Incannex has completed option exercises to raise A$17.66m, with chief medical officer and director Dr Sud Argawal increasing his stake in the company to almost 9%.
A total of 118 million option securities were exercised at eight cents each before their September 30 2021 expiry, with a significant proportion held by Incannex directors or existing shareholders with a track record of long-term investment in the company.
An additional 40.99 million non-transferable option securities were exercised by Dr Agarwal, representing a further $8.2 million investment and bringing his direct and indirect stake to around 8.88%.
The company has a cash balance of $22.36m which it said positions it in “good stead for the continued development and expansion of its pharmaceutical drug and therapy programs”.
Village Farms International’s wholly owned Canadian cannabis subsidiary Pure Sunfarms has shipped its first cannabis to Australia under a three-year supply agreement with Altum International.
The high-THC dried flower products will be sold under Altum’s recently launched Kind Medical brand.
Altum CEO Ean Alexander said: “As the Australian medicinal cannabis market has experienced rapid growth, especially in the past year, the combination of quality, affordability and availability has been largely unattainable for patients. We have established Kind Medical to specifically address that.”
Village Farms has a 12% interest in Altum.
Cannasouth’s planned purchase of the remaining 50% of Cannasouth Cultivation Ltd (CCL) is off after the company failed to raise the NZ$6 million it needed to complete the transaction.
In July, the New Zealand medicinal cannabis company announced it was seeking to raise up to $6m to take full ownership of cultivation and manufacturing joint venture businesses CCL and Midwest Pharmaceutics NZ.
The acquisition of the outstanding 40% shareholding in Midwest was completed on July 31, but the CCL deal was contingent on Cannasouth raising not less than $6m by September 30. The company told the NZX it had only raised $4.7m by the deadline.
It said: “Given $4.7m was raised in the capital raising initiative, the condition in that agreement was not satisfied and the deed of sale and purchase of the outstanding interest in CCL has been terminated.”
Chairman Tony Ho added: “We propose to commence further discussions with our JV partner, Aaron Craig, to review available options for the proposed acquisition of the outstanding 50% Cannasouth Cultivation to be achieved.”
Roto-Gro has received an initial purchase order of more than C$1m for 72 Roto-Gro Garden Systems and a Plant Nutrient Management System from Portugal-based specialist medicinal cannabis flower provider Canniberia LDA.
The order is the first half of a deal worth $1.9m.
Canniberia is currently building its medicinal cannabis cultivation facility after receiving pre-approval for its licence in Portugal.
Roto-Gro expects to deliver and install the technology in early Q1 2022.
Avecho has begun dosing participants in its Phase I pharmacokinetic human clinical trial to measure the safety and absorption profile of its CBD soft-gel product.
The study will compare absorption at 75mg and 150mg doses with 16 participants receiving two separate doses over two weeks.
Results are expected in Q4 CY21.
Creso Pharma’s wholly-owned Canadian subsidiary Mernova has secured new purchase orders worth more than A$800,000 for its artisanal cannabis products.
Repeat orders from provincial Canadian partners such as Cannabis NB, Nova Scotia Liquor Corporation, Yukon Liquor Corporation and Ontario Cannabis Retail Corporation totalled more than $580,000.
Mernova managing director Jack Yu said the company is aiming to become a leader in artisanal cannabis products.
“Recent purchase orders from both provincial partners and bulk suppliers highlight the traction we are generating in the Canadian market.”
He added good customer feedback on its range of dried flower and pre-rolled joint products is leading to consumer uptake.
Medlab Clinical’s proprietary delivery platform NanoCelle has been issued a Notice of Allowance by the United States Patent and Trademark Office. The company expects to receive Grant Status with US patent numbers and expiry dates within the next four weeks.
CEO Dr Sean Hall said: “NanoCelle is a core asset of the company, and the US represents the largest and last territory [where] we were awaiting an outcome.
“Our expectation is that the patent expiry will follow the rest of the world and be set to 2036. I am very happy to say NanoCelle is protected on a global western scale.”
Creso Pharma’s wholly owned, Canadian-based psychedelics company Halucenex Life Sciences has started stability testing of its Good Manufacturing Practice (GMP) grade psilocybin.
The move follows last week’s release by the TGA of findings from an independent review of the use of psychedelic substances as mental health treatments.
Creso Pharma non-executive chairman Adam Blumenthal said: “The recently published report from the TGA highlights the ongoing shift and acceptance towards the use of psychedelic substances as alternative treatment routes and coincides with a pivotal step in the company’s USP 61 and USP 62 testing initiatives.”
The stability testing will take three weeks in partnership with Nucro-Technics and establish if the drug is altered over time by environmental factors such as light, temperature and humidity.
The data gathered will allow the company to progress its Clinical Trial Authorisation (CTA) with Health Canada which will in turn enable a planned phase II trial into the efficiency of psilocybin for treatment-resistant Post Traumatic Stress Disorder to commence.