TDR | What happened last week

Welcome to your weekly roundup of psychedelics, cannabis, and investment news. No beating around the bush here. Let's get into it.

The top 7 cannabis stories you need to know ??

1. A recent survey conducted by EO Care revealed that 65% of employed Americans residing in states where cannabis is legal for medical or adult use would use medical cannabis to address anxiety, pain, and sleep issues, with a majority indicating they would consider using it if offered by their health plan.
2. The Pennsylvania House committee has scheduled a hearing next week for experts to provide insight on adult-use marijuana legalization, during which the panel's chairman will explore the potential of implementing a state-run cannabis sales model, allowing members to gather information and discuss the health considerations associated with legalization in the state.
3. Ascend Wellness Holdings (CSE: AAWH.U / OTCQX:AAWH) revealed robust preliminary financial results for the third quarter of 2023, including record revenue for the sixth consecutive quarter and significant growth in Adjusted EBITDA, along with announcing new leadership appointments within the company.
4. The HHS has released a heavily redacted letter to the DEA containing the marijuana rescheduling recommendation, revealing limited details such as the date and author, while withholding the substance of the message and the attached scientific review portion.
5. A group of bipartisan House lawmakers has reintroduced a marijuana legalization bill, known as the States Reform Act, aimed at preserving existing state cannabis markets, but its prospects and potential changes in the new version are yet to be determined amidst GOP control of the House and the vacant speaker position.
6. Finally, a new House speaker is announced: Rep. Mike Johnson (R-La.) has been elected as the 56th speaker of the House, ending a three-week impasse within the GOP and resolving the leadership crisis that had paralyzed legislative business, with Johnson receiving 220 votes, securing the position.
7. A coalition of U.S. cannabis operators and investors has filed a federal lawsuit against U.S. Attorney General Merrick Garland, seeking an injunction to prevent the enforcement of the Controlled Substances Act that obstructs state-regulated cannabis operations, in an effort to clarify the boundaries of federal and state authority in regulating cannabis commerce.

Read the full stories here.

The top 5 psychedelics stories you need to know

1. Beckley Psytech has started a Phase IIb study of BPL-003, a synthetic formulation of psychedelic 5-MeO-DMT, for the treatment of Treatment Resistant Depression, with the first patient being dosed.
2. Debate over investing state money in psychedelic research for opioid addiction treatment in Kentucky intensifies, as opponents raise concerns about the potential harmful impact of ibogaine on the heart and its potential impact on FDA approval for clinical trials.
3. The psychedelic sector showed resilience amid market decline, with the AdvisorShare s Psychedelics ETF ($PSIL) experiencing a smaller decrease compared to peer biopharma indices.
4. Activists in California are preparing to file a new ballot initiative this week seeking to legalize the use, production, and sales of most psychedelics, following Gov. Gavin Newsom’s recent veto of a psychedelics legalization bill.
5. Cybin Inc has completed the transformative acquisition of Small Pharma ma Inc., establishing itself as the leader in DMT research within the psychedelic industry.

Read the full stories here.

Catching up on Trade To Black Podcast

This week was a lively one on Trade To Black. Shadd Dales , Anthony Varrell , and Benjamin A. Smith talked SAFER Banking, psilocybin rescheduling, Cybin Inc , and the lawsuit filed by a coalition of cannabis businesses, including Verano Holdings and Wiseacre Farm, challenging the federal prohibition. Joining the conversations are Don Murphy and NewLake Capital Partners, Inc. CEO Anthony Coniglio for insider scoops on the cannabis industry.

Catch up here, and be sure to subscribe to be notified every time we go live, alongside 34,000 other viewers.

Trade To Black airs on The Dales Report and Benzinga 's YouTube channels at 4:10 PM EST every Monday, Wednesday, and Friday.

Live from Capitol Hill with Don Murphy:

Featuring NewLake Capital Partners, Inc. CEO Anthony Coniglio for a live interview:

Don't miss another episode. Subscribe now and hit the notification bell to know every time we go live.

Want more of The Dales Report? Check us out on Twitter (X) and Instagram.

Hey, brands and companies: Want to be seen by our audience of over 37,000 psychedelics, cannabis, and stock market enthusiasts across all of our platforms?

Email [email protected] for info on sponsorships and pricing. Our weekly email newsletter has a 33% open rate (that's pretty high, and we're not just saying that.) Let's get your message heard. Together.