Week In Review: Major Shift in U.S. Cannabis Policy on the Horizon;Florida Governor Ron DeSantis Shares Views on Cannabis Legalization Amid Presidential Aspirations.;Michigan’s Cannabis Industry Sees Robust Growth, Generating Billions in Sales

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. Major Shift in U.S. Cannabis Policy on the Horizon:  the U.S. Department of Health and Human Services under the Joe Biden administration formally recommended to its counterparts at the Department of Justice that cannabis be moved lower on the list of federally controlled substances, from Schedule 1 to Schedule 3,

#2. Florida Governor Ron DeSantis Shares Views on Cannabis Legalization Amid Presidential Aspirations. Florida Governor Ron DeSantis, perceived by many as a strong GOP contender against Donald Trump for the 2024 presidential nomination, voiced strong concerns about the legalization of cannabis during an Iowa campaign stop on August 26

#3. Michigan’s Cannabis Industry Sees Robust Growth, Generating Billions in Sales: In a remarkable testament to the growth potential of regulated markets, Michigan’s cannabis industry has burgeoned into a financial powerhouse, with sales reaching multi-billion dollar figures. Recent data sheds light on a sector that shows no signs of slowing down.

Psychedelic Market Highlights:

#1. Cybin Acquires U.K.-Based Small Pharma Amid Emerging Trends in Psychedelics Industry. In what could be described as the burgeoning movements within the psychedelics sector, Cybin , a clinical-stage biopharmaceutical firm, has announced its intention to acquire U.K.’s Small Pharma. This move sparks dialogue on potential shifts and consolidations anticipated in the industry.

#2 The Promise and Potential of Psilocybin The rapid emergence of research into the potential therapeutic benefits of psilocybin, a naturally occurring psychedelic compound found in certain mushrooms, has brought with it new hope for individuals struggling with various mental health issues, most notably depression.

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.