News Broken By Benzinga Reporters - Benzinga API’s

A new peer-to-peer system for betting in the esports industry is among the growth items for gaming technology company Golden Matrix Group (NASDAQ:GMGI). CEO Brian Goodman shared more on the company’s profitability and growth strategy during Benzinga’s Esports Listmaker series.

Esports Betting: Golden Matrix Group is working on a product for esports betting, a market that Goodman acknowledges has some difficulties.

The CEO cites difficulties in taking wagers on two teenagers playing against each other in their basements. Goodman compared it to anytime in sports betting when there is player vs. player, there being a risk of collusion.

A product from Golden Matrix will ease these fears and offer head-to-head wagering between players in the esports market.

Golden Matrix sees introducing the product as a fit for its existing user base and a way to grow in territories like the Asia-Pacific region.

“That will launch quite soon,” Goodman said of the peer-to-peer esports betting platform.

Related Link: Exclusive: Golden Matrix Q2 Sales Jump 200%, Kicks Off Launch Of Aggregate Gaming System 

Golden Matrix’s Business: Golden Matrix, which uplisted from the pink sheets earlier this year, operates with B2B and B2C businesses.

On the B2B side, Goodman said the company has 500 unique casino operators and over seven million players that use its platforms.

“It’s a considerable business,” Goodman noted.

Goodman said a big issue faced by online casino companies in the U.S. is the huge acquisition costs with “everyone fishing in the same pond.”

Companies could pay up to $700 to acquire customers and only get $200 per player, which means the more they scale their business and more players they get, the worse off they become.

“You’re stuck between a rock and a hard place.”

Golden Matrix provides underlying technology that can help with acquisition costs and loyalty, a technology Goodman believes is superior to peers.

On the B2C business side, Golden Matrix offers a successful raffle business with low customer acquisition costs and strong customer loyalty.

Profits and Growth: Goodman highlighted the strong financials of Golden Matrix Group, a company that has 15 straight quarters of profitability.

The company is rolling out to new operators every week and also looking towards acquisitions.

“The core business will continue to grow,” Goodman said.

Goodman said he’s hoping the company makes some acquisitions in the coming months and continues to scale.

“We’ve always returned value to shareholders. We continue to grow every quarter.”

Goodman highlighted a healthy balance sheet with no debt and “a lot of money.”

The first reason of all is that the Benzinga Cannabis Capital Conference is being held in Chicago on Sept 13-14, which means several things including the Art Institute of Chicago. 

Home to some 300,000 works of art in dozens of collections, the Art Institute is exactly one mile from the Cannabis Capital Conference's venue at the Palmer House Hotel. 

As you walk along the historic route from the hotel to the Art Institute, you’ll pass right through the Chicago Theatre District, the Chicago Symphony Orchestra, the Joffrey Ballet, Cadillac Theatre, Jewelers Row, etc. A perfect place to meander.

And speaking of the Palmer House Hotel…that’s another reason to join us at the CCC. Imagine yourself walking down the storied halls of this historic hotel while discussing issues with a potential business partner or your next investor or having coffee with the CEO of a cannabis company you’d like to know more about. That's what happens at these conferences. Cannabis is friendly.

In addition to numerous organized events, it is often those moments when you pass someone in a hotel lobby or share a beer at one of the CCC cocktail parties that can change not only your business plan or outlook but maybe your life. Such things have happened.

But, let’s not leave such meetings to chance, which brings us to another reason you really should attend the CCC in Chicago. Allow us to help you connect with people in our special meeting rooms and breakout sessions where brand-building secrets are shared and friendships created.

As Benzinga CEO and founder, Jason Raznick likes to point out, "We've seen cannabis businesses close deals worth $2 billion at our events and this year's meeting will be even larger, with a record level of investment capital and top-notch operators." 

So, in addition to the outstanding feature keynotes, be sure to make time for panel discussions, fireside chats, networking, company presentations, and wandering around the exhibit floor where you’ll surely run into someone you'd love to meet and didn’t even know it.

After 14 wildly successful CCC editions in Toronto, Detroit, New York and Miami, the Benzinga Cannabis Capital Conference in Chicago – the Silicon Valley of Cannabis – is expected to blast open the doors to large as well as small investors, companies, individuals, startups and those who know cannabis is the place to be but aren’t sure how to break into it.

We at Benzinga are all about connecting people and making things happen, so don’t miss this amazing chance to have it happen for you! 

Get your tickets HERE and book your room HERE

See Also: EXCLUSIVE: Arianne Phosphate's Brian Ostroff On The Crisis Facing The Global Food Supply 

Science And Medicine Brief

Bringing Up Baby: Miners working in the gold fields of the Canadian Yukon found something they weren’t expecting: a perfectly preserved baby mammoth that lived more than 30,000 years ago.

According to a Daily Mail report, the female mammoth calf was frozen in permafrost, which resulted in being mummified with her skin intact at strands of hair still on her body. Scientists have named the calf “Nun cho ga,” which is “big baby animal” in the Hän language of the Trʼondëk Hwëchʼin Traditional Territory where it was discovered.

“As an ice age paleontologist, it has been one of my lifelong dreams to come face to face with a real woolly mammoth,” said paleontologist Dr. Grant Zazula. “As an Ice Age paleontologist, it has been one of my lifelong dreams to come face to face with a real woolly mammoth. That dream came true today — Nun cho ga is beautiful and one of the most incredible mummified ice age animals ever discovered in the world. I am excited to get to know her more.”

Addressing The Imaging Gap: Bayer AG (OTC:BAYRY) has introduced Calantic Digital Solutions, a cloud-hosted platform delivering access to digital applications, including AI-enabled programs, for medical imaging.

According to the company, the platform contains tools to help triage critical patient findings for expedited review, improved lesion detection and automated tasks, and its introduction comes at a time when the demand for medical imaging is on the rise while the number of radiologists is in decline.

“With Calantic Digital Solutions, we are entering the fastest growing segment in the radiology market and taking the next step from a product provider to a solution provider, following our mission to provide an ecosystem of third-party and Bayer products to deliver innovative disease-oriented solutions for radiologists and their teams,” said Gerd Krüger, head of radiology at Bayer Pharmaceuticals.

A New Nursing Wave: Georgia College & State University (GCSU) has added a third cohort of nursing students to its Bachelor of Science in Nursing degree program in an effort to fill the growing void of nursing professionals who are leaving the profession.

“It is estimated that an additional 175,900 registered nurses (RNs) will exit the workforce each year for personal reasons or through retirement,” said Josie Doss, interim director and associate professor in GCSU's School of Nursing. “Though Georgia has around 100,000 RNs, we still have one of the lowest densities in the nation. We’re preparing nurses to fill that need.”

The cohort of 40 students is on an accelerated path — a first for the school — and students are expected to graduate in only 15 months, a feat that will be achieved by attending classes for four continuous semesters, including summers. But the speed of their education will not dilute the efficiency of their lessons.

“We’re giving students the tools they need in their undergraduate years, so they’re prepared for the workforce,” said Morgan Fordham, lecturer of nursing. “I’m teaching them high-pressure situation skills and stress management techniques to help them after they graduate,” she said. "It’s not enough to have warm bodies in healthcare. A good quality nurse is going to save a life.”

Photos: Cover photo by Zefe Wu/Pixabay; Rachel Carson stamp photo courtesy of the National Postal Museum; baby mammoth photo courtesy of the Yukon government.

See Also: Stock Wars: Axsome Therapeutics Vs. Global Blood Therapeutics

Walt Disney Co.'s (NYSE:DIS) decision to extend CEO Bob Chapek’s contract for another three years might strike some people as being a tad peculiar. As detailed in Benzinga's "The Crisis at Disney," Chapek’s stewardship since taking the corporate reins in February 2020 included such notable failures as:

• The repeated antagonism of the company’s workforce, including an online petition seeking his firing
• A wretched attempt to humiliate a popular actress that resulted in industrywide rebukes of Disney
• An unprecedented public feud with one of the most popular governors in the nation
• And a stock that is trading near its 52-week low.

With that kind of a track record, why is Disney’s board chairwoman Susan Arnold declaring that “Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team”?

Essentially, Chapek came out of his reign of error smelling like the proverbial rose and less like an olfactory assault. But such is the case in Hollywood where the traditional concepts of failure somehow turn into stepping stones. Filmmaker Kevin Smith once quipped, “In Hollywood, you just fail upwards.”

Consider the case of Matt Damon who, over the past five years, has starred in five films — of which “Ford v. Ferrari” (2019) was the only box office hit. “Downsizing” (2017), “Suburbicon” (2017), “Stillwater” (2021) and “The Last Duel” (2021) were expensive flops. 

Still, Damon is considered an A-list star and is currently signed on for a major role in Christopher Nolan’s “Oppenheimer," due out in 2023. He is also starring in a new Amazon (NASDAQ:AMZN) feature film with his frequent collaborator Ben Affleck, whose recent film work has centered on productions from streaming services like Netflix (NASDAQ:NFLX), which don't report financial results from their pricey productions. Affleck co-starred with Damon in “The Last Duel” for Disney’s 20th Century Studios, which grossed a pathetic $30.6 million on a $100 million budget.

Closer to home for Disney, Steven Spielberg’s remake of “West Side Story” for Disney’s 20th Century Studios and Guillermo del Toro’s “Nightmare Alley” for the company’s Searchlight Pictures were conspicuous box office flops for the studio, but no one assumes Spielberg and del Toro won’t be pursued for the next mega-project. And the film industry didn't see anything wrong with their stumbles, as both of their films received Oscar nominations despite an obvious lack of audience love.

See Also: Disney To Reopen Shanghai Theme Park On June 30

What Happened: Quite frankly, Disney is not going to admit that it goofed in replacing the popular and prescient Bog Iger with his polar opposite Chapek. Here is Arnold’s antiseptic praise for her chief executive:

“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses — from parks to streaming — not only weathered the storm, but emerged in a position of strength,” said Arnold. “In this important time of growth and transformation, the board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal.”

If Benzinga readers were following our recent original four-part series "The Crisis at Disney", they may have noticed a situation that doesn’t quite resemble Arnold’s bloviating. The problems are manifold, ranging from ill-will with the Pixar team for repeatedly shuttling their original IP to streaming to multiple complaints from visitors to the theme parks over rising costs and faulty facilities to sacrificing the streaming audience of the Indian subcontinent over the nebulous insistence that still-unproduced original content will save the day.

But, then again, what can Disney possibly say? That Chapek flopped? That they wished Iger never left? That Chapek’s abrupt dismissal of Peter Rice, the former chairman of Disney General Entertainment Content, effectively castrated the company talent pool and shut down a stream for future (and better) leaders? That the company's stock tanked and is not showing any signs of resurrection? What company in their right mind would admit failure?

In a statement from the company, Chapek claimed, “I am thrilled to work alongside the incredible storytellers, employees, and Cast Members who make magic every day.”

But is the feeling mutual? Keep an eye out for the latest leaks from the Mouse House…and don’t worry, we’ll be sharing them.

Photo: Courtesy of Disney; color effects by Joshua Clancy Hall

See Also: Cüneyt Arkın, Karate Chopping Icon Of 'The Turkish Star Wars,' Dies At 85

The FreshTag419 family met up with Benzinga at the Cannabis Capital Conference in Miami where they explained how the concept for the contactless blower came out of the pandemic, literally. 

Doug Rota, a teamster for 40 years, was diagnosed with COVID-19 in mid-February 2021. Hospitalized in New York City, Rota was on a respirator for 13 days followed by weeks of oxygen treatment. “I honestly didn’t think I’d make it,” Doug said. “I was dying. I’d said goodbye to my wife and family.”

When Doug finally began breathing on his own, which happened to be on April 19, he asked his daughter, 25, to help him design something that he’d envisioned while in the fog of COVID: a contactless blower for cannabis consumption. “I asked my daughter Rachel to design it. Gradually we got it produced and now we’re ready to spread the word.” 

Why It Matters

By eliminating the need to touch your lips yet still be able to share, FreshTag419’s contactless consumption method delivers a smooth, clean pull that's easy and light on your lungs. For starters, the smoke is not hot and the device’s metal plate captures the tar and residue to prevent them from seeping into the smoke, explained Rota’s 23-year-old son Rob. 

“Our blower works by allowing you to control how much organic matter you want to intake at a push of a button…literally! It operates by using a fan to draw the smoke from the bowl through the nozzle and out into the air via a smooth smokescreen. It’s not only contactless but much better for one’s lungs," Rob said.

FreshTag419’s contactless blower (Photo courtesy of FreshTag419)

Rob continued: “We aim to eliminate the need for people to put their mouths on dirty bongs or inhale paper full of chemicals from joints. Our blower tackles the modern problems of our world through innovative solutions; for people to consume in an easy, simple and contactless way.”

Setting Up The Company

Even a family/friend startup needs direction and that's what FreshTag got when Louis Russo came along. A college friend of a friend with a mechanical engineering background, Russo jumped at the chance to help with the design and function of the blower. He has since been named president of FreshTag. Rob Rota refers to Russo as "the backbone of the company."

Al Tagliaferri, an attorney who focuses on wireless communication and oversees the legal patents of FreshTag LLC. As partners in the company, Tagliaferri and Doug Rota have known each other for over five decades. They met in kindergarten. Hence the company name: Fresh for Doug after rap pioneer Doug E Fresh, Tag for Tagliaferri and 419 for the April day Doug was finally able to breathe on his own.

Josephine's Leg

Josephine’s leg (Photo courtesy of FreshTag419)

Who Is Josephine?

While visiting Jamaica, Tagliaferri learned about the so-called blow dryer treatment from a woman named Josephine. As the phrase implies, exhaled smoke from a plump ganja spliff fills the air and the blow dryer directs it toward whoever wants it wafted their way. 

“FreshTag419 is a tribute to Jamaicans,” Tagliaferri told Benzinga, "and to Josephine." 

Family Affair

Like so many great inventions that got started in our parents’ garage or basement, FreshTag419 is no different.

“Not only are we set up in the spare room here in our Yonkers apartment, we often set up our wares in the halls or cafeteria of cannabis conferences,” Doug said. “The response has been awesome. We’re ready for lift-off.” 

And by lift-off, Doug means that FreshTag419 will be available for retail sales at NYC’s WeedWorld by the 4th of July and online as we speak.

“So, if you’re looking for a power hitter/shotgun effect then this device is a must and it's easy to use, to clean," Doug said. "It's affordable and available now.”

Predictmedix Inc. (CSE:PMED) (OTCQB:PMEDF), an emerging provider of rapid health screening solutions powered by a proprietary artificial intelligence (AI) has received a non-binding Letter of Intent (LOI) from KaTron Defence Space and Simulation Technologies, a leading Turkish provider of simulation products and services for aviation and aerospace, for the deployment of 80 Safe Entry Stations for their corporate headquarters in Ankara, Turkey along with international clients.

The LOI, which reflects subscription fees of at least $1.4 million per year, is pending receipt of publication of results from a clinical study in a peer-reviewed publication before transitioning to a formal purchase order, the announcement of which is expected in the third quarter of 2022.

The LOI covers the deployment of 80 Predictmedix Safe Entry Stations, which are used to power “Fit for Work” screening – a non-invasive, autonomous, non-biased and cost-efficient workplace screening solution for countless industries around the globe.

Fit for Work screening ensures workers are in an alert mental and physical state by screening for impairment from cannabis and alcohol, extreme fatigue, as well as symptoms of infectious diseases, such as COVID-19.

“KaTron has illustrated a strong commitment to ensuring workplace safety and reducing costly worker accidents,” said Dr. Rahul Kushwah, interim CEO at Predictmedix. “This order highlights how our technology allows companies to enhance productivity by ensuring a safe and productive work environment. As companies around the world seek to mitigate the probability of infectious diseases that can infect entire teams, as well as reduce the costly burden of substance impairment and fatigue, the demand for a complete technology solution like our Safe Entry Station will continue to grow."

Kushwah explained that they are currently conducting a study with researchers who are using the company's Safe Entry Stations.  

“We are now conducting a clinical study with researchers and doctors at a North American hospital that are using our Safe Entry Stations to screen for symptoms of infectious diseases and signs of impairment from cannabis and alcohol. We look forward to working with KaTron to fulfill this order once results from this independent clinical validation are published later this year – a key step as we strive to continue to build value for our shareholders,” Kushwah concluded.

Photo courtesy of Predictmedix 

Jushi Holdings Inc. (CSE:JUSH) (OTCQX:JUSHF) debuted its first line of concentrates made using hydrocarbon extraction by its brand The Lab, popular for delivering high-quality, precision vape products and concentrates. The Lab Live Resin is the second of several single-source concentrate product lines to be launched by Jushi. Last month, the company launched its first line of solventless live rosin extracts.

Initially, Jushi will exclusively carry The Lab Live Resin 500mg full-spectrum 0.5 gram 510 cartridges at Beyond Hello retail locations in Pennsylvania. The company plans to roll out its hydrocarbon-extracted line at partner dispensaries across the Commonwealth in the coming months, as well as in additional states such as Massachusetts, Virginia and Nevada.

The company also plans to launch a 300mg rechargeable, all-in-one 0.3g vape and a variety of 1 gram jarred cured concentrates in the coming months, pending regulatory approval.

The new hydrocarbon extract products are rich in THC, cannabinoids, terpenes and flavonoids, and include roughly 90% of the plant’s original cannabinoids. The Lab Live Resin is produced using Jushi’s next-generation hydrocarbon extraction process utilizing high quality fresh frozen cannabis flower. This extraction process allows for the delicate make-up of the cannabis plant to be maintained so that the strain specific cannabinoids and terpene properties remain fully intact.

“We are thrilled to bring patients some of the purest, high-quality hydrocarbon extracts available in Pennsylvania,” said Jushi chief executive officer, chairman, and founder Jim Cacioppo.“As we continue to innovate and roll out some of the best products for a wide range of preferences at accessible price points, we look forward to taking a differentiated approach that delivers an exceptional customer experience.”

Related News:

Jushi CEO Buys $151K Worth Of Company's Shares

Jushi Amends And Refiles Q1 2022 Financial Statements

Jushi Issues Statement On PA's Court Order Regarding Cannabis Product Recall

Photo: Courtesy of Jushi Holdings Inc.

2020 and 2021 were defining years for the burgeoning psychedelics industry. In 2021 alone, more than $730 million were invested into various psychedelic companies, both private and public.

Businesses around the globe are researching and developing new drugs based on psychedelic properties to support a whole host of conditions. Some of the most active companies to watch boast impressive CEOs to keep an eye on in 2022. Here are a few to watch closely:

Amy Emerson - MAPS Public Benefit Corporation (MAPS PBC)

Amy Emerson is the Chief Executive Officer at the MAPS Public Benefit Corporation (MAPS PBC), a wholly-owned subsidiary of the Multidisciplinary Association for Psychedelic Studies (MAPS), a 501(c)(3) non-profit.

As CEO, Amy has led the growth and development of this subsidiary and is responsible for the overall global regulatory strategy and implementation of research programs. Emerson is focused on the MDMA-assisted psychotherapy program within MAPS PBC.

Amy started as a pro bono consultant at MAPS in 2003, and since then has built MAPS’ clinical department while managing the MDMA Clinical Development Program with a focus on the PTSD indication. In 2014, MAPS Public Benefit Corporation was incorporated to focus on psychedelic drug development, therapist training programs, and future sales of prescription psychedelics prioritizing public benefit above profit.

Come and meet extraordinary cannabis visionaries and let’s network and learn together. Join us in September at the Benzinga Cannabis Capital Conference and stay at the historic Palmer House Hotel. Don't miss out on a chance to hear about future market forecasts and worldly advice on investing and finance from those embedded in the cannabis industry. Ready, set, go! 

Book your tickets HERE, and your room HERE.

Joseph Tucker, Ph.D. - Enveric Biosciences Inc. (NASDAQ:ENVB)

Dr. Tucker is a seasoned executive who has built several publicly traded biotechnology companies. Dr. Tucker was a founder and Chief Executive Officer of Stem Cell Therapeutics, which he took public on the TSX (TSX:SSS). Trillium Therapeutics (NASDAQ:TRIL) (TSX:TRIL) acquired Stem Cell Therapeutics in 2013. Dr. Tucker has also held the position of Co-Founder and CEO of Epimeron Inc., a University of Calgary start-up acquired in the creation of Willow Biosciences Inc. (OTC: CANSF) (TSX:WLLW). At Willow, Dr. Tucker served as Executive Chairman and Chief Operating Officer.

Prior to founding companies, Dr. Tucker was a healthcare analyst with two investment banks and has also worked in technology commercialization for a university technology transfer office. Dr. Tucker received his Ph.D. in Biochemistry and Molecular Biology from the University of Calgary.

Connor Haslam - Microdose Psychedelic Insight 

With almost a decade of experience in entrepreneurship and creative media pursuits, Connor Haslam brings rich experience and diverse insight into his role as Chief Executive Officer at Microdose. His lifelong advocacy for the therapeutic use of psychedelic medicine is expressed through artful, creative and ethical brand development. 

Despite never having had a single cup of coffee Connor has somehow found the energy to be a CMO and Lead Designer at 24, build dozens of brand identities, and help establish numerous businesses as leaders in the cannabis industry. His unrestrained passion for psychedelic medicine and the immense hope it has to offer the world continues to fuel his progress in this rapidly emerging space. In addition to being professionally artistic, Connor is also a pianist in his “spare” time and a wizard at Jeopardy.

Colin Keating - MindBio Therapeutics Pty Ltd

A highly skilled executive leader, Col has over 25 years of experience across various industries including Financial Services & Payments, Corporate Travel, Property Tech, Health Tech and Wealth Management.

He has led both ASX listed and privately held businesses, delivering products and services through both SaaS and traditional technology platforms in B2B and B2C environments. He has held roles as CEO of a publicly listed ASX organization, MD roles in UK listed entities, and COO and executive management positions in large blue-chip organizations.

With an innate ability to identify, strategize and execute on commercial opportunities, Col has established a proven track record in developing and executing strategic initiatives focused on people, growth, M&A activity, capital raising, change management, transformation, optimization, and customer experience and employee engagement. Col’s extensive global experience has seen him fulfilling roles in London and Hong Kong along with significant diversity in industries and scale of organizations, ranging from blue chips such as American Express (NYSE:AXP) and Andersens to scale-up and post-start-up operations. Col prides himself on the track record of establishing, developing and nurturing high-performing teams and cultures that have consistently delivered on both customer and organizational objectives.

Najla Guthrie - Wellbeing Digital Sciences

Ms. Guthrie joins Ketamine One as part of the previously announced acquisition of KGK Science Inc. from Auxly Cannabis Group Inc. (OTC:CBWTF), where she has held the role of President & CEO since 1997. Over 23 years, Ms. Guthrie has grown the London-based business to become a leading North American contract research organization that primarily provides high-quality clinical research trials with a focus on the nutraceutical, cannabis and emerging psychedelic industries.  Ms. Guthrie has published over 50 papers in peer-reviewed journals and has given numerous presentations at both the national and international levels.

Kathryn Walker - Revitalist 

Kathryn Walker is the CEO of Revitalist Lifestyle and Wellness (CSE:CALM) (OTC:RVLWF) which serves as a publicly-traded company on the Canadian Securities Exchange. She is one few entrepreneurial females in the publicly traded space of psychedelics. Kathryn worked at a Level 1 Trauma Center in Tennessee for 9 years before attending anesthesia school at the University of North Carolina-Charlotte. She practiced anesthesia of all specialties for 8 years before opening the first Revitalist location in Knoxville, TN. Today Kathryn operates as a leading advocate for CRNA lead businesses as she continues to advance her comprehensive skill set by pursuing her advanced degree in Psychiatric Nursing.

Deborah Mash PhD - DemeRx

Deborah Mash is one of the world's foremost experts on the hallucinogenic drug ibogaine. She is the CEO and Founder of DemeRx Inc., a clinical-stage drug development company advancing ibogaine and its active metabolite noribogaine for the treatment of opioid use disorder. DemeRx has partnered with ATAI Life Sciences -- a global biotech platform with a special focus on psychedelic medicine -- to develop ibogaine for those suffering from opioid use disorder. Building on the extensive human data available around ibogaine, DemeRx and ATAI (NASDAQ:ATAI) will submit Clinical Trial Applications for a Phase II study in opioid-dependent patients. This joint venture will also develop screening procedures, dosing guidelines, and best practices for opioid withdrawal management to ensure patient safety.

Come and meet extraordinary cannabis visionaries and let’s network and learn together. Join us in September at the Benzinga Cannabis Capital Conference and stay at the historic Palmer House Hotel. Don't miss out on a chance to hear about future market forecasts and worldly advice on investing and finance from those embedded in the cannabis industry. Ready, set, go! 

Book your tickets HERE, and your room HERE.

Jemie Sae Koo - Psychable 

Jemie Sae Koo is the CEO and Co-Founder of Psychable, the world’s largest trusted online community connecting those who would like to explore the healing power of psychedelics with a network of practitioners and psychedelic-based treatments, including integration, therapy, events, and retreats. Psychable’s mission is to transform the lives of millions of people suffering with conditions such as depression, PTSD and addiction; and to empower those who want to live a more optimized life. 

Abraham Dreazen - Nextage Therapeutics Ltd.

Abraham Dreazen, CEO & Founder of Nextage Therapeutics and IMIO Life, is an experienced leader, entrepreneur and creative thinker. Dreazen's exposure to breakthrough technologies coupled with a deep understanding of innovative pharmaceutical development processes makes Nextage into a powerhouse in CNS drug development. He is a serial entrepreneur as well as an enthusiastic educator with a deep understanding of what it takes to transform research into a product.

Doug Drysdale – Cybin (NASDAQ:CYBN)

An experienced Corporate Director and CEO: Doug has chaired the board of directors of a NASDAQ-listed company and as a CEO for the past 12 years has built and turned around three pharmaceutical companies.

During Doug’s 30 years of experience in the healthcare sector, he has formed cohesive management teams, recruited board members, completed 15 corporate acquisitions across three continents and has raised $4 billion of both public and private capital.

Led the turnaround of Norwich Pharmaceuticals alongside investors and became the Founding CEO of parent company, Alvogen Group. During his 5.5-year tenure as CEO, Alvogen grew from inception to $450 million in revenues across 35 countries.

From November 2017 to July 2020, Doug was a Director and CEO of Tedor Pharma, a family-owned contract manufacturing business. Doug’s efforts to turn around the business resulted in 60% revenue growth in 2019, leading to Tedor being recognized as one of America’s fastest-growing companies, making it to the 2020 Inc 5000 list.

Doug holds a bachelor’s degree in Microbial and Molecular Biology from the University of East Anglia in the U.K. and was recognized as Entrepreneur of the Year by Ernst and Young, in 2012. Doug is an enthusiastic traveler, having traveled to over 45 countries, is an avid reader and enjoys cooking and boating.

Encuentra contenido sobre psicodélicos en español en El Planteo.

Image via ShutterStock, edited by Benzinga.

And, so, in learning what investors should be focused on, Benzinga chatted with the veteran trader and macro strategist Andy Constan, the CEO and CIO of Damped Spring Advisors.

Let’s get into Constan’s background, perspectives, and tips for success in markets.

From Pre-Med To IB: A University of Pennsylvania alumnus, Constan was actually a biomedical engineering student in pursuit of medical studies.

He then joined a fraternity and was encouraged by peers to also explore finance.

“I was thinking about being a doctor and was quantitative, taking all the math courses you need to be an engineer,” he said. “My friends encouraged me to take finance and economics classes, and I found them extraordinarily easy.”

Pursuant to the ease with which finance came to Constan, he gave it a go in real life and joined Salomon Brothers as an entry-level corporate finance analyst in the mid-1980s.

Early Days of Quant: “The initiation of spreadsheets was happening at the time,” Constan said on the early “demand for quants,” which lent in him pivoting to finance with ease.

He excelled quickly in his investment banking (IB) cohort and was the go-to for questions.

That’s what played into Salomon’s late vice chairman Jay Higgins tapping Constan for help with an investigation on the Oct. 19, 1987 market crash.

It was called Brady Commission, named after its head Nicholas Brady, and was an assignment by then U.S. President Ronald Reagan.

Through that experience, Constan learned more about the interplay between participants and how their demand or supply of liquidity can play into self-reinforcing market strains.

“The highest level thing was the idea that a dynamic hedging process could operate in all market environments, at an unlimited size,” he put forth.

“Portfolio insurance assumed a continuous market in which, no matter the size of the total portfolio insurance being done, all those players could sell on the way down and find ample buyers to be able to execute their dynamic hedging strategy without thinking about how the flow would essentially be too large to fit through the available liquidity at the time.”

The lesson, according to Constan, was having regard for the liquidity that is available and how participants’ interactions, in trying to tap into or provide it, may manifest market volatility.

Accelerated Career: From thereon, Constan took on more responsibilities and quickly moved into leadership roles.

Given the immense research and modeling he engaged in, in 1991 Constan became a trader in the convertible bonds department, one of Salomon’s best businesses in light of early mispricings and other opportunities that helped in practices such as arbitrage.

By 1995, Constan was managing Salomon’s U.S. and global derivatives trading and structured products businesses, as well as the sale of those services. He assisted in Salomon’s mergers and integration with other firms, the evaluation of Long-Term Capital Management’s (LTCM) collapse, and sell-side model building.

“I tried to make everything I can systematic,” he said about how, broadly speaking, those roles helped in his progression as an analyst, trader and leader.

“In everything, I can’t make systematic, I operate with a framework that is built on my understanding of how markets work, and those are the assets that I use to invest.”

No, Not That Asset: Constan’s use of the term asset varies from that of the consensus.

This is in part to his experiences at Ray Dalio’s Bridgewater Associates, where he was key in boosting the firm’s Pure Alpha Fund via the volatility research pillar, Brevan Howard and others.

At Bridgewater, in particular, at the back of the May 6, 2010 flash crash, Constan found a trade he liked more than any other. It involved the use of options space and that is in part a reason Dalio, as well as co-CIOs Greg Jensen and Bob Prince, brought Constan on.

“They were trying to understand an asset class — volatility — and they hired me to explain,” he said on observing the trade before ultimately researching it in an in-depth way and pitching it.

“I made a very convincing argument and Bob agreed but did not see how that trade would make them money, long-term. Once the trade reverts, we’re left with nothing for our effort.”

The lesson here is that Bridgewater wanted to invest in things they could do every day, in every asset class, through time. The objective is to find a systematic trade that happens regularly and the alpha stream, from the capture of that edge, is the asset.

Constan explains that this is what many great traders — systematic and discretionary — do. They parameterize and act or program and execute. Otherwise, there is style drift.

“They don’t spend their time finding big trades. They spend time finding the persistent trade.”

Avoiding Employment At LTCM: At one point, Constan had the opportunity to join Long-Term Capital Management. He didn’t, thankfully, before the highly-leveraged hedge fund suffered immense losses that required a bailout brokered by the Federal Reserve.

Why did he not join?

It really comes down to pitfalls of relative value (RV) strategies he spotted, and even more so, the arrogance and self-sufficiency of some of the firm’s members.

Constan’s career was all about RV, he said, and “trying to capture inefficiencies generated from some form of concentrated positioning that pushes assets out of whack.”

That’s precisely what LTCM was doing, just with a bigger size.

His experiences, such as Fed Chair Alan Greenspan’s surprise rate hike, helped him realize that many RV drawdowns were often on the back of macro circumstances.

“That’s why I evolved out of RV toward macro,” he said. In early conversations, the LTCM members, many of who were Ph.D.s, expressed their beliefs that they could trade better.

It was a group of smarts with little regard for the delicate balance between quant and trader.

Ultimately, Constan recognized “they had the same liquidity problem that the portfolio insurers had in 1987.”

“I learned this from Dalio later. He doesn’t start with lofty principles built on many bricks of understanding. He starts with the base bricks, the understanding of how things really work.”

Gauging The Market’s De-Rate: Over four decades or so, monetary policy was the instrument for stimulating the economy. This money stoked a technological revolution, bolstered the supply of goods and by that token, promoted deflation, which was kept at bay by rising asset prices.

With recent trends in the geopolitical climate, the focus on fiscal stimulation, as well as supply chokepoints, a lot of the money that was sent to spenders stoked goods and services inflation.

The newfound commitment to addressing inequality, as well as misallocations of capital — via the tightening of liquidity and credit — has consequences on the real economy and asset prices, which are highly connected given the aforementioned multi-decade trends.

The move to stem inflation, via supply-side economics alone, is folly.

“You have to look forward before looking back,” Constan said in a talk on the de-globalization pulse on popular sovereignty, part of which is a product of the monetary policies of the past.

“The most destructive things to future prosperity are the tendencies that have developed over the last five years, like Brexit, the border wall and the war in Ukraine. Comparative advantages, which globalization is essential for, generates uninsured supply chains and now we’re spending money on insurance.”

At its core, prices are set by the equilibrium between the supply and demand for goods. Both are not in line, and the stimulative monetary policies that helped keep the supply-side in check are now off the table, all the while supply chain replication is not adding to production.

Wealth being spent, instead of being created, is inflationary. Thankfully a gridlocked political situation over the coming years is set to keep a lid on this trend.

Constan adds: “We’re in a recession — a period of modestly to significantly below-trend growth — and the fiscal side would have to not force the Fed to do more by having a large spending bill which would hurt markets in a meaningful way.”

He predicts that 2022 may be a 1% total GDP year with a 4% inflation rate. Asset prices have adjusted, and recovery in equities is not off the table. He adds that over the long-time horizon, interest rates will have difficulty rising on factors such as declining in population growth.

“It’s unclear what the obvious trade for the balance of the year would be,” he noted.

Expressing Your Views: “Having been trained at Bridgewater, I saw that there are silos you can’t have” between traders and economists, he said.

Accordingly, Brevan Howard co-founder Alan Howard, “asked me to start and fund the start-up of Damped Spring Advisors to develop syntheses of what’s priced into markets and how those connect with the flow and positioning, and then give my outlook on how changes in the economic drivers of growth, inflation and risk premium will [impact] assets.”

For accountability, Constan manages a small fund that provides people with an idea of how to express those views financially. Trades are constructed around Constan’s two- to four-month time horizons and are structured long and short using defined-risk options trades like debit or credit spreads, depending on whether volatility is cheap or expensive.

“I want deltas and leverage. My macro indicators give me an edge on price and in the worst case, the loss is limited to 10%, if everything has to go against me all at once. I can be 100% invested and only risk 10%.”

Nearly a year ago, Constan began posting to 300 or so Twitter Inc (NYSE:TWTR) followers on his volatility and macroeconomic frameworks. Since garnering a following of more than 43,000, Constan founded new ways for those more interested in learning to connect with him. Through Damped Spring, he allows users to subscribe to and receive the same reports he sends to institutions, as well as a private Twitter where he offers real-time commentary and high-touch interaction. Check it out.

Photo: yuan2003 via Flicker Creative Commons

Data from Fluence’s ongoing training show that expansion is already happening. Currently, their trainees are working in clinical trials, practitioners involved in integration methods and ketamine-assisted therapy, and individuals interested in picking up more on the matter. In fact, the majority of attendees are community-based providers coming in for integration and ketamine, as well as to learn about psychedelic-assisted therapy: “Not to learn to provide it yet, but to learn about it,” Nielson said.

This seems to be a prime issue: training offered is limited to and designed for what clinicians can actually do. Some approaches such as the harm-reduction informed integration work are within the present scope of legal practice.

At a state level, Oregon is offering a different pathway for practices outside clinical work: statewide, FDA-parallel, regulations for providing psilocybin services. “That has basically created a new formalized profession, and that will be an avenue for people to obtain a license and practice under that regulation. That’s a way that we can create a program to educate people, because there will be an avenue for them to practice,” said Fluence’s co-founder.

Nielson further explained the current legal situation: “There are movements of decriminalization and deprioritization, which are different but related concepts. Those do not equate legalization, and they also do not create a self-regulated supply of drugs, and they really don’t make it such that a therapist or clinician practicing as a care provider can prescribe those things for a treatment.”

A Look Into Integration Therapies And Patenting

MAPS Senior Medical Director for Medical Affairs, Training & Supervision, Michael Mithoefer, M.D., believes that the education field supporting integration is wide. Existent approaches such as CBCT, EMDR or internal family systems therapy are proving to be helpful: people only take the psychedelic a few times, so much of the therapy is about preparing them for the session, and then helping them to integrate the experience.

Mithoefer recently conducted a pilot study treating couples with MDMA-assisted therapy combined with cognitive-behavioral therapy (CBCT), merging MAPS's inner-directed approach with a more structured method. “It was very interesting, kind of a proof of principle study, and to develop a treatment protocol, to see what we could learn about combining these methods,” Mithoefer told Benzinga.

Many treatments are specific, which in turn brings limitations to the therapy. In reply, MAPS has developed an inner healing intelligence protocol based on the idea that people have the inner wisdom to direct their experience in a useful way if they are given the chance.

The approach is drug-assisted psychotherapy designed to support whatever the naturally-occurring experience is.

“Some of the neuroscience about these kinds of compounds shows they create a state where people can get out of the old rug, the old way of always responding in the same manner, which can be very painful if you have PTSD. The medicines seem to give people the chance to respond differently, and I think that fits very well with not being too directive, so you can make space and encouragement for something new and unexpected to happen. So often, that’s what makes the difference,” Mithoefer explained.

Regarding a potential patent arising from the integration-combining methods, MAPS is a non-profit and has a public-benefit approach, so they do not support patent policies. But that doesn’t mean other psychedelic companies and institutions will follow suit.

From An Investor’s Perspective

Business verticals do not cross over within various industries. Sticking with a single market sector is commonly known as a high-risk-high reward situation.

In last year’s Global Small Cap Conference, long-time investor in psychedelic philanthropy, education & research Simeon Schnapper said he hadn’t realized how large the industry was getting. His JLS Fund is now investing in diverse fields, including early-stage drug development and discovery, special-purpose vehicles as well as protocol development.

The psychedelics investment landscape has big players, but Schnapper sees the scene shifting towards innovative people from biotech sectors, unrelated to psychedelics.

“As far as pure-play drug discovery psychedelic companies, it’s been a few years, so I don’t think we’re gonna see any new players coming from the roots of the industry. If they haven’t decided to become a company, they’re joining scientific advisory boards, or they’re doing consulting work,” Schnapper explained to Benzinga.

Related to the wave of biotech specialists entering the psychedelic space, he said it will be very interesting to see where it goes: “Arguably a psychedelic is anything, but just no molecule, but putting a chip into your brain. Brain to computer interphase. It’s modifying your own DNA. Which is like CRISPR technology: there’s no molecule, and it’s the same eventual potentiality to heal, get back by insurance, and find a way to smash this mental health pandemic.”

In terms of psychedelic-therapy training, Schnapper believes that hundreds will be created and, like any nascent industry, we will start to see competence and partnerships arising. “There’s definitely a consolidation process going on, but from training companies themselves there’s probably around 10 or so that are generating revenue, have been around a while or are harnessing this opportunity to raise some capital and scale and expand their business to training more therapists.” 

Is it too early to start investing in these training companies given the current legal scenario? Schnapper replied confidently: “We’ve invested because you can very clearly see that trajectory. You’re investing in a training platform for psychotherapists with the majority of these molecules, still not being federally legal. But we know it’s not a matter of if, it’s now just a matter of when."

Even though they are very different, a comparison between the cannabis and psychedelics industries might help understand the latter’s likely path: “If you look at what happened, cannabis is still federally illegal, and you can get it virtually anywhere in the US legally now. Having spent a lot of time in activism in cannabis, I had a parallel. And now, there will be people who get treated with psychedelics and assisted therapy before the FDA approves it. Upon the FDA approving it, I believe decrim and state initiatives will be a drop in the ocean compared to federally legal –which means anyone can get it and can get reimbursed from insurance. We saw the genie come out of the bottle three years ago, and there’s no way to put it back in. That’s, from an investor’s perspective, why we bet.”

In the near future, whether under state or federal initiatives, there is no doubt that some level of psychotherapy or facilitation will be needed, which in turn anticipates that many people will want and need training.

For his part, Schnapper is professionally and personally looking forward to this industry’s next move: “I’ve seen first-hand over the decades how effective medicine, molecules can be, enhanced by accompaniment. As an investor, I would use the term bullish. As a student of the space, I would use the term excited.”

After a prosperous Miami event this past April, the Benzinga Cannabis Capital Conference will take place in Chicago on September 13-14. As always, the meeting will host leading executives and investors who will talk about the industry’s present and future. The list of speakers includes engineer Alvaro Torres, co-founder, CEO & director of Khiron Life Sciences Corp. (OTCQX:KHRNF) (TSXV:KHRN), a top-selling medical cannabis brand making waves in Latin America and the United Kingdom.

Torres has 20 years of experience in the Latin American market on topics such as infrastructure and finance, management strategy and mergers & acquisitions. He was previously head of business development for SNC-Lavalin in Colombia, where he oversaw the development of operations of over $1 billion in capital expenditure. 

Through his current project, Khiron Life Sciences, a medical cannabis company with a presence both in Canada and Colombia, Torres is set to bring products to the untapped Latin American domestic market. That is, Khiron plans to serve the 50 million people in Colombia, and regionally 640 million throughout Latin America who seek alternative medicine through its licensed cultivation, production, distribution and export sites. 

A Unique Strategy For Comprehensive Markets

The release of Khiron’s financial results for this year’s first quarter provides CEO Torres with absolute confidence in the company’s global expansion success as well as its original patient-first strategy.

“Khiron is the top-selling medical cannabis brand in Latin America and one of the top-selling brands in the United Kingdom. Our unique approach will continue to generate double-digit revenue and gross profits quarter over quarter in markets poised to become significant in the coming years,” Torres explained. 

Khiron combines international scientific expertise, agricultural advantages, and branded product market entrance experience. The company's current focus is on leveraging its infrastructure to continue driving sales in targeted markets while maintaining discipline in expenses for further profitability in the near future. The company will then move to new growth opportunities in both Latin America and Europe.

Come and meet this extraordinary cannabis visionary and let’s network and learn together. Join us in September at the Benzinga Cannabis Capital Conference and stay at the historic Palmer House Hotel. Don't miss out on a chance to hear about future market forecasts and worldly advice on investing and finance from those embedded in the cannabis industry. Ready, set, go! 

Book your tickets HERE, and your room HERE.

Wejo Group Limited (NASDAQ:WEJO) has collaborated with Ford Motor Company (NYSE:F) in Europe, which gives Wejo access to personalized connected vehicle data from Ford vehicles across the continent. 

Wejo is a leader in Smart Mobility cloud and software solutions for connected, electric, and autonomous vehicle data, 

What Happened? As part of this collaboration, Wejo leverages Ford's end-to-end data consent process helping the insurance company gain consent from the customer to access the personalized vehicle data such as vehicle location, speed, and mileage. 

Once provided, that consent passes back to Ford through Wejo to release the data for analysis and insight. 

The connected vehicle data (CVD) passes back to the insurer to establish usage-based end-to-end car insurance policies that appeal to the customer based on their safe driving or limited mileage. 

Why Does It Matter? The partnership supports providing data and insights to insurance providers that leverage user-based intelligence for end-to-end insurance. 

Insurance providers, in turn, can leverage the data to understand driving behaviors better and drive efficiencies, including by minimizing fraud. 

The partnership focuses on defined data sets explicitly created for end-to-end insurance in Europe. 

These data sets, coupled with Wejo's broad range of capabilities and experience in interpreting historical and real-time connected vehicle data, including over 76.7 billion journeys to date collected from approximately 13 million connected vehicles, create an opportunity for deep insights and understanding, as well as furthering its promise of data for good.

"Providing actionable data insights to insurance providers is another example of how Wejo is expanding into additional markets and demonstrating new use cases for OEMs and insurance companies to monetize connected vehicle data for good," said Richard Barlow, founder, and CEO, of Wejo.

Graeme Stevens, Manager, Third Party Enablement at Ford of Europe, said: "At Ford, we believe in the power of harnessing connected vehicle data. Through the insights our vehicles and customers can provide us, with full consent, we are able to better understand driving behaviors and ultimately make the insurance experience a much more tailored and cost-effective experience for our customers."

Price Action: WEJO shares closed lower by 5.43% at $1.22 on Monday.

There was good news and bad news from Warner Bros.’ (NASDAQ:WBD) biopic “Elvis” premiere engagement this weekend in U.S. theaters. The good news was the Baz Luhrmann biopic was the top grossing film from the line-up of theatrical releases.

The bad news was that the $31 million generated by "Elvis" in ticket sales made it the lowest grossing top-ranked weekend film since the animated feature “The Bad Guys” from Comcast Corp’s (NASDAQ:CMCSA) Universal Pictures opened to $24 million in domestic ticket sales for the April 22-24 weekend.

What went wrong for “Elvis,” which came to theaters with extensive marketing and overwhelming positive reviews? It would seem there were several factors working against it.

Competition: “Elvis” came into theaters as Universal Pictures’ “Jurassic World Dominion” was entering its third week in release, while Paramount Global’s (NASDAQ:PARAA) was going into its fifth week. But while “Jurassic World Dominion” showed signs of losing steam as its engagement continued (a $26.4 million gross from the weekend), “Top Gun: Maverick” unexpectedly saw a second wind and challenged “Elvis” for box office dominance, closing the weekend at $30.5 million in U.S. ticket sales.

Complicating matters was another Universal title, the horror flick “The Black Phone,” swept up $23 million at the box office. While that might seem disappointing, the film’s budget was around $18 million, and it already earned back its costs thanks to a mostly younger audience that embraced its spooky storyline.

The Audience: Deadline cited Comscore/Screen Engine PostTrak data that found 31% of the “Elvis” audience was over 55 and 48% was over 45. Considering that this year marks the 45th anniversary of Elvis Presley’s death, nearly half of the audience had some recollection of the King of Rock and Roll during his halcyon days.

But where were the younger moviegoers? Deadline also noted that 51% of the audience for “The Black Phone” were women, with those between 18 and 34 accounting for 64% of ticket sales and those under 25 accounting for 53%. The other films striving for box office dominance divided up the millennial and Gen Z moviegoers.

This raises a question if younger viewers would respond to a film about a music icon that they only know about from historic references. Recent examples have been a hit-or-miss affair: United Artists Releasing’s 2021 Aretha Franklin biopic “Respect” was a box office flop, despite the presence of Jennifer Hudson in the title role, yet 20th Century Fox’s 2018 Freddie Mercury biopic “Bohemian Rhapsody” was a big hit with audiences and propelled Rami Malek to film stardom and an Academy Award.

Austin Butler, who plays the title role in “Elvis,” has his first starring role in this film, so audiences aren’t necessarily coming out for him. The film’s only box office name, Tom Hanks, plays against type (and under heavy make-up) as the unscrupulous Col. Tom Parker, but his presence helped sell the film – PostTrak found 25% of moviegoers came to “Elvis” because of Hanks. While this is good news for Hanks’ star cred, it seems off-kilter that one-quarter of the audience are coming for the Col. Parker character rather than the eponymous star.

See Also: Disney And Paramount To Re-Release 'Titanic' In Theaters For Valentine's Day 2023

The Timing: One of the more curious decisions regarding “Elvis” was the decision to release the film at the start of summer, especially when action-adventure and family-friendly film are among the most popular fare on the screen.

As a film that could be seen as a major contender in multiple Academy Award categories – including Baz Luhrmann’s direction, possible acting nods for Butler and Hanks, plus the technical awards for the flashy production. And considering the bulk of Warner Bros.’ remaining 2022 titles are action-adventure flicks like “Black Adam” and “Aquaman and the Lost Kingdom,” having its main Oscar bait in theaters in mid-year rather than at year’s end amid the major studio Oscar releases feels like poor planning.

However, a second act to “Elvis” may be coming soon – Luhrmann has already hinted a four-hour version of his 2-hour-38-minute work exists, which might generate a new rush of interest after the initial hoopla has evaporated. 

Photo: Austin Butler in "Elvis," courtesy of Warner Bros.

See Also: Disney Moving Forward With New 'Planet Of The Apes' Trilogy

February data from the Texas Politics Project listed border security (19%), immigration (12%), COVID-19 (11%), political corruption (9%) and the economy (6%) as its top five voter issues.

March results from the 2022 Texas Lyceum Poll cited border security (14%) as the top trouble spot. Inflation, political corruption/leadership and energy prices are all tied at 9%. Cannabis legalization was not mentioned in the list of 25 concerns.

"From the shaky electric grid to health care access, the economy, endemic corruption, and gun violence, issues are swamping the Texas election cycle," said Susan Hays, a Democratic candidate for Agriculture Department Commissioner.

Hays said the typical voter likely places cannabis somewhere in the middle of their priorities this voting cycle.

"But voters consistently raise cannabis reform as an important issue for them," she said.

Jax James, NORML state policy manager said cannabis legalization "definitely" falls behind gun and abortion rights, adding that property taxes could also be considered a higher priority to most Texans.

James said the state's current surplus may make legalization less of a concern to those outside of advocates. In July 2021, state Comptroller Glenn Hegar projected Texas would have a $7.85 billion surplus for the 2022-2023 biennium.

"The desire to have legal market revenue is not as big as it could, perhaps," said James.

How Cannabis Policy Fits Into The Discussion

Texans have come around on legalization and now seem to be waiting on key lawmakers to do the same. Across the aisle, voters have supported a legal market expansion for some time.

"Overarchingly, cannabis is truly a fairly bipartisan issue here in Texas," said James.

June 2021 results from the Texas Politics Projects saw 60% of those polled supporting a small or large quantity possession. Just 13% opposed legalization in any form.

A May 2022 poll from The Dallas Morning News and The University of Texas at Tyler found similar results. 60% of those polled supported adult use legalization, with 83% favoring medical. 42% of identified Republicans supported adult use.

Public support hasn't done much to sway Gov. Abbott from previous stances. He prefers to see cannabis remain a Class C misdemeanor.

James blamed Lieutenant Governor Dan Patrick, who has been linked to squashing reform momentum for several years.

"The Governor has actually negotiated with activists to get quite a bit more done than has passed," James said.

Others offered similar opinions. "Texans do seem to want a more robust medicinal program, similar to Oklahoma, but the current Lieutenant Governor will not allow cannabis legislation to be brought to the Senate floor," said Matt Hawkins, founder and managing principal at Entourage Effect Capital.

Tristan Seikel is executive director of the nonpartisan group Decriminalize Denton, one of the cities taking up decriminalization in November. He feels that the rise of local-level policy and ballot questions is a response to stalled state-level efforts.

"People are organizing more and providing support for each other, I think, as a necessary reaction," Seikel said.

Medical advocates have also continued to push for changes to its restrictive market. In 2021, the Texas Compassionate Use Program expanded its coverage to people with cancer and PTSD. Efforts to include chronic pain were removed in the Senate.

Conservatives Gaining Recent Ground

While Beto O'Rourke and cannabis reforms could win out in November, the state's conservative grip still appears strong.

"I can't even begin to speculate on how our election is going to go this year, especially with the recent news of a Republican flipping a historically Democratic district in the Rio Grande Valley," said Shayda Torabi, CEO of Restart CBD and host of the To Be Blunt podcast.

In mid-June, GOP candidate Mayra Flores flipped the typically Democratic seat during a special election.

The state GOP also made waves in June when its new party platform included claims against the 2020 election results, condemned gay marriage and called to repeal the Voting Rights Act of 1965. The platform also opposes cannabis legalization but does support rescheduling.

With results not coming for several months, we're left to wait and see what will unfold. While waiting, NORML's James reports knowing of several companies waiting to capitalize on what could be a lucrative Texas market.

Rather than just waiting, she urges those companies to get involved. "The activists are here on the ground doing the work, and we need to make sure that the businesses and the people in positions of power are supporting that work."

Photo by Ruben Reyes at Pexels

Bitcoin (CRYPTO: BTC) has shed half of its value since the start of the year and has fallen even more since it topped out around $69,000 last November.

Although the sharp price decrease has been alarming for some cryptocurrency investors, MicroStrategy Inc (NASDAQ:MSTR), which has more than $4 billion in Bitcoin exposure, doesn't seem phased.

"If you try to time the market, you are going to be very frustrated," MicroStrategy CEO Michael Saylor said Monday on "Benzinga Live."

"But if you look out over four years or six years or eight years, then simply acquiring high-quality property with free cash flow is generally a really good investment strategy."

MicroStrategy's Bitcoin Bet: That's exactly what Saylor's company has done. MicroStrategy is a business intelligence, mobile software and cloud-based services company, but more than anything else, it's a bet on Bitcoin. The firm has accumulated nearly 130,000 Bitcoin at an average price of around $30,000, and it plans to sit on the crypto long term.

"We have a simple strategy and our strategy is we just acquire Bitcoin, and we hold the Bitcoin," Saylor said. 

See Also: Bitcoin (BTC) Moving Sideways - Calm Before The Storm?

The MicroStrategy CEO told Benzinga that when there is a massive expansion in money supply followed by a significant contraction in money supply, investors want to focus on scarce, desirable, high-quality property that other investors will want to buy down the road. 

"And of course we happen to think that Bitcoin is the highest-quality scarce desirable property," he said. 

As the company generates free cash flow, it intends to sweep said cash into Bitcoin, and it doesn't seem like Saylor sees anything that can sway the company from its approach. Although there has been much speculation about MicroStrategy facing a potential Bitcoin margin call, Saylor shrugged off those claims. 

"No, we're not worried about a margin call," he said. "We took a little bit of debt, but it was 20x overcollateralized."

"If Bitcoin went to $3,000 a coin, we would have to post some other collateral, but we have other collateral and Bitcoin I don't think will go to $3,000 a coin," Saylor added with a laugh. 

So Where Is Bitcoin Headed? Saylor maintains a bullish outlook on the long-term prospects of Bitcoin, but it may be tied down for a while as the world's largest and oldest crypto moves through another four-year cycle.

Mining rewards are cut in half roughly every four years after 210,000 blocks are mined. Bitcoin's price has historically been bound to these halving cycles.

"You have to be able to last through the four-year cycles. So when you lay out your strategy, if you can't last for four days or four weeks, right, then you're a speculator or a gambler, but when you're looking out five years in advance, and you think about the volatility, then it's an investment strategy," Saylor said.

Although the longtime Bitcoin bull acknowledged that crypto could be stuck in a bear cycle for a while, as regulations are imposed and adoption ramps up over the coming years, Saylor expects Bitcoin to become more attractive to a larger number of people, which should help push the price higher.

"We think that the highest-quality, best asset in the world is Bitcoin. Everything else in the world is inferior to Bitcoin. So, if you gave me $1 million and said what do you want to buy, I don't want to buy a sports team, I don't want to buy a building, I don't want to buy a company ... all I want to buy is Bitcoin," Saylor said.

"If you hate Bitcoin, you can short our stock ... if you love Bitcoin, you can buy our stock."

See the full interview with Saylor here:

MSTR Price Action: MicroStrategy has a 52-week high of $891.37 and a 52-week low of $134.09.

The stock was down 5.01% at $195.16 at press time, according to data from Benzinga Pro.

https://www.youtube.com/watch?v=eCwWNafKFC8

https://www.youtube.com/watch?v=eCwWNafKFC8