TLDR – TDR News highlights – February 16th to 20th

Get a quick update on today’s essential news! We’ve condensed the most important information about Cannabis, Psychedelics, Crypto, and AI into a brief format, saving you time and keeping you informed as you start your day. 

Cannabis Capital Markets:

This serves as a great reminder that earnings season occurs four times a year, yet only year-end results are audited………..

iAnthus Capital Holdings (CSE: IAN, OTCQB: ITHUF) discovered a financial reporting error affecting its Q3 2023 statements, leading to inventory and financial metric overstatements. The company will restate these figures and advise against relying on the initially reported Q3 2023 financial statements, with a corrected filing due by February 29, 2024. Read the full TDR University story on the TDR website!

Trulieve Cannabis (CSE: TRUL, OTCQX: TCNNF) opens a new medical cannabis dispensary in Pinellas Park, Florida, aiming to serve the densely populated county. The opening includes educational sessions, underscoring Trulieve’s focus on patient access and education.

Cannabis Policy:

Mike Tyson introduces his cannabis brand in Thailand, reflecting a shift in cannabis attitudes and laws. This venture combines personal advocacy with Thailand’s changing stance on cannabis, emphasizing its acceptance and therapeutic use. Read the full story on the TDR Website!

Since launching adult-use cannabis sales on February 3, 2023, Missouri has generated over $1.4 billion in sales, funding more than 100,000 automatic expungements of nonviolent cannabis offenses, according to The Missouri Cannabis Trade Association.

Cannabis Studies:

The study from the University of British Columbia in Canada reveals that cannabis effectively reduces methamphetamine use among individuals using unregulated drugs, emphasizing its potential in harm reduction strategies. Read the full story on the TDR Website!

Psychedelic Capital Markets:

Numinus Wellness (TSX: NUMI) has successfully closed a $6 million bought deal public offering to fund its psychedelic-assisted therapy projects, selling 50,000,000 units at $0.12 each. The involvement of strategic advisers like Dr. Rick Doblin and significant insider participation underscore confidence in the company’s growth potential. Read the full story on the TDR Website.

Incannex Healthcare Inc. (Nasdaq: IXHL) held a pre-IND meeting with the FDA for its smoking cessation product, CannQuit-N, receiving guidance on trial design and manufacturing strategies. This step is crucial for advancing CannQuit-N’s development in the competitive nicotine replacement therapy market.

Psychedelic News

Talk about mainstream, even Fox News is talking about the benefits of underground psychedelic retreats:

The Journeymen Collective, founded by Rob Grover and Gary Logan, hosts a luxury psychedelic mushroom retreat in Vancouver, Canada, focusing on self-discovery for clients, as reported by Fox News. The retreat requires a four-week prep and advises on the careful use of psilocybin, highlighting its legal and health considerations.

and CNN as well:

In a CNN interview, athletes  including former NHL player Daniel Carcillo, have turned to psychedelics like psilocybin for relief from life-changing injuries and mental health issues, with Carcillo highlighting his journey from debilitating post-concussion symptoms to improved well-being following psychedelic use.

Psychedelic Studies

New research published in Molecular Psychiatry reveals that psilocybin, the psychedelic compound in “magic” mushrooms, promotes exploratory behavior and mitigates stress-induced activity changes in larval zebrafish, providing insights into its potential therapeutic effects on mood-related disorders.

Crypto:

Bitcoin has seen four consecutive weeks of gains, raising the possibility of approaching its record high near $69,000, supported by optimistic factors like potential US ETFs and an upcoming halving. Historical patterns and technical analysis suggest further increases, though the volatile nature of digital assets like Bitcoin means past trends may not reliably predict future movements.

Crypto funds experienced a record $2.45 billion global inflow last week, predominantly into new U.S. spot Bitcoin ETFs, pushing crypto firms assets under management back to December 2021 levels of $67 billion. This surge indicates a growing interest in digital asset investment, particularly in U.S. spot Bitcoin ETFs, amidst a broader acceptance and investment shift towards cryptocurrencies.

Bernstein predicts Ether could become the next ‘institutional darling,’ noting it’s likely the only cryptocurrency besides Bitcoin that may receive spot ETF approval from the SEC, with a 50% chance by May and a higher likelihood within 12 months. This anticipation, coupled with Ethereum’s upcoming Dencun upgrade to reduce transaction costs significantly, positions Ether for broader institutional adoption and potential new financial market developments on its network.

AI:

A Canadian tribunal ruled that Air Canada must honor a partial refund promised by its AI chatbot to a Vancouver man, marking a significant case regarding artificial intelligence’s accountability in business. The tribunal found Air Canada responsible for “negligent misrepresentation” by its chatbot, ordering the airline to pay the promised refund despite the airline’s argument that the chatbot’s incorrect information was nonbinding and the chatbot a separate legal entity.

The EU AI Act, the first major legislation on artificial intelligence, aims to regulate AI systems based on their risk levels, with stringent rules for high-risk models to ensure safety and adherence to EU values. This legislation, expected to influence global AI regulation, distinguishes between general-purpose AI models like GPT and imposes requirements for transparency and safety, highlighting the need for further research and debate on its implementation and impact on innovation.

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