Week In Review: Curaleaf Employees in Phoenix Stage Strike Demanding Fair Contract Negotiations; Columbia Care Advances Financial Strategy with $25 Million Private Placement; California Moves to Broaden Cannabis Consumer Rights with New Bills: Senate Bill 58 Holds the Potential to Usher in a New Era of Psychedelic Medicine and Policy Reform:

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

For the first time in a long time, we’ve seen a strong four-week surge, driven by positive state developments and political optimism. The US cannabis MSOS ETF gained 9.28%, with Roundhill’s WEED ETF leading at 13.58%.

Among Multi-State Operators (MSOs), Columbia Care stood out with a 17.39% increase, and Trulieve and Curaleaf posted gains of 15.50% and 12.34%. Columbia Care has surged by 221.40% since August 29.

However, some cannabis stocks faced declines last week, including Glass House Brands, TerrAscend, and Cresco. Year-to-date, Glass House and TerrAscend maintained substantial gains at 140.80% and 88.50%, while the MSOS ETF increased by 29.76%.

The notable development was the Senate Banking Committee’s announcement of a markup for SAFE Banking on September 27, delaying the previously expected vote. The cannabis industry remains dynamic, and we’ll closely monitor the impact of this and state-level regulations in the coming weeks.

Cannabis Market Highlights:

#1. Curaleaf Employees in Phoenix Stage Strike Demanding Fair Contract Negotiations:Employees at a Curaleaf Holdings Inc. dispensary in Phoenix took a bold step last Friday, initiating a strike aimed at pushing the company’s executives to actively engage in contract negotiations. This marks a historic movement, being the first time cannabis industry workers have engaged in a strike in Arizona.

#2 Columbia Care Advances Financial Strategy with $25 Million Private Placement: Columbia Care Inc., a cultivator, manufacturer, and retailer of cannabis products in the U.S, has embarked on the next stage of its strategy to enhance its balance sheet, commencing with a private placement agreement to improve its financial stability and pave the way for further growth.

#3. California Moves to Broaden Cannabis Consumer Rights with New Bills: California lawmakers are moving forward with legislation aimed at enhancing the rights of cannabis consumers. Two significant bills have advanced to Governor Gavin Newsom’s desk, which could potentially alter the current state of cannabis consumption and employment rights concerning the use of the substance.

#4. Bipartisan Efforts Surge to Reform Federal Cannabis Regulations and Enhance Industry Safety: In a significant bipartisan move, the House of Representatives Oversight and Accountability Committee advanced the Cannabis Users’ Restoration of Eligibility (CURE) Act, a pivotal piece of legislation seeking to modify federal employment guidelines regarding cannabis usage. Introduced by Congressman Jamie Raskin (D-MD), the act garnered favorable votes with a 30-14 margin in the committee, signaling federal acknowledgment of the burgeoning legal medical and recreational cannabis market.

#5. California Governor Gavin Newsom to Decide on 17 Cannabis and Psychedelic Bills: , As the California State Legislature session drew to a close on September 14, Governor Gavin Newsom received over 17 bills related to cannabis or psychedelics, all waiting for his potential signature. These bills encompass a diverse range of proposals which the Governor can sign, veto, or leave unsigned, letting them pass into law without his endorsement.

Psychedelic Market Highlights:

#1 Senate Bill 58 Holds the Potential to Usher in a New Era of Psychedelic Medicine and Policy Reform: In a historic maneuver that might change the trajectory of mental health treatment and drug policy in the Golden State, California inches closer to embracing the potential therapeutic benefits of psychedelics. Spearheaded by Senator Scott Wiener, Senate Bill 58 (SB 58) has finally arrived at the Governor Gavin Newsom’s desk, promising to inaugurate a new chapter in the integration of psychedelic substances into medical treatment and possibly reducing the burgeoning mental health crisis engulfing the state.

#2 COMPASS Pathways Secures $285 Million in Funding to Propel Psychedelic Research for Mental Health: COMPASS Pathways, a biotechnology company at the forefront of mental health innovation, recently secured $285 million in private financing to further its research into the potential benefits of psychedelic medicines. The infusion of funds, expected to sustain the company’s operations until late 2025, comes from 11 leading investment firms, including TCGX and Aisling Capital.

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.