Cannabis Countdown: Top 10 Marijuana And Psychedelics Industry News Stories Of The Week
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 May 11th – 17th, 2020.
Without further ado, let’s get started.
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Drugs based on Psilocybin (Magic Mushrooms) and MDMA have been granted breakthrough status by the FDA. These Psychedelic compounds will be used to treat conditions such as depression, PTSD, and substance abuse. Each one of these ailments represents a potential blockbuster drug, which is a more permanent treatment, in a world where consumers want a solution that “Fixes the Problem” rather than “Temporarily Patching” it.
One of the best cannabis events in the world, the Benzinga Cannabis Capital Conference, is going virtual for its seventh installment. Industry insiders and investors from around the world will come together on June 1 for a full day of keynotes, panel discussions, fireside chats, networking, company presentations, celebrity appearances and more. For more information or to purchase tickets click here.
While major retailers like Sephora and Neiman Marcus were quick to embrace CBD-infused products for humans on the heels of the Farm Bill, the retail heavyweights like Petco and PetSmart that are focused on our furry friends took things a bit slower.
It seems those efforts have paid off after House leadership announced the SAFE Banking Act has been included in what will likely be the largest relief package in U.S. history.
MindMed Inc (OTC:MMEDF) announced it has entered into a clinical trial agreement with Maastricht University to undertake a Phase 2a clinical trial for LSD in adult patients with ADHD. MindMed previously established a microdosing division to develop a portfolio of clinical trials studying the use of sub-perceptual amounts of psychedelic substances for medical purposes.
Former Vice President Joe Biden and Sen. Bernie Sanders (I-VT) on Wednesday announced the names of members of several new task forces they formed to explore policies in six major areas, including a criminal justice reform panel that is stacked with cannabis legalization supporters.
However, activists will be raising the issue with the City Council in hopes of enacting local reform legislatively. Decriminalize Nature Portland, which initially started collecting signatures late last year, said in a Facebook post last week that they made the decision after a “long quarantine hiatus.”
Last week, Michiganders shelled out $7,913,328 on recreational cannabis products. That’s the biggest sales week in the adult-use industry’s brief history in the state. Since Michigan approved recreational marijuana use in 2018, the industry has rung up $91 million in sales, generating $15 million in sales and excise tax revenues. Nearly 0ne-third of those sales have been in the past four weeks.
Champignon Brands Inc (OTCQB:SHRMF) announced the company signed a term sheet to acquire the California-based Ketamine Wellness Clinic of Orange County. As Champignon continues to advance its North American psychedelic clinic expansion strategy, this news sets the stage for the firm to officially enter the lucrative U.S. Psychedelics market.
The House approved a coronavirus relief package on Friday that includes provisions that would protect banks that service state-legal marijuana businesses from being penalized by federal regulators. The vote was 208 to 199.
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