Week In Review: TILT Holdings Delists Social Equity Brands; Compass Pathways Scores $285M; Florida Revisits Hemp THC Levels

LOS ANGELES–Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets: there’s innovation and progress in full swing in some parts of the country, while in other parts, the industry is on the ropes largely due to collapsing cannabis prices, making cannabis business models less profitable.  This week’s Week In Review is a roundup of key developments in the industry, showcasing the news from key companies in the space.

Weekly Overview: Developments in the Cannabis and Psychedelic Sectors

In this week’s comprehensive review, we explore the latest progress and significant shifts within the cannabis and psychedelic sectors.

Cannabis Market Highlights:

#1. Tilt Holdings Tilts Away from Social Equity: Black Buddha Cannabis, Her Highness, and Highsman, a venture launched by former professional football player Ricky Williams have all been cut to wails of protest. The decision to cut ties with these brands, according to Tilt, was made based on their compatibility with Tilt’s strategic direction and their need for support to thrive.

#2. Filament Health Refiles Q2 Financial Results: Filament Health Corp. has refiled its second-quarter financial results for the period ending June 30, 2023, following an initial filing on May 12, 2023. The revision was necessitated by changes in the accounting treatment related to the acquisition of a joint venture previously included in the original interim consolidated financial statements

#3. Organigram Holdings Secures Supply Agreement for UK Medical Cannabis Market: The company has inked a supply agreement with 4C LABS, an emerging healthcare, tech, and pharmaceutical firm. This collaboration focuses on the virtual prescription, distribution, and clinical enhancement of cannabis-infused products for human health in the United Kingdom.

Psychedelic Market Highlights:

#1.COMPASS Pathways Secures $285 Million in Private Funding: (Nasdaq: CMPS) a London-based psychedelic-medicine development company listed on Nasdaq under the ticker CMPS, announced it has successfully secured $285 million in private funding. This funding is intended to advance the company’s efforts in utilizing psychedelics as a potential treatment for various mental health conditions.

#2. The US Food & Drug Administration (FDA) has introduced a draft guidance for use of psychedelics in addressing serious medical conditions such as major depressive disorder, PTSD, and substance use disorders. This novel move marks the FDA’s initial foray into offering a framework for various research entities venturing into controlled substance studies, with the overarching aim of laying a foundation for transformative clinical trials.

Updates & Events:

• Check out the short video here showing attendees at the women-only event called the Blunt Brunch gather for a photograph here.  The Blunt Brunch was in San Diego, but they have meetings around most big cannabis conferences. Blunt Brunch is an excellent support network for women entrepreneurs. Find out more about their next events in the coming weeks here.

Stay tuned for more updates as the cannabis and psychedelic industries continue to shape the future of wellness and innovation.