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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 August 17th – 23rd, 2020.
Without further ado, let’s get started.
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10. Despite the COVID-19 Pandemic, These 8 States Look Poised to Legalize Cannabis in 2020
It Was Supposed to Be a Massive Year for the Little Green Plant, But Then COVID-19 Happened
At the beginning of 2020, no fewer than 18 U.S. states were poised to legalize Cannabis, either via ballot measure or legislation. Despite the global pandemic, these 8 states have persevered through the adversity and will now have the opportunity to Legalize Marijuana this November.
READ FULL CANNABIS LEGALIZATION ARTICLE
9. The 2020 Upside: A Perfect Storm for Psychedelics Investors
With the COVID-19 Pandemic Showing No Signs of Coming to an End Soon—as Hard as That is to Deal with—it Does Portend a Better Future for Psychedelics Businesses
It’s clear that a pandemic-related mental health crisis has taken center stage, and human mental health wellness issues are squarely in the wheelhouse of Psychedelics-based psychotherapy.
READ FULL PSYCHEDELICS ARTICLE
8. Arizona Adult-Use Marijuana Initiative Clears Final Legal Hurdle
In a Last-Ditch Effort to Keep the Issue Off the Ballot, Opponents Had Argued That the Initiative Summary Had Failed to Outline a Host of Changes That Would Be Made to State Law
The Arizona Supreme Court on Thursday ruled that a voter initiative that would legalize a commercial recreational Marijuana program in the state will appear on the November ballot, removing the final legal challenge.
READ FULL ARIZONA CANNABIS ARTICLE
7. Psychedelics Group Raises $30 Million from Execs at GoDaddy, SpaceX and Others for MDMA Study
The nation’s leading psychedelics research organization announced That it Has Raised $30 Million in Donations That Will Enable it to Complete a Study on Using MDMA to Treat PTSD
The Multidisciplinary Association for Psychedelic Studies (MAPS) said it will use those funds to conduct a Phase 3 trial on the substance, which is commonly called ecstasy, in hopes of gaining approval from the Food and Drug Administration (FDA). The federal agency has already designated MDMA as a “breakthrough therapy” based on findings from the group’s earlier trials.
6. Reinvesting in Communities: Canopy Growth, Cresco Labs, Curaleaf Talk Cannabis Social Equity
Leaders From the Cannabis Industry Gathered at the Virtual Benzinga Cannabis Conference to Share Ideas on How Social Equity Initiatives Can Bring Restorative Justice to Communities Affected by Cannabis Prohibition
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The panel was moderated by Last Prisoner Project board member Natalie Papillion. The group, which aims to repair the harm caused by the war on drugs, advocates for the release of people incarcerated on Marijuana charges and helping them rebuild their lives. Panellists included Cannabis executives from Curaleaf (OTCQX:CURLF), Cresco Labs (OTCQX:CRLBF) and Canopy Growth (NYSE:CGC).
READ FULL CANNABIS SOCIAL EQUITY ARTICLE
5. Canadian Government Will Respond to Psychedelics Decriminalization Petition
The Petition, Which is Not Binding But Must Be Sponsored By a Member of Parliament, Discusses the Historical Use of Entheogenic Plants and Fungi and the Therapeutic Potential of Those Substances
The Canadian government will have to officially respond to a petition calling for the decriminalization of Psychedelics after it garnered nearly 15,000 signatures—and there’s legislation in the works that could make the policy change happen.
READ FULL CANADA PSYCHEDELICS ARTICLE
IntelGenx Will Conduct Pre-Development and Formulation Development Work to Design a Prototype Polymeric Film Formulation That Will Be Investigated By ATAI in Subsequent Clinical Trials
ATAI Life Sciences, a global biotech developing Psychedelic and non-psychedelic compounds for a variety of mental health indications, announced a feasibility agreement with IntelGenx (OTCQB:IGXT) for the development of novel formulations of pharmaceutical-grade Psychedelics based on IntelGenx’s polymeric film technologies.
3. Court Refuses to Reject Suit Challenging Marijuana’s Listing as Schedule 1 Drug
The Lawsuit, Filed in May By a Group of Scientists and Veterans, is Part of an Effort to Claim That Such a Designation is Unconstitutional Based on Marijuana’s Possible Medical Use
A lawsuit challenging Marijuana’s federal classification as a Schedule 1 drug under the Controlled Substances Act remains alive after a federal appeals court denied the U.S. Drug Enforcement Administration’s request to dismiss the suit.
READ FULL MARIJUANA SUIT ARTICLE
2. Psychedelics Could Help People with Addiction and Anxiety
Psychedelic Drug Treatments Are Quickly Going Mainstream, with New Coverage Surfacing from 60 Minutes
In fact, they speak about how Psilocybin for example is helping participants do things like quitting smoking and worrying far less. “Early results are impressive, as are the experiences of the studies’ volunteers who go on a six-hour, sometimes terrifying, but often life-changing Psychedelic journey deep into their own minds,” as noted by CBS News.
READ FULL PSYCHEDELIC TREATMENTS ARTICLE
1. Adult-Use Cannabis Sales Remain Steady Even as Unemployment Bonus Ends
The $600-a-Week Unemployment Benefit Ended July 31, and Congress Failed to Pass an Extension Before Leaving for its August Vacation
Though the U.S. government’s temporary lifeline to tens of millions of unemployed workers expired, sales of recreational Marijuana products have proved resilient.
READ FULL CANNABIS SALES ARTICLE
Photo by Roberto Valdivia on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.