Week In Review: New York Cannabis Licensing Resumes Amid Legal Controversies: Medical Cannabis Push Gains Momentum in Idaho: Cannabis Stocks Show Resurgence Amid Regulatory Optimism:

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

Cannabis Market Highlights:

California Governor Gavin Newsom’s recent actions on cannabis-related bills have left both proponents of cannabis reform and the cannabis industry with mixed feelings. While he signed several bills into law that will bring significant changes to the state’s cannabis regulations, his veto of two crucial bills – one related to cannabis cafes and another concerning psychedelic medicine – has raised eyebrows and sparked debates across the political spectrum. Find the article here.

#1. New York Cannabis Licensing Resumes Amid Legal Controversies:  The Empire State today marked the opening of its general cannabis licensing window, despite the legal blockade on its Conditional Adult-Use Retail licensing program put in place by a judicial ruling in August. The current 60-day phase allows submissions for a spectrum of cannabis licensing, encompassing cultivators, processors, distributors, retailers, and micro license applications.

#2. Medical Cannabis Push Gains Momentum in Idaho:  The quest to introduce medical cannabis in Idaho is gathering steam, spearheaded by the determined advocacy group, Kind Idaho. The Gem State remains one of the final holdouts in the nation without any legal form of cannabis.

#3. Cannabis Stocks Show Resurgence Amid Regulatory Optimism:-Cannabis stocks, as reflected by the Global Cannabis Stock Index, experienced an explosive upturn on August 30, in light of recent revelations. The Department of Health and Human Services proposed to the DEA that cannabis be reclassified from a Schedule 1 to Schedule 3 substance. This ignited a rally throughout August, with further momentum carrying into September, where the index escalated by 2.9% to stand at 9.17.

Psychedelic Market Highlights:

#1 Cybin Inc. Successfully Completes Phase 2 Dosing of Promising Psilocybin Analog for Depression Treatment  a psychedelic-based medical treatments, announced today the successful completion of its Phase 2 clinical trial for CYB003, a proprietary deuterated psilocybin analog. The compound is being evaluated as a potential breakthrough treatment for Major Depressive Disorder (MDD). With the trial’s conclusive data expected in the latter part of this year, Cybin is gearing up to progress to the Phase 3 stage of clinical evaluation.

#2 Georgia Health Officials Miscount Medical Cannabis Patients, Affecting Dispensary Plans: A recent revelation by the Georgia Department of Public Health (DPH) has stirred the state’s medical cannabis industry. The DPH admitted to a significant overestimation of the number of medical cannabis patients and caregivers enrolled in its low-THC oil registry.

Updates & Events:

• MJ UNPACKED Conference is the next big show is this week October 10-12 in the Motor City, Detroit. Over in Europe it’s the EU Cannabis Summit sponsored by 420CPA which is attracting all the buzz find out about it here.
• 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.