Week In Review: Minnesota’s Hemp-Derived THC Market Generates Over $10 Million in Taxes: Delaware Governor to Decide on Pathway for Medical Cannabis Companies to Enter Adult-Use Market:

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 Minnesota’s Hemp-Derived THC Market Generates Over $10 Million in Taxes: The Minnesota Department of Revenue reports that the state has generated $10,022,635 in taxes from hemp-derived THC products since the market launched nearly a year ago. This follows the state’s legalization of adult-use cannabis last year, with the full market expected to launch in 2025.

#2 Delaware Governor to Decide on Pathway for Medical Cannabis Companies to Enter Adult-Use Market: Delaware Governor John Carney, who previously opposed adult-use cannabis legalization, now faces the decision of whether to allow the state’s medical cannabis companies to transition into the forthcoming adult-use market. The General Assembly recently passed House Bill 408, which aims to create temporary conversion licenses for existing Medical Marijuana Compassion Centers to operate for adult-use purposes.

#3 California Pulls Cannabis Products from Shelves Due to Pesticide Concerns: California this week ordered product recalls for five licensed cannabis products, including four vape pens and a vape cartridge, due to contamination with chlorfenapyr, a banned pesticide. These products, sold by West Coast Cure (WCC), include the Birthday Cake, Lemon Cooler, Lucky Charmz Curepens, Slymer Live Resin Cartridge, and Watermelon Sorbet Curepen. The recall underscores ongoing concerns about pesticide contamination in California’s cannabis industry.

#4 Germany’s Cannabis Law: Maximizing Yield with the Three-Plant Limit: Germany’s new cannabis law, effective April 1, 2024, permits adults to grow up to three plants and possess up to 25 grams of cannabis for personal use. This regulation requires home cultivators to optimize their limited plant count to achieve the highest yield and quality. 

Psychedelic Sector Update

#1 Growing Interest in Microdosing Among Americans: Americans are increasingly curious about microdosing, a practice involving minimal consumption of psychedelics or cannabis over extended periods, according to a study by the University of California San Diego published in JAMA Health Forum.The study reveals a 1250% increase in Google searches about microdosing from 2015 to 2023, with over three million searches in 2023. Kevin Yang, M.D., a psychiatry resident at UC San Diego School of Medicine, led the research.

#2 Groundbreaking Belgian Study Explores Magic Mushrooms in Alcoholism Treatment: A pioneering clinical study at Brugmann Hospital in Brussels is exploring the use of psilocybin, the active ingredient in magic mushrooms, to treat alcohol addiction. Over the next two years, 62 participants will receive low or high doses of psilocybin in an effort to develop new addiction treatments.

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