Week’s In Review: TerrAscend Corp. Announces $10 Million Share Buyback Program; Bipartisan Lawmakers Push for MDMA Therapy for PTSD as FDA Decision Looms; Verano Acquires Cannabist Company’s Operations in Arizona and Virginia for $105 Million

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 TerrAscend Corp. Announces $10 Million Share Buyback Program: TerrAscend Corp., a prominent North American cannabis company, has initiated a normal course issuer bid (NCIB) to repurchase up to $10 million of its common shares over the next 12 months. The program, which begins on August 22, 2024, was approved by the company’s board of directors and reflects TerrAscend’s confidence in its growth prospects and commitment to enhancing shareholder value.

#2 Bipartisan Lawmakers Push for MDMA Therapy for PTSD as FDA Decision Looms: In a rare show of bipartisanship, 80 members of Congress have united to urge President Joe Biden and the FDA to prioritize research on MDMA-assisted therapy for treating post-traumatic stress disorder (PTSD). The initiative, which seeks to fast-track access to new treatment options, is driven by a rising veteran suicide crisis and the limitations of existing PTSD therapies.

#3 Verano Acquires Cannabist Company’s Operations in Arizona and Virginia for $105 Million: Verano Holdings Corp., a major multi-state cannabis operator, has announced agreements to acquire the Arizona and Virginia operations of The Cannabist Company Holdings Inc. The $105 million deal positions Verano to enter the Virginia market ahead of a potential adult-use program and expand its presence in Arizona.

#4 Out-of-State Applicants Dominate Minnesota’s Early Cannabis License Applications: Ohio’s newly launched adult-use cannabis market saw a strong start, generating over $11.5 million in sales during its first five days, according to data from the Ohio Division of Cannabis Control (DCC). The figures highlight the early enthusiasm for recreational cannabis sales, following the state’s legalization that went into effect in December 2023.

#5Morocco Pardons 5,000 for Illegal Cannabis Cultivation in Push Toward Legal Market: Morocco’s King Mohammed VI has pardoned nearly 5,000 individuals previously convicted or wanted for illegal cannabis cultivation, a move aimed at facilitating the transition to the legal cannabis market. The royal pardon is intended to incentivize farmers in Morocco’s traditional cannabis-growing regions to engage in licensed cultivation, which has been legal for medical and industrial purposes since 2021.

#6.Ascend Wellness Expands Recreational Cannabis Sales in Ohio.: Ascend Wellness Holdings, Inc.  a cannabis operator, announced the expansion of recreational cannabis sales in Ohio to its fifth dispensary in Carroll. The move comes after the company successfully transitioned four other locations—Cincinnati, Coshocton, Piqua, and Sandusky—to non-medical sales last week. The Carroll dispensary, located at 3560 Dolson Ct NW, is now open for recreational sales to customers aged 21 and over.

Psychedelic Sector Update

#1 MindBio Reports Sustained Antidepressant Effects from Microdosing LSD in Phase 2A Depression Trials: MindBio Therapeutics Corp. a Vancouver-based biopharmaceutical company, has announced promising durability data from its Phase 2A clinical trials testing MB22001, a proprietary microdosed LSD treatment for depression. The study, which involved self-administered, take-home microdoses, showed that patients experienced a 62.8% reduction in depressive symptoms three months after completing an 8-week course.

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