Week In Review: Ohio Comes On Line; Texas Cities Advance Cannabis Decriminalization Efforts; Tilray Expands in Portugal; Philippine Lawmakers Push for Medical Cannabis Legalization

LOS ANGELES–Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets with some states doing amazingly well. And some, well…they’re not doing so well (hello New York). Let’s get to it!

Cannabis Industry Highlights

#1 Texas Cities Advance Cannabis Decriminalization Efforts Amid Legal Challenges: Activists in several Texas cities are pushing for cannabis decriminalization, with measures set to appear on the November ballot in Lockhart, Dallas, and potentially Bastrop. These initiatives aim to reduce penalties for possession of cannabis, reflecting a broader trend in the state towards relaxing enforcement despite Texas’ strict regulations.

#2 Tilray Expands Medical Cannabis Portfolio in Portugal: Tilray Brands, Inc.  has announced a new achievement in its European medical cannabis operations. The company received approval for its new product, Tilray Solução Oral THC10, in Portugal. This follows earlier approvals for Tilray Medical’s whole flower THC 18 and another cannabis extract in the country.

#3 Philippine Lawmakers Push for Medical Cannabis Legalization: The Philippines is making another attempt to legalize medical cannabis, with the House of Representatives approving a new bill on Tuesday. The measure, passed by a vote of 177-9, seeks to establish a medical cannabis office under the Department of Health. This office would be responsible for formulating regulations regarding the medical use of cannabis.

#4 COMPASS Pathways Evaluates Prospects Despite Earnings Miss: COMPASS Pathways  reported a quarterly loss of $0.55 per share on May 8th, missing analysts’ expectations of a $0.52 loss. The company is forecasted to post a loss of $2 per share for the current and next fiscal years.

#5 Trulieve Contributes $5 Million to Florida Recreational Cannabis Campaign: a Chicago-based cannabis operator, has reached an agreement to acquire the plant-touching operations of The Cannabist Co. in Arizona and Virginia. The acquisition, valued at $105 million in a mix of cash, stock, and promissory notes, will expand Verano’s presence to 14 U.S. markets, according to a Monday announcement.

#6. 98 is the number of dispensaries opening this week in Ohio. Read our article here for more details on Ohio’s momentous news.

Psychedelic Sector Update

#1 Incannex Healthcare Receives FDA Approval for Phase 2 Clinical Trial of Psilocybin Therapy: Incannex Healthcare Inc. a clinical-stage pharmaceutical company, has received approval from the US Food and Drug Administration (FDA) to commence a Phase 2 clinical trial for its psilocybin pharmaceutical formulation, PSX-001, in combination with psychotherapy for patients with generalized anxiety disorder in the United States and the United Kingdom.

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.