Week In Review: First Year of Legal Cannabis Sales Brings $1.1 Billion to Maryland; Nebraska Advocates Submit Over 114,000 Signatures for Medical Cannabis Campaign

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 First Year of Legal Cannabis Sales Brings $1.1 Billion to Maryland: Maryland’s combined medical and adult-use retail cannabis sales have exceeded $1.1 billion in the first 12 months following legalization, Governor Wes Moore announced Wednesday.

#2Nebraska Advocates Submit Over 114,000 Signatures for Medical Cannabis Campaign: Nebraska cannabis advocates have turned in more than 114,000 signatures for their petition to legalize medical cannabis in the state, according to the Nebraska Examiner. The campaign, led by Nebraskans for Medical Marijuana, requires approximately 86,500 signatures from registered voters, including signatures from at least 5% of voters in 38 of Nebraska’s 93 counties, to place the issue on the November ballot.

#3 Stockton University to Offer New Undergraduate Degree in Cannabis Studies: Stockton University in New Jersey is set to become the first school in the state to offer an undergraduate degree in cannabis studies. The Bachelor of Science in Hemp and Cannabis Business Management will be available through Stockton’s School of Business starting this fall.

#4 Thailand’s Cannabis Advocates Rally Against Proposed Recreational Use Ban: Two years after cannabis was decriminalized in Thailand, nearly a hundred advocates marched to the prime minister’s office on Monday to protest a possible ban on general use. This comes after the health ministry’s drug control committee approved a proposal on Friday to relist cannabis as a narcotic, limiting its use to medical and research purposes. The proposal will be submitted to the Office of the Narcotics Control Board this week and could take effect on January 1.

Psychedelic Sector Update

#1 Silo Pharma Secures Exclusive License for PTSD Treatment Development: Silo Pharma, Inc. a developmental stage biopharmaceutical company, has announced an exclusive global license agreement with Columbia University to develop, manufacture, and commercialize its lead drug candidate, SPC-15. This intranasal treatment targets stress-induced affective disorders and PTSD.

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