Week In Review: Texas Poll Shows Majority Support for Cannabis Legalization; Federal Moves to Reclassify Cannabis: Missouri Allocates $19 Million in Cannabis Tax Revenue to Veterans, Treatment Programs, and Public Defense

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 Texas Poll Shows Majority Support for Cannabis Legalization: A statewide poll in Texas has revealed that six out of 10 adults support legalizing cannabis, marking the first time the poll has shown a solid majority. The Texas Lyceum Poll, now in its 18th year, indicates growing bipartisan support for cannabis legalization across traditionally conservative and liberal states.

#2.Federal Move to Reclassify Cannabis begins: The federal landscape surrounding cannabis usage in the United States is on the cusp of a historic transformation. The recent proposal to reclassify cannabis from a Schedule 1 controlled substance to a Schedule 3 marks the most significant shift in national cannabis law since 1970. This pivotal move initiates a formal rule making process and sets a course for redefining how cannabis is perceived and regulated at the federal level.

#3.Missouri Allocates $19 Million in Cannabis Tax Revenue to Veterans, Treatment Programs, and Public Defense: Missouri’s cannabis tax revenue has generated over $19 million, which has been allocated to support military veterans, expand substance use treatment programs, and fund the state’s Public Defenders System, according to the Missouri Independent. Last fall, each program received $1.3 million, with an additional $5.1 million each distributed earlier this month.

#4 Cansortium and RIV Capital to Merge, Expanding Cannabis Footprint Across Four States: Cansortium, a Florida-based vertically integrated cannabis operator, is set to merge with RIV Capital, operator of the Etain Health cannabis brand in New York. Under the merger terms, Cansortium will acquire all issued and outstanding Class A common shares of RIV Capital in exchange for Cansortium shares.

Psychedelic Sector Update

#1 VA Prepares for Potential Deployment of Psychedelic Treatments for PTSD: The U.S. Department of Veterans Affairs (VA) is strategizing the rapid deployment of psychedelic treatments for mental health disorders, should such therapies receive FDA approval. A planning document, reportedly reviewed by The Intercept, outlines the responsibilities of the “Psychedelic Medicine Integrated Project Team” within the VA.

#2Atlanta City Council Considers Psychedelic Therapies for Employee Healthcare: A proposal from an Atlanta City Council member is under consideration, aiming to include coverage for psilocybin and ketamine as mental health treatments in the city’s healthcare plan for firefighters, police, and other government workers.

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