Week In Review: Colorado Voter Initiative Challenges Federal Law on Cannabis Users’ Gun Rights: MedMen Reduces Operations to Four States with Sale of Arizona and Nevada Assets: Biden’s Groundbreaking Pardons Signal a Paradigm Shift in Cannabis Policy and Justice Reform:

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

Financial News: Cannabis equities have slowed last week following the wave of positive momentum triggered by the HHS rescheduling recommendation on August 29th, 2023, propelled MSOS ETF to an impressive 9% surge up to last wewek. Despite a subsequent dip in trading last week, cash and investments continue to flow into Multi-State Operators (MSOs).

#2. MedMen Reduces Operations to Four States with Sale of Arizona and Nevada Assets: MedMen Enterprises Inc., a Florida-based cannabis company known for its extensive operational struggles, has taken a significant step in restructuring its business. On Wednesday, the company announced its decision to divest its cannabis assets in Arizona and Nevada, selling them to Mint Cannabis, an Arizona-based multistate operator. This strategic move signals MedMen’s exit from these markets, effectively reducing its operational footprint to just four states.

#3. Biden’s Groundbreaking Pardons Signal a Paradigm Shift in Cannabis Policy and Justice Reform: In a groundbreaking move addressing the historical injustices wrought by the nation’s approach to cannabis, President Joe Biden has wielded his executive powers to grant pardons to thousands ensnared in the web of convictions for cannabis use and possession this week. This significant executive action, targeting offenses committed on federal lands and in the District of Columbia, is another step in the Biden administration’s stated commitment to rectifying racial disparities within the justice system.

#4 Italian Cannabis Reform Campaign Nears Signature Milestone in Record Time: In an unprecedented surge of public support, a campaign for cannabis reform in Italy has achieved nearly half the required signatures in just one week to bring the issue before the Parliament. This development signals a growing momentum in Europe for cannabis legislation, following Germany’s anticipated legalization of adult-use cannabis in 2024.

Psychedelic Market Highlights:

#1. Sunstone Therapies Reports Breakthrough in Psilocybin-Assisted Therapy for Cancer Patients with Depression;  Sunstone Therapies, a organization in psychedelic-assisted therapy, recently announced notable findings from its phase 2 clinical trial, published in the journal Cancer. This trial marks a significant step in understanding the potential of psilocybin, a psychedelic compound, in treating major depressive disorder (MDD) among cancer patients.

#2 Numinus and Cedar Clinical Research Join Beckley Psytech’s Phase 2b Psychedelic Trial for Depression; Recognized for approach to mental health care, has announced a significant milestone in psychedelic-assisted therapies. Its research arm, Cedar Clinical Research (CCR), has been selected as a pivotal site for a groundbreaking Phase 2b clinical trial by Beckley Psytech, focusing on Treatment Resistant Depression (TRD).

This study is designed to assess the efficacy and safety of Beckley Psytech’s unique intranasal formulation of synthetic 5-Methoxy-N, N-Dimethyltryptamine (5-MeO-DMT), known as BPL-003. The trial follows the U.S. FDA’s approval for the Phase 2b study of this short-acting psychedelic compound, a first in its category. CCR’s involvement in this trial reinforces its position as a leader in psychedelic clinical research and aligns with its commitment to exploring innovative mental health solutions.

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.