by Grow Up Conference | Aug 11, 2023 | Media Partners, Psychedelic News Wire
Lund University researchers have come up with a technique that allows them to simultaneously measure electrical signals from 128 different areas of a rat’s brain. Using this groundbreaking technique, the researchers studied different regions of rats’ brains after they took psychedelics to analyze how hallucinogenic drugs affected their neurons.
Interestingly, the team found that psychedelics caused brain waves in different regions of the brain to form simultaneously and in sync in rats that were awake. This study was working off the findings of prior research on the impact of electrical oscillations within the brain on rats with Parkinson’s disease.
Led by Polish researcher Pär Halje, the research team discovered an 80-hertz tone that occurred in the brains of rats that had Parkinson’s. These rats had issues with involuntary movements. The researchers discovered a connection between the wave and the involuntary movement after dosing the rats with anesthetic ketamine.
The waves occurred in the regions of the brains associated with cognition, Halje said, positing that too much wave activity in cognitive brain regions may result in cognitive symptoms. Likewise, excessive brain wave activity in motor regions may also cause motor symptoms, he said.
Halje’s team developed the technique for measuring oscillations in more than 100 different areas of the brain simultaneously and used it to successfully isolate electrical signals from individual neurons in awake rats, a feat never achieved in scientific research before. Halje says that this technique allowed the researchers to be the first research team to show how psychedelics such as LSD affect individual neurons in animals that are awake.
According to the study, team members “clearly registered” waves in the individual neurons of awake rats after giving them psychedelics such as ketamine and LSD. Furthermore, the team found that LSD and ketamine caused the same wave patterns to occur even though they interact with disparate receptors in the brain. LSD inhibited neurons and their signaling in every part of the brain while ketamine only inhibited the signaling of larger neurons called pyramidal cells while also increasing the signaling of smaller neurons called interneurons.
This difference in how LSD and ketamine affect individual neurons led Halje to theorize that the two hallucinogens may induce psychedelic experience via the “distinct wave phenomenon” rather than by affecting neurons in the brain. He explained that this wave phenomenon seems to cause simultaneously synchronized neuron activity across the brain, indicating that there may be more ways to communicate the waves aside from chemical synapses.
While the researchers could not determine whether the waves were the cause of hallucinations or merely an indication of an ongoing psychedelic experience, Halje said the team’s findings open the door to potentially using the wave phenomenon as a research model to study psychoses.
The world is likely to gain additional insights from other psychedelics startups such as Delic Holdings Corp. (CSE: DELC) (OTCQB: DELCF) regarding the specific ways through which these hallucinogenic substances exert their influence on human health, especially mental health.
NOTE TO INVESTORS: The latest news and updates relating to Delic Holdings Corp. (CSE: DELC) (OTCQB: DELCF) are available in the company’s newsroom at https://ibn.fm/DELCF
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by Grow Up Conference | Aug 11, 2023 | Media Partners, Oaksterdam University
Oaksterdam University Executive Chancellor Dale Sky Jones appears on WIFR TV to talk about OU’s educational partnership with Highland Community College in Freeport, Ill. As part of the partnership, OU offers students access to its comprehensive online educational content, The Budtender’s Guide textbook, and resources like its valuable alumni network.
According to Vangst Jobs Report 2023, the U.S. cannabis industry supported 417,493 full-time equivalent jobs, with new legal markets promising to create thousands of new positions in 2023. The collaboration between OU and HCC will give students a well-rounded understanding of the cannabis industry by leveraging OU’s wealth of knowledge and resources and equipping students to enter careers in this rapidly growing industry.
To develop the unique course, HCC Agriculture Instructor Monica Pierce attended Oaksterdam’s Business of Cannabis live capstone program.
“It was a matter of training the trainer,” Dale says in the interview. “She selected a specific program that is based on the core of what she’s trying to teach.”
When asked during the interview about whether the course will help break the stigma surrounding the plant, Dale says it’s important to address the stigma head-on with an open and honest conversation about policies, politics, history, and the failed campaign of Prohibition. Education like the hybrid course between HCC and OU is a crucial start.
“Marijuana’s being bought and sold in your neighborhood whether you like it or not. It’s whether or not it’s being done by people who care about health and human safety, and of course, taxes,” she says.
To see the full interview, click below.
To learn more about HCC programs go to highland.edu/cannabisstudies or call Highland Community College Advising at 815-599-3573 to register.
by Grow Up Conference | Aug 11, 2023 | Featured, Grow Up News
VICTORIA, BC – August 8, 2023 – Grow Up Conference and Expo, Canada’s premier cannabis event, is thrilled to announce legendary cannabis advocate and icon, Tommy Chong, as the keynote speaker for this year’s event taking place October 1st – 3rd, 2023 at the Victoria Conference Centre.
Known for his influential work in comedy and his staunch support for cannabis legalization, Tommy Chong will reflect on his career and life in cannabis at our fireside chat moderated by his son and podcast host, Paris Chong at the Grow Up VIP Conference on Sunday, October 1. In his keynote, Chong will share his unique insights into the cannabis industry, his early years in Vancouver, his experiences as an activist, and his front-row seat to the ever-changing cultural impact of cannabis over the years.
In addition to his keynote, Chong will be honoured with the Legends of Cannabis Award at the Grow Up Industry Awards Gala on the same day. This inaugural award celebrates individuals who have made significant contributions to the growth of the cannabis industry both locally and globally.
“It’s a tremendous honour to have Tommy Chong as our keynote speaker and recipient of the Legends of Cannabis Award,” said Randy Rowe, President and CEO of Grow Up Conference. “His fearless advocacy and undeniable humour have made a lasting impact, not just on our industry, but on the world. We can’t wait to hear his insights and stories on stage with his son, Paris Chong.”
Grow Up Victoria is a full-spectrum B2B cannabis event that connects thousands of cannabis companies with a complete view of the industry. Celebrating growers, suppliers, and retail, Grow Up focuses on education, collaboration, and growth in the rapidly evolving cannabis market.
The announcement of Tommy Chong as keynote speaker adds a significant highlight to an already packed agenda that includes over 60 exhibitors, the Brand and Buyers Zone, our new and exciting brand and retailer speed networking presented by Weed Pool, and a wide array of networking opportunities.
Tickets for the event, including VIP passes to Tommy Chong’s keynote, are available now. Reserve your spot and be part of this exciting and pivotal event in the world of cannabis.
by Grow Up Conference | Aug 11, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Aug 11, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Aug 11, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Aug 11, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Aug 11, 2023 | Grow Opportunity, Media Partners
(Globe Newswire) Toronto — TerrAscend Corp., a leading North American cannabis operator, today reported its financial results for the second quarter ended June 30, 2023. All amounts are expressed in U.S. dollars and are prepared under U.S. Generally Accepted Accounting Principles (GAAP), unless indicated otherwise.
The following financial measures are reported as results from continuing operations due to the shutdown of the licensed producer business in Canada, which is reported as discontinued operations for all of 2022. All historical periods have been restated accordingly.
Second quarter 2023 financial highlights
Net Revenue was $72.1 million, an increase of 3.9% sequentially and 12.7% year-over-year.
Gross Profit Margin was 50.2%, compared to 48.8% in Q1 2023 and 37.5% in Q2 2022.
GAAP Net loss from continuing operations was $12.9 million, compared to $19.2 million in Q1 2023 and net income of $16.9 million in Q2 2022.
EBITDA from continuing operations was $6.5 million, compared to $6.1 million in Q1 2023 and $38.4 million in Q2 2022.
Adjusted EBITDA from continuing operations was $12.8 million, compared to $12.2 million in Q1 2023 and $8.8 million in Q2 2022.
Adjusted EBITDA Margin from continuing operations was 17.8%, compared to 17.6% in Q1 2023 and 13.8% in Q2 2022.
Net cash provided by (used in) operating activities – continuing operations was $1.8 million compared to $10.5 million in Q1 2023 and ($14.9) million in Q2 2022.
Cash and Cash Equivalents, including restricted cash, totaled $34.5 million as of June 30, 2023, of which $2.5 million was long term restricted, as compared to $33.5 million as of March 31, 2023.
Second quarter 2023 business and operational highlights
Announced three dispensary acquisitions in Maryland to reach the four store limit in the state
Closed on the acquisitions of Blue Ridge Wellness and Peninsula Alternative Health dispensaries in Maryland
Closed Private Placements for total aggregate proceeds of $21.0 million
Closed on a $25.0 million commercial loan with Stearns Bank carrying an interest rate of prime plus 2.25%, equivalent to 10.5%, with proceeds used to pay down higher interest debt
Paid down $37.0 million of senior secured term loan in Pennsylvania
Completed sale of Mississauga facility for $14.3 million
Launched Legend brand in Michigan
Introduced Wana infused gummies in New Jersey and Maryland
Opened fifth Cookies dispensary in Michigan
Expanded Cookies partnership into Maryland
Completed a re-organization of the Company in order to list on the TSX
Subsequent events
Reached four dispensary limit in Maryland with the closing of the Herbiculture acquisition
Commenced trading on the TSX under the symbol `TSND’ and announced symbol change on OTC markets to `TSNDF’
“We are pleased to deliver results in the second quarter that exceeded our internal forecasts. We have made substantial progress over the last several months across virtually all facets of our business. We have significantly improved our margins, transformed our balance sheet, materially lowered our interest expense, delivered positive operating cashflow, acquired four dispensaries in Maryland and successfully listed on the TSX, all while driving sector leading revenue growth of 26% in the first half of 2023. These achievements give us confidence in the remainder of the year, as evidenced by our full year revenue and Adjusted EBITDA guidance. We expect to deliver significant growth in revenue and profitability as we realize the benefits of our now vertically integrated operations in Maryland as well as continued strong execution in our other geographies.” — Jason Wild, executive chairman, TerrAscend
Second quarter 2023 financial results
Net revenue for the second quarter of 2023 was $72.1 million as compared to $69.4 million in the first quarter of 2023 and $64.0 million in the second quarter of 2022, representing 3.9% growth sequentially and 12.7% growth year-over-year. The sequential growth was driven primarily by a full quarter of the Allegany dispensary acquisition in Maryland and same store sales growth in Michigan.
Gross margin for the second quarter of 2023 was 50.2% as compared to 48.8% in the first quarter of 2023 and 35.5% in the second quarter of 2022. The 140-basis point improvement in gross margin from the first quarter to the second quarter of 2023 follows a 420-basis point sequential improvement in the first quarter of 2023. These improvements were driven by increased yields, optimization of mix and better utilization of capacity in New Jersey, Michigan and Maryland.
General & Administrative (G&A) expenses for the second quarter of 2023 were $30.5 million as compared to $27.7 million in the first quarter of 2023 and $32.9 million in the second quarter of 2022. G&A expenses for the second quarter of 2023 included $2.5 million of one-time items including M&A costs related to the acquisitions in Maryland, capital raising transaction costs, legal settlement fees, and TSX listing related costs.
Net loss from continuing operations in the second quarter of 2023 was $12.9 million compared to $19.2 million in the first quarter of 2023 and a net income of $16.9 million in the second quarter of 2022.
Adjusted EBITDA from continuing operations for the second quarter of 2023, a non-GAAP measure, was $12.8 million, representing a 17.8% margin, compared to $12.2 million and a 17.6% margin in the first quarter of 2023 and $8.8 million and a 13.8% margin in the second quarter of 2022.
Balance sheet and cash flow
Cash and cash equivalents, including restricted cash, were $34.5 million as of June 30, 2023, compared to $33.5 million as of March 31, 2023. Net cash provided by continuing operations was $1.8 million for the second quarter of 2023, representing the fourth consecutive quarter of positive cashflow from operations. No cash income tax payments were made during the quarter. Capital expenditure spending was $2.2 million in the second quarter of 2023, primarily relating to store openings in Michigan. Free cashflow, a non-GAAP financial measure, was ($0.4) million for the quarter.
During the quarter, the company completed the sale of its facility in Canada for $14.3 million, completed private placements for gross proceeds of $21.5 million, closed on a $25 million loan with Stearns bank at a rate of prime plus 2.25%, paid down $43 million of higher interest debt on its Ilera term loan, and made cash consideration payments totaling $4.9 million for two Maryland acquisitions which closed in the quarter.
As of August 10, 2023, there were 363 million basic shares outstanding, including 287 million common shares, 13 million preferred shares as converted, and 63 million exchangeable non-voting shares. Additionally, there are 51 million warrants and options outstanding at a weighted average price of $4.44.
Outlook for 2023
The company is reiterating its outlook for Net Revenue and Adjusted EBITDA from continuing operations for 2023 to be at least $305 million and at least $58 million, respectively, representing year-over-year growth of 23% in Net Revenue and 49% in Adjusted EBITDA from continuing operations.
by Grow Up Conference | Aug 11, 2023 | Media Partners, Stratcann
Some retailers in Winnipeg say they are frustrated by the province issuing a retail cannabis licence to a gas station/convenience store, something they worry could be a new trend.
The province maintains that such licences—the retail cannabis controlled-access store licence—have been available since 2018, with the first issued in December 2020. Eight such locations are now licensed.
Melanie Bekevich, the owner of Mistik Cannabis in Winnipeg, says she only heard about a new cannabis “C store” in Winnipeg Beach after a friend recently visited the store for gas and overheard someone buying pre-rolls at the gas station counter.
Although she says she’s aware of other C-Stores in Manitoba that hold a ‘store within store’ retail cannabis space, the ability for a convenience store owner to sell cannabis struck her as out of line with the province’s own rules and mandate.
“I am shocked by it,” says Bekevich. I can understand in small, rural communities…but there should be some controls, especially if they’re saying they’re going to keep it out of the hands of youth but then they’re directly exposing youth to the transaction.
“We’re also required to make a significantly bigger investment,” she adds. “I’m a bit confused by what is happening in the province.”
Lisa Hansen, a communications analyst with the Liquor, Gaming and Cannabis Authority of Manitoba (LGCA), the regulatory agency that licences retail cannabis stores in the province, says all licensed cannabis retailers, regardless of licence type, cannot sell cannabis to anyone younger than 19 years old, and their staff must ask customers who appear young for ID to verify their age.
“All staff who sell cannabis and store managers must successfully complete the LGCA’s Smart Choices Cannabis Retail Certification training before starting work in a store,” she notes. “This training focuses on legal and safety obligations such as checking ID and not selling to minors or intoxicated people.”
Sharon Clark, the manager at Big Buds Cannabis Sales Ltd, also in Winnipeg, says the government is contradicting their own rules when it comes to protecting kids because there are no controls in place to prevent young people from seeing and hearing transactions involving cannabis—something not allowed in standard retail cannabis stores.
“They are knowingly putting youth in a situation where they are going to be watching cannabis transactions taking place. This is in direct contravention of their own guidelines and rules. That is inherently wrong because part of their mandate is to protect youth, and now they’re directly exposing youth by actively pursuing this licensing tier.”
Another double standard, according to Clark, is that the cost requirement for controlled-access stores is much less than for stores like hers, which she says can spend hundreds of thousands of dollars meeting strict provincial security standards.
“They don’t need to make a significant investment that we did and other stores did. They just need a locking drawer and a safe place for the cannabis.”
StratCann reached out to the DOMO – Interlake C-Store in Winnipeg Beach for comment but did not hear back by press time. An employee says the store began selling cannabis in late July.
by Grow Up Conference | Aug 11, 2023 | Cannabis News Wire, Media Partners
The harvest phase is an essential step in making marijuana products such as flowers and oils. Before the crops are collected, a lot of careful planning and preparation happens. Different growers, whether they’re growing indoors, in greenhouses, or outdoors, need to learn different ways to do this. Each place has its own challenges.
For indoor growing, it’s important to have a clear plan and to be able to watch over the plants closely. Nic Robertson from 4Front Ventures says the company creates daily schedules for its plants leading up to harvest. This is when the plants finish their life cycle. Ryan Cook from Jushi Holdings agrees that planning and preparing well are keys to success in harvesting.
Although there are many ways to grow, there are some things that all successful growers do. They make sure the lighting is right, control the temperature and humidity, manage nutrients and take care of the leaves.
Indoor growers use special lights to help the plants grow. They start with lower-intensity light and gradually increase lighting as the plants develop. This helps the plants make more of the good stuff such as cannabinoids and terpenes, which make the plants valuable. They also use red light to improve the flavors and yields.
Temperature and humidity are important factors too. Growers adjust these to make sure the plants stay healthy and produce good yields. As plants get closer to harvest, the temperature and humidity are lowered to protect the valuable compounds and keep the plants safe from harmful things.
Nutrients the plants receive are carefully managed too. As the plants grow and start to produce buds, they need different nutrients. Nitrogen is decreased, while phosphorus and potassium are increased. This helps the plants make better buds and resin.
Watering the plants is like giving them a drink. But as harvest time approaches, watering changes. This helps the plants get rid of extra nutrients and prepare for harvest. It’s important to do this carefully so the flavor and smell of the final product stay good.
As the plants get closer to harvest, growers need to be very attentive. The plants need less water, so growers have to be careful not to overwater them. Some growers use special tools to measure how much moisture is in the plants’ growing medium. This helps them make the right decisions and keep the plants healthy.
In the end, everything comes down to balance. The right amount of light, the best temperature and humidity, the nutrients, and the water — everything needs to be just right. And as the time for harvest comes, growers carefully balance all these factors to make sure the plants are healthy and ready to become the products that people enjoy. It’s a mix of science and care, creating a special connection between humans and the plants they grow.
When the cultivation conditions are just right, upstream companies such as IGC Pharma Inc. (NYSE American: IGC) can obtain top-notch cannabis compounds to use in their efforts to develop standardized medicines that meet FDA requirements.
NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC
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