More Than 100 U.S. Cities May Soon Legalize Psilocybin Mushrooms

March 03, 2020 -

Throughout the U.S., there’s a groundswell of interest in decriminalizing psilocybin mushrooms.

So far, Denver, Oakland, and Santa Cruz have done so, with another 100 cities entertaining the idea of doing the same, says Marijuana Moment. That includes Washington D.C., which could put decriminalization to a vote this November 2020. All as advocates say the drug has been shown to help those who suffer from depression, anxiety, PTSD, and addiction issues.

The mushrooms have also been shown “to cause a rapid and sustained reduction in anxiety and depression in a group of patients with life-threatening cancer. When paired with counseling, it has improved the ability of some patients suffering from treatment-resistant depression to recognize and process emotion on people’s faces. That correlates to reducing anhedonia, or the inability to feel pleasure,” says Fortune.

Researchers at New York University found psilocybin mushrooms caused a “rapid and sustained” reduction in anxiety and depression in patients with cancer, as reported by the Financial Post, for example. Better, mushrooms are just beginning to disrupt the $4.7 trillion global wellness industry, as its medicinal benefits become better known.

Even Emory University researchers are looking into using the mushrooms as a possible treatment for major depressive disorder.

“It can help people transform the way they understand their connectedness to the world, what they’re going through, in a way that reduces the distress,” said Dr. Boadie Dunlop, the psychiatrist leading Emory’s research, as quoted by Boston 25 News.

With such success in trials, it may not be long before we hear of further legalization efforts. At the moment, as excitement builds for the use of psilocybin mushrooms, it’s opening a range of opportunity for companies that have already established launching cannabis products including The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF), Tilray Inc. (NASDAQ:TLRY), Aurora Cannabis Inc. (NYSE:ACB)(TO:ACB), Planet 13 Holdings Inc. (CSE:PLTH)(OTC:PLNHF), and Innovative Industrial Properties Inc. (NYSE:IIPR).

The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWSThe Yield Growth Corp.  subsidiary Flourish Mushroom Labs Inc. announces that it has licensed to Kingdom Brands Inc. the U.S. rights to its mushroom extract manufacturing technology, which is protected by a U.S. provisional patent application. The patent application covers the invention of a unique mushroom extract and a method of manufacturing the extract from mushrooms including psilocybe mexicana, and formulations and emulsions containing the mushroom extract. The mushroom extract may be in the form of an aqueous solution, or it may be a freeze or spray dried powder.

Yield Growth previously announced on February 13, 2020 that its subsidiary, Flourish Mushroom Labs, had entered into a non-binding LOI whereby Kingdom Brands agreed to pay CAD $500,000 to Flourish in exchange for the rights to use and sub-license and further develop the Technology in the United States for use with both medicinal and psychedelic mushrooms. The parties entered into a definitive agreement on February 21, 2020 for the license and the payment of $500,000 through the issuance of stock in Kingdom Brands, which is now complete, and Kingdom has acquired the U.S. rights to the Technology. Kingdom Brands’ subsidiary leases a property in California which may be suitable to cultivate medicinal mushrooms and to manufacture mushroom extract. The company plans to position itself in the marketplace to serve the potential demand that may follow the potential legalization of psilocybin.

Major strides have been taken towards the decriminalization of psilocybin mushrooms in Washington D.C, California, Colorado, Vermont and Oregon. In California, the California Psilocybin Decriminalization Initiative, which envisions the implementation of a comprehensive, state-wide scheme authorizing and regulating the cultivation, processing and distribution of psilocybin mushrooms, has the potential to be on the state ballot in November 2020.

Kingdom Brands completed payment of $500,000 to Flourish through the issuance of 5,000,000 shares in exchange for the rights to use and sub-license the Technology in the United States. Yield Growth, through its subsidiaries, currently owns approximately 19% of Kingdom Brands and provides incubation services to Kingdom Brands through an operating agreement. Kingdom Brands has recently signed an engagement letter with a Canadian investment dealer as agent, on a best efforts basis, to an initial public offering (the “IPO”) to raise between $2,000,000 and $4,000,000 in Canada and list on a Canadian stock exchange. The completion of the IPO is subject to due diligence, regulatory approval and other conditions.

Other related developments from around the markets include:

Tilray Inc. (NASDAQ:TLRY) reported financial results for the fourth quarter and full fiscal year ended December 31, 2019. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. “Our full year results demonstrate strong sales growth momentum, which we expect to continue in 2020,” said Brendan Kennedy, Tilray’s Chief Executive Officer. “Like our peers, we have faced industry challenges, but we remain committed to driving long-term value for our shareholders. Tilray has a diversified business model comprised of global medical, Canada adult-use and hemp products which positions us well in the current volatile market environment. We are still in the early days of this emerging growth industry and will continue being good stewards of shareholder capital as we aim to build the world’s most trusted and valued cannabis and hemp company.”

Aurora Cannabis Inc. (NYSE:ACB)(TO:ACB) announced its financial and operational results for the second quarter of fiscal 2020 ended December 31, 2019. "Despite delivering modest growth in our core medical and consumer business in Q2, we took immediate and deliberate actions to align our Company to current market conditions," said Michael Singer, Executive Chairman and Interim CEO, Aurora Cannabis. "As announced last week, being a profitable cannabis company for our investors is the singular near-term focus for Aurora and we have begun to implement a business transformation plan where we intend to manage the business with a high degree of fiscal discipline."

Planet 13 Holdings Inc. (CSE:PLTH)(OTC:PLNHF) announced a record-breaking January driven by strong traffic and the 2nd consecutive month of approximately $100 average ticket size. January revenue was ~10% higher than the seasonally slow months of November and December. Preliminary unaudited gross margin was consistent with previously reported range of 56-59%. The restaurant and event space that were opened as part of the Phase II development increased customer awareness of the Planet 13 Las Vegas Cannabis Entertainment Complex and enhanced customer engagement resulting in longer average time spent exploring the SuperStore and higher average ticket size. "January is a strong proof point for the network effect of Phase II [restaurant, event center, and consumer-facing production facility]. As we add additional attractions and store-in-store options we expect the cross promotion and improved customer experience to continue to drive traffic and ticket growth," said Larry Scheffler, Co-CEO of Planet 13. "I would like to thank our customers who continue to choose Planet 13 for their cannabis shopping experience when visiting Las Vegas. It is gratifying to see the SuperStore's year over year growth and to witness our return customers' excitement when they discover the SuperStore's new features."

Innovative Industrial Properties Inc. (NYSE:IIPR) announced the appointment of Mary Allis Curran to its board of directors. “We are very excited to have Mary Curran join IIP’s board,” said Alan Gold, Executive Chairman of IIP. “Mary brings a wealth of experience and executive leadership from the financial services industry, in addition to public company board-level expertise. With her breadth of experience and proven success in developing highly effective risk management strategies and driving improvements in business performance, we look forward to her contributions as IIP continues to execute on its business model of being the leading provider of real estate capital for the regulated medical cannabis industry.”

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media which has a partnership with is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media, which has a partnership with, is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement between Winning Media (partners of and The Yield Growth Corp., Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for The Yield Growth Corp. We own ZERO shares of The Yield Growth Corp. Please click here for full disclaimer.

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