- Once again, the WHO is expecting to delay the vote affecting the scheduling of THC and CBD. At a time where CBD across the EU is under fire, a firm position from the WHO would be welcomed by the industry. However, countries have welcomed the expected postponement of the vote until December. This will be the second time the agency has pushed back a vote.
- This week, the UK eased import restrictions for medical cannabis. Most cannabis products in the UK have been imported from international suppliers on a per prescription basis. This has created lead times of two months for products to reach UK patients because of burdensome regulations applied by the UK and exporting nations. The changes will allow companies to import and store larger quantities of medical cannabis products, and patients to access treatment in days rather than months. This is one of several initiatives the UK government has implemented to allow for better patient access.
- A publication, titled Psychedelics, but not ketamine, has shown the persistent antidepressant-like effects in a rodent experimental system for the study of depression. This is the first direct preclinical comparison of the antidepressant efficacy of psychedelics and ketamine. The research revealed that both psilocybin and lysergic acid diethylamide (LSD) significantly reduce depressive-like behaviors five weeks after a single administration, while only the lowest dose of ketamine evaluated was efficacious in decreasing depressive-like behaviors. In the same week, the first psychedelic company listed on the NEO Exchange, making the first company in the psychedelic industry to go public. Psychedelic startups will start to emerge as cannabis companies did in Canada over the past decade. Psychedelic companies will face stigma challenges like cannabis companies did/do – research is key to ensure doctors are comfortable prescribing these treatments.
- Within Germany and the European Union, there are still many open questions regarding the status of products with hemp active ingredient CBD. The Federal Office for Consumer Protection and Food Safety in Germany tried to assign all CBD products to the Novel Food Regulation as other countries across the EU have done. The CBD consumer health and wellness space is growing rapidly, as such appropriate regulations should be in place to ensure consumers are protected against false marketing and low-quality products.
Highlights of the Week:
- Expected delay in vote on WHO cannabis scheduling recommendations spur US official to express ‘regret’ over decision
- MindMed lists on NEO Exchange, becomes first psychedelics company to go public
- Cannabis patients in The United Kingdom are granted faster access to their medicine
- Mexican Senate commissions approve cannabis bill legalising recreational use
About Adam Isaac Miller:
Adam spent over 8 years building various B2B businesses within education, investment, and medicinal cannabis, with progressive roles including business development, strategy, product development and project management. He has consulted private and listed cannabis producers and ancillary businesses since 2015, as one of the early entrants and experts in the burgeoning Australian cannabis industry. Adam founded and currently sits on the board of The Medical Cannabis Council, Australia’s largest not-for-profit industry body. He is a frequent public speaker and publishes a widely read industry newsletter. Adam earned a Bachelor of Entrepreneurship from the Royal Melbourne Institute of Technology.
Adam has appeared in several major news outlets including the Sydney Morning Herald, The Australian Financial Review, Startup Smart, SBS, SkyNews, MJBizDaily, and other major publications.