The Daily Hit is a recap of the top cannabis business stories for August 1, 2022.
ON THE SITE
Downbeat Earnings Outlook For Scotts, GrowGen and Canopy Growth
Cannabis companies are just starting to roll out the earnings season and with some big names on deck this week, Stifel analysts Andrew Carter and Christopher Growe published an earnings preview report. Once darlings of the cannabis industry, hydroponics are fading fast as the market for Scotts Miracle-Gro (NYSE: SMG) and GrowGeneration (NASDAQ: GRWG) have slowed to a crawl. Read more here.
SOL Sees Hefty Losses, Shrinks Cannabis Holdings
After the markets closed on Friday, SOL Global Investments Corp. (CSE: SOL) (OTCPK: SOLCF) posted colossal losses as it continues to search for stability amid new changes in leadership. The company released the findings in its unaudited financial report card for the second quarter ending May 31, 2022. Read more here.
D.C. Lawmakers Talk Hemp Ahead of 2023 Farm Bill
Lawmakers in Washington D.C. heard testimonies from a slate of hemp advocates and stakeholders in the industry looking to provide input on the commercial production and processing of the crop. The hearing, titled, “An Examination of the USDA Hemp Production Program” was held last Thursday by the Subcommittee on Biotechnology, Horticulture, and Research (Committee on Agriculture). Read more here.
Alexandria Ocasio-Cortez Gets Behind Psychedelic Treatments For Vets
In yet another indication that lawmakers are continuing to step up their interest in psychedelics, Miriam Delphin-Rittmon, the assistant secretary for Mental Health and Substance Use, sent a letter to U.S. Rep. Madeleine Dean (D-PA) in May, saying that the Substance Abuse and Mental Health Services Administration (SAMHSA), a branch of the U.S. Department of Health and Human Services, will be exploring the prospect of setting up a federal task force to address and oversee functions of a private-public partnership focusing on “complex issues” with psychedelics. Read more here.
IN OTHER NEWS
CURE Pharmaceuticals Holding Corp.
CURE Pharmaceutical Holding Corp. (OTC: CURR) (“CURE”), a proprietary platform technology company, today announced that the company will be hosting a teleconference with management on Wednesday, August 3, 2022, at 5:00 pm Eastern Time to discuss the recent $20 million non-dilutive sale of a small portion of its product and intellectual property portfolio and to provide a business update. Read more here.
Jerry Garcia Wellness
Jerry Garcia Wellness, the CBD-centric business that evokes the vision and values of Jerry Garcia, announced today the launch of its CBD wellness brand and products. Known as the founder of The Grateful Dead, one of the most successful touring bands in rock and roll history, Jerry Garcia was an early proponent of cannabis legalization and believed in its natural benefits decades before it became widely recognized as an effective aid to health and wellness. Read more here.
Braxia Scientific Corp.
Braxia Scientific Corp., (CSE: BRAX) (OTC: BRAXF) (FWB: 4960), a medical research company with clinics providing ketamine and psilocybin treatments for depression and related disorders, today announced the filing of its audited financial statements and management discussion and analysis for the year ended March 31, 2022. Read more here.