Welcome to the Cannabis Countdown. In This Week’s Edition, We Recap and Countdown the Top 10 Marijuana and Psychedelics Industry News Stories for the Week of December 28th, 2020 – January 3rd, 2021.
Without further ado, let’s get started.
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2020 Has Indeed Brought Forth Unforeseen Challenges Into the World Due to the Global Coronavirus Pandemic
Fortunately, between the groundbreaking clinical research into Psychedelic medicine at leading universities and institutions and the incredible amount of capital flowing into the space, one thing is clear: Psychedelics are making a massive comeback. Here are some of the major highlights and victories witnessed by the psychedelic renaissance in this otherwise challenging year.
This Year Was a Rollercoaster Ride for the Cannabis Industry, Which Had its Fair Share of Highs and Lows
There were legalization breakthroughs, while various Cannabis companies enforced massive layoffs. However, there were also those that did quite a bit of hiring. What’s interesting is that many companies at both ends cited the COVID-19 pandemic as one of the reasons for their actions.
The Current Pharmaceutical Regulatory Process is, to Say the Least, Inherently Daunting for Most Drug Development Efforts
The drug discovery and development pipeline can take up to 15 years to complete. Even then, only 14% of drugs that make it to their respective clinical trials will gain regulatory approval, and a large amount of money is spent whether that drug reaches approval or not. The regulatory restrictions behind the high cost and high failure rate of drug approvals also apply to the emerging Psychedelic medicine industry.