Cybin and Small Pharma Seal the Deal with Shareholder Approval

LOS ANGELES– In a recent development in the clinical-stage psychedelics sector, Canada’s Cybin Inc. (CYBN) and the UK’s Small Pharma Inc. (DMTTF) have made significant progress in their merger plans. Following their annual general and special shareholders meetings on October 12, both companies announced that the vote was overwhelmingly in favor of Small Pharma’s acquisition by Cybin.

The arrangement has received conditional approval from the TSX Venture Exchange. Assuming the approval of BC’s Supreme Court and other standard closing prerequisites are met, the arrangement is set to be finalized around October 23, 2023.

FDA Issues Advisory on Ketamine, DEA Broadens Telemedicine Regulations

In a bid to caution the public, the FDA has sounded an alert on the perils of using unregulated compounded versions of ketamine and its derivatives for self-treatment of psychiatric conditions.

In a separate announcement on October 6, the DEA has decided to continue its pandemic-initiated temporary modifications to the Ryan Haight Act regulations. This decision allows for the prescription of controlled medications via telehealth until the end of 2024.

California’s Psychedelics Bill Faces a Halt but Hope Remains

California’s Governor, Gavin Newsom, opted to veto a bill this past Saturday that proposed decriminalizing the possession and personal use of certain hallucinogens, which include psychedelic mushrooms. Though the bill didn’t intend to legalize the sale of these substances, it aimed to prevent arrests or prosecution for possession of small quantities of these plant-based hallucinogens.

Congress Eyes Regulation of Kratom, Proposes Consumer Protection Legislation

A bipartisan group of Congressional lawmakers has presented a bill that seeks a comprehensive federal review of kratom’s health and safety parameters. The bill aims to prevent the Department of Health and Human Services from imposing regulations stricter than those on food or dietary supplements, marking a step towards nationwide regulations.

Presidential Hopeful Endorses Psychedelics for Medical Treatment

Marianne Williamson, a contender for the Democratic presidential nomination in 2024, has advocated for the full legalization of medical treatments using psychedelics such as psilocybin and MDMA. Backing her claims with references to their research success, Williamson emphasized the potential of these treatments to bring about a paradigm shift in mental health care.

Business Tidbits: Psychedelics in the Financial Realm

• Mydecine Innovations Group (MYCOF) recently marked its trading debut on the U.K.’s AQSE growth market.
• An exclusive series focusing on improving psychedelic therapy infrastructure and data-driven geospatial tools is now available.

The ebb and flow of Psychedelics ETF

The AdvisorShares Psychedelics ETF (PSIL) experienced a price downtrend, opening at $1.54 on Monday, October 9, and closing near $1.5 on Friday, October 13. With the ETF’s yearly price now ranging between $2.69 and $1.50, stakeholders remain keenly observant of the next financial moves in the psychedelics market.