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• Apr 21, 2023
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THE SCUTTLEBUTT FEATURING ARTICLES ABOUT SEC CHARGES FOR ACCOUNTING MISCONDUCT, THE FIRST PHASE 3 PSILOCYBIN STUDY AND MORE

In the days of the Armada, a fleet of warships, the scuttlebutt was the rumor or gossip that would spread throughout the ship. Today, Armada Law Corp presents The Scuttlebutt, a daily summery of news articles that people within the cannabis, hemp and plant medicine industries are chatting about along with links to the full articles.

In today’s news:

#cannabisindustry – “The Securities and Exchange Commission today charged Cronos Group Inc., a Nasdaq-listed cannabis company based in Toronto, for improperly accounting for millions of dollars of revenue and for other accounting misconduct in multiple reporting periods. The SEC also charged Cronos’s former Chief Commercial Officer, William Hilson, with fraud and aiding and abetting the company’s violations. In agreeing to settle with Cronos, the Commission determined that the company should not incur a financial penalty, given its timely self-reporting, significant cooperation, and remediation.”

https://www.sec.gov/news/press-release/2022-191

#psilocybin – “Apart from one notable modality (MDMA-assisted psychotherapy for post-traumatic stress disorder), no psychedelic clinical trial has progressed further than Phase 2.

A recent announcement from Compass Pathways is set to change that, with the world’s first Phase 3 human trial for day psilocybin therapy with psychological support due to commence by the end of 2022. The trial will enroll close to 1,000 participants and Compass is looking to FDA approval by the end of 2025.

The landmark Phase 3 trial follows the company’s announcement of successful Phase 2B results late last year. Those results encompassed 233 patients with treatment-resistant depression randomly split into three dosage arms: 25 mg, 10 mg, and 1 mg. Over the 12-week follow-up, Compass reported statistically significant improvements in measures on a depression scale after a single 25-mg psilocybin dose, compared to the two lower dose groups.”

https://newatlas.com/health-wellbeing/first-phase3-psilocybin-clinical-trial-depression-compass-design/

#cannabispolitics – “Edwin Rubis heard about President Biden’s announcement of mass marijuana pardons earlier this month and realized he would be left out.

Rubis — who has spent more than two decades in federal prison for his involvement in a cannabis distribution conspiracy — and others in prison for marijuana-related convictions, would not be covered by the pardons. In fact, no one will be released from prison due to this announcement because, White House officials said, there is no one currently in federal prison solely for simple possession of cannabis.

Rubis’s projected release date is not for almost another decade: Aug. 6, 2032.

“I don’t belong in prison any longer,” said Rubis, 54, in a phone interview from a medium-security federal prison in Talladega, Ala. “I might have belonged in prison when I first came in, the first 2, 3, 4 years, but I have done so many things that the system has asked me to do. I believe I’m truly rehabilitated.””

https://www.washingtonpost.com/dc-md-va/2022/10/23/dc-protest-marijuana-incarceration-biden/

As a follow up to the story we posted last week….

#cannabisindustry – “Florida is pumping the brakes on plans to allow consumers to purchase marijuana at select gas stations.

The state’s Health Department told the Washington Examiner that Florida has not approved the deal between Circle K and Green Thumb Industries….

“As with all RISE dispensary locations in Florida, the opening of RISE Express stores remains subject to regulatory approval, and sales will be exclusively to Florida patients with a valid medical marijuana identification card,” the spokesperson said.”

https://www.washingtonexaminer.com/news/florida-steps-in-circle-k-marijuana-plans