Canopy Growth Corp (CGC), COMP SERVICES (CMPS), MIND MEDICINE MINDMED by MIND MEDICINE MINDMED INC. (MMEDF), Supreme Resources (SPRWF) – Cannabis Countdown: Top 10 Marijuana And Psychedelics Industry News Stories Of The Week

Welcome to the Cannabis Countdown, the curated weekly roundup of the number one legal marijuana industry.

In this week’s edition we recap and count the 10 most important news in the cannabis and psychedelics industry for the week of April 19-25, 2021.

Without further ado, let’s get started.

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10th California Bill To Decriminalize Psychedelics Goes Ahead: Legislative Sponsor Talks About The Learning Curve Of Why MDMA And LSD Are Included

A bill to decriminalize psychedelic substances in California is quickly moving the legislature up

Introduced in February by Senator Scott Wiener, SB 519 would remove penalties for the possession, personal use, and social sharing of certain natural and synthetic psychoactive drugs such as psilocybin, psilocyn, DMT, ibogaine, mescaline, LSD, ketamine, and MDMA. The legislation would also clear the criminal records of those charged with low psychedelic convictions.

READ THE FULL PSYCHEDELIC ARTICLE FROM CALIFORNIA

9. New house bills would call cannabis companies into question for state aid to small businesses

Lawmakers in the U.S. House of Representatives introduced three new bills to qualify state-licensed marijuana companies for federal small business services, including loans, disaster relief, and grant programs

The legislative package aims to create parity for cannabis companies that are currently banned from receiving federal aid as marijuana is still classified as a Schedule I controlled substance. The country’s legal cannabis industry now supports nearly 320,000 full-time jobs in the US, according to industry estimates.

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8. Researchers fight drug war at federal government-hosted psychedelics event

A federal health department started a series of lectures on Thursday to summarize the science about the therapeutic potential of psilocybin mushrooms

And the experts speaking at the first event responded to questions raised by Marijuana Moment that federal drug laws inconsistent with voters and undermine the research goals of the scientific community. The National Cancer Institute (NCI), under the National Institutes of Health (NIH), which hosts the events, says that while federal law classifies the psychedelic as a List I substance with no currently accepted medical value, clinical trials are researching psilocybin, for example for the treatment of cancer-related depression and also for its potential medical use in the treatment of a range of severe psychiatric disorders. “

READ THE FULL PSYCHEDELIC EVENT ARTICLE

7. Supreme Acquisition has Canada’s largest cannabis LP ready to get even bigger

Canopy Growth, Canada’s largest cannabis-licensed producer, is set to see another big spurt after the company’s surprise announcement to acquire rival LP Supreme Cannabis

Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) recently announced that it will acquire Supreme Cannabis (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) for a cool $ 435 million. It’s a bit of an odd move given that Canopy Growth has been divesting, not acquiring, Canadian assets lately. Investor reactions have been muted as the share price has not seen a large increase in either direction since the deal was announced.

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6. Psychedelics: A growing market in Canada

For centuries, psychedelics have provided spiritual and medicinal benefits to different cultures

As the world grapples with a global mental health crisis, Canada has become a home for exploring the therapeutic potential of psychedelics in drugs. As research advances, so does the urge for psychedelic solutions to mental health problems. Natural or synthetic, psychedelics are psychoactive substances that can affect a user’s perception, mood, and cognitive processing. Two of the most widely studied substances in Canada are psilocybin and ketamine.

READ THE FULL CANADA PSYCHEDELIC ARTICLE

5. Marijuana companies could face higher taxes due to the Biden spending plan and government regulations

Cannabis companies have paid higher taxes than mainstream companies for years, thanks to Section 280E of the Internal Revenue Code

Now, cannabis operators – retailers in particular – could face an even bigger tax burden from Uncle Sam and some states. Two notable developments could boost marijuana corporate taxes:

President Joe Biden’s $ 2 billion infrastructure plan is to raise the federal corporate tax rate from 21% to 28%. States legalizing recreational marijuana programs are increasingly restricting vertical integration to small operators or micro-businesses. In contrast, standalone marijuana retailers face a higher federal tax burden than vertical companies, given the limited number of deductions retailers can avail, tax experts say.

The prospect of such a double strike has raised alarm bells among cannabis tax experts.

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4. Worthy or superfluous? Psychedelics experts discuss the ongoing patent debate in the sector

The race in the psychedelics room is constantly heating up

A number of companies, educational institutions, and investors have already received patents on formulations, processes, compounds, and other aspects of the treatment of psychedelics. The race has warmed up so much that certain compounds like psilocybin have patent trackers to keep up with the market. The development of the space, while exciting, creates a discussion of the psychedelic patent ethics. In early 2021, Compass Pathways (NASDAQ: CMPS) made headlines for its patent filings.

READ THE FULL PSYCHEDELIC PATENT ARTICLE

3. Cannabis Analyst: SAFE Act won’t make it to the Senate vote, but it is part of a “compromise scenario” to legalize federal government

The U.S. House of Representatives voted for the Secure and Fair Enforcement Banking Act for the fourth time, but the bill aimed to enable banks to provide their services to state-legal cannabis companies that had never made it to the Senate before

Cantor Fitzgerald analyst Pablo Zuanic does not see the bill in the Senate either, as the leading Democrats there are pushing for a more comprehensive reform rather than “isolated changes at the federal level” for the industry. Back in March, Senate Majority Leader Chuck Schumer held a brief conference with Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) to discuss his actions Elaboration of comprehensive reform laws reported. Just last week, Schumer announced his plans to introduce federal legalization law soon. “As soon as it’s in place, it will hit the ground,” said Schumer.

READ THE FULL SAFE ACT ARTICLE

2. MindMed becomes the second public psychedelics company in the United States

You’re closer than ever, but don’t compare it to cannabis

Psychedelic Drug Developer MindMed (NEO: MMED) (OTCQB: MMEDF) (FRA: MMQ) is listed on NASDAQ today, making it the second company of its kind to go public in the United States. Compass Pathways (NASDAQ: CMPS) is already publicly traded, and ATAI Life Sciences, backed by Peter Thiel, could make it down to three: It only filed for an IPO last week. According to JR Rahn, CEO of MindMed, the growth of psychedelics companies has been linked to heightened awareness of mental health issues during the pandemic. MindMed therapeutics seek to improve mental health through treatments that use ingredients like MDMA, LSD, and psilocybin from mushrooms.

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1. These states could still legalize recreational or medicinal cannabis in 2021

Several more states could legalize adult or medical marijuana use before their legislative sessions are suspended in 2021, potentially generating hundreds of millions of dollars in new business opportunities in the years to come

After New Jersey and New York legalized recreational marijuana programs that are expected to generate more than $ 4 billion in annual sales within a few years of their inception, industry experts are closely monitoring the east coast states of Connecticut, Delaware, and Rhode Island. Virginia and New Mexico legalized adult use earlier this year through their legislation. Together, these two states are expected to generate annual sales of around US $ 2 billion five years after sales begin.

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