Week In Review: Georgia Expands Its Medical Cannabis Industry; Ohio Governor Seeks Amendments to Cannabis Legalization; Maryland Launches Social Equity-Focused Adult-Use Cannabis Licensing; Cybin Inc. Secures $30 Million in Funding

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 and people making news in the space.

Weekly Overview: Developments in the Cannabis and Psychedelic Sectors

Latest news: It was a positive week for cannabis stocks, witnessing notable gains as the US cannabis MSOS ETF surged by 5.50%. The ongoing outperformance of US cannabis stocks compared to their Canadian counterparts became even more evident as the month-to-date (MTD) figures reflected substantial growth. MSOS demonstrated a robust increase of +22.86%. The anticipation surrounding potential DEA news seems to be a driving force behind these market movements, further emphasizing the dynamic nature of the cannabis industry.

#1.: Georgia Expands Its Medical Cannabis Industry with New Business Permits: Georgia’s medical cannabis industry is taking significant strides with the Georgia Access to Medical Cannabis Commission awarding four additional business permits. This development brings the total number of licensed cannabis companies in the state to six, marking a crucial phase in the industry’s growth.

The latest permit recipients, as reported by Atlanta’s Fox 5 TV station, include Fine Fettle, TheraTrue Georgia, Natures Georgia, and Treevana Remedy. These newcomers join the ranks of Florida-based Trulieve and Georgia-based Botanical Sciences in the Peach State’s emerging cannabis sector.

This expansion comes amid a relatively recent start of sales in April, with the state’s laws strictly regulating the cannabis products that can be sold. By mandate, the companies are limited to manufacturing and selling cannabis oil with a maximum of 5% THC content. Other forms of cannabis consumption, such as smokeable marijuana and edibles, remain prohibited under state law.

#2. Ohio Governor Seeks Amendments to Voter-Approved Cannabis Legalization: Ohio Governor Mike DeWine has called on state lawmakers to revise the recently approved cannabis legalization measure before its enactment on December 7. Despite his respect for the democratic process, as reported by the Ohio Capital Journal, DeWine emphasized the need to balance the new rights of cannabis users with the rights of those who choose not to consume.

The legalization initiative, which garnered 57% voter support, faced opposition from DeWine and other Republican lawmakers. However, acknowledging the will of the voters, DeWine is now advocating for modifications to ensure a comprehensive approach to legalization. “We respect what the people have done,” DeWine stated, “but we’re also going to live up to our responsibility to all the people in the state of Ohio, whether they voted for it or voted against it.”

#3 British American Tobacco Amplifies Investment in Organigram: British American Tobacco (BAT), a global tobacco company, has significantly increased its investment in Canadian cannabis producer Organigram Holdings. The latest investment of 124.6 million Canadian dollars ($92.5 million) marks a deepening partnership between the two companies, following BAT’s previous investments of CA$6.35 million in 2022 and an initial CA$220 million in 2021. This move elevates BAT’s voting common share ownership in Organigram to 30% and overall equity interest to 45%.

Organigram’s CEO Beena Goldenberg expressed enthusiasm about the development in a recent news release, highlighting the strategic nature of the partnership with BAT. “This investment strengthens our balance sheet and solidifies our position as a leading cannabis company,” Goldenberg said. She also emphasized the advantage of leveraging BAT’s global capabilities and scientific expertise to further Organigram’s growth.

Psychedelic Market Highlights:

#1. Cybin Inc. Secures $30 Million in Funding, Strengthening Pathway for Psychedelic-Based Mental Health Treatments: Cybin Inc., a prominent clinical-stage biopharmaceutical company, has successfully closed its substantial underwritten offering, amassing US$30 million to propel its mission of transforming mental healthcare with next-generation psychedelic treatments. The company issued 66,666,667 units at US$0.45 each, fortifying its financial position and accelerating its groundbreaking research in psychedelic therapeutics

• 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.
• Rachelle Gordon, frequent contributor for Beard Bros and Senior Editor at GreenState, has an easy to view sheet of all the PARTIES in MJBizCon, a sheet she continually updates. Check out Event-Hi here too.
• 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.