Staff
The Daily Hit is a recap of the top business stories in the cannabis industry for March 15, 2022.
On The Site
TerrAscend
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) launched The Apothecarium mobile retail app for Apple (NASDAQ: AAPL) iOS devices. The service will be available in California and New Jersey. Apple changed its policy last summer to begin allowing cannabis companies with licensed businesses to place apps in the store. Read more here.
Psychedelics
The ancient origins of psychedelics used by humans are well known. For thousands of years, various indigenous people from all parts of the world have used psychedelics for certain ceremonies, medicines, and recreational purposes: Ayahuasca by the indigenous people of the Amazon; Psilocybin by the Aztecs; Peyote by Native Americans in the west; Ibogaine by indigenous people in west-central Africa.
But as the so-called psychedelics renaissance movement takes hold, there emerges a commonly held belief that, while the scientific progress and clinical promise of this movement owes much of its success to the history of indigenous healing practices, the work of indigenous people, ethnic and racial minorities, women, and other disenfranchised groups is often not supported or highlighted in the mainstream narrative of psychedelic medicine, according to a study calling for more indigenous and ethnic minority inclusion in the psychedelics industry. Read more here.
In Other News
Akanda Corp. announced the pricing of its initial public offering of 4,000,000 common shares at a price of $4.00 per share to the public for a total of $16,000,000 of gross proceeds to the company prior to deducting underwriting discounts, commissions, and other Offering expenses. The Company intends to use the proceeds primarily for property, plant and equipment, operations, working capital and general corporate purposes. The company has received approval to list its common shares on The Nasdaq Capital Market, with its common shares expected to begin trading on March 15, 2022, under the symbol “AKAN.” The Offering is expected to close on March 17, 2022, subject to customary closing conditions. Read more here.
Akanda is an international medical cannabis and wellness platform company seeking to help people lead better lives through improved access to high quality and affordable products. The company is building a seed-to-patient supply chain, connecting patients in the UK and Europe with diverse products including cannabis products cultivated at its competitively advantaged grow operation in the Kingdom of Lesotho and with other trusted third-party brands. Akanda’s initial portfolio includes Bophelo Bioscience & Wellness, a GACP qualified cultivation campus in the Kingdom of Lesotho in Southern Africa, and CanMart, a UK-based fully licensed pharmaceutical importer and distributor which supplies pharmacies and clinics within the UK.
