Week In Review: GOP-Led House Committee Approves Spending Bill Blocking Cannabis Rescheduling; Canopy Growth Corporation Stock Performance and Upcoming Earnings Report

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 GOP-Led House Committee Approves Spending Bill Blocking Cannabis Rescheduling:A key Republican-led House committee has approved a large-scale spending bill that would block the Justice Department from rescheduling cannabis. Additionally, the bill amends a longstanding rider protecting medical cannabis states from federal interference by introducing enhanced penalties for sales near schools and parks. This decision comes as part of a broader legislative effort impacting cannabis regulations.

#2Canopy Growth Corporation Stock Performance and Upcoming Earnings Report: In the latest market close, Canopy Growth Corporation (CGC) reached $6.50, marking a +0.31% increase compared to the previous day. This performance was below the S&P 500’s daily gain of 0.55%. Meanwhile, the Dow and the tech-heavy Nasdaq saw increases of 0.62% and 0.63%, respectively.

#3 Snoop Dogg Launches First Licensed Cannabis Dispensary and Product Line: Snoop Dogg has launched his first licensed cannabis dispensary, S.W.E.D., and an exclusive product line under the Death Row Cannabis brand. The shop, located near LAX airport in Los Angeles, opened on July 14.

#4 Medical Cannabis Industry Demonstrates Strong Economic Contributions and Market Trends: The medical cannabis landscape continues to evolve, demonstrating significant economic contributions and offering vital insights into market trends. In 2024, data from licensed dispensaries and cultivation centers highlight robust retail and wholesale activities, reflecting growth and stability in this sector. This article delves into key figures from the past year and historical data to provide a comprehensive overview of the current state of the medical cannabis industry.

Psychedelic Sector Update

#1Numinus Wellness: Financial Challenges and Strategic Growth in Mental Health Care: Numinus Wellness is at the forefront of transforming mental health care, focusing on innovative treatments, strategic mergers, and operational refinements. This article delves into the market trends, financial performance, and strategic initiatives shaping the future of Numinus Wellness and the broader mental health landscape.

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