Week In Review: Benzinga was Buzzing; Senate Banking Committee Advances Cannabis Banking; Detroit’s “Psychedelic Church” Raided by Police Amid Legal Controversies; Congress Considers Bill to Limit Federal Overreach in Psilocybin-Permitting States

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

Cannabis Market Highlights:

Benzinga was buzzing this past week in Chicago, Highly Capitalized interviewed many of the High and Mighty of the Industry. Follow next week’s newsletter for a full wrap up of the event. Meanwhile check out this insightful report on one of Benzinga’s panels by Nicolás Jose Rodriguez called: ”The Rise Of The Northeastern Cannabis Market, Profitability And Inclusion” from last week’s Benzinga Cannabis Capital Conference. Find the article here.

#1. Senate Banking Committee Advances Cannabis Banking Bill with Bipartisan Support: The Senate Banking Committee on Wednesday signaled a bipartisan move forward in the quest for federal cannabis banking reform. The committee’s decision could enable financial institutions to service state-legal cannabis businesses, a monumental shift from the industry’s current reliance on cash transactions.

#2. Congress Considers Bill to Limit Federal Overreach in Psilocybin-Permitting States: Congress is set to discuss a newly introduced bill aiming to curb federal intervention in states and localities where psilocybin mushrooms have been legalized or decriminalized.

#3. Texas Appeals Court Upholds Injunction Against Delta-8 THC Ban :- In the ever-evolving landscape of hemp regulation, Texas has encountered more than its fair share of bumps. On Thursday, a significant turn took place as a Texas appeals court upheld a temporary injunction against the state’s ban on delta-8 THC, marking a victory for a conglomerate of businesses and consumers challenging the ban’s validity.

#4.Detroit’s “Psychedelic Church” Raided by Police Amid Legal Controversies: Just days after being featured on the cover of the Detroit Metro Times, Detroit’s first “psychedelic church,” Soul Tribes, faced a police raid, drawing attention to the complex legal landscape surrounding entheogenic plants and fungi.

Psychedelic Market Highlights:

#1 Cybin Inc. Advances in Psilocybin Research with Completion of Phase 2 Study Enrollment:  Cybin Inc. (CYBN) announced the successful enrollment completion in its Phase 2 study of CYB003, a novel deuterated psilocybin analog, which is being assessed for potential treatment benefits in Major Depressive Disorder (MDD).

#2 Numinus Wellness Seeks C$10 Million Capital Injection Through Share Sale: Vancouver’s Numinus Wellness Inc., a pioneer in the psychedelics space, unveiled plans to generate an additional C$10 million through an at-the-market equity program. However, the exact count of shares to hit the market remains undetermined and hinges on the company’s financier, Stifel Nicolaus Canada Inc., which has an established “equity distribution agreement” overseeing these shares.

Updates & Events:

• MJ UNPACKED Conference is the next big show on deck October 10-12 in the Motor City, Detroit. Over in Europe it’s the EU Cannabis Summit sponsored by 420CPA which is attracting all the buzz.
• 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.