Welcome to the Cannabis Countdown, the Legal Marijuana & Psychedelics Industry’s Number One Curated Weekly News Recap.
In This Week’s Edition, We Recap and Countdown the Top 10 Cannabis and Psychedelics Industry News Stories for the Week of August 30th – September 5th, 2021.
Without further ado, let’s get started.
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Creso’s plan is to hold dual listings for the company’s shares on both the NASDAQ and the Australian Securities Exchange (ASX)
Creso Pharma (ASX: CPH) (OTC: COPHF) (FRA: 1X8) announced last week that the company and Red Light Holland (CSE: TRIP) (OTC: TRUFF) (FRA: 4YX) have decided to terminate its planned merger, originally announced on June 17, 2021. The decision to part ways with regards to the merger was mutual and will allow Creso to keep its Australian Securities Exchange (ASX) listing as well as pursue a NASDAQ uplisting for its U.S. shares. Creso is currently putting together a team of experienced global executives to assist in the NASDAQ uplisting as well as the company’s international expansion strategy.
Michigan senators on Thursday introduced a bill to legalize the possession, cultivation and delivery of an array of plant- and fungus-derived psychedelics like psilocybin and mescaline
The legislation, sponsored by Sens. Jeff Irwin (D) and Adam Hollier (D), would amend state statute to exempt people from criminal penalties for such activities so long as they are not “receiving money or other valuable consideration for the entheogenic plant or fungus.” As such, commercial production and sales would not be legalized under the measure.
Researchers determined that the adoption of recreational cannabis legalization “was not associated with current marijuana use or frequent marijuana use”
Youth marijuana use does not increase after states enact legalization for medical or recreational use, researchers concluded in a study published in a prominent scientific journal on Tuesday. The policy change instead has an overall impact on adolescent cannabis consumption that is “statistically indistinguishable from zero,” they found. In fact, it seems that establishing certain regulated cannabis models actually leads to lower marijuana use among adolescents under certain measures—a finding that directly conflicts with anti-legalization arguments that are commonly made by prohibitionists.
Part of the intent of the newly expanded research project is to help inform legislative efforts outside of Oregon where psychedelics reform is being considered
An Oregon state panel charged with advising on the implementation of a legal psilocybin therapy program has cleared a team of researchers to produce a comprehensive report on the science, history and culture of the psychedelic as regulators prepare to license facilities to administer it. Members of the Oregon Psilocybin Advisory Board released an initial report in July that reviewed hundreds of studies into psilocybin, as required under the state’s historic, voter-approved 2020 medical legalization initiative. But they were pressed for time and will now be working with a recently established psychedelic research center at Harvard Law School to more thoroughly cover the subject.
Combined sales of the three most lucrative cannabis pharmaceuticals products – Epidiolex®, Dronabinol and Sativex® – are set to reach €1.8 billion by 2025, according to a new report
The Pharmaceutical Cannabis Report: 2nd Edition, released today by global cannabis industry consultants Prohibition Partners, finds that research on the endocannabinoid system is one of the most promising – and potentially lucrative – avenues for new therapeutics in medicine at the moment. The report highlights how the use of cannabinoids in the treatment of medical conditions, from pain and spasticity to PTSD and epileptic seizures, offers major opportunities, with the current global spend on non-cannabinoid-based pain medications worldwide estimated at US$63-85 billion each year.
The Washington State attorney general’s office appeared alongside lawyers representing cancer patients on Thursday, telling a federal appeals panel that people in end-of-life care deserve legal access to psilocybin—the main psychoactive compound in psychedelic mushrooms—under state and federal right-to-try laws
The group sued DEA in March after the agency replied to a request for guidance from the clinic’s co-director, Dr. Sunil Aggarwal. DEA asserted that the only way for the AIMS Institute to dispense psilocybin legally would be to obtain a federal research permit, which “would not be applicable to Dr. Aggarwal at this time.” “It is entirely consistent with the purpose and language of the state and federal right-to-try laws to include any controlled substances that have completed Phase 1 trials, including Schedule I controlled substances,” Washington Deputy Solicitor General Peter B. Gonick said in oral argument before a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit, referring to a category of illegal drugs that includes psilocybin. “It’s entirely inconsistent with the right-to-try laws to prevent patient access to these treatments.”
It appears that the federal legalization of cannabis in the United States might not be in the best interest of cannabis investors. That is, if the Democrats get their way as proposed legislation is currently written. In fact, investors might be better off under the current federally illegal status, believe it or not
The reason for this is that it appears that the Democrats have taken aim at not just “Big Tobacco” and “Big Alcohol” in their proposed legislation under the Cannabis Administration and Opportunity Act, but “Big Cannabis” as well – and this is bad for investors in the space. In terms of Big Tobacco and Alcohol, as Natalie Fertig at Politico points out, “groups from both sides of the aisle proposed banning big tobacco in a future cannabis industry.” While she directly mentions Big Tobacco, the screenshots enclosed in her accompanying tweet, actually highlight the involvement of Big Alcohol as well.
Though Americans are in the midst of a broad, sweeping re-evaluation of their relationship with drugs, California lawmakers have temporarily scuttled increasingly popular plans to legalize small amounts of certain psychedelic drugs
The reason why California—often considered the nation’s laboratory for progressive policies—won’t, for now, follow the footsteps of Oregon and individual cities in weakening restrictions around psilocybin mushrooms, MDMA, and other drugs? It’s all political. In one analysis, it’s because drug legalization might complicate things even further for California Gov. Gavin Newsom, who is teetering on the brink of being removed from office on September 14. As CalMatters reported, Senate Bill 519, which would have removed criminal penalties for the possession, use, and cultivation of certain psychedelics including so-called “magic mushrooms,” had passed the state Senate in June.
If the trend continues, Illinois is on track to see more than $1 billion in adult-use marijuana sales in 2021
Adult-use marijuana sales in Illinois exceeded $120 million in August, state officials reported on Thursday. Illinois saw $121,933,542 in cannabis purchases last month, with $81,275,830 coming from in-state residents and $40,657,711 from out-of-state visitors, in particular, from neighbouring states that do not have a legal market, reported Marijuana Moment. Amid a huge budget deficit, the state generated more than $86 million from adult-use marijuana tax revenue between January and March 2021 and has repeatedly broken its own monthly cannabis sales records, hitting $28 million in March alone.
Having both medical and recreation approval allows RWB to complete its pending and fully-paid for Michigan acquisition
American super state operator Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) released huge this week regarding its Michigan operations. Through Red White & Bloom’s wholly-owned subsidiary, RWB Michigan, the company has now secured the necessary Michigan adult-use prequalification status required to move forward with its Great Lakes State business plan. The new recreational license award marks the final major regulatory hurdle for RWB to complete its long-awaited Michigan acquisition, which includes substantial cannabis retail, cultivation and real estate assets boasting 2020 revenue of USD $69 million, which was excluded from RWB’s 2020 financials.
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