Fairfax Bank Retreats from Servicing Cannabis Businesses
FAIRFAX – MainStreet Bancshares Inc., a community lender with $2.2 billion in assets, has shelved its Cannabis banking program just eight months after unveiling it as a growth driver. The decision, disclosed by CEO Jeff ...
Stiiizy Halts Sales at Catalyst Outlets as Leadership Clash Deepens
LOS ANGELES – Stiiizy, California's dominant Cannabis brand with a footprint in Arizona, Michigan, and Nevada, has stopped supplying its products to Catalyst Cannabis Co. stores, marking a sharp break in what was once a ...
Arizona Funds Nation’s First Whole-Mushroom Psilocybin Trial Targeting PTSD in Veterans & First Responders
PHOENIX – State officials in Arizona have authorized and financed what amounts to the country's initial controlled study of whole psilocybin mushrooms as a treatment for post-traumatic stress disorder (PTSD) among police officers, firefighters, and ...
Psilocybin Review Points to Rapid Relief for Treatment-Resistant Depression
LOS ANGELES – A new systematic review of clinical studies underscores psilocybin's potential to deliver quick and lasting reductions in depressive symptoms, offering a targeted option for patients who see little benefit from standard medications. ...
Vireo Takes 86% Stake in Schwazze’s Convertible Notes in $62M Deal
DENVER – Vireo Growth Inc., a multistate Cannabis operator, has entered into definitive agreements to purchase about 86% of the senior secured convertible notes held by Medicine Man Technologies Inc., which operates as Schwazze, for ...
France Upholds Pesticide Ban, Guaranteeing Survival of the Bees
LOS ANGELES- Over the past decade, France has stood at the center of Europe’s fight to protect pollinators from the devastating effects of pesticides. In 2018, the nation became the first EU member to ban ...
OPINION: The People Have Spoken: It’s Time to End Federal Cannabis Prohibition (and Release the Epstein Files)
LOS ANGELES- With 87% of Americans supporting Cannabis legalization — and nearly 80% demanding the release of the Epstein files — public consensus on reform and transparency has never been stronger. The question now is ...
Lebanon Legalizes Cannabis, Forms Oversight Body, Targeting $1B in Annual Revenue
BEIRUT – In a significant step forward in leveraging its Cannabis sector for economic relief, the Lebanese government established a dedicated committee to regulate the cultivation and sales of Cannabis under a long-dormant 2020 law. ...
Verano Shareholders Approve Corporate Home Relocation to Nevada
CHICAGO – Verano Holdings Corp. secured strong backing from investors to move its parent company's legal base from British Columbia, Canada, to Nevada. The approval came during a special shareholder meeting, clearing a key hurdle ...
Week in Review: Cannabis & Psychedelics Industry Highlights
LOS ANGELES – Executives and operators in the Cannabis and psychedelics sectors wrapped up another fortnight with a mix of regulatory headwinds, financial maneuvers, and market validations that underscore the sector's resilience. From bipartisan efforts ...
atai Life Sciences Announces Key Developments in Clinical Trials and Leadership Transition
LOS ANGELES- atai Life Sciences, a leading company in the mental health biopharmaceutical sector, has announced significant progress in its clinical trials and a strategic leadership transition, underscoring its commitment to advancing mental health care. ...
Silo Pharma Announces Positive Research Results on Depression Treatment
LOS ANGELES-Silo Pharma, Inc., a biopharmaceutical company specializing in novel formulations and drug delivery systems for traditional therapeutics and psychedelic treatments, has announced new research findings indicating promising advances in depression remission and relapse prevention. ...
California Assembly Passes Bill to Allow Food, Drinks, and Events at Cannabis Cafes
LOS ANGELES- The California State Assembly has approved legislation permitting licensed cannabis cafes to serve food and non-alcoholic beverages and host live events, such as music and other performances. The bill now advances to the ...
Glass House Withdraws Defamation Lawsuit Against Catalyst Cannabis
LOS ANGELES- Glass House Brands Inc. has retracted its defamation lawsuit against Catalyst Cannabis Co., citing concerns over Catalyst's financial viability and the potential harassment of its customers. This withdrawal marks a significant turn in ...
New Hampshire Senate Approves Cannabis Legalization Bill with State-Run Dispensaries
LOS ANGELES- The New Hampshire Senate has passed an adult-use cannabis legalization bill that includes a state-run dispensary system. The bill, favored by Republican Governor Chris Sununu, marks the first time the chamber has approved ...
Victoria to Launch World’s First Medical Cannabis Driving Trial
WORLD- Victoria, the first Australian state to legalize medical cannabis in 2016, is set to initiate a groundbreaking medical cannabis driving trial. As part of the Victorian Budget 2024/25, the Labor Government has allocated $4.9 ...
Delaware Bill Proposes Temporary Conversion Licenses for Medical Cannabis Retailers
NEW YORK- Sponsored by State Representative Ed Osienski and Senator Trey Paradee, House Bill 408 aims to create a pathway for medical cannabis retailers in Delaware to obtain temporary conversion licenses, enabling them to legally ...
Ayr Wellness Inc. Reports Q1 2024 Financial Performance
LOS ANGELES- Ayr Wellness Inc., a vertically integrated U.S. multi-state cannabis operator, has reported significant financial advancements in the first quarter of 2024, underscoring its commitment to sustainable and profitable growth. The company aims to ...
California’s Proposal to Legalize Psychedelic Treatment Centers Fails for the Year
LOS ANGELES- The proposal to legalize psychedelic treatment centers in California has been shelved for the year. The initiative was developed in response to concerns raised by Governor Gavin Newsom (D) after he vetoed a ...
Iowa Imposes Stricter Limits on Hemp-Derived THC Products
LOS ANGELES- Iowa Governor Kim Reynolds signed multiple bills into law on Friday, including House File 2605, which aims to close loopholes in state and federal hemp laws. This bill imposes new restrictions on hemp-derived ...
Cannabis Stocks Surge Following Biden’s Reclassification Announcement
NEW YORK- At 1 p.m. on May 16, Biden shared a video on X, declaring the U.S. Department of Justice's decision to reclassify cannabis. This announcement led to a swift increase in cannabis-related stocks, reflecting ...
Cresco Labs Reports First Quarter Financial Performance
LOS ANGELES- Cresco Labs reported first-quarter revenues of $184 million, reflecting the company’s growth trajectory in the competitive cannabis market. This increase in revenue is attributed to market expansion and enhanced product offerings under its ...
DEA Report Highlights Shifts in U.S. Drug Trafficking Trends
LOS ANGELES- The Drug Enforcement Administration (DEA) released its 2024 National Drug Threat Assessment (NDTA) on May 9, providing an in-depth analysis of illegal drug and trafficking trends in the United States. DEA Administrator Anne ...
Canopy Growth Raises $50 Million Through Exchange and Subscription Agreement
LOS ANGELES- Canopy Growth, a cannabis producer based in Smiths Falls, Ontario, has raised approximately $50 million (68 million Canadian dollars) in gross proceeds through an exchange and subscription agreement with an institutional investor. The ...
DEA Report Highlights Growing Threat from Synthetic Drugs and Illegal Cannabis Operations
LOS ANGELES- The Drug Enforcement Administration (DEA) released its 2024 National Drug Threat Assessment (NDTA) on May 9, detailing illegal drug and trafficking trends in the United States. DEA Administrator Anne Milgram emphasized the shift ...
47 Ohio Municipalities Ban Adult-Use Cannabis Businesses Ahead of Program Launch
LOS ANGELES- As Ohio prepares for the launch of its adult-use cannabis program, several dozen municipalities have implemented temporary bans on adult-use cannabis businesses. Research from Ohio State University, summarized by Cleveland.com, indicates that as ...
Analysis: Adult-Use Cannabis Markets Generate Over $20 Billion in State Tax Revenue
Washington, DC (NORML): Taxes derived from the licensed sale of state-regulated cannabis products totaled more than $4 billion in 2023, according to an analysis provided by the Marijuana Policy Project. MPP’s estimates do not include revenues derived from ...
Biden Administration Begins Formal Rulemaking Process Downgrading Cannabis to Less Dangerous Drug
WASHINGTON, D.C. - President Joe Biden is officially advancing plans to ease federal cannabis restrictions. Today, Biden announced his administration's intention to reclassify cannabis from the most restrictive category on the federal list of illegal ...
Ohio Committee Approves Plan for Adult-Use Cannabis Sales
LOS ANGELES- The Ohio Joint Committee on Agency Rule Review (JCARR) has approved new regulations to allow medical cannabis dispensaries to sell adult-use products starting June 7, 2024. This development follows the voter approval of ...
Texas Senate to Hold Public Hearing on Delta-8, Delta-9 THC Products
LOS ANGELES- The Texas Senate will hold a public hearing on May 29 to discuss a potential ban on delta-8 and delta-9 THC products. These products have been widely available in Texas since 2019, following ...
Study Finds Psilocybin Use Does Not Significantly Alter Religious Beliefs
LOS ANGELES- A new study from Johns Hopkins University, published in the Journal of Psychoactive Drugs, indicates that a single psilocybin experience is unlikely to change an atheist's belief in God or alter a person's ...
Federal Judge Orders Cannabis Dispensary Operator to Bargain with Union
LOS ANGELES- In a landmark decision, U.S. District Judge Myong Joun has mandated that the cannabis dispensary operator I.N.S.A. must negotiate with the United Food and Commercial Workers (UFCW) union, despite its employees voting against ...
Enveric Biosciences Eyes Major Licensing Deals for Its Drug Pipeline
NEW YORK- Enveric Biosciences is actively pursuing licensing agreements that could potentially net the company up to $410 million in milestone payments. This initiative follows a newly announced partnership with MindBio and comes amidst the ...
New York Cannabis Regulatory Chief to Resign Amid Program Overhaul
LOS ANGELES- Chris Alexander, the Executive Director of New York's Office of Cannabis Management (OCM), is set to resign at the end of his three-year term in September, as announced by Governor Kathy Hochul. The ...
Minnesota Residents Sue for Right to Sell Home-Grown Cannabis
LOS ANGELES- In Minnesota, a legal battle is unfolding as four individuals who legally cultivate cannabis have initiated a lawsuit against state cannabis regulators. The plaintiffs argue that the Minnesota Constitution permits them to sell ...
