Week In Review: Canopy Growth to Fully Acquire Acreage Holdings in Strategic Expansion: California Reinvests Cannabis Tax Revenue to Support Communities: Vermont Medical Cannabis Patient Appeals Denial of Unemployment Benefits to State Supreme Court:

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 Canopy Growth to Fully Acquire Acreage Holdings in Strategic Expansion: Canadian cannabis company Canopy Growth has agreed to acquire all issued and outstanding Class E shares of Acreage Holdings, a U.S.-based multistate cannabis operator. This acquisition is part of Canopy’s broader strategy to expand its presence in the U.S. market.

#2California Reinvests Cannabis Tax Revenue to Support Communities: The California Community Reinvestment Grants (CalCRG) Program has announced over $45 million in grants for Fiscal Year 2023-24, aiming to uplift communities impacted by the War on Drugs. This initiative represents a significant step toward addressing the adverse effects of past drug policies.

#3 South Africa Legalizes Cannabis for Personal Use: South Africa has become the first country in Africa to legalize cannabis for personal use. The Cannabis for Private Purposes Act was signed into law by President Cyril Ramaphosa on May 28, just days before the African National Congress (ANC) lost its majority in Congress on May 29.

#4 South Dakota Adult-Use Cannabis Initiative to Appear on 2024 Ballot: South Dakota voters will have another opportunity to decide on the legalization of adult-use cannabis. Initiated Measure 29, which aims to legalize the recreational use, possession, and distribution of cannabis, will be on the ballot for the 2024 general election on November 5.

Psychedelic Sector Update

#1Beckley Psytech Launches Study on Neurophysiological Effects of Synthetic 5-MeO-DMT: Beckley Psytech, a private psychedelics medicine company, announced on Monday the commencement of a new research study investigating the neurophysiological effects of BPL-003, its novel synthetic intranasal formulation of 5-MeO-DMT, on the human brain. The study, funded by Beckley Psytech, is being conducted at Imperial College London.

#2Filament Health Receives Authorization for Phase 2 Clinical Trial of Psilocybin for MAUD Treatment: Filament Health, a psychedelic drug development company, has received authorization from Health Canada and the United States Food and Drug Administration (FDA) to conduct a Phase 2 clinical trial of its botanical psilocybin drug candidate, PEX010, for the treatment of methamphetamine use disorder (MAUD). This marks the first clinical trial to investigate the safety and efficacy of botanical psilocybin in treating MAUD.

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