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Psyched: FDA Warning, DEA’s Telehealth Extension, CA Gov’s Veto, Congress On Kratom, M&As & More

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Weighing In: Cybin and Small Pharma Approve Acquisition Resolution

Investors in the clinical-stage psychedelics biotechs, Cybin Inc. (CYBN) and Small Pharma Inc. (DMTTF), have given the green light to the arrangement plan for Small Pharma’s acquisition by Cybin. This highly anticipated merger has gained conditional approval from the TSX Venture Exchange, subject to the Supreme Court of British Columbia’s approval and other standard closing conditions. If all goes as planned, the acquisition is expected to be effective around October 23, 2023. Learn more about this significant development here.

FDA Issues Serious Warning on Ketamine Misuse, DEA Extends Telemedicine Flexibilities

The FDA has issued a strong warning against the dangers of using unapproved compounded versions of ketamine and ketamine-based drugs to self-treat psychiatric disorders. This alert emphasizes the importance of seeking proper medical advice and guidance when it comes to mental health treatments. In related news, the DEA has extended its temporary telemedicine rules, allowing the prescription of controlled medications through telehealth until December 31, 2024. Stay updated on these critical updates here.

California Gov. Gavin Newsom Vetoes Psychedelics Bill

California Governor Gavin Newsom has vetoed a bill that aimed to decriminalize the possession and personal use of certain hallucinogens, such as psychedelic mushrooms. While this decision may come as a disappointment to some advocates, Newsom has left the door open for future discussions and potential decriminalization efforts. Find out more about the governor’s stance on this matter here.

Congress Sets Sights on Kratom Products Regulation

Members of Congress from both sides of the aisle have introduced a bill calling for further evaluation of kratom’s health and safety, aiming to create national regulations that prevent the Department of Health and Human Services from imposing stricter requirements on kratom than those for food or dietary supplements. Stay informed on this bipartisan effort here.

Marianne Williamson Champions Universal Healthcare and Psychedelics Therapy

Marianne Williamson, a Democratic presidential candidate, has voiced her support for fully legalizing medical treatment with psychedelics like psilocybin and MDMA. She believes that these substances have shown promising success in research and have the potential to revolutionize mental healthcare. Williamson’s comments align with the growing interest in psychedelic-assisted therapies and the ongoing efforts to expand treatment options. Read more about her stance here.

Psychedelics ETF Weekly Performance

The AdvisorShares Psychedelics ETF (PSIL) opened the week at $1.54, continuing its downward trend from previous weeks. The ETF closed on Friday at nearly $1.5, further confirming this downtrend. Explore the weekly performance and price fluctuations of the PSIL ETF here.

Top Trading Psychedelics Stocks on Friday, Oct. 13

  • GH Research (GHRS) closed at $8.08, descending from prior weeks’ closing prices.
  • COMPASS Pathways (CMPS) closed at $5.99, continuing a descending trend.
  • Mind Medicine (MindMed) (MNMD) closed at $2.8, down compared to previous closings.
  • Enveric Biosciences (ENVB) closed at $2.13, slightly lower than previous closings.
  • Bright Minds Biosciences (DRUG) closed at $1.56, showing some upward movement.
  • Silo Pharma (SILO) closed at $1.51, below prior weeks’ closings.
  • Atai Life Sciences (ATAI) closed at $1.28, slightly below the previous week’s closing.
  • FSD Pharma (HUGE) closed at $1.15, continuing a slight descending trend.
  • Incannex Healthcare (IXHL) closed at $1.00, down from previous weeks’ closings.
  • Cybin (CYBN) closed at almost $0.58, showing some upward movement.
  • Lucy Scientific Discovery (LSDI) closed at $0.37, similar to the previous week.

Stay updated on the latest trends and market performance of these top psychedelics stocks here.

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