FFLWF -1.28% and its wholly-owned subsidiary Hifyre Inc., announced the successful launch of the Spark Perks cannabis members program across the Fire & Flower retail network. Members of the Spark Perks program receive exclusive benefits including: Fastlane checkout, special deals, member-only events and exclusive content. Spark Perks is free to join and no cannabis purchase is required to join the program. Since the program’s official launch on September 19, 2019, Spark Perks has grown to more than 38,000 members. Of those members, 33% have conducted a second transaction since the creation of the member profile. Initial results indicate that on average, Spark Perks members spend 43% more than non-members, per transaction, in the Fire & Flower retail network. “Since the launch of the Spark Perks program, Fire & Flower has seen an increase in customer engagement and basket size of members across our retail network,” shared Trevor Fencott, Chief Executive Officer of Fire & Flower. “The launch of the Spark Perks member program demonstrates Fire & Flower’s continued commitment to be a leading data-driven, ‘retail 2.0’ company.”
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