Psyched: 22 States With Reform Bills, Ketamine Therapy Services Today, Oscars On Shrooms & More

Psychedelics Reform Update: 22 States Where Proposals Are Being Discussed & Local Moves Considered

In the first months of 2023, state-level psychedelics policy reform has been so constant that it is hard to view it as a passing trend. While the first reported legalization proposal was a pre-filed measure in New York, many states have then followed suit. The list is current as of March 13.

Oklahoma, Washington and Hawaii saw their bills approved by one chamber and moving on to the other.

Proposals in Nevada, Texas, California, Missouri, New Mexico, Rhode Island, Maryland, Vermont, Minnesota, Connecticut, Illinois, Iowa, Massachusetts, Arizona, West Virginia, New York, New Hampshire, Utah and Virginia are still moving through committees.

• Learn more on the bills plus reform policies passed at a local level in two other states HERE.

Ketamine-Assisted Therapy Space Sees Changes

On the heels of new telehealth regulations, including ketamine therapy, several in-clinic treatment centers are closing their operations.

One of them is Field Trip Health & Wellness Ltd. FTHWF. In an effort to "reduce expenditures and preserve capital,” it will close its facilities in Chicago, Washington DC, Seattle, San Diego and Fredericton, Canada as of April 15.

The other is Delic Holdings DELCF, which acquired Ketamine Wellness Centers (KWC), and “suspended” operations. While providing their patients the chance to obtain their records, no further public information was made available.

Learn more about the closings HERE.

Furthermore, major ketamine clinics chain owner Irwin Naturals Inc. IWINF has terminated an agreement to buy medical research and telemedicine company Braxia Scientific Corp. BRAXF.

Meanwhile, New York-based ketamine therapy center Nushama has exclusively shared its integration, safety and holistic care practices and its co-founder Jay Godfrey has provided further detail on their specific therapeutic approach in an interview with Benzinga.

Shrooming At The Oscars?

Oscars host Jimmy Kimmel, in his opening monologue at the 95th Academy Awards ceremony, called Steven Spielberg and Seth Rogen his "favorite duo of the year.”

“Steven Spielberg and Seth Rogen. What a pair. The Joe and Hunter Biden of Hollywood,” he quipped.

The "Jimmy Kimmel Live!" host went on to reference Rogen’s use of drugs: “Seth, what are you on right now? Be honest… Mushrooms right? Did you give one to Steven? Give him one, let’s see what happens. Maybe he’ll make something crazy."

The Milestone Round

Each week, Benzinga learns about new clinical trials, compounds and potential treatments:

• Red Light Holland Corp. TRUFF is getting ready to import and distribute its psilocybin microdosing capsules to Australasia.

• Reunion Neuroscience Inc. REUN filed a lawsuit against Mindset Pharma Inc. MSSTF for an alleged purposeful copy of the psychedelic compound RE104. 

• Enveric Biosciences ENVB launched a new next-gen drug discovery platform involving the bioproduction of an enzyme isolated from the cane toad.

• Lawfirm Falcon Rappaport & Berkman LLP is now offering industry advice through its Cannabis & Psychedelics Practice Group 

• COMPASS Pathways CMPS and Benzinga conducted a Q&A session on the newly published data on synthetic psilocybin for Treatment-Resistant Depression demonstrating potential beyond depression reduction.

• FSD Pharma HUGE is investigating the potential naked short-selling of its stock

• Psychedelic trials update including approval of Filament Health Corp. FLHLF’s Phase 2 study on psilocybin for meth use disorder, positive results on Silo Pharma SILO’s IND-enabling study on novel ketamine formulation for fibromyalgia treatment, and Incannex Healthcare's IXHL positive results from its Phase 2 trial on psilocybin for General Anxiety Disorder (GAD.)

• Incannex IXHL shared its plans to commercialize the psychedelic-assisted psychotherapy business through a new subsidiary venture

• Clearmind Medicine CMND applied with the FDA to commence the first clinical trial of its proprietary MEAI-based compound for the treatment of Alcohol Use Disorder.

• Lucy Scientific Discovery LSDI partnered with a specialized firm to obtain key government contracts and grants to enhance its drug manufacturing capabilities.

• Clairvoyant Therapeutics has dosed its first participant in Finland as part of its Phase 2b psilocybin trial for AUD.

Meet some of the biggest names in the psychedelics VCs and EFTs scenario at the second edition of our Psychedelics Capital Conference!

Taking place in the Fontainebleau Miami Beach Hotel in Florida on April 13, 2023, the event’s THE place to get DEALS DONE, raise money, jumpstart M&A and meet investors and key partners.

Get your tickets now before prices go up! 

See Also: Last Week's Edition Of 'Psyched'

Psychedelics ETFs Weekly Performance

This is how the sector’s major ETFs performed in the week spanning March 13-17.

• AdvisorShares Psychedelics PSIL opened Monday 13 at $1.87, confirming a descending trend since February. The number kept falling all the way to the week’s lowest at $1.77 on Wed. 15, then a small recovery for Friday 17 closing at $1.79, close to former week’s closing at $1.81.
  For this ETF, the yearly price range was once set between $6.26 and $1.82, and after gradual changes is now set between $4.35 and $1.70.

The Elemental Advisors PSYK ETF PSYK opened Monday, March 13 at low $16.55 considering former week’s opening at $17.65 yet a recovery from March 10’s closing at $16.31. After some ups and downs during the week, the closing price on Friday 17 was $16.40.
For this ETF, the yearly price range was set between $23.32 and $16.70, and now the lowest price has been adjusted to $16.28.