Week In Review: Massachusetts Approves Historic Maritime Cannabis Transport; NCAA Removes Cannabis from Banned Substance List; Brazil Decriminalizes Cannabis; Maryland Launches Cannabis Workforce Development Program

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 Massachusetts Approves Historic Maritime Cannabis Transport: The Massachusetts Cannabis Control Commission (CCC) has made a groundbreaking decision by permitting the first-ever maritime transport of state-legal cannabis between the mainland and the islands of Martha’s Vineyard and Nantucket. This historic ruling promises to revitalize the cannabis industries on these islands and set a new standard for cannabis transportation laws.

#2 NCAA Removes Cannabis from Banned Substance List for Championships: The NCAA Division I Council made a significant policy shift on Tuesday, voting to remove cannabinoids from the banned substance list for championships and postseason football participation, effective immediately. This decision marks a pivotal change in the treatment of student-athletes’ cannabis use, aligning with the broader trend of increasing acceptance of cannabis in sports.

#3 Maryland Launches Cannabis Workforce Development Program: Maryland is set to launch a new Cannabis Workforce Development Program, aimed at supporting residents interested in joining the state’s expanding cannabis industry. The program will prioritize individuals and communities directly impacted by the War on Drugs, with a focus on those with a history of cannabis-related offenses. The initiative is a collaborative effort between the Maryland Cannabis Administration and the Maryland Department of Labor’s Employment Advancement Right Now (EARN) Program.

#4 Brazil’s Supreme Court Decriminalizes Cannabis Possession for Personal Use: Brazil’s Supreme Court has voted to decriminalize the possession of cannabis for personal use, marking a significant change in the country’s drug policy. This decision, reached after deliberations that began in 2015, reflects a shift towards addressing inequities in Brazil’s criminal justice system. While the sale of cannabis remains illegal, the ruling focuses on personal use, though specifics regarding the maximum allowable amount and the effective date are still pending.

Psychedelic Sector Update

#1 Cybin Inc. Reports Financial Results and Prepares for Phase 3 Study of Lead Drug CYB003: Cybin Inc. announced its audited financial results for the fiscal year ending March 31, 2024. The company, which currently has no revenue, reported cash holdings of C$209 million at the end of the fourth quarter.

#2 MindBio Therapeutics Releases Positive Results from Phase 2A LSD Microdose Trial: Canadian psychedelics firm MindBio Therapeutics Corp. on Friday released durability results from its Phase 2A trial for its patented take-home microdose version of lysergic acid diethylamide (LSD), designed to treat depression with “sub-hallucinogenic” doses. The trial found the drug “is a safe and effective drug for treating depression with a psychedelic medicine to patients out in the community.”

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