Welcome to the Cannabis Countdown. In This Week’s Edition, We Recap and Countdown the Top 10 Marijuana and Psychedelics Industry News Stories for the Week of July 6th – 12th, 2020.
Without further ado, let’s get started.
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10. First-Ever Psilocybin Legalization Ballot Measure Qualifies for the November 2020 Election
In November, Voters in Oregon Will Have the Chance to Pass a First-of-its-Kind Bill to Legalize the Therapeutic Use of Psilocybin
While 2020 may seem like a year to forget for many obvious reasons, it’s shaping up to be a year to remember for drug policy reform as several other Psychedelics, and Cannabis initiatives have also qualified for the fast-approaching November ballot.
9. As Pennsylvania’s Medical Cannabis Sales Soar, Recreational Market Prospects Brighten
Buoyed by the Market’s Success, Current Licensees Have Become Acquisition Targets Even in the Current Tough Economic Climate – with Deal Prices Moving North of $25M
Pennsylvania’s medical cannabis market, praised for its smooth operation, is expected to nearly double to $400 million-$500 million in sales this year and reach $1 billion in sales within three or four years.
READ FULL PENNSYLVANIA ARTICLE
8. Closing in on Equal Access For All: The Evolution of the Psychedelics Industry
While the Psychedelics Industry Continues Growing, Industry Insiders Are Looking to Broaden the Base of People and Enhance the Appeal of Psychedelic Drugs and Therapies
What that means for this industry is finding more and better ways to get Psychedelics ready for a mainstream patient base.
READ FULL PSYCHEDELICS INDUSTRY ARTICLE
7. White House Completes Review of CBD Guidance From FDA
FDA Submitted its Proposed Plan—Titled “Cannabis and Cannabis-Derived Compounds: Quality Considerations for Clinical Research”—to the OMB in May
The White House recently completed its review of pending Food and Drug Administration (FDA) guidance on marijuana and CBD research—though it remains to be seen whether the draft document will ultimately be released to the public.
6. MagicMed Industries Files First Psychedelic Derivative Patent
The Patent Filing is Anticipated to Be the First in a Series of Applications That Together Will Protect the Company’s Broad Portfolio of Novel Psilocybin Molecular Derivatives
MagicMed Industries announced that it has filed a provisional patent application with the United States Patent and Trademark Office (USPTO) covering composition of matter, drug formulation and process of preparation claims for novel Psilocybin derivatives.
5. Canada: Legal and Regulatory Landscape for Psychedelics Companies Considering “Going Public” in Canada
Over the Past Few Months, Many of the Most Active Stocks on the CSE Have Been Shares of Companies Involved in the Psychedelics Industry
Companies working in the Psychedelics industry have also listed on the TSX Venture Exchange and the NEO Exchange in Canada. Several other companies in the sector are actively raising capital from the investment community to develop their business, and have plans to “go public” in Canada.
READ FULL PSYCHEDELICS SECTOR ARTICLE
4. Top Canadian Police Association Says It’s Time To Decriminalize All Drugs
The Canadian Association of Chiefs of Police (CACP) Said That its Recommendation is Motivated by an Interest in Reducing Overdose Deaths and Promoting Treatment
The top police chiefs association in Canada made a bold call for drug policy reform on Thursday, arguing that low-level possession should be decriminalized and substance misuse should be treated as a public health matter.
3. ATAI Life Sciences Takes on Opioid Crisis By Acquiring Kures to Develop Novel Therapeutics for Opioid Abuse
ATAI is a Global Biotechnology Company Builder That Envisions an End to Mental Illnesses
ATAI Life Sciences has acquired a majority stake in New York-based pharmaceutical company Kures, which targets the important intersection between pain and opioid use disorder. Additionally, Srinivas Rao, MD, PhD, Chief Scientific Officer of ATAI Life Sciences, has been appointed CEO of Kures.
2. Bipartisan State Treasurers Call For Marijuana Banking Protections in Next Coronavirus Bill
The Letter Says That the Pandemic Has Underscored the Need to Pass the SAFE Banking Act, Which Would Protect Banks That Service the Cannabis Industry From Being Penalized by Federal Regulators
A bipartisan coalition of state treasurers sent a letter to congressional leaders on Wednesday, asking that they include marijuana banking protections in the next piece of coronavirus relief legislation.
READ FULL CANNABIS BANKING ARTICLE
1. Illinois Saw Record-Breaking Marijuana Sales in June, Including From Out-of-State Visitors
No Matter How You Slice the Data, Recreational Cannabis Sales in June Shattered Existing Records in the State, Which Began Legal Sales on January 1 of This Year
In the middle of a global pandemic and one of the worst unemployment crises in American history, Illinois marijuana retailers saw their busiest month on record in June, racking up more than $47.6 million in total sales.
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