Week In Review: Bipartisan Cannabis Reform Back in Congress; Oregon Cannabis Associations Merge; Cybin Inc. and Small Pharma Join Forces in a Milestone for Sector’s M&A

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 and lack of access to capital, making cannabis business models very challenging.  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:

#1.Bipartisan Cannabis Reform Takes Center Stage Again in Congress: Rep. Nancy Mace (R-S.C.) has reintroduced federal cannabis reform to the forefront, two years after she became a prominent Republican voice on the matter. On October 24, Mace unveiled a new cannabis legalization bill, echoing her previous attempt with the States Reform Act filed in November 2021. This earlier effort sought to deregulate cannabis from Schedule I of the Controlled Substances Act and to model federal regulations on those of alcohol.

#2. Oregon Cannabis Associations Merge Amidst Industry Challenges: In a significant development within Oregon’s cannabis sector, the Oregon Cannabis Association and the Cannabis Industry Alliance of Oregon have decided to merge. The boards of both organizations approved this union last week, as reported by Oregon Public Broadcasting. The newly formed entity, named the Cannabis Industry Alliance of Oregon, will represent a substantial membership base of over 500 entities.

#3. Cybin Inc. and Small Pharma Join Forces in a Milestone Psychedelic Therapeutics Acquisition: In a notable merger move in the psychedelic therapeutics landscape, Small Pharma Inc. has received the green light from the Supreme Court of British Columbia for its acquisition by Cybin Inc. This all-stock transaction, slated for completion around Oct. 23, will lead to Small Pharma’s shares being delisted from the Toronto Stock Exchange.

#4. Major Corporations Lobby for Cannabis Banking Reforms: Amid a flood of applications and growing uncertainty from prospective cannabis entrepreneurs, New York’s Cannabis Control Board (CCB) has granted a two-week extension for cannabis business license applications. Originally slated to close on December 4th, the submission window will now remain open until December 18th.

Psychedelic Market Highlights:

#1. Debunking Fentanyl and Cannabis Misconceptions: Harvard University, a name synonymous with academic excellence, is venturing into a new interdisciplinary field of study. The institution has announced the establishment of the Study of Psychedelics in Society and Culture, funded by a significant $16 million donation from the Gracias Family Foundation.

#2. Beckley Psytech Begins Landmark Phase IIb Study on Novel Intranasal 5-MeO-DMT Formulation for Treatment Resistant Depression: In a significant development for the field of neuropsychiatric treatment, Beckley Psytech Ltd, a leading clinical-stage biotechnology firm, announced today the initiation of its international Phase IIb study on BPL-003. This novel synthetic intranasal formulation of 5-MeO-DMT is being tested for its potential in treating Treatment Resistant Depression (TRD).

Updates & Events:

• MJBizCon is the next big event with thousands expected to attend MJBizCon which has become the biggest conference in cannabis in the world (Nov 28-Dec 1st) use 23HCN10 for a double digit ticket discount.
• 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, and their next big Blunt Brunch is at MJBizCon. Blunt Brunch is an excellent support network for women entrepreneurs. Find out more about their next events in the coming weeks here.

Stay tuned to Highly Capitalized for more updates as the cannabis and psychedelic industries continue to shape the future at the intersection of wellness and innovation. Subscribe to our newsletter and follow us on LinkedIn.