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A New Study Demonstrates How Psilocybin Therapy Can Effectively Treat Alcoholism, New Jersey Officials Revoke Cannabis Licenses Because of Unpaid Fees, and Canada’s Stockpile of Unsold Marijuana Reaches 3.2 Million Pounds

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A New Study Demonstrates How Psilocybin Therapy Can Effectively Treat Alcoholism

While multiple studies indicate that psilocybin therapy can help treat alcohol addiction, a first-of-its-kind study demonstrated the specifics behind how psilocybin therapy helps those battling alcoholism. A team of researchers from NYU and UC San Francisco and the professionals at Fluence, a mental health training provider, wanted to discover the process by which psilocybin helped individuals addicted to alcohol reduce their drinking in an earlier trial. The study was published in Psychology of Addictive Behaviors by the American Psychological Association. It involved asking the thirteen participants from the psilocybin treatment clinical trial in-depth questions about their experience both during and after the study. Researchers found that many of the participants said that psilocybin helped them effectively process deep emotions related to past traumatic events and promote more positive feelings of self-compassion and self-awareness. The study authors noted that the purpose of the analysis wasn’t to pinpoint an “objective reality” but rather to learn more from the experiences of the participants. 

New Jersey Officials Revoke Cannabis Licenses Because of Unpaid Fees

New Jersey cannabis regulators chose to revoke the licenses of one marijuana operator in the state as a result of unpaid fees. Harmony Foundation had both growing and manufacturing licenses, but the New Jersey Cannabis Regulatory Commission (CRC) voted 5-0 to revoke their licenses because the company owes $700,000 in various licensing fees. According to records, Harmony Foundation made a payment of $100,000 toward its retail license but has not paid anything toward the required permits for cultivation and manufacturing. Harmony operates the only recreational cannabis dispensary in Hudson County, and the license revocation will not impact their ability to sell marijuana products at their store. However, as a result of the decision from the CRC, they must now purchase their inventory from other licensed growers in the state. 

Canada’s Stockpile of Unsold Marijuana Reaches 3.2 Million Pounds 

The latest information from Health Canada shows that unsold marijuana in the country has reached an all-time high. As of December 2022, unsold packaged and unpackaged cannabis hit 1.47 billion grams or 3.2 million pounds. As of December 2021, that figure was 1.3 billion grams. The latest data is an indicator that falling prices could continue to negatively impact businesses in the cannabis industry. It also shows a significant discrepancy between demand and supply, even though many of the country’s largest marijuana producers have closed their facilities. Since Canada first legalized marijuana nationwide in 2018, the retail price of the plant has fallen by almost 30 percent. But industry experts don’t think there is a lack of competition in the market; rather, they fear it may be a problem of too much competition.