Company News: Medigrowth; Greenfern Industries; Incannex; Cannatrek; MediPharm Laboratories; Cresco Laboratories
Medigrowth is undertaking a clinical trial with Deakin University to study how medicinal cannabis could help young people with autism.
Deakin joins colleagues at Swinburne University of Technology and Monash University, and gathers insights from people with neurodevelopmental disorders and their parents.
The head of the cognitive neuroscience unit at the Deakin School of Psychology, Professor Peter Enticott, said the research will study the development of safe and effective interventions for people with neurodevelopmental problems.
“In a study of autistic children aged five to 12, our first trial will examine whether medical cannabis can alleviate the disabilities often associated with autism, promote quality of life and improve mental health,” he said. he declares.
“We will also examine underlying changes in brain function to better understand how medical cannabis exerts its effects. This work is incredibly timely, as medical cannabis is already used clinically in autism, but we lack solid evidence.
He added: “[It] appears to act on several of the brain mechanisms involved in neurodevelopmental conditions and appears to have strong potential for future therapeutic use. We are delighted to partner with Medigrowth, especially given their commitment to rigorous empirical research.
Greenfern Industries has achieved B Corp certification in New Zealand.
Certified B companies are companies that meet the highest standards of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose. They are companies that make decisions to create a positive impact for their workers, their customers, their suppliers, their community and the environment.
Greenfern chief executive Dan Casey said B Corp certification was something the company had been working towards for three years.
“Greenfern’s values are very much aligned with B Corp’s philosophies – our non-negotiable pillars of operating sustainably with people and the environment are at the forefront of our minds,” he said.
Greenfern operates its medicinal cannabis facility using an aeroponic system that is less dependent on water. It is powered by renewable energy from the company’s own nearby hydroelectric plant.
Incannex has announced its intention to reward shareholders in Australia and New Zealand and to finance its future development through the issuance of loyalty options.
For every 15 shares held by 5 p.m. AEST on March 23, 2022, shareholders with an address in Australia or New Zealand will receive one free loyalty option with a strike price of 35 cents, expiring on April 22, 2022.
If exercised, each option will result in the grant and issuance of one fully paid common share of Incannex and the issuance of a second piggyback option for no consideration on a one-for-two basis. loyalty options exercised at maturity.
The piggyback options will have an exercise price of $1 each, expiring April 28, 2023, and representing one common share.
Incannex will not seek permission to list loyalty or piggyback options on the ASX and anticipates that holders of American Depository Shares on the Nasdaq will also be eligible to participate.
Joel Latham, CEO and Managing Director, said, “Inannex has a remarkable shareholder base that understands our business, our clinical programs and our great ambitions.
“The loyalty option aims to reward [them] while simultaneously helping Incannex meet funding needs for the next phase of development.
UPDATE (March 24): Incannex has signed a binding term sheet to acquire Dutch-based biotechnology company APIRx in an all-certificate deal worth $93.3 million, subject to shareholder approval.
APIRx has 22 active clinical trial and preclinical research and development projects underway, with therapeutic candidates targeting pain, dementia and Parkinson’s disease, among others.
Incannex said the acquisition would add to its offering a broad intellectual property portfolio with granted and pending patents and expand its globally addressable market size by more than $400 billion.
Construction has begun at Cannatrek’s new medicinal cannabis facility near Shepparton, Victoria.
General Manager Tommy Huppert told the Benalla sign work has started on the grow tunnels and safety devices.
He said: “Phase one will be a 30 million Australian dollar development of outdoor, indoor and greenhouse growing media. Construction of the 12,000 square meter greenhouse will take 12 to 18 months, subject to global supply chain issues.
Construction was originally scheduled for 2020 until Covid intervened.
Huppert said the company hopes to employ up to 20 local people to work on the site this year, and another 60 jobs will be created after the larger greenhouse is built.
MediPharm Labs has bolstered its recreational business in Canada, adding flowers and pre-rolls to its portfolio through the acquisition of Shelter Cannabis.
Production of Shelter’s Wildlife and Craft brands will move to MediPharm’s facilities in Barrie, Ontario, as the parent company leverages its recently expanded national sales network to drive growth.
MediPharm said the move creates the opportunity to expand its international medicinal flower business, which already ships products to pharmaceutical partners in Germany and the UK.
MediPharm will pay Shelter a earnout based on future gross sales, net of excise tax, with shipments expected to begin in the second quarter of 2022.
Illinois-based cannabis producer Cresco Labs is buying New York rival Columbia Care in a $2 billion all-stock deal.
Together, the companies will operate in 18 U.S. states, but their overlapping footprint may require divesting assets in some regions before the deal is approved by regulators.
Cresco executives said the acquisition could make the combined entity as big a brand as Coca-Cola or Johnnie Walker in the United States.