Week In Review: Georgia Seeks $150 Million in Damages in Federal Lawsuit Against Cannabis Brands: U.S. Navy and Air Force Adapt Recruitment Policies to Reflect Societal Changes on Cannabis Use: Thailand’s Cannabis Industry Faces Major Shift with New Draft Law

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.

Business News

#1. Georgia Seeks $150 Million in Damages in Federal Lawsuit Against Cannabis Brands: In a significant legal challenge within the cannabis industry, the state of Georgia has initiated a federal lawsuit against prominent California-based cannabis brands STIIIZY and Cookies, along with several other entities. The suit alleges racketeering activities centered around the sale of marijuana products falsely marketed as legal hemp, with claims for damages amounting to $150 million.

#2 U.S. Navy and Air Force Adapt Recruitment Policies to Reflect Societal Changes on Cannabis Use: In a landmark shift reflecting broader societal and legal changes, the U.S. Navy has announced a significant adjustment to its recruitment policies regarding cannabis use. This policy modification, aimed at recruits who initially test positive for THC—the main psychoactive component in cannabis—marks a departure from the strict disqualification stance traditionally held by the military.

#3 Thailand’s Cannabis Industry Faces Major Shift with New Draft Law: In a significant move that could reshape the cannabis landscape in Thailand, the government is preparing to introduce a draft law aimed at curbing the sale of cannabis for adult use and refocusing the burgeoning industry towards medicinal purposes. This pivot comes after a period of rapid growth in the recreational cannabis sector, sparked by the 2022 decision to declassify cannabis as a narcotic, which led to the emergence of thousands of cannabis businesses across the country.

While the expansion presents potential advantages for smaller retail operators seeking to offload their stores, some insiders in Ontario’s cannabis retail industry advise caution, noting that buyers’ offers may not align with sellers’ expectations.

Psychedelic Market Highlights:

#1. Silo Pharma Advances in Ketamine-Based Treatment for Chronic Pain: In a significant stride toward innovative treatment for chronic pain conditions, Silo Pharma, Inc. (Nasdaq: SILO), a biopharmaceutical company in its developmental stage, announced promising developments in its ketamine implant, SP-26. The company, known for its work on novel formulations and drug delivery systems for both traditional therapeutics and psychedelic treatments, is targeting fibromyalgia with this new approach.

#2. Massachusetts Lawmakers Advance Therapeutic Psilocybin Proposal: In an effort to uphold its stringent stance against cannabis, Idaho legislators are deliberating on a new bill aimed at prohibiting advertisements for cannabis products, especially those coming from out-of-state businesses. This legislative move comes in response to the growing visibility of cannabis advertisements, which, despite being legal in several neighboring states, remains illegal within Idaho’s borders.

Events

Highly Capitalized announce coverage and/or filming at the following upcoming events:

Benzinga’s Cannabis Capital Conference Deal-making conference; Los Angeles 22nd February

Blunt Brunch Women-only networking event; San Diego 23 February

Hall of Flowers Cannabis brands & business exposition March 13 & 14; Ventura, California

InternationalCBC Cannabis business exposition 14 March, Barcelona Spain

The Cannabis Summit European Cannabis networking event; 11-12 April 2024

More dates are added regularly so follow Highly Capitalized for more information.

To have all our content delivered right to your inbox, and never miss a beat, subscribe to our newsletter at highlycapitalized.com  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.