Week In Review: Virginia Judge Upholds State Law on Hemp Products; Las Vegas to Welcome New Cannabis Consumption Lounges; Rhode Island Sets New Monthly Record with $7.11M in Adult-Use Cannabis Sales; Kanabo Partners with British Cannabis to Enhance Digital Health Services:

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:

BREAKING NEWS: In a significant financial development Monday 6 November, Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) has secured a substantial investment of $124.6 million from BT DE Investments Inc., a subsidiary of British American Tobacco (NYSE: BTI). This infusion of funds is poised to catalyze Organigram’s growth and foster innovative product ventures. Read our story here

OHIO DECIDES: ADULT USE ON BALLOT IN OHIO TODAY. Read our story here.

Latest news:

#1.Virginia Judge Upholds State Law on Hemp Products in Notable Ruling. In a notable legal decision, a federal judge in Northern Virginia declined to halt the enforcement of a recently established state law imposing stricter controls on hemp-derived products, as reported by the Virginia Mercury on Monday

#2.Las Vegas to Welcome New Cannabis Consumption Lounges Following CCB Decision: In a move reflecting the evolving landscape of the cannabis sector, the Nevada Cannabis Compliance Board (CCB) has awarded six conditional consumption lounge licenses, all set to be situated in Las Vegas. The decision was made during a meeting in Carson City, Nev., on Oct. 24.

#3.Rhode Island Sets New Monthly Record with $7.11M in Adult-Use Cannabis Sales: Rhode Island’s adult-use cannabis market continues its upward trajectory, hitting a new monthly sales record of $7.11 million in September. This surge in sales has placed the state back on course to meet its ambitious annual revenue target of $76 million for the fiscal year 2023, as reported by NBC 10 News.

#4. Kanabo Partners with British Cannabis to Enhance Digital Health Services: In a significant move to provide enhanced digital health services and specialty medicines, including medicinal cannabis, Kanabo (KNB), a patient-centric provider, has announced a collaborative partnership with British Cannabis. This collaboration will facilitate the availability of pharmacy-grade CBD health supplements to patients. Starting soon, British Cannabis’s CBD products will be procurable through prescriptions on the Group’s online pain management platform

Psychedelic Market Highlights:

#1. Psyence Group Advances Psilocybin Production with Facility Expansion and Strategic Partnerships: Psyence Group Inc.  a trailblazer in the clinical-stage life sciences sector specializing in nature-derived psilocybin for mental health treatments, has announced significant developments in its Psyence Production division. The company takes pride in operating one of the pioneering government-licensed commercial psilocybin cultivation facilities, located in Southern Africa and ISO22000 certified, which positions Psyence at the forefront of supplying the global medical and research market with nature-derived psilocybin.

#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.