Insights
West Virginia Eyes Cannabis Legalization in Fight Against Fentanyl Crisis
NEW YORK— As West Virginia's legislative session unfolds, the topics of cannabis legalization and the fentanyl crisis are taking center stage. Senate President Craig Blair, speaking at a press event on January 5, indicated that cannabis could play a role in combating the state's escalating fentanyl problem, although he was unsure if legalization would occur ...
Ohio Governor Advocates for Ban on Intoxicating Hemp Products Amid Cannabis Regulation Efforts
LOS ANGELES— Ohio Governor Mike DeWine has urged state legislators to ban hemp-derived cannabinoids, including delta-8 THC, citing potential risks to children. The call for legislative action comes as Ohio prepares to navigate the complexities of recreational cannabis regulation following its recent legalization. DeWine, addressing the issue at a press conference, expressed concern over the ...
Wisconsin Navigates the Complex Path Toward Cannabis Legalization Amid Political Divide
LOS ANGELES- Wisconsin’s journey toward cannabis legalization is unfolding against a backdrop of political complexities, with Governor Tony Evers, a Democrat, indicating openness to a Republican-led medical cannabis legalization plan. This stance emerges as broader cannabis policy reform remains unlikely due to the state's Republican-majority legislature. Governor Evers, a proponent of recreational cannabis legalization, has ...
Challenges Persist in New York’s Transition to Legal Cannabis Market Amid Illicit Trade
NEW YORK- As New York's legal cannabis market surpasses its first year, significant challenges remain in curbing the state's rampant illicit cannabis trade. Despite efforts by the New York Office of Cannabis Management (OCM), the vast scale of underground operations poses questions about the effectiveness of the state's strategy to transition to a fully licensed ...
Mississippi Health Officials Issue Retesting Order for Medical Cannabis Products
LOS ANGELES- In a significant move to ensure public safety, Mississippi health officials have mandated the retesting of approximately 70% of the medical cannabis products available in the state. This decision comes in response to an anonymous tip alleging the contamination of these products with pesticides. The state Department of Health, acting on the information ...
Cybin Inc. Advances Psychedelic Therapy with Promising Phase 2 Results and Upcoming Trials
LOS ANGELES- Cybin Inc., a clinical-stage biopharmaceutical company at the forefront of psychedelic-based mental health treatments, recently announced encouraging results from its Phase 2 study of CYB003 for Major Depressive Disorder (MDD) and outlined key milestones for its upcoming clinical trials. The company's Phase 2 findings revealed a significant breakthrough in treating MDD. The study ...
AMA Introduces Psychedelic Therapy Codes Amidst FDA Review of Prescription MDMA
-LOS ANGELES The American Medical Association (AMA) has taken a significant step in the realm of psychedelic therapy by introducing specific codes for these treatments. This development aligns with the Food and Drug Administration's (FDA) ongoing evaluation of MDMA as a potential prescription medication for post-traumatic stress disorder (PTSD). In July, the AMA, in collaboration ...
Silo Pharma Advances in Development of Ketamine-Loaded Implant for Chronic Pain Treatment
LOS ANGELES- In a significant step towards innovating chronic pain management, developmental-stage biopharmaceutical company Silo Pharma, Inc. (Nasdaq: SILO) has reported notable progress in the development of SP-26, a ketamine-loaded implant designed for home treatment of fibromyalgia and other chronic pain conditions. Working collaboratively with Sever Pharma Solutions, Silo Pharma is conducting analytical testing and ...
New Mexico Achieves Record-Breaking Cannabis Sales in December
LOS ANGELES— New Mexico's cannabis market has set a new monthly sales record in December, with total sales surpassing $50.4 million, a significant milestone in the state's burgeoning legal cannabis industry. The latest figures released by the New Mexico Cannabis Control Division reveal a robust growth trajectory, with the state's total cannabis sales since market ...
Tennessee Hemp Industry Faces Potential Setback from New Regulatory Proposals
LOS ANGELES- Tennessee's burgeoning hemp industry is confronting potential challenges due to new regulatory proposals by the state's Department of Agriculture. Business owners and growers within the state are voicing concerns that these new rules, if implemented, could significantly hinder the industry's growth and viability. In a recent legislative move, the Tennessee General Assembly passed ...
atai Life Sciences Reveals Promising Results from EMP-01 Phase 1 Study
NEW YORK- atai Life Sciences, a clinical-stage biopharmaceutical company, has announced encouraging results from its Phase 1 study of EMP-01, an orally administered R-enantiomer of MDMA. This study, a significant step in the company's mission to revolutionize mental health treatment, was designed to assess the safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) of EMP-01. The ...
Oakland Tragedy Highlights Urgent Need for Federal Cannabis Policy Reform
LOS ANGELES- A somber mood envelops the Oakland Police Department following the tragic death of Officer Tuan Le, who was fatally shot while responding to a burglary at a cannabis dispensary. The incident underscores a pressing national issue: the impact of federal inaction on cannabis policy, which significantly elevates risks for dispensary workers, the public, ...
Virginia’s Legislative Shift: A New Hope for Adult-Use Cannabis Sales
NEW YORK- The political landscape in Virginia is undergoing a significant transformation as Democrats regain full control of the General Assembly, bringing renewed optimism for the launch of an adult-use cannabis market. This development comes with high expectations, as projections suggest the market could exceed $1 billion in sales within a few years, positioning Virginia ...
Alberta Introduces Progressive Cannabis Regulations to Boost Market and Consumer Access
LOS ANGELES- In a landmark move, Alberta, Canada, has announced new regulations set to invigorate the cannabis industry within the province, signaling a significant shift in the landscape of legal cannabis since its nationwide legalization in 2018. These regulations, poised to take effect on January 31, 2024, are expected to enhance both retailer flexibility and ...
Johns Hopkins Launches Pioneering Study on Medical Cannabis with $10 Million Grant
LOS ANGELES- In a significant development in the realm of medical cannabis research, Johns Hopkins University School of Medicine has embarked on an ambitious project to track 10,000 medical cannabis patients across the United States. This extensive study, fueled by a $10 million grant from the National Institute on Drug Abuse (NIDA), aims to shed ...
Australia’s First Psychedelic-Assisted Therapy Clinic Receives Key Endorsement, Paving Way for Innovative Mental Health Treatments
NEW YORK- In a significant milestone for mental healthcare in Australia, Incannex Healthcare Ltd's subsidiary, Clarion Clinics, has received the Human Research Ethics Committee (HREC) endorsement for its pioneering psychedelic-assisted therapy clinic in Melbourne. This endorsement represents a crucial step in the administration of psychedelic drugs for therapeutic purposes in Australia, especially for conditions like ...
Pennsylvania Advances Fair Competition in Medical Cannabis with SB 773
NEW YORK- Governor Josh Shapiro has signed into law SB 773, a bill poised to revolutionize Pennsylvania's medical cannabis market by promoting fair competition and challenging the dominance of major multistate operators (MSOs). This legislation represents a significant shift from the existing constraints that have hindered the growth of small and medium-sized businesses in the ...
Missouri’s Cannabis Microbusiness License Program Under Scrutiny Amid Ineligibility and Exploitation Concerns
NEW YORK– Missouri's well-intentioned microbusiness license program, designed to foster diversity and inclusion in the burgeoning cannabis industry, is now facing significant scrutiny. Recent findings have revealed a disturbing trend of ineligible applicants receiving licenses, and out-of-state companies exploiting the system, casting a shadow over the program's integrity and fairness. Established in November 2022 as ...
Massachusetts Eases ‘Two Agent Rule’ for Cannabis Deliveries, Boosting Industry Efficiency
LOS ANGELES- In a significant development for the cannabis industry in Massachusetts, the state's Cannabis Control Commission (CCC) has voted to amend the longstanding "Two Agent Rule" for cannabis deliveries. This decision marks a pivotal change for delivery companies in the state, reducing operational costs and increasing efficiency. The "Two Agent Rule," which mandated two ...
Global Recreational Cannabis Market on Track to Reach $50 Billion by 2027, Report Finds
LOS ANGELES- In a significant development for the global cannabis industry, a recent report from Prohibition Partners, a leading U.K.-based cannabis data, media, and technology firm, projects a dramatic expansion in the worldwide market for legal adult-use cannabis. The report estimates that by 2027, global sales will nearly double, reaching around $50 billion, driven largely ...
Revive Therapeutics Ltd. Announces Key Decisions and Appointments at Annual Shareholders Meeting
LOS ANGELES- Revive Therapeutics Ltd., a specialty life sciences company, held its annual general and special meeting of shareholders on Tuesday, December 19, 2023, in Toronto, Ontario. The meeting concluded with significant decisions affecting the company's future trajectory. Unanimous Support for Key Resolutions During the meeting, shareholders overwhelmingly supported all the proposals outlined in the ...
Decade of Discovery, Cannabis Studies Amid Legalization
NEW YORK— A significant surge in scientific research related to cannabis has been noted in the past ten years, coinciding with widespread legalization movements across the United States. This trend was highlighted by NORML, a cannabis advocacy group, which reported an extraordinary increase in the volume of peer-reviewed scientific papers on the subject. According to ...
Incannex’s Subsidiary Clarion Clinics Gains Ethics Endorsement for Psychedelic-Assisted Therapies
LOS ANGELES- Incannex Healthcare Ltd a clinical stage pharmaceutical development company, has announced a significant advancement in the field of psychedelic-assisted therapies. Its subsidiary, Clarion Clinics, received Human Research Ethics Committee (HREC) endorsement for administering psychedelic-assisted therapies for Treatment Resistant Depression (TRD) and Post-Traumatic Stress Disorder (PTSD). This approval marks a critical step in legitimizing ...
Mydecine Innovations Group Announces Major Patent Progress for Novel Psilocin Analog
LOS ANGELES- Mydecine Innovations Group Inc, a biotechnology company in mental health and addiction treatment, has recently announced a significant breakthrough. The United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for the company's MYCO-005 compound, titled “Novel Aza-Substituted Psilocin Analogs And Methods Of Synthesizing The Same Unique Compound (US20230348380A1)”. This ...
OPINION: How the CDTFA Bilked Millions from CA Cannabis Consumers and How We Stop Them
LOS ANGELES- The voter approved Prop 64 law granted California excise taxing authority on cannabis & cannabis products. The rate of 15% was originally to be collected by retailers. The statutory definition of this taxing authority is specific to mean only the flower or products made from the plant should be taxed. Non-taxable portions of ...
