Denver, Colorado, Oakland, California, and most recently Santa Cruz City decriminalized the possession of products containing psilocybin or psilocin. D.C. may join those cities this November 2020. In fact, according to The Washington Post, the D.C. Board of Elections decided that the proposal can be placed on the November ballot for a vote.
“If approved, the District would join a handful of other cities that have passed similar measures in recent months.” However, the proposal must still get a sufficient number of signatures from supporters before it can be added to the ballot officially.
As excitement builds, it’s opening a range of opportunity for companies that have already established launching cannabis products including The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF), OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI), The Green Organic Dutchman (TSX:TGOD)(OTC:TGODF), Tilray Inc. (NASDAQ:TLRY), and GW Pharmaceuticals (NASDAQ:GWPH).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. subsidiary Flourish Mushroom Labs Inc. applauds the recent momentum toward decriminalization of psilocybin across the U.S., including Washington D.C, California, Colorado, Vermont and Oregon. Denver and two California cities, Santa Cruz and Oakland, have already decriminalized psychedelics. While the legislation does not remove penalties related to the sale or cultivation of mushrooms in Santa Cruz, it does mean the city’s law enforcement is unlikely to investigate or arrest individuals for possession.
In November, Decriminalize California teamed up with the Beckley Foundation to replicate the success of decriminalization in Oakland throughout the state of California. Decriminalize California has 180 days to collect at least 625,000 valid signatures as of January 2020 in order to get the issue on the November 2020 Ballot. In Washington D.C. residents may vote in November 2020 to decriminalize certain psychedelic plants and fungi making enforcing drug laws related to psychedelics a low priority for law enforcement in the state. Proponents must gather 25,000 signatures by July 1 in order to get this on the November ballot. Vermont lawmakers filed a bill in January of this year that would decriminalize certain psychedelic substances such as psilocybin, ayahuasca, peyote and kratom. The Oregon Psilocybin Services Act would allow adults to visit licensed medical facilities to have the psychedelic administered under professional supervision. In order for the initiative to qualify for the November 2020 ballot, 112,020 signatures must be collected by July 2.
“There is tremendous momentum across the United States and globally with greater awareness of the potential of psychedelics and their potential therapeutic benefits,” says Yield Growth and Flourish CEO Penny White. “The Flourish Mushroom Labs team is working closely with leading organizations throughout the industry to support the forward movement of these efforts.”
Last week, COMPASS Pathways announced its acquisition of U.S. Patent No 10,591,175, which covers methods of treating drug-resistant depression with a psilocybin formulation. In 2018, COMPASS received a breakthrough therapy designation for psilocybin therapy for treatment-resistant depression.
Other related developments from around the markets include:
OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI)announced products from its premium adult recreational EdisonCannabis Co. brand have been awarded top honours in the consumer-driven Leafly Readers Choice Awards. The Company’s Edison Cannabis Co. products took first-place position in four key product categories: Top THC-Dominant Flower, Top Pre-Roll, Top THC Oil and Top CBD Oil. “These products, chosen the finest in Canada by those who know cannabis best, are validation for all the hard work, thought and dedication applied to the development of the Edison Cannabis Co. brand and the quality of its products,” said Greg Engel, CEO, Organigram. “We’re incredibly proud of our teams and thank those who support our work. A special thanks to the team at Leafly for this celebration of cannabis in Canada.”
The Green Organic Dutchman (TSX:TGOD)(OTC:TGODF) announced changes to streamline its leadership structure. The Company’s President, Mr. Csaba Reider, will be departing the organization. Mr. Reider’s duties will be assumed by the Company’s CEO, Brian Athaide. Mike Gibbons, Vice President of Sales, is also leaving the organization. Robert Gora, Vice President of Medical Commercialization, will assume the consolidated role of Vice President, National Sales, leading sales and revenue generation across medical and recreational channels. “The changes we announce today are part of a comprehensive review of our operations to reduce costs and improve cash flow. This will result in significant G&A savings and a leaner more efficient organization. We are also very focused on ramping up production, expanding our product portfolio with innovative organic products and gaining market share across the country.” commented Brian Athaide, CEO of TGOD.
Tilray Inc. (NASDAQ:TLRY) announced the expansion of its global senior leadership team with two strategic hires: Jon Levin as Chief Operating Officer, who was formerly with Revlon, and Michael Kruteck as Chief Financial Officer, who was formerly with Molson Coors and Pharmaca. Mr. Kruteck’s appointment will be effective immediately after filing the Annual Report on Form 10-K for the year ended December 31, 2019. Mark Castaneda, Tilray’s current CFO, will take on the role of Strategic Business Development and continue to advise the company and assist in Kruteck’s transition. “We are thrilled to have these experienced leaders join our team as we continue to disrupt the global pharmaceutical, alcohol, CPG and functional food and beverage industries,” said Brendan Kennedy, Tilray CEO. “Jon and Michael come to Tilray with extensive expertise in their respective fields and we look forward to their contributions as we pioneer the future of cannabis and hemp around the world. As CFO, Mark has led the company through its IPO and substantial growth in the past couple years and we thank him as he transitions to a new strategic role with the company.”
GW Pharmaceuticals (NASDAQ:GWPH) announced that it has submitted a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) for Epidiolex (cannabidiol) oral solution, CV. The sNDA seeks to expand the Epidiolex label to include the treatment of seizures associated with Tuberous Sclerosis Complex (TSC), a rare genetic condition. Epidiolex is currently approved in the U.S. to treat seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome and has been granted Orphan Drug Designation from the FDA for the treatment of TSC. "The submission of this sNDA for Epidiolex is an important step towards the prospect of offering a new treatment option for those patients with TSC who battle difficult-to-treat seizures," said CEO, Justin Gover. "Having already obtained approval for Epdiolex in the treatment of seizures associated with Lennox-Gastaut Syndrome and Dravet Syndrome, this submission is based on positive Phase 3 data showing that Epidiolex reduced TSC-associated seizures, which include both focal and generalized seizures types. We look forward to working with the FDA toward an expected approval later this year."
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