Week In Review: New York and Missouri’s Contrasting Cannabis Market Progress in 2023; Clearmind Medicine Inc. Announces Reverse Share Split to Comply with Nasdaq; Cybin Inc. Secures $30 Million in Funding to Advance Psychedelic Treatment Research

LOS ANGELES–Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets: there’s innovation and progress in full swing in some parts of the country, while in other parts, the industry is on the ropes largely due to collapsing cannabis prices and lack of access to capital, making cannabis business models very challenging.  This week’s ‘Week In Review’ is a roundup of key developments in the industry, showcasing the news from key companies and people making news in the space.

Weekly Overview: Developments in the Cannabis and Psychedelic Sectors

Latest news: As the curtain falls on another earnings season, the cannabis industry witnessed a diverse range of outcomes. Some players celebrated substantial profit spikes, while others opted for a steadier course, maintaining stability. In other news…it’s MJBizCon week.  Check out the links below for discounted tickets and RSVP links to all the parties!

#1. New York and Missouri’s Contrasting Cannabis Market Progress in 2023: In a striking contrast of cannabis market development, New York and Missouri have reported significantly differing sales figures in 2023. New York’s licensed cannabis dispensaries have achieved over $100 million in adult-use sales, while Missouri’s total cannabis sales have soared past $1.1 billion in the same period.

Both states, with similarly aged markets, have adopted distinct rollout strategies. New York initiated its commercial adult-use retail program on December 29, 2022, through a single social equity licensee. Conversely, Missouri began adult-use sales on February 3, 2023, utilizing its existing medical cannabis operators.

#2. Clearmind Medicine Inc. Announces Reverse Share Split to Comply with Nasdaq Regulations:Clearmind Medicine Inc., a biotech company renowned for its innovative work in developing psychedelic-derived therapeutics, has announced a strategic decision to conduct a reverse share split of its ordinary shares. This move is aimed at regaining compliance with the Nasdaq Minimum Bid Price Rule. The reverse split, set at a ratio of 1-for-30, is scheduled to take effect on November 28, 2023.

#3. Pennsylvania Moves to Expand Medical Cannabis Retail Access, Breaking Up Potential Monopoly: Pennsylvania is poised to significantly expand its medical cannabis industry, with new legislation on the horizon that could allow all of its 25 medical cannabis grower/processor licensees to also operate retail outlets. This development comes as the state’s House of Representatives passed a bill, already approved by the Senate, aiming to amend a restriction in the 2016 medical cannabis law.

Senate Bill 773, introduced by Senator Chris Gebhard, R-Lebanon County, received robust support, passing the Senate in September with a 44-3 vote, and the House followed suit on November 15 with a 114-89 vote. The bill seeks to dismantle what some lawmakers perceive as a concentrated market dominance by a few companies.

Psychedelic Market Highlights:

#1.Cybin Inc. Secures $30 Million in Funding to Advance Psychedelic Treatment Research: Toronto-based Cybin Inc., a clinical-stage biopharmaceutical company, has successfully completed a significant funding round, bolstering its commitment to revolutionize mental healthcare through the development of innovative psychedelic treatments. The company announced the closure of its underwritten offering, raising a total of US$30 million. This financial milestone reflects Cybin’s growing prominence in the field of psychedelic research and mental health treatment.

The offering involved the issuance of 66,666,667 units at a price of US$0.45 per unit. Each unit comprises one common share and one warrant to purchase an additional common share at US$0.51, exercisable six months post-issuance until May 14, 2029. This strategic financial maneuver is designed to strengthen Cybin’s capital structure and provide flexibility for future growth.

• MJBizCon is the next big event with thousands expected to attend MJBizCon which has become the biggest conference in cannabis in the world (Nov 28-Dec 1st) use 23HCN10 for a double digit ticket discount.
• Rachelle Gordon, frequent contributor for Beard Bros and Senior Editor at GreenState, has an easy to view sheet of all the PARTIES in MJBizCon, a sheet she continually updates. Check out Event-Hi here too.
• Check out the short video here showing attendees at the women-only event called the Blunt Brunch gather for a photograph here.  The Blunt Brunch was in San Diego, and their next big Blunt Brunch is at MJBizCon. Blunt Brunch is an excellent support network for women entrepreneurs. Find out more about their next events in the coming weeks here.

Stay tuned to Highly Capitalized for more updates as the cannabis and psychedelic industries continue to shape the future at the intersection of wellness and innovation. Subscribe to our newsletter and follow us on LinkedIn.