News
Cannabis Legalization in North Carolina
LOS ANGELES- In North Carolina, the path to legalizing recreational cannabis remains uncertain, with recent legislative efforts failing to achieve the necessary bipartisan support. The state's cautious approach, especially the lack of Republican backing, highlights the political hurdles facing pro-cannabis legislation. Economic considerations are a significant factor in the cannabis legalization debate. Projections suggest that ...
California Advances Regulated Psychedelic Therapy Bill
LOS ANGELES- California's legislative body has taken a significant step towards the formal integration of psychedelic therapy into medical practice with the Senate Business, Professions and Economic Development Committee's recent approval of Senate Bill 1012. The bill, championed by Senator Scott Wiener of San Francisco, aims to create licensed centers where adults aged 21 and ...
U.S. House Committee Advances Cannabis and Psychedelics Research Bills for Veterans
NEW YORK- The House Committee on Veterans' Affairs has recently passed two significant bills concerning the use of cannabis and psychedelics for veterans, gaining unanimous support among the committee members. The proposals, reported by Marijuana Moment, were considered along with a broader package of legislation. The first measure, the Veterans Cannabis Analysis, Research and Effectiveness ...
Missouri Records $125M in Cannabis Sales for March
LOS ANGELES- Missouri has achieved a new milestone in cannabis sales, registering a record-breaking $124.7 million in combined medical and adult-use cannabis sales for March, as reported by the Division of Cannabis Regulation (DCR). This figure surpasses the previous records, highlighting a significant uptick in consumer spending within the state's cannabis markets. In detail, adult-use ...
Cybin Inc. Secures Patent for Psychedelic-Based Depression Treatment
LOS ANGELES- Cybin Inc., a biopharmaceutical company dedicated to improving mental healthcare through psychedelic-based therapies, has announced the granting of a new U.S. patent for its CYB003 program, aimed at treating Major Depressive Disorder (MDD). The patent, U.S. 11,958,807, is expected to ensure exclusivity for the company's innovative treatments until at least 2041. The patent ...
New York Accelerates Cannabis Licensing
NEW YORK- New York has issued over 400 adult-use cannabis licenses this year, a significant step as the state addresses the slow initial rollout that led to widespread unlicensed dispensaries. The state Cannabis Control Board (CCB) added 101 new licenses on April 12, encompassing various sectors including microbusiness, cultivation, processing, distribution, and dispensaries. Governor Kathy ...
Congressional Hearing Spotlights Need for Cannabis Rescheduling and Regulation Clarity
LOS ANGELES- At a recent House Oversight and Accountability Committee hearing, FDA Commissioner Robert Califf was rigorously questioned about the potential rescheduling of cannabis and the regulation of CBD products. The hearing underscored the growing need for clear, standardized federal guidelines for cannabis and CBD. The main focus of the hearing was the proposed shift ...
Numinus Wellness Announces Strategic Shift in Canadian Operations
LOS ANGELES- Numinus Wellness Inc. , has completed its strategic review and announced plans to reshape its Canadian clinical operations. This reorganization, referred to as the "Canadian Reorganization," aims to refocus the company's efforts on expanding its more profitable U.S. operations. The strategic review, assisted by Stifel Nicolaus Canada Inc., has led to the decision ...
Canopy Growth Shareholders Greenlight Exchangeable Shares for U.S. Expansion
LOS ANGELES- In a significant step towards penetrating the U.S. market, Canopy Growth Corporation announced that its shareholders have approved the creation of a new class of exchangeable shares. This strategic move is a key component of the company's U.S. market entry plan, known as Canopy USA, which is also bolstered by recent acquisitions of ...
Proposed Amendment Aims to Toughen Penalties for Kansas Hemp Farmers with High THC Levels
LOS ANGELES- In a recent development within Kansas legislative circles, a contentious amendment has been introduced that seeks to impose stricter penalties on hemp farmers whose crops test above a 1% THC threshold. This amendment, supported by law enforcement agencies and the lobbyist group Stand Up for Kansas, was initially presented during discussions on a ...
New Hampshire House Approves Cannabis Legalization Bill
NEW YORK- The New Hampshire House of Representatives has passed a bill to legalize adult-use cannabis, with a vote of 239 to 136, moving the proposal forward to the Senate where its outcome is less certain. This marks the third consecutive year the House has passed cannabis legalization reforms, yet the Senate has consistently declined ...
IRS Guidance Eases Cash Transaction Concerns for Cannabis Industry
LOS ANGELES- The Internal Revenue Service (IRS) recently issued a memo that clarifies handling cash transactions within the cannabis industry, providing a potential shift in federal treatment of the sector. This guidance focuses on the correct usage of Form 8300, which is required for cash payments exceeding $10,000, a common occurrence in cannabis businesses due ...
PharmaCielo Amplifies Presence in Asian Markets with Strategic Acquisition
LOS ANGELES- PharmaCielo, an international cannabis production, announced plans to broaden its footprint in Asian markets through a strategic acquisition aimed at leveraging its established product quality and unique genetic and formulation expertise. This expansion seeks to capitalize on the emerging opportunities in Asia, where there is growing acceptance of cannabinoid solutions. CEO Marc Lustig ...
M&A News: Staffing Firm Vangst Acquires CannabizTemp
DENVER-Vangst, the cannabis industry's leading hiring platform, has officially acquired CannabizTemp, the temporary staffing division of CannabizTeam. The acquisition was 50% cash, 50% stock, and is the first acquisition in the cannabis HR space. Vangst (PRNewsfoto/Vangst) Vangst launched Vangst GIGS, an on-demand hiring platform, in 2018 to address the cannabis industry's variable labor and hiring ...
Ontario Cannabis Retailer Incurs $200,000 Fine for Regulatory Non-compliance
LOS ANGELES- The Alcohol and Gaming Commission of Ontario (AGCO) has levied a fine of CA$200,000 against Cannabis Xpress for breaching provincial anti-inducement laws designed to regulate cannabis retail operations. The AGCO's inquiry, triggered by allegations of inducement-related activities, uncovered that Cannabis Xpress’ Data Services Program, along with other agreements with licensed producers, were part ...
Alabama Seeks to Reset Medical Cannabis Licensing with New Bill
LOS ANGELES- In an effort to resolve ongoing delays and legal complications in its medical cannabis program, the Alabama Senate Agriculture, Conservation, and Forestry Committee has endorsed Senate Bill 306, which proposes a comprehensive reset of the cannabis licensing process. This bill, introduced by Sen. Tim Melson, aims to discard all prior license approvals and ...
PharmAla Biotech Announces Private Placement Offering and Debt Settlement
LOS ANGELES- PharmAla Biotech Holdings Inc. a player in the biotechnology sector specializing in the development of LaNeo™ MDMA and its derivatives, has announced plans for a non-brokered private placement offering aiming to raise up to $750,000. The offering price is set at $0.18 per unit, with each unit comprising one common share and half ...
Surge in Canceled Cannabis Licenses and Rising Unpaid Excise Tax in Canada
NEW YORK- The Canadian cannabis industry is facing significant operational hurdles as evidenced by the sharp increase in business license cancellations. According to data from the Canada Revenue Agency (CRA), at least 123 federal cannabis business licenses were either canceled or pending cancellation in 2023, nearly triple the number from the previous year. This escalation ...
Clearmind Medicine Inc. Files Patent for Novel Therapeutic Approach to Treat Eating Disorders
LOS ANGELES- Clearmind Medicine Inc. a biotech company specializing in the discovery and development of psychedelic-derived therapeutics, has announced the filing of a patent application with the United States Patent and Trademark Office (USPTO) for the use of 3-methylmethcathinone (3-MMC) in the prevention and treatment of eating disorders, either alone or in conjunction with Palmitoylethanolamide ...
Sun Theory Holding Co. Acquires Terrapin Care Station’s Retail Operations in Colorado
LOS ANGELES- Sun Theory Holding Co. announced the acquisition of the Colorado retail operations of Terrapin Care Station, including five retail dispensaries, on Monday. This acquisition adds to Sun Theory's existing portfolio of eight retail locations in Colorado, which includes the 3D Cannabis Center in Salida, the Rec Room in Durango, and six Roots Rx ...
Maine Advances Psychedelic Research with Commission Bill Awaiting Governor’s Approval
LOS ANGELES- In a significant move towards exploring the therapeutic potential of psychedelic substances, Maine lawmakers have sent a bill to Governor Janet Mills that aims to establish a commission for studying and recommending regulatory frameworks for psychedelic services. The bill, known as LD 1914, has undergone amendments from its original version, shifting from legalizing ...
Silo Pharma Licenses Promising Alzheimer’s Disease Therapeutic from Columbia University
NEW YORK- Silo Pharma, Inc. a biopharmaceutical company specializing in novel formulations and drug delivery systems, has announced its decision to license a therapeutic candidate for Alzheimer's disease (AD), known as SPC-14, from Columbia University. This move follows a sponsored research and option agreement established in 2021. Under the terms of the impending license agreement, ...
Red Light Holland Advances in Psilocybin Research and Development
LOS ANGELES- Red Light Holland Corp., a North American and European producer of functional mushrooms and mushroom home grow kits, is set to provide an update on its Research and Development (R&D) collaboration with CCrest Laboratories Inc. and PharmAla Biotech Holdings Inc. The company has recently initiated the export of 5 kg of natural psilocybin ...
Montana’s Comprehensive Approach to Cannabis Regulation and Consumer Safety
LOS ANGELES- Montana's Cannabis Control Division (CCD) is spearheading efforts to ensure public health and safety through the implementation of the Montana Cannabis Regulation and Taxation Act. The legislation aims to provide safe access to regulated cannabis while reducing the prevalence of unregulated products in the market. The CCD's role involves collaborating with stakeholders such ...
Virginia Governor’s Veto Stalls Cannabis Legalization Progress
LOS ANGELES- In a recent development in Virginia's cannabis legalization movement, Governor Glenn Youngkin vetoed legislation that would have established a legal marketplace for adult-use cannabis. This move has been seen as a setback for advocates of cannabis reform in the state, where adult-use possession and cultivation were legalized in 2021. Governor Youngkin, known for ...
