The money will boost Beckley Psytech’s research on 5-MeO-DMT and psilocybin for the treatment of depression. (Image: Shutterstock)

Oxford-based startup Beckley Psytech in the United Kingdom announced August 15 that it raised $80 million to ramp up clinical trials and research using a pharmaceutical formulation of ​​5-MeO-DMT (5-methoxy-N,N-dimethyltryptamine), a powerful compound produced endogenously by Sonoran Desert toad venom, to treat depression. 

The Series B financing was initially set at $50 million—but was upgraded to $80 million due to “overwhelming interest” from investors to support accelerating the clinical development of its psychedelic medicine research pipeline.

According to Cambridge University researcher Darshil Shah, hemp can be twice as effective as trees at sequestering atmospheric carbon. Here’s how.

Hemp Blockchain, Inc, a Utah-based agricultural tech company, has come up with a novel solution to measure and record information on carbon emissions and atmospheric carbon sequestration for hemp farms: blockchain.

The product, part of what the company is calling a “Carbon Protocol Initiative” may set a new standard for establishing the net carbon footprint of hemp companies, one of the company’s goals.

A Welsh man’s business selling illegally imported Canadian cannabis to patrons across the U.K. was busted after the smell of success proved too strong.

Bradley Furness, 26, is facing a suspended sentence after running what the prosecution referred to as a “pot distribution centre” from his home in Aberystwyth, Wales.

Suspicions were piqued in June 2017 when a worker at a postal centre noticed a distinctive odour wafting from a mail bag containing 52 similarly labeled padded envelopes, Wales Online reports. Inspectors opened the packages, which were each revealed to contain sealed packages of weed, alongside a polite “thank you” note.

Irish Revenue officials have once again intercepted packages containing cannabis from the U.S., Canada, the U.K. and Spain thanks to the Baileys, two drug-detecting dogs whose sole mission is to sniff out contraband.

In all, packages received at both the Dublin and Athlone mail centres contained 141,000 euros (just shy of $213,000) in illicit weed.

Canada’s federal legalization of cannabis is a success – at least, according to a British think tank.

Prominent UK drug policy think tank Transform, which has been observing Canadian cannabis reform efforts with great interest since the country legalized the drug for adult use in October 2018. The organization has now compiled a comprehensive report on Canadian legalization.

“Legal regulation in Canada is still a relatively new project, but an extremely important one,” reads the report’s executive summary. “With the eyes of the world watching, the legal market has seen modest successes and is providing a valuable case study for regulators seeking to reduce the harm caused by drugs and drug markets.”

Import restrictions have been changed to help ensure people with prescriptions for cannabis-based products for medicinal use do not have their treatment delayed or interrupted.

The changes will help patients with conditions such as rare, serious forms of epilepsy or multiple sclerosis.

Most cannabis-based medicines are imported from foreign countries. Export restrictions mean it can take weeks or months for the drugs to reach the patients in the UK. For example, in Canada, an export certificate can take 4 to 8 weeks.

Marijuana is one of the fastest growing industries on the planet.

Following a C$250 million boost, Canadian firm Sundial Growers has splashed out one of the U.K’s largest horticultural operations to supply the booming European CBD market.

The Glasgow-based company produces test kits that test foodstuffs such as milk, spices, cereals and animal feed for toxins, including mycotoxins, microorganisms and GMOs. Recently developed methods have been applied to plant products such as herbal medicines, which have structural similarities to cannabis.

Claire Milligan, product manager at R-Biopharm Rhône, said: "Just like any other ingestible item, strict consumer protection legislation requires that cannabis products, including oils, cookies and cannabis plants themselves, should be tested for the presence of dangerous toxins.