PALM BEACH, Florida, Sept. 24, 2019 /PRNewswire/ -- As cannabis legalization spreads, another drug may soon follow in its footsteps -- psilocybin mushrooms. In fact, analysts argue mushrooms may hold untapped medical properties that could be used to help treat depression and addiction. Better, the U.S. FDA already granted "breakthrough status" to COMPASS Pathways' psilocybin-assisted therapy in October 2018, which allows the FDA assist in the development of a promising drug to treat serious illnesses. In addition, researchers at New York University found psilocybin mushrooms caused a "rapid and sustained" reduction in anxiety and depression in patients with cancer, as reported by the Financial Post. Psychiatrists at Johns Hopkins University even found that mushrooms can help with smoking cessation, and another study found it can assist with alcohol dependence. That's all opening a wide range of opportunity for companies that have already established launching cannabis products including The Yield Growth Corp. (otcqb:BOSQF) /zigman2/quotes/202014329/delayed CA:BOSS +3.57% , Charlotte's Web Holdings Inc. (otcqx:CWBHF) /zigman2/quotes/212650907/delayed CA:CWEB -8.41% , Green Growth Brands Inc. (otcqb:GGBXF) /zigman2/quotes/205269595/delayed CA:GGB +33.33% , GW Pharmaceuticals /zigman2/quotes/209686240/composite GWPH -2.16% , and Tilray Inc. /zigman2/quotes/209129655/composite TLRY -5.20% .
The Yield Growth Corp. /zigman2/quotes/202014329/delayed CA:BOSS +3.57% (otcqb:BOSQF) BREAKING NEWS: The Yield Growth Corp. just announced that its newly created subsidiary Flourish Mushroom Labs Inc. entered into an agreement on September 20, 2019 to purchase nine recipes which include edible mushrooms as a key ingredient. The acquisition is from a consortium of creators of the formulas, including a chemical engineer, a holistic health coach and food chemist, and a chef, and is expected to be completed within 30 days. The formulas and know-how to be acquired relate to formulations that may be used to create ready to eat packaged food products or packaged food products that may be mixed with mushroom varietals of the consumer's choice. The formulations are Chai latte green tea flavor mushroom tea, Lemon grass, lemon and hibiscus lemon mushroom tea, Veggie mix for mushroom soup, Miso dehydrated seaweed mix for mushroom soup, Hot cocoa, coconut sugar and vanilla flavored mushroom elixir, Pumpkin spice mushroom elixir, White chocolate truffle relaxing formula, Dark chocolate truffle energy formula, and Wild mushroom bliss ball with coco and dried fruits.
Yield Growth also announced its entry into the edible mushroom market with an agreement to acquire 30% of Absolem Health Corp., owner of One Up Pure Energy, which has edible mushroom snacks registered with Health Canada. Now Yield has set up Flourish Mushroom Labs as a wholly owned subsidiary and this library of 9 mushroom formulas is its first announced acquisition. "These healthy edible mushroom formulations have the potential to be made with psilocybin mushrooms in jurisdictions where magic mushrooms are legal," says Yield Growth CEO Penny Green, "We are pleased to add mushroom formulas to our extensive catalogue of formulas to our cannabis formulas which are at various stages of commercialization."
Other related developments in Yield Growth's industry include:
Charlotte's Web Holdings Inc. /zigman2/quotes/212650907/delayed CA:CWEB -8.41% (otcqx:CWBHF) just announced that Russell Hammer has joined the Company as Chief Financial Officer, effective tomorrow, August 15, 2019. Mr. Hammer, who has most recently served as an advisor in private equity investments, brings more than 30 years of finance experience in the retail, tourism and technology sectors. With his experience leading multi-billion-dollar multinational companies, he is the latest top-tier executive to join Charlotte's Web as the Company accelerates its growth and evolution into a global consumer packaged goods ("CPG") brand. Mr. Hammer replaces Rich Mohr, who as CFO has overseen the Company's successful transition to a publicly traded company and market leader in hemp CBD products. "Russ's appointment aligns perfectly to support the Company's evolution over the past few years from an early stage organization to a leading public company, into its next phase transitioning to a global CPG company. His breadth of international finance experience across a range of industries, as well as expertise in building operational infrastructure, applying forward-looking analytics, M&A, and accessing capital markets will help us scale the business in a financially stable way," said Deanie Elsner, CEO of Charlotte's Web.
Green Growth Brands Inc. /zigman2/quotes/205269595/delayed CA:GGB +33.33% (otcqb:GGBXF) just announced that it will open 100th Seventh Sense Botanical Therapy mall-based shop. The first Seventh Sense shop opened in early February. "This is a huge milestone for Green Growth Brands and Seventh Sense," said Peter Horvath, CEO of Green Growth Brands. "We believe we have created the largest and most valuable network of brick and mortar CBD shops in the country." Seventh Sense shops retail high-quality botanical therapy CBD-infused personal care and beauty products at affordable prices. The product offering includes over 100 SKUs across bath, body, face, therapeutic, and sleep categories.
GW Pharmaceuticals PLC /zigman2/quotes/209686240/composite GWPH -2.16% just announced t hat the European Commission (EC) has approved the marketing authorization for EPIDYOLEX for use as adjunctive therapy of seizures associated with Lennox‘Gastaut syndrome (LGS) or Dravet syndrome, in conjunction with clobazam, for patients 2 years of age and older. The approval paves the way for the launch of the medicine across Europe. "The approval of EPIDYOLEX marks a significant milestone, offering patients and their families the first in a new class of epilepsy medicines and the first and only EMA-approved CBD medicine to treat two severe and life-threatening forms of childhood-onset epilepsy," said Justin Gover, GW's CEO. "This approval is the culmination of many years of dedication and collaboration between GW, physicians and the epilepsy community. We believe patients and physicians deserve access to rigorously tested and evaluated cannabis-based medicines, manufactured to the highest standards and approved by medicines regulators, and we are delighted to be the first to offer this solution to the epilepsy community."
Tilray Inc. /zigman2/quotes/209129655/composite TLRY -5.20% announced it has entered into a definitive agreement pursuant to which Tilray, through a wholly-owned subsidiary of High Park Holdings Ltd. (will acquire all of the issued and outstanding securities of 420 Investments Ltd., an adult-use cannabis retail operator headquartered in Calgary, Alberta. FOUR20 provides adult-use cannabis consumers with a premium retail experience focused on high quality product selection, education and community. FOUR20 currently operates six licensed retail locations and has 16 additional high-traffic locations secured in desirable locations in Alberta, including Canmore, Calgary and Edmonton. Tilray and High Park will leverage FOUR20's retail expertise and brand and market knowledge to expand into other Canadian provincial markets where Licensed Producer retail ownership will be permitted in the future. "FOUR20 offers a premium retail experience for the mainstream cannabis consumer and builds on our broader retail strategy, which includes several minority investments in other leading cannabis retailers," says Tilray Chief Corporate Development Officer Andrew Pucher. "With FOUR20, we will elevate the retail experience for consumers by offering the best quality-tested products while preparing for the next wave of legalized product launches taking place by year's end."
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