Week In Review: Alabama Gets Litigious; Planet 13 Orbits Florida; Ohio Just Says No, While Illinois Governor Does Victory Laps

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. Everyone’s Unhappy in Alabama Cannabis: In a move that could reshape the landscape of Alabama’s burgeoning cannabis industry, the Alabama Medical Cannabis Commission (AMCC) indicated in a Monday court filing its intention to nullify the licenses it awarded earlier this month. Verano Holdings, (OTCMKTS: VRNOF), a Chicago-based cannabis operator, has filed a lawsuit against the Alabama Medical Cannabis Commission (AMCC) following the revocation of a business license that was initially granted to the company.

#2. Illinois Cannabis Sales Hit $140 Million in July. Boosted by Out-of-State Buyers; Democrat Governor Pritzker celebrated the economic windfall for his state. Meanwhile, over in Ohio, significant Republican opposition emerged from top state officials. Last week, Republican Governor Mike DeWine expressed his dissent, stating to the Governor’s Executive Workforce Board that the proposed reforms would “be a real mistake,”

#3. Planet 13 Invades Florida: In a notable development, Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) has revealed its intention to acquire Florida’s own VidaCann, LLC. The transaction, carrying a price tag of $48.9 million, is poised to reshape the landscape. Importantly, the agreement comes with the inclusion of a VidaCann representative securing a spot on Planet 13’s board. As part of this transformative move, VidaCann shareholders will also emerge as stakeholders with a 26% ownership stake in Planet 13. This strategic alignment is set to reverberate across the industry.

Psychedelic Market Highlights:

#1.  Numinus Wellness Aims for Post-Therapy Approval Success Amid Psychedelic Sector Challenges. Despite a significant decline in its stock value since its peak in 2021, Numinus Wellness Inc. remains determined to navigate the challenges in the psychedelic space. The company’s management is strategically optimizing operations, targeting potential approval of MDMA-assisted therapy in 2024, and addressing cash burn concerns, rekindling investor interest.

#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:

• Benzinga Cannabis Conference is the next big show on deck September 27-28th in the Windy City of Chicago.
• 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.