by Grow Up Conference | Dec 29, 2023 | Media Partners, Psychedelic News Wire
A study published in the American Cancer Society’s peer-reviewed “CANCER” journal has revealed that psilocybin-assisted group therapy may help treat depression in cancer patients. Psilocybin is one of several classic psychedelics that have been subject to extensive research in recent years due to claims of medical efficacy. Study author and Sunstone Therapies cofounder and chief executive officer Manish Agrawal conducted the study to find suitable ways of addressing the immense emotional and mental distress that often accompanies a cancer diagnosis.
Past research has found that hallucinogens such as psilocybin, LSD and MDMA, may be effective at offering long-term relief against mental disorders such as treatment-resistant depression, anxiety and post-traumatic stress disorder (PTSD). In addition, researchers have found that psychedelic treatments are much more effective when they are combined with talk therapy, leading to increased research into psychedelic-assisted therapy protocols worldwide.
Psilocybin, the main hallucinogenic agent in magic mushrooms, is among the most popular psychedelics, and it has attracted considerable mainstream and scientific attention thanks to its potent mental-health benefits.
Although 20% of the millions of Americans suffer from major depression, most cancer treatment protocols are designed to treat physical symptoms but effectively ignore mental health. Agrawal notes that his two-decade-long career as an oncologist allowed him to see how the effects of cancer extend beyond the physical. He said that many cancer patients continue to suffer from poor mental health even after they have made a full physical recovery. Consequently, Agrawal dedicated the next phase of his oncology career to developing a novel protocol for treating depression in patients diagnosed with cancer.
According to Agrawal, his team at Sunstone Therapies in Rockville has completed more than 100 psychedelic-assisted therapy treatments. The Rockville Center’s recent phase 2 open-label trial tested the feasibility of using psychedelic-assisted therapy in 30 adult cancer patients with major depression.
Each of the participants received a 25mg dose of synthesized psilocybin followed by individual and group therapy sessions. The researchers noted a significant reduction in patient depression severity costs. Specifically, 50% of the patients achieved full depressive symptoms remission while an impressive 80% exhibited a sustained response to the treatment.
According to Agrawal, the substance has “enormous potential” as a treatment for major depressive disorder in cancer patients. Psilocybin-assisted therapy resulted in a clinically meaningful drop in depression severity scores and caused only mild side effects, making it a potential alternative treatment for major depressive disorder.
Even so, Agrawal concedes that while the study was small and open label, its findings strongly support future research into the efficacy of psilocybin group therapy for depression in cancer patients.
Enterprises that are also studying psilocybin and other psychedelics, such as Seelos Therapeutics Inc. (NASDAQ: SEEL), could shed more light on how exactly these hallucinogens can help cancer patients and other groups of patients deal with depression and other mental-health challenges.
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PsychedelicNewsWire (“PNW”) is a specialized communications platform with a focus on all aspects of psychedelics and the latest developments and advances in the psychedelics sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, PNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, PNW brings its clients unparalleled recognition and brand awareness. PNW is where breaking news, insightful content and actionable information converge.
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by Grow Up Conference | Dec 29, 2023 | Cannabis News Wire, Media Partners
Last week, a senator in Florida introduced a measure that would allow licensed medical-cannabis businesses to claim tax deductions. At the moment, legal marijuana businesses in the country aren’t allowed to claim deductions because of section 280E of the IRS code, which bars deductions from being claimed for illicit substances.
Section 280E prohibits businesses from deducting business expenses from gross income linked to the trafficking of Schedule I or II drugs. Currently, marijuana is still classified under Schedule I of the Controlled Substances Act. The measure, filed by GOP senator Ana Maria Rodriguez, would add Florida to a growing list of other states that have established tax parity for the marijuana industry.
The bill would amend the state’s tax code by permitting medical-marijuana operators to claim deductions in amounts equal to expenditure eligible to be claimed as federal income tax deductions. It should be noted that this measure would only extend relief to state medical-marijuana businesses.
Other states that have taken similar steps include Pennsylvania, whose House passed a sweeping tax reform measure in October containing language offering state relief to medical-cannabis businesses. The proposal hasn’t been fully accepted by GOP members, who see it as a giveaway by Democrats to the marijuana industry.
In November, New York’s governor signed a measure offering tax relief to cannabis businesses in the state. This comes after a budget measure enacted in 2022 included provisions to broadly permit state-level marijuana business tax deductions. Maine’s governor had, in August, signed a resolution decoupling state tax from the federal policy for marijuana businesses.
Earlier in June, Connecticut’s governor signed a budget measure that included provisions offering state-level tax relief to licensed cannabis businesses as a workaround for the industry. That same month, the governor of Illinois signed a budget measure that included provisions permitting licensed cannabis businesses to claim tax deductions that they’re currently barred from utilizing under Section 280E. In May, the governor of New Jersey also signed a bill that would permit licensed cannabis businesses to deduct some expenses on their tax returns as a partial fix.
At the congressional level, Representative Earl Blumenauer reintroduced a measure that would amend the code to permit state-legal cannabis businesses to claim tax deductions that are available to businesses operating in other industries. In an interview, Blumenauer explained that allowing state-legal businesses to fully deduct their business expenses would result in additional revenue collection because individuals would comply with the law.
This growing wave of states seeking ways to give the cannabis industry tax relief at the state level could afford enterprises such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) a breather that allows them to bring more innovative products to the market.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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by Grow Up Conference | Dec 28, 2023 | Cannabis News Wire, Media Partners
Last week marked the conclusion of the Ohio Senate and House’s final scheduled sessions for the year, yet the anticipated progress on cannabis legislation remained elusive. Despite both chambers convening on Wednesday, no cannabis-related bills were discussed, prompting questions about the proximity of a consensus between the Senate and House on the matter.
Senate president Matt Huffman expressed uncertainty about the progress, noting that it was “challenging to determine. The provisions we endorsed, developed in collaboration with the governor and presented to the House have not received significant feedback.”
In a bipartisan move, the Senate passed HB 86, advocating for a 15% increase in cannabis tax, capping home cultivation at six plants, restructuring revenue distribution and integrating automatic expungement. Governor Mike DeWine urged swift legislative action, emphasizing the urgency for signing the measure into law. However, the House exhibited a less urgent approach, leaving DeWine disappointed.
Although cannabis is legal in Ohio, the absence of legal avenues for recreational purchases remains a challenge. The existing law empowers the state’s commerce department to formulate regulations and issue licenses, a process delayed until at least nine months after Nov. 7, 2023. Consequently, legal cannabis sales in Ohio might not materialize until well into the following year.
HB 86 presents an opportunity to expedite this timeline, allowing Ohioans to access recreational cannabis at dispensaries promptly upon the bill’s enactment. Senate Minority leader Nickie J. Antonio noted the importance of making safe, legal products available as soon as possible.
Huffman expressed concerns that the cannabis legislation’s progress might stagnate, particularly with the looming March 19, 2024, primaries. Fearing a potential delay into April and beyond, Huffman stressed the need for elements in the bill that were agreeable to the House.
Both Huffman and Antonio advocated for a dialogue between the Senate and House to discuss various aspects of the legislation. Meanwhile, House speaker Jason Stephens asserted that cannabis discussions would persist, noting the absence of significant hurdles in reaching a consensus within the chamber.
Three critical components of the proposed cannabis law include determining permissible usage locations, issuing licenses and outlining revenue utilization. State Representative Jamie Callender introduced HB 354, clarifying certain aspects of Issue 2. The bill maintains the existing home cultivation limits and specifies that cultivation must occur at a residential address.
As legislative discussions continue, with HB 354 undergoing three hearings in the House Finance Committee, the Senate and the House are scheduled to reconvene next month. Established cannabis companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) are likely to follow how matters evolve in this latest state to legalize recreational marijuana.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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by Grow Up Conference | Dec 28, 2023 | Media Partners, Psychedelic News Wire
Last week, President Joe Biden signed a defense bill containing provisions to finance trials into the therapeutic potential for psychedelics for military services members in active duty. This came a week after Congress gave its final approval and forwarded the bill to the president’s desk.
The bill requires the defense department to create a process by which military service members with traumatic brain injuries or post-traumatic stress disorder could take part in clinical trials involving MDMA, psilocybin, 5-MeO-DMT and ibogaine. This list also includes eligible plant-based alternative treatments.
The U.S. Department of Defense has been given 180 days within which it is required to facilitate this process following the bill’s enactment. The department, which will receive $10 million in funding, is allowed to partner with academic institutions as well as eligible state or federal government agencies to conduct the clinical trials.
The secretary of defense will also need to present a report to legislators within a year of the bill’s enactment, in addition to preparing reports for the next three years. Reports shall include information about participation in the trial as well as the trial findings.
The psychedelics research provisions included in the 2024 National Defense Authorization Act were championed by Representative Morgan Luttrell. Representative Dan Crenshaw, who worked with Luttrell and other legislators to campaign for the research provisions in Congress, stated last week that getting the provision enacted through the defense bill was a huge deal. In a post on X, he noted that thousands of service members and veterans knew there might be light at the end of the tunnel for them.
For his part, the president didn’t discuss the issue during negotiations and neither did he specifically give his opinion on the psychedelics provisions when he signed the bill. However, Biden’s younger brother did state earlier in the year that the president had, in private, expressed his openness to psychedelics.
The bill’s signing comes about a year after the president gave his approval to a standalone cannabis research measure.
In other news, the medical marijuana pilot program that was attached to the House defense bill wasn’t included in the conference agreement. The resolution would have required the department of defense to look at the health impacts of cannabis use by service members and veterans who are VA beneficiaries.
In order to qualify for the program, participants would need to be prescribed pain management or be diagnosed with anxiety, depression or post-traumatic stress disorder. This program could result in studies that complement those that are being undertaken by various entities such as Compass Pathways PLC (NASDAQ: CMPS) on mental-health disorders affecting not only military personnel but also other members of society.
About PsychedelicNewsWire
PsychedelicNewsWire (“PNW”) is a specialized communications platform with a focus on all aspects of psychedelics and the latest developments and advances in the psychedelics sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, PNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, PNW brings its clients unparalleled recognition and brand awareness. PNW is where breaking news, insightful content and actionable information converge.
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by Grow Up Conference | Dec 28, 2023 | Cannabis News Wire, Media Partners
Analysis by a multinational investment bank has found that cannabis has grown into a “formidable competitor” to alcohol and will draw tens of millions of users over the next five years while alcohol loses several million drinkers. The TD Cowen analysis estimates that marijuana sales will hit a whopping $37 billion in 2027 as more states legalize cannabis and launch legal sales.
Alcohol has been the main drug of choice for most Americans for nearly a century, but the beverage has been fielding increasing competition from cannabis in recent years. With 24 states legalizing recreational cannabis so far, tens of millions of Americans now have access to legal cannabis. Several more states are considering cannabis reform and will most likely legalize the drug over the decade, increasing access to marijuana to even more Americans.
TD Cowen’s Cannabis Beats Booze report notes that the cannabis category will gain 19 million past-month consumers over the next five years while the alcohol category will lose two million. Lead of the analysis team Vivien Azer says the report adds to a growing body of market research that has consistently pointed to cannabis as a disclocator to alcohol sales. She said the team was surprised to see an “even greater underperformance” in the alcohol category in states with legal cannabis markets.
Although alcohol sales are still far ahead of cannabis sales, analysts say the beverage faces a risk of decline as an increasing number of consumers, especially younger people, are substituting alcohol with alternatives such as cannabis. Prior studies have found that younger populations are drinking less alcohol and using substitutes such as cannabis and psychedelics.
The report estimated that states such as Ohio and Minnesota, which recently legalized recreational cannabis but are yet to implement cannabis laws, could bring in an additional $37 billion in sales in 2027.
Alcohol companies may have little trouble navigating the evolving customer trends in the short-term, but certain brands likely face “competitive challenges” in the medium- and long-term.
TD Cowen says alcohol would keep underperforming in states with legal cannabis markets with beer being the most at-risk beverage. On average, TD Cowen notes, the number of drinks taken on given occasions is lower in legal cannabis states.
Despite the impact cannabis legalization seems to have had on alcohol consumption in legal states, Azer doesn’t see alcohol companies entering the marijuana market until there is meaningful administrative or legislative regulatory change at the federal level.
As more people opt for marijuana in lieu of alcohol, cannabis product demand will increase, and ancillary entities such as Innovative Industrial Properties Inc. (NYSE: IIPR) could also see their businesses grow as a result of this boom.
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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by Grow Up Conference | Dec 27, 2023 | Media Partners, Stratcann
Like most regulations, cannabis regulations in Canada are constantly changing and evolving.
When federal cannabis legalization came into force in 2018, followed by regulatory regimes in provinces, First Nations, and municipalities, it was the beginning of a long, never-ending cycle of push and pull between industry, consumers, and regulators for a standard that balanced all of these interests.
While the current legislative review of the federal Cannabis Act is looking at the impact of this legislation on Canadian society, changes to the federal Cannabis Regulations are ongoing.
In 2023, we have seen several examples of these regulations changing—at all levels of government—in most instances for the better as far as industry and consumers are concerned. While some of the “big picture” needs of industry are not always immediately met, such as excise tax reform or an increase of the 10mg THC limit for edibles, small changes to federal regulations continue to make at least modest improvements in the daily activities of the industry.
Below are a few examples from Health Canada, the provinces, First Nations, and municipalities.
Health Canada cannabis regulations
As of October 1, 2023, Health Canada said it would phase out inspections for authorized activities change requests from processors to add the activity of sale of extract, edible, and topical cannabis products. This change applies to all processing licence holders, micro or standard.
In March 2023, Health Canada published a Notice of Intent in the Canada Gazette, Part I, seeking feedback on potential amendments to the Cannabis Regulations. The agency’s goal with these potential amendments is to streamline and clarify existing requirements, eliminate duplicative requirements, and reduce burdens where possible.
The federal regulator also extended various regulatory “flexibilities” first put in place during COVID-19 restrictions, and federal compliance and enforcement efforts continued to increase in 2023, especially for personal and designated growers.
What’s going on with CBN in Canada?
Not all changes were seen as positive, though. Health Canada had been engaging with industry for much of 2023 on the subject of “minor intoxicating cannabinoids” such as Delta-8 THC, THC-V, as well as CBN, among others.
In August, Alberta’s AGLC contacted some producers, informing them that it would be including the amount of CBN and/or THCV in a cannabis product within the total THC, claiming this was based on Health Canada’s rules. However, Health Canada noted no such rules yet existed. By September, the AGLC had reversed that decision, pending further guidance from Health Canada.
Then, in late December, Health Canada finally released the expected guidance for cannabis producers on cannabis products with intoxicating cannabinoids other than delta-9-THC, which included CBN. This document is currently still just guidance, not a regulatory change.
Of course, these federal regulations come with an assortment of fees, with Heath Canada collecting more than $60 million in the most recent fiscal year.
In October, Health Canada released a document offering background and considerations for guidance on microbial and chemical contaminant tolerance limits, seeking feedback from industry on the proposed changes.
Provinces
Several provinces also announced regulatory changes or plans for changes in 2023. British Columbia says it is considering several changes to its cannabis regulations, especially around the rules for cannabis retailers. It has been seeking feedback on its plan for modest changes to rules that could see cannabis consumption on patios.
In May, the province repealed its requirement for cannabis stores to use window coverings, and in September, they announced that cannabis producers could provide samples to retailers.
BC also announced funding to support Indigenous cannabis businesses.
Also in May, Manitoba suspended its 6% Social Responsibility Fee from retailers. To the frustration of many, in October, a Manitoba court upheld the province’s ban on growing cannabis at home. The ruling is being appealed.
Although the Manitoba NDP said they wanted to make several changes to the province’s cannabis policy, including saying they did not support the provincial ban on growing cannabis at home prior to this year’s election, since they formed government in October the province has been mum on the subject.
In Saskatchewan, the SLGA announced in June that all cannabis retail stores in the province were no longer required to ask for proof of age on every retail transaction for in-store purchases and pickups. In addition, effective immediately, the SLGA will only require personal and corporate disclosures for the applicant and any individuals, corporations, and other entities with an ownership stake of at least 10 percent of the applicant.
Also, Saskatchewan retailers who have received a cannabis store permit from First Nations Cannabis Licence Authorities (FNCA) are able to purchase cannabis from registered suppliers and permitted wholesalers in the province. With FNCA approval, they can also sell cannabis wholesale to other provincially-approved retailers.
In March, Alberta’s AGLC said cannabis producers can now provide samples to retailers and in October, it announced several changes to its cannabis rules and regulations, including enabling self-attestation for age-gating for retailers, providing producers with more information about where their products are selling, and allowing cannabis stores to use specific terms in their signage.
Previously, Alberta had one of the strictest age-gating rules of any province in Canada, with retailers only able to show product information on their websites if users had verified their age with an ID, either in-person or through an online form. Most provinces simply require a self-attestation, such as entering a date of birth or answering yes or no to a simple age prompt.
The province is also considering allowing white-label cannabis products and, in October, reduced the SKU listing fee for cannabis producers. In December, it announced several changes to its retail cannabis regulations that will come into force on January 31, 2024, including allowing cannabis retailers to operate temporary sales locations at adult-only events like trade shows and festivals.
In November, Ontario’s OCS announced they would begin a pilot program to test some cannabis products being sold in the province, drawing mixed responses from the industry. In August, the OCS announced changes to how it would store consumer data. In the same month, the Alcohol and Gaming Commission of Ontario (AGCO) and the OCS announced they had developed a new data platform to help simplify retailers’ cannabis reporting requirements.
In July, the OCS began allowing deliveries from smaller vehicles, making it easier for smaller cannabis producers to send shipments to their distribution centre. The OCS also began reducing its margins and moving to a fixed markup pricing model.
Ontario also plans to double the number of cannabis stores a retailer can operate from 75 to 150 and is proposing to ban the cultivation of cannabis in homes that offer childcare services.
Municipalities
In April, Mississauga City Council voted to approve a motion to lift its prohibition on cannabis retail stores and permit them to be located in the second-largest city in Ontario. There are currently 26 cannabis stores listed by the AGCO as being authorized to open in Mississauga.
Surrey, a large municipality in British Columbia, is also looking into allowing cannabis stores. Pitt Meadows, another municipality in BC’s lower mainland, recently began allowing them on a case-by-case basis.
International cannabis
A new cannabis flower monograph was adopted at a session of the European Pharmacopoeia Commission in June 2023. The monograph on cannabis flower is now available online and will be published in European Pharmacopoeia (Ph. Eur.) Supplement 11.5 in January 2024.
Anything we missed? Let us know.
by Grow Up Conference | Dec 27, 2023 | Cannabis News Wire, Media Partners
Ohio became the 24th state to legalize recreational cannabis in America after a voter-approved recreational marijuana initiative took effect. But, even though adults aged 21 years and older are now allowed to possess up to 2.5 ounces of cannabis flower and 1.5 grams of marijuana extract, the state has no authorized cannabis retailers.
Additionally, the state Division of Cannabis Control won’t start to process cannabis retailer applications until June 2024, meaning Ohio residents won’t have an avenue for legal adult-use purchases until late summer or even early fall.
The silver lining is that the cannabis legalization measure allows eligible Ohioans to cultivate up to six cannabis plants per household. Although the measure allowed up to 12 plants for a home with more than one eligible adult, a state senate bill reduced this limit to just six plants for every household. Ohio Governor Mike DeWine argued that the six plants per household allowed by Issue 2 were already more than a single person could consume alone.
For most Ohioans who want to consume cannabis in the meantime, home growing is the only legal means of doing so. Cannabis plants are fast growing and take three to four months to mature and bud. According to Cali Vybe Hydroponics from Finneytown, many more people have expressed interest in its products since Issue 2 passed and legalized recreational cannabis in Ohio.
For many, home cultivation provides a way to avoid pricey cannabis products from licensed shops and reduces the risk of consuming contaminated marijuana. Ohio Department of Commerce director Sherry Maxfield estimates that a mature homegrown cannabis plant can produce between 75 and 100 joints, meaning a sophisticated grower can yield significant cannabis in just a single year.
The fact that Ohio doesn’t have any authorized cannabis sellers despite legalizing recreational cannabis worries Senate President Matt Huffman because it could open the door for illicit sellers to carve out a market for themselves. Most states with cannabis markets, including California, which has the largest legal cannabis market on the globe, are struggling to compete with the cannabis black market.
Without a place to buy legal cannabis, many Ohioans may opt for the black market, especially since Issue 2 allows landlords to prohibit home-cannabis cultivation on their properties if it is specified on the lease. Cannabis from licensed sellers is several times more expensive than black-market marijuana due to numerous fees and taxes, resulting in reduced legal sales and a bountiful cannabis black market.
As this new market takes shape, it could easily attract established companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) that may be considering expanding into additional markets.
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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by Grow Up Conference | Dec 27, 2023 | Media Partners, Psychedelic News Wire
Researchers have developed a potentially “trip-free” psychedelic that could accelerate research efforts to develop psychedelic-based treatments for mental health. The research focused on a critical part of taking hallucinogens — the psychedelic experience — and whether psychedelics can still be effective at treating mental-health conditions if the psychedelic experience, or “trip,” is eliminated.
Prior research has found that these experiences can be instrumental in helping patients confront painful, uncomfortable memories, and help them gain life-changing insights and realizations.
The “therapy” part of psychedelic-assisted therapy is designed to help people explore the feelings they experienced while under the influence of a psychedelic and apply these insights to their lives. However, psychedelic-assisted therapy often requires one or more trained therapists to be present because the psychedelic experience can last several hours. This significantly increases the costs associated with psychedelic-assisted therapy and limits the number of trained professionals who are available to other patients. Furthermore, many patients aren’t interested in a treatment that involves several hours of “tripping,” regardless of how effective it may be.
Psychedelics also often result in bad trips and can cause negative emotions, including confusion and anxiety, that make the treatment even less desirable to some patients. Consequently, many researchers have been on a quest to develop trip-free psychedelics that would allow patients to derive their mental-health benefits without the need to experience mind-bending effects for several hours.
A nonhallucinogenic psychedelic treatment could significantly reduce treatment time and costs, making the treatment available to a wider market of Americans who desperately need mental health care. Eliminating the trip part of the treatment would also allow treatment centers to handle more patients who don’t require clinical supervision from trained mental-health professionals during the course of treatment.
Although some research has found that the hallucinatory effects of classical psychedelics contribute to their medical efficacy, recent preclinical work has suggested that researchers could potentially disentangle hallucinogens such as magic mushrooms from their therapeutic properties. However, we still don’t have data on how psychedelics interact with signaling pathways and receptors to fully replicate their effects in “trip-free” psychedelics.
Researchers used mouse models to try and understand the signaling pathways psychedelic molecules take once they are consumed. Their findings pointed to the potential development of a nonhallucinogenic psychedelic treatment with the same medical benefits as regular psychedelics.
With millions of Americans failing to find relief from regular mental-health treatments, such a treatment could help to improve the quality of life of countless Americans across the country.
As more companies such as Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ) undertake psychedelic drug -development programs, mechanisms may become available for mass access to these novel treatments.
About PsychedelicNewsWire
PsychedelicNewsWire (“PNW”) is a specialized communications platform with a focus on all aspects of psychedelics and the latest developments and advances in the psychedelics sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, PNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, PNW brings its clients unparalleled recognition and brand awareness. PNW is where breaking news, insightful content and actionable information converge.
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by Grow Up Conference | Dec 27, 2023 | Cannabis News Wire, Media Partners
- Lexaria, a global innovator in drug delivery platforms, has made incredible strides in 2023, most recently seeing interim results from its human pilot study evaluating its DehydraTECH(TM) technology for the oral delivery of GLP-1 drug, semaglutide
- The company has also grown its patent portfolio to 37, with many others pending worldwide
- For 2024, the company expects to maintain the same momentum, building on the success and achievements, and plans to double down on licensing its technology
Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, in this past year, has demonstrated growing success in providing healthier delivery methods of drugs and other Active Pharmaceutical Ingredients (“APIs”), facilitated by its patented DehydraTECH(TM) technology. This has been driven by the company’s research efforts throughout 2023 and ambitious plans for 2024.
“This is a remarkable achievement that speaks to the capabilities of the DehydraTECH technology and also to the Lexaria R&D team, working ardently with scarce resources relative to global multi-billion-dollar behemoths,” noted Chris Bunka, Lexaria’s CEO (https://cnw.fm/OD1xJ).
So far in the 2023 calendar year, Lexaria has realized interim results from its human pilot study evaluating DehydraTECH for the oral delivery of glucagon-like peptide-1 (“GLP-1”) drug, semaglutide. It also held a successful pre-Investigational New Drug (“IND”) meeting with the U.S. Food and Drug Administration (“FDA”) that would set the stage for its application in 2024 and the ultimate approval of its DehydraTECH-processed CBD. Lexaria also grew its patent portfolio to 37, with many other patents pending worldwide (https://cnw.fm/LY30U).
Entering 2024, the company plans to maintain the same momentum. Within the first quarter of the 2024 calendar year, it plans to file its Phase 1(b) Investigational New Drug (“IND”) application with the FDA for DehydraTECH-processed CBD as a prospective registered treatment for hypertension. It also plans to commence patient dosing for this study and conduct animal and human clinical studies to examine DehydraTECH-processed GLP-1 drugs used in products alone or with DehydraTECH-CBD.
Lexaria also plans to double down on licensing its technology, particularly since it promises a substantial commercial opportunity. Its exclusive global collaboration and license agreement with SulfoSyn Limited, for instance, will allow the company to generate revenue from its DehydraTECH technology while also further demonstrating its versatility and overall effectiveness in applications across the board (https://cnw.fm/1T7WG). So far, the technology has proven applicable in cannabinoids, oral nicotine, diabetes and weight loss, PDE5 inhibitors, and antiviral drugs, among others.
With the steps taken so far, Lexaria is projected to post a 259% year-over-year (“YOY”) revenue growth for 2024 and a 20% YOY growth for 2025, according to a Zacks SCR report (https://cnw.fm/Z0LWX). This growth progression will largely depend on the ultimate approval and commercialization of products utilizing DehydraTECH, which is currently on track.
For more information, visit the company’s website at www.LexariaBioscience.com.
NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX
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by Grow Up Conference | Dec 27, 2023 | Cannabis News Wire, Media Partners
Georgia’s ambition to become the first state to allow pharmacies to distribute medical-cannabis products faces a setback as the DEA issued a stern warning. On Nov. 27, 2023, the agency cautioned pharmacies that dispensing medical cannabis violates federal law, urging Georgia to reconsider its plans.
The state’s pharmacy board, which initiated the acceptance of applications for dispensing medical cannabis products in October, has already granted licenses to 23 pharmacies in the state. The state’s medical marijuana commission, GMCC, acknowledges the federal directive. Despite state law permitting pharmacies to dispense medical marijuana, the commission, under the leadership of Andrew Turnage, cannot override the federal warning. Turnage expressed the state’s desire to continue allowing pharmacists to provide consultations for medical marijuana, paralleling their role with other medications.
According to the DEA’s memorandum to pharmacies, handling or dispensing cannabis or related products containing more than 0.3% THC is deemed unlawful. While Georgia allows medical-cannabis patients to purchase cannabis products containing up to 5% THC, the agency categorizes products exceeding 0.3% THC content as illegal under federal law.
Since 2015, Georgia has permitted patients with certain illnesses, sanctioned by physicians, to possess and consume low-THC medical-marijuana products. However, legal acquisition of the product within the state’s borders only became possible in April this year.
Nationwide, 24 states have legalized cannabis for recreational use, and an additional 23 allow medical marijuana, according to the National Conference of State Legislatures.
The recent DEA notice, disseminated online by the anti-legalization group Smart Approaches to Cannabis, prompted varied reactions. Some responses, such as the one from Ira Katz of Little Five Points Pharmacy, indicate pharmacies should be allowed to dispense medical-cannabis products akin to marijuana dispensaries. Conversely, Mahlon Davidson, interim CEO of the Georgia Pharmacy Association, expressed skepticism about independent pharmacists jeopardizing their businesses by contravening the DEA’s directives.
Opponents of recreational and medical cannabis legalization argue that the DEA’s directive serves to protect consumers and allows for further research. Michael Mumper, executive director of the nonprofit Georgians for Responsible Cannabis Policy, emphasized the trust consumers place in drugs dispensed from pharmacies, highlighting FDA approval and federal legality, aspects he contends are lacking in medical cannabis.
The federal perspective might transform with a recent proposal seeking to ease restrictions on cannabis. The HHS recommended removing cannabis from Schedule I to Schedule III in August. The decision on this currently lies with the DEA, which is in charge of controlling substance classification in the United States.
The success of pharmacies in Georgia selling medical cannabis could have provided an interesting channel that would have interested other marijuana entities such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) and other states looking to improve their cannabis markets.
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