Week In Review: Maryland Generates $72 Million in 2024 Recreational Cannabis Tax Revenue; Netherlands Initiates Regulated Cannabis Sales Trial; Israel Faces Mental Health Crisis Post-October 7 Attacks: Evaluating Medical Cannabis for PTSD Treatment

LOS ANGELES — Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets with some states doing amazingly well. And some, well…they’re not doing so well (hello New York). Let’s get to it! 

Cannabis Industry Highlights

1#)Maryland Generates $72 Million in 2024 Recreational Cannabis Tax Revenue: In 2024, Maryland collected over $72 million in sales tax revenue from recreational cannabis, as reported by state Comptroller Brooke Lierman.The state imposes a 9% sales tax on adult-use cannabis products, aligning with the tax rate applied to alcoholic beverages.

2#)Netherlands Initiates Regulated Cannabis Sales Trial: The Netherlands is advancing its regulated cannabis sales experiment, aiming to control the production, distribution, and sale of cannabis through a state-monitored supply chain.This initiative seeks to address issues arising from the current policy, where the sale of cannabis in licensed coffee shops is tolerated, but production and supply remain illegal, leading to a paradoxical situation often referred to as the “backdoor problem.”

3#)Israel Faces Mental Health Crisis Post-October 7 Attacks: Evaluating Medical Cannabis for PTSD Treatment: In the aftermath of the October 7, 2023, attacks, Israel confronts a significant mental health crisis, with an estimated 580,000 citizens exhibiting severe post-traumatic stress disorder (PTSD) symptoms.This surge has intensified discussions regarding the integration of medical cannabis as a therapeutic option for PTSD patients.

4#)Planet 13 Schedules Release of Q4 2024 Financial Results : Planet 13 Holdings Inc. a vertically integrated multi-state cannabis company, has announced that it will release its financial results for the fourth quarter and full year ending December 31, 2024, on March 26, 2025, after market close. ​

5#)POSaBIT Captures Majority of Cannabis Transactions in Washington State: POSaBIT Systems Corporation a provider of point-of-sale and payments infrastructure in the cannabis industry, now processes over 85% of all cannabis point-of-sale transactions in Washington State. ​

6#)Hemp-Derived Products Influence Cannabis Market Dynamics: The 2018 Farm Bill’s legalization of hemp cultivation has significantly impacted the cannabis industry, leading to the emergence of various hemp-derived products that are reshaping market dynamics. ​

Psychedelic Sector Update

1#)MindMed Appoints Matt Wiley as Chief Commercial Officer: Mind Medicine (MindMed) Inc. a biopharmaceutical company specializing in brain health disorders, has announced the appointment of Matt Wiley as Chief Commercial Officer (CCO). ​

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