Week In Review: Stocks Soar: Biden Administration Initiates Cannabis Scheduling Review; California Says Yes to Psychedelic Medicines; Green Thumb Initiates Stock Buy-Back Program to Bolster Share Value

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. Biden Administration Initiates Evidence-Based Review of Cannabis Classification: White House Press Secretary, Karine Jean-Pierre underscored President Joe Biden’s longstanding support for the legalization of cannabis for medicinal purposes, signaling a potentially significant shift in the federal stance towards cannabis legislation. This statement comes on the heels of a pivotal recommendation from the U.S. Department of Health and Human Services (HHS) urging the federal Drug Enforcement Administration (DEA) to reclassify cannabis from a Schedule I to a Schedule III substance under federal law. Cannabis stocks surged on the news giving the sector a much needed lift.

#2 California just says ”yes” to Psychedelic medicines: California is poised to become the third state in the nation to decriminalize the use of psychedelics, following the State Assembly’s recent approval of a bill. This legislation would grant individuals aged 21 and older the right to possess and utilize limited quantities of natural psychedelic substances like psilocybin (found in hallucinogenic mushrooms), dimethyltryptamine (DMT), and mescaline (excluding peyote).

#3. Green Thumb Industries Initiates Stock Buy-Back Program to Bolster Share Value:- In a bid to amplify the value of its shares, Chicago-based Green Thumb Industries Inc. has unveiled a year-long share repurchase initiative which will potentially see a reacquisition of up to 10.4 million shares, as per a recent press release. This maneuver, which is aimed at benefiting the owners of the remaining approximate 200 million shares, has been granted a budget ceiling of $50 million by GTI’s board of directors.

#4. South Africa’s SAPS Issues New Directive; A Step Towards Clarifying the Legal Landscape of Personal Cannabis Use. South African Police Services (SAPS) has recently issued a directive urging its officers to refrain from arresting individuals engaged in the personal cultivation and possession of cannabis. This directive, which took effect on August 23, 2023, aims to address the ongoing confusion and discrepancies in the enforcement of cannabis laws that have persisted since the 2018 Constitutional Court (ConCourt) ruling, also known as the Prince 3 ruling, which decriminalized personal cannabis use.

Psychedelic Market Highlights:

#1. Europe Contemplates Multidisciplinary Advisory Body to Steer the Future of Psychedelic Therapy. – In a proactive move to integrate psychedelic therapy into the European healthcare landscape, the European Psychedelic Access Research and European Alliance (PAREA) is advocating for the establishment of a multidisciplinary advisory body. This body, as envisioned, would comprise individuals with substantial experience in the field of psychedelics, offering invaluable insights to regulators and healthcare practitioners as the sector evolves.

#2 California’s 2024 Ballot Initiative: A Turning Point for Psychedelic Mushroom Legalization? In a bold move that could potentially reshape the legal landscape surrounding psychedelic substances in California, activists are rallying to introduce a question concerning the legalization of psychedelic mushrooms on the 2024 ballots. Spearheaded by Decriminalize California, the initiative aims to garner sufficient public support to facilitate the cultivation, manufacturing, and distribution of psilocybin-infused products for adults aged 21 and above.

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.