Start your day with our News Update, where we bring you a comprehensive roundup of the latest headlines from the past 24 hours. In this edition, we cover a wide range of topics including Prince Harry accused the media describing him as a “Irresponsible Drug Taker”, Compass Pathways, Louisiana, Canada, Mary Jones, Prince Harry and more.
Join us as we dive into the latest developments and insights shaping the cannabis and psychedelics industry.
RESEARCH:
Compass Pathways Gets Good News on Psilocybin Patent Journey
Patent Trial and Appeal Board reaffirmed decisions to uphold its ‘257 Patent and ‘259 Patent, key patents covering COMP360 crystalline psilocybin polymorph A, the polymorph being used in the company’s phase 3 clinical trials. [Source: Green Market Report]
POLICY:
Survey: 70% of Louisianans Support Low-Level Cannabis Decriminalization
Seventy percent of Louisianans back allowing adults to possess small amounts of cannabis for personal use, according to the 2023 Louisiana State University (LSU) Louisiana Survey. [Source: Ganjapreneur.com]
Critics question whether Biden-signed marijuana research law has ‘any value’
Six months after President Joe Biden signed marijuana research into law, a growing chorus of critics note that the federal government has registered zero new cannabis research projects. This raises concerns among advocates and experts who were hoping for scientific advancements in the field. [Source: MJBizDaily]
Canada to print health warnings on individual cigarettes in anti-smoking drive
King-size cigarettes will be the first to feature individual health warnings and will be sold by retailers by July 2024, followed by regular-size cigarettes and little cigars with tipping paper and tubes by the end of April 2025. Labeling the tipping paper of individual cigarettes, little cigars, tubes, and other tobacco products will make it virtually impossible to avoid health warnings, stresses the government. [Source: Packaging Insights]
New Coalition Launches Campaign in Support of Cannabis Scheduling Reform
As the Biden Administration actively reviews the classification of cannabis under the Controlled Substances Act, a diverse group of cannabis companies and organizations is partnering with scientific and legal experts to launch the Coalition for Cannabis Scheduling Reform. [Source: Cannabis Business Times]
Merck sues federal government, accuses Medicare drug price negotiation plan of ‘extortion’
Merck is suing the federal government over a plan to negotiate Medicare drug prices, calling the program a sham equivalent to extortion. Merck said in the complaint that the plan laid out in the IRA suggests that federal officials will sit down with drugmakers and negotiate voluntary price agreements. [Source: Section Page News – Modern Healthcare]
PRODUCTS:
Lord Jones’ beauty closure is another nail in the coffin for CBD beauty
In another death knell to CBD beauty, Lord Jones is winding down its U.S. operations. The CBD company announced via Instagram on Monday that it is shuttering its U.S. [Source: Glossy]
Mary Jones introduces MF Grape and ‘Classic’ Cola flavors to lineup
Seattle-based Jones Soda Co., the original craft soda known for its unconventional flavors and user-submitted photo labels, announced two new flavors of its Mary Jones cannabis-infused beverage brand. [Source: Beverage News]
CULTURE:
Prince Harry Accuses Tabloids Of “Inciting Hatred” And Says He Played Up To Media Descriptions Of Being A “Thicko” & “Irresponsible Drug Taker”
Prince Harry (the Duke of Sussex) accuses British tabloids of “inciting hatred and harassment” in his private life, admitting that he sometimes played up to media descriptions of being a “thicko” during his UK phone hacking trial. [Source: Deadline]
EDUCATION:
New York Community College Offering Cannabis Certificate Courses
Plattsburgh, New York’s Clinton County Community College (CCC) is now offering three certificate courses focused on the cannabis industry as part of a partnership with cannabis education company Green Flower. [Source: Ganjapreneur.com]
BUSINESS:
Cannabis Sales Slip
Cannabis sales (cannabis sales data from 11 states) decreased 2.5% sequentially in April after increasing 11.7% in March from the short February, according to cannabis data analytics firm BDSA. [Source: New Cannabis Ventures]
California Cannabis Chaos: State Bailout Might Be Needed
The legal California cannabis industry is in such dire financial straits that it may need a state-funded bailout if it’s to continue operations after this year, according to one longtime industry insider. [Source: Green Market Report]
Canada’s unsold cannabis inventory balloons to 1.5 billion grams
The unsold cannabis inventory in Canada has reached a staggering 1.5 billion grams, raising concerns about oversupply and market stability. [Source: MJBizDaily]
New Cannabis Coalition Aims to Influence Federal Rescheduling Process
A broad group of marijuana companies, cannabis trade organizations, nonprofits, law firms, doctors, ancillary companies, and activists has joined forces in the hopes of influencing a review by the Biden administration which could result in federal marijuana legalization. [Source: Green Market Report]
Maryland offers funds to help medical marijuana operators move into adult use
Maryland is offering grants and loans to help existing medical marijuana companies move into the state’s impending adult-use cannabis market. [Source: MJBizDaily]
Marijuana trade organization NCIA cuts staff
Widespread layoffs in the marijuana industry are affecting trade organizations such as the National Cannabis Industry Association (NCIA), which cut close to half its employees last week. [Source: MJBizDaily]
Cannabis retailer Fire & Flower granted creditor protection after ‘significant net losses’
Fire & Flower Holdings and its cannabis subsidiaries have received an initial order for creditor protection from a Canadian court after raking up significant net losses of more than 200 million Canadian dollars ($150 million) since 2018. [Source: MJBizDaily]
Nominate Your Notable Leader in Cannabis
Green Market Report launches the Notable Leaders in Cannabis program to recognize key individuals within the industry. With the lack of meaningful action toward federal cannabis legalization in the U.S., the program aims to highlight influential leaders who are shaping the cannabis landscape and driving positive change in the field. [Source: Green Market Report]
VOICES:
Listen: Why forced treatment can’t fix substance use disorder
In a recent episode of the “First Opinion Podcast,” addiction medicine physician Sarah Wakeman discusses the inefficacy of involuntary treatment for substance use disorders. Wakeman emphasizes the need for a more compassionate approach and explores evidence suggesting that forced treatment simply does not work. [Source: STAT]
Keep Yourself Informed
We hope you enjoyed today’s news update! Check back with us daily to see what’s going on in the world of cannabis, psychedelics, and recreational drugs. And make sure to subscribe below to our newsletter for all the latest stories and deals!
Disclaimer: Our Daily Updates are created using AI tools. PsychePen is an AI author who is constantly improving. We appreciate your kindness and understanding as PsychePen continues to learn and develop.
