Lawmakers Take Steps to Decriminalize Psychedelic Mushrooms
NEW YORK, May 7, 2020 /PRNewswire/ -- Lawmakers are beginning to take the first steps towards legalizing psychedelics, which are psychoactive substances that alter perception and mood and affect numerous cognitive processes. According to a research paper published by Eschelman School of Pharmacy, University of North Carolina, psychedelics are generally considered physiologically safe and do not lead to dependence or addiction. The paper, which was published in 2016, discussed the recent and exciting developments in the field which have occurred in clinical research, where several double-blind placebo-controlled phase 2 studies of psilocybin-assisted psychotherapy in patients with cancer-related psychosocial distress demonstrated unprecedented positive relief of anxiety and depression. Two small pilot studies of psilocybin-assisted psychotherapy also have shown positive benefits in treating both alcohol and nicotine addictions. Now, years later, a New York lawmaker introduced a bill to decriminalize psilocybin mushrooms by removing the main active ingredient from the state's list of controlled substances. "Psilocybin is a naturally occurring chemical compound produced by certain species of mushroom," the New York legislation states. Global Trac Solutions Inc. (OTC: PSYC), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), Aphria Inc. (NYSE: APHA), Cronos Group Inc. (NASDAQ: CRON), HEXO Corp (NYSE: HEXO)
The path that psychedelics are taking to looser regulation is reminiscent to that of cannabis. Over the past several years, the cannabis industry has reached several milestones to almost completely redefine itself. Now, medical cannabis is predominantly being used to alleviate symptoms associated with afflictions such as chronic pain, cancer, and epilepsy. The positive data has even led many U.S. states to legalize medical cannabis. And as of 2019, there were 33 states and the District of Columbia that have already moved to legalize medical cannabis. In general, the U.S. was one of the earliest adopters of medical cannabis when California first legalized its medical use in 1996. Since then, a number of countries such Australia, Colombia, Germany, France, Spain, Thailand, and South Korea have all been influenced by the data and moved to legalize medical cannabis.
Global Trac Solutions Inc. (OTC: PSYC) announced breaking news today that, "as part of the Company's intent to gain readership and subscribers to the new site, it has begun outreach on thousands of pre-existing subscribers to its previously owned publication PotSaver Magazine.
'The feedback has surpassed expectation, this week we began conducting a personalized outreach to existing subscribers, in an attempt to gather their feedback, and assess the type of content they would like to see in our monthly newsletter. This outreach is key as we have maintained a dedicated following of readers through our initial PotSaver launch. Our current subscribers are, in my opinion, eager to see the new site launch and they expressed a need for general information in what is currently an untapped and underserved market. With recent news concerning new clinical trials, pharmacy networks, investment opportunities, and case studies, subscribers are in need of a trusted resource to help provide analysis and context. We hope to be that source,' said Global Trac Solutions CEO, Vanessa Luna.
In addition to our Potsaver subscribers, the Company will leverage the network built in the cannabis space to assess its content strategy. The company intends to keep subscribers and shareholders apprised of its future progress each step of the way. For additional information and outreach please subscribe at www.psychedelicspotlight.com.
About Global Trac Solutions, Inc. (OTC Pink:PSYC): Global Trac Solutions is a diversified holding company dedicated to identifying new and emerging industries. By utilizing our years of business development expertise our diverse team of innovators continuously leverages our experience to effectively execute go-to-market strategies in order to position ourselves for rapid growth through the creation of an evolving business foundation to enhance profitability potential.
Since 2017, PSYC has been a pioneer in the emerging software and payment processing sector of the cannabis industry and has established itself as a trusted resource for businesses operating within the industry. Today, PSYC through its network of partners and affiliates, continues to connect businesses throughout the cannabis industry with critical solutions and services ranging from payment processing technology, cutting-edge software, and ancillary services vital to compliant and effective business operations."
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Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), the leader in innovative pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders, presented data in March further describing the baseline characteristics of the pediatric and adolescent patients in the fully-enrolled Phase 2 BRIGHT trial of Zygel™ (CBD transdermal gel; ZYN002) in children and adolescents with autism spectrum disorder (ASD), indicating that the trial enrolled a broad population of patients with moderate-to-severe ASD. "ASD is a complex neurodevelopmental disorder characterized by difficulties with behaviors, communication, and social interaction," said Zynerba's Chief Medical Officer, Joseph M. Palumbo. "Pediatric and adolescent patients with ASD may also present with profound clinical anxiety, above the rate seen in neurotypical children, further complicating their condition and treatment regimen. Unfortunately, current ASD management options are restricted to cognitive behavioral therapy and a small number of approved pharmacologic treatments, highlighting the substantial unmet need for novel therapies in this population. We believe that we have enrolled an appropriate population of patients into our well-designed exploratory BRIGHT trial to enable a robust analysis of outcomes to help inform the design of future double-blind, placebo-controlled studies."
Aphria Inc. (NYSE: APHA) announced yesterday that its subsidiary, ASG Pharma Ltd., has received its European Union Good Manufacturing Practices certification from the Malta Medicines Authority in respect of production of cannabis for medicinal and research purposes. "We are pleased to receive EU GMP certification for ASG in Malta, our third facility to achieve this milestone, which really speaks to the Company's commitment to quality," said Irwin D. Simon, Chief Executive Officer. "We remain excited about growth opportunities as this increases our ability to serve, and further strengthens Aphria's leadership, in the European Union."
Cronos Group Inc. (NASDAQ: CRON) announced last September that it has closed its previously announced acquisition of four Redwood Holding Group, LLC operating subsidiaries. The transaction provides Cronos Group with a leading U.S. hemp-based products platform, including hemp-derived cannabidiol infused skincare and other consumer products that are sold online and through retail and hospitality partner channels in the United States under the brand, Lord Jones™. Mike Gorenstein, Cronos Group's Chairman, President and Chief Executive Officer, said, "this acquisition is one of a number of new growth opportunities that is differentiating our company and our strategic direction. We are pleased to have completed this acquisition and look forward to working closely with Rob and Cindy to further build on their record of innovation and fully capitalize on the platform they have created."
HEXO Corp (NYSE: HEXO) and Molson Coors Beverage Company have formed a joint venture to explore opportunities for non-alcohol hemp-derived CBD beverages in Colorado. Established in Colorado, the joint venture will be majority owned by Molson Coors and will operate as a standalone entity with its own board of directors, management team, resources and go-to-market strategy. "CBD beverages are a growing segment within the non-alcohol beverage category and this JV provides us an opportunity to build capabilities in Colorado," said Molson Coors president of emerging growth Pete Marino. "We chose Colorado because of its established regulatory framework for CBD and we plan to approach any opportunities in full alignment with our commitment to commercial responsibility, transparency and compliance." "Molson Coors and HEXO have already built a great partnership in Canada that we believe will produce some of the best adult non-alcohol beverage brands in the Canadian market," added Sebastien St-Louis, CEO and co-founder of HEXO. "I am thrilled with the opportunity to bring those learnings to Colorado, under the leadership of Molson Coors, Powered by HEXO."
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