'California Psilocybin Legalization Campaign Cleared To Collect Signatures For 2024 Ballot Initiative' - Marijuana Moment
Portfolio Pulse from Happy Mohamed
California officials have approved a campaign to gather signatures for a 2024 ballot initiative to legalize the possession, sale, and regulated therapeutic use of psilocybin. The proposal would require the state to establish a regulatory framework for health professionals to administer the psychedelic for therapeutic purposes. The legalization component of the policy would likely result in a net reduction in costs to the state, while creating regulations and certifying health professionals for psilocybin therapy would create costs, potentially offset by revenue from licensing fees.
July 17, 2023 | 3:13 pm
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POSITIVE IMPACT
The legalization of psilocybin in California could potentially increase the demand for Compass Pathways' psilocybin therapy.
As a company focused on psilocybin therapy, Compass Pathways could benefit from increased demand and acceptance of psilocybin as a therapeutic substance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Cybin could potentially benefit from the legalization of psilocybin in California.
As a company focused on psychedelic therapeutics, Cybin could see increased demand and acceptance of its products if psilocybin is legalized in California.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Enveric Biosciences could potentially benefit from the legalization of psilocybin in California.
As a company focused on developing novel therapeutic compounds, Enveric Biosciences could see increased demand and acceptance of its products if psilocybin is legalized in California.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
MindMed could potentially benefit from the legalization of psilocybin in California.
As a company focused on psychedelic-inspired medicines, MindMed could see increased demand and acceptance of its products if psilocybin is legalized in California.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Seelos Therapeutics could potentially benefit from the legalization of psilocybin in California.
As a company focused on developing novel therapeutics for unmet medical needs, Seelos Therapeutics could see increased demand and acceptance of its products if psilocybin is legalized in California.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The AdvisorShares Pure US Cannabis ETF could potentially be impacted by the legalization of psilocybin in California.
While the ETF is focused on cannabis, the legalization of psilocybin could potentially impact the broader market for psychoactive substances.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Reunion Gold Corporation could potentially be impacted by the legalization of psilocybin in California.
While Reunion Gold Corporation is a gold exploration company, the legalization of psilocybin could potentially impact the broader market for psychoactive substances.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50