POSaBIT Systems Corp. Q3 2022 Report: Revenues $10.3M, Up To 62% YoY & 26% Sequentially

POSaBIT Systems Corporation (POSAF) (CSE: PBIT) (OTCQX: POSAF), a leading provider of payments infrastructure in the cannabis industry, announced its  financial results on Tuesday afternoon for the three and nine months ended September 30, 2022.
“The third quarter was very strong with a 26% sequential increase in revenue, making it the first time we have had a $10+ million quarter. We continue to expand our commercial footprint and announced several strategic new partnerships this quarter that validates the strength of our platform,” said Ryan Hamlin, CEO and co-founder of POSaBIT.
3Q/2022 Financial Highlights Includes

Total revenue was $10.3 million, up 62% compared with $6.4 million in the third quarter of 2021
Transactional sales for payment services totaled $142.6 million, resulting in an annual run-rate of $568 million, up 32% compared with $108 million in the third quarter of 2021
Gross profit was $2.9 million, or 28.0% of revenue, up 103% on a dollar basis compared with $1.4 million, or 22.5% of revenue, in the third quarter of 2021
Operating loss was $(7,300), inclusive of a $(0.9) million non-cash change in the fair value of foreign currencies, compared with operating income of $1.1 million, inclusive of a $(1.9) million non-cash change in the fair value of foreign currencies, …Full story available on Benzinga.com

Cansortium's Q3 Report Shows Consistent Growth With 42% YoY Increase In Revenue

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically-integrated cannabis company operating under the Fluent brand, announced its financial and operating results for the third quarter ended September 30, 2022.
“We continued to execute on our profitability objectives during the third quarter, leading to another period of gross margin expansion and a record bottom line with strong cash flow generation,” said CEO Robert Beasley.
Q3 2022 Financial Highlights (vs. Q3 2021)

Revenue increased 42% to $22.1 million compared to $15.6 million.
Florida's revenue increased 39% to $18.2 million compared to $13.1 million.
Adjusted gross profit[1] increased 71% to $16.7 million or 75.5% of revenue, compared to $9.8 million or 62.7% of revenue.
Adjusted EBITDA increased 140% to a record $11.7 million or 53.1% of revenue, compared to $4.9 million or 31.3% of revenue.
Cash from operations increased …Full story available on Benzinga.com

Numinus Wellness Inc.'s Q4 And Fiscal 2022 Report Shows Revenues Grew 464% To $4.2M

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, reported its financial results late Monday for the three and twelve months ended August 31, 2022.
“Fiscal 2022 was a pivotal year for Numinus, as we entered the US market with the transformational acquisition of Novamind, expanded our Ketamine-assisted Therapy offering across Canada, launched a formal practitioner training program, and unveiled a global rebranding of our company,” stated Payton Nyquvest, founder and CEO. “Combined, these efforts have provided a solid platform for our continued, measured growth – with scalable infrastructure and systems, and a growing pipeline of practitioners choosing Numinus for their psychedelics-assisted therapy training.”
All financial results are reported in Canadian dollars unless otherwise stated. Q4/22 Financial Highlights Include

Revenues grew 643% year-over-year to $4.2 million in Q4 2022, due primarily to the acquisition of Novamind. Sequentially, revenues grew 464% from the prior quarter.
Gross margin grew to 31.5% during Q4 2022 compared to 6.5% in Q4 2021. Sequentially, gross margin grew 710 basis points from 24.4% in Q3 2022. The improvement in gross margin is due mostly to the completion of the Novamind acquisition between periods and the offering of higher-margin services.
Gross profit was $1.3 million in Q4 …Full story available on Benzinga.com

Utah: Delta-8 THC In Medical Marijuana Market, State Regulators Push For New Rules

Due to the presence of delta-8 THC and other synthetic cannabinoids allowed in Utah's medical marijuana supply, the state's regulators are pushing for new rules.
The medical cannabis industry in Utah is confusing since synthetic cannabinoid-laden products appeared in naturally abundant amounts on dispensary shelves. According to the Food and Drug Administration (FDA), CBD is synthesized from delta-8 THC and a variety of other cannabinoids that could pose serious health risks.
However, the Utah Department of Health and Human Services (DHHS), recently released a bulletin for the state's medical marijuana patients, requiring that if a medical cannabis product contains a synthetic or derived ingredient, the label must include the following: “This product contains a derivative and/or synthetic cannabinoid.”
THC Analogs
Utah law currently allows “THC analogs” in edibles, vape cartridges and other products sold at licensed pharmacies reported MjBiz Daily. Analogs are defined as “a substance that is structurally or pharmacologically similar to or represented to …Full story available on Benzinga.com

Hard Rock Superstar, Ivan Moody, Announces Launch Of Cannabis Line

Ivan Moody, lead singer of Five Finger Death Punch is launching Greenings by Moody's Medicinals – a premium cannabis line featuring flowers, pre-rolls & gummies, created through a partnership with Exhale Brands and Exhale Dispensary in Las Vegas.
A Healing Story
For years, Moody publicly struggled with alcohol and was prescribed an excessive amount of medications that left him feeling overwhelmed and were not conducive to recovery. “I wanted something natural that wouldn't leave me poisoned with sluggish side effects that countered my life on the road,” Moody said.
Greenings was born as a result of the emotional and physical relief Moody found through cannabis and his partnership with Exhale Brands, “We created a powerful line made with the most high-quality ingredients that are reflective of my edgy lifestyle,” he said.
Greenings by Moody's Medicinals: A Wellness Space
Moody started his journey …Full story available on Benzinga.com

Isn't Traveling Over The Holidays Stressful Enough? Be Thankful You Weren't Behind This Guy At JFK's Check-In Line

At the height of last week's Thanksgiving air-travel rush, one person apparently thought it was the perfect time to stash 90 pounds of weed in his/her bag. Bad idea. 
TSA officials at NY’s John F. Kennedy Airport discovered 30 neatly-packed bags with enough cannabis to do more than lighten the mood at Thanksgiving dinner. A checked bag filled with about 90 pounds of weed was detected by screeners, JFK authorities announced on Monday, reported 1010 Wins news.
“During routine screening, TSA officers at JFK airport came across a checked bag filled …Full story available on Benzinga.com

Psychedelics Decriminalization Project In Berkeley, Cal Includes Synthetic Substances

The Berkeley City Council will soon consider a psychedelics decriminalization project that includes not only natural entheogenic substances but also the synthetic hallucinogen LSD, reported Berkeleyside.
According to Berkeley community health commissioners Joseph Holcomb Adams and Karma Smart, the reason why LSD is included in the list of decriminalized substances is that it meets the technical definition of what a psychedelic is. 
The original project was first drafted in 2019 by Decriminalize Nature Oakland and council member Rigel Robinson and involved the deprioritization of natural psychedelics -AKA entheogenic plants and fungi. It lingered in Berkeley’s Community Health Commission (CHC) office until 2021 when commissioners Adams and Smart rewrote it. 
The new project seeks to decriminalize personal consumption, while sharing, gifting or distributing psychedelics would still be criminalized. As this second part opposes the …Full story available on Benzinga.com

Psyched: Full-Dose & Microdosing LSD Studies, Research Scope For Fed Funding, Consumption Sites And More

LSD Research Ramps Up: Full-Dose & Microdosing For Alzheimer's Studies Led By Beckley Foundation Coming Soon
The Beckley Foundation and its founder Amanda Feilding announced a new research program with King's College London and UCL on the effects of full dose LSD as well as a breakthrough study with the University of Basel on microdosing LSD for Alzheimer’s disease.
The first study will assess the brain changes that take place during the mystical experience -that is, a profound sense of connection or unity that can occur following ingestion of high doses of psychedelic compounds and which is proving to be associated with the benefits of psychedelic-assisted therapy.
The new research, developed by Feilding and neuroimaging experts from King’s College London and UCL, seeks to expand understanding of the neurobiology of consciousness. 
The second study is a collaboration between Feilding and physicians at the University of Basel –the city in which Albert Hofmann first synthesized LSD. This study will examine the therapeutic potential of microdosing LSD for the treatment of apathy and depression in patients with Alzheimer’s disease and other neurodegenerative conditions.
“I have long been fascinated by the mechanisms underlying the profound shift in consciousness that psychedelics bring about, and, in 1998, I instituted the Beckley Foundation in order to develop the best possible research to address this fascinating domain of inquiry,” Feilding said.
Continue reading HERE.
Psychedelic Research & Fed Funding Are Priorities, Nat. Institute Of Mental Health Sets Guidelines & Research Goals
The National Institute of Mental Health (NIMH) named the types of psychedelics studies to which it would grant funds and further guidance for pre-clinical research and studies with young participants. 
NIMH’s notice of information states that psychedelics’ hallucinogenic effects, their role in the whole psychotherapeutic process, and “the poor predictive validity of current animal models in drug development for mental illness” …Full story available on Benzinga.com