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ICER report rebukes Lykos’ MDMA-AP study

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The Institute for Clinical and Economic Review (ICER) recently posted its revised evidence report assessing the comparative clinical effectiveness and value of 3,4-Methylenedioxymethamphetamine-assisted psychotherapy (MDMA-AP, a psychotherapy protocol from Lykos Therapeutics) for the treatment of post-traumatic stress disorder (PTSD).

ICER provides independent evaluations of medical tests, treatments, and systems.

The institute concluded that the current publicly available evidence is insufficient to assess the overall net benefit of MDMA-AP, which gave the company an “I” rating. ICER also stated that it would not provide Health Benefit Price Benchmarks for MDMA-AP based on that incomplete rating.

“PTSD can be a severe condition affecting nearly all aspects of an individual’s life,” said ICER’s Chief Medical Officer David Rind, M.D. “Current therapeutic options are insufficient for many people with PTSD. While MDMA-AP may be a promising therapy for PTSD, functional unblinding in the clinical trials and additional concerns around trial design and conduct led to ICER concluding that the publicly available evidence is insufficient to assess the balance of benefits and harms.

“It will be incumbent on regulators with complete access to primary data to carefully evaluate whether MDMA-AP has been proven safe and effective,” he added.

Concerns over study

Echoing many of the statements made to the FDA Advisory panel on Lykos and its MDMA study Tuesday, ICER said it had substantial concerns about the validity of the study.

Unblinding was one of the biggest issues, meaning study patients knew if they were taking MDMA and not a placebo. Plus, many of patients went into the study with a bias towards a positive outcome for the MDMA treatment.

The report stated, “Concerns have been raised by some that therapists encouraged favorable reports by patients and discouraged negative reports by patients including discouraging reports of substantial harms, potentially biasing the recording of benefits and harms.”

ICER also said that it had received relatively little input from Lykos Therapeutics, the sponsor of the trials. After the publication of its draft report, Lykos submitted public comments but still has not engaged in dialogue with ICER about the issues.

The MDMA bubble

The report also found fault with the pool of therapists used in the study and that, in some cases, trial participants appeared to have pulled heavily from the existing community of those interested and involved in the use of psychedelics for possible psychological benefits. ICER also noted that some of the therapists had close relations with those running the clinical trials.

“This is unusual and heightens concerns about pressures to tailor reported results,” the report said.

Even darker comments entered the report when ICER wrote that, “Some participants felt they could be shunned if they reported bad outcomes or that it could lead to future patients being denied the benefits of MDMA-AP.”

It went on to say that some patients were told by their therapists that their negative outcomes were evidence that they were responding appropriately and would eventually improve. However, ICER found that some patients were prevented from entering the long-term follow-up study and felt this was done to keep these negative outcomes out of the data set.

Sexual boundaries

One issue that continues to haunt the Lykos study trial is a report of sexual misconduct. Despite the trial requiring dual treatment by one male and one female therapist, sexual boundaries apparently were severely crossed with at least one patient in a Phase II trial.

“We heard from multiple experts about the concerns this raises for treatment outside of clinical trials. Nearly everyone we spoke with discussed how MDMA breaks down barriers, heightens suggestibility, and creates a substantial risk with any therapists who might choose to take advantage of patients,” the report noted.

The institute found that one study participant reported an incident of sexual misconduct during a study session, in which the psychiatrist and her unlicensed therapist husband deviated from the study protocol to perform intimate physical contact with the participant during a distress episode, while she was in a mind-altered state under MDMA treatment.

“The participant also reported nonconsensual sexual relations occurring with the unlicensed therapist after the completion of the experimental sessions, but during enrollment of the trial. Due to concerns of participant safety and therapist compliance, the Phase II study was temporarily suspended to prioritize federal review of all trials involving MDMA,” ICER wrote.

That issue was also raised during the FDA Advisory Panel hearing and has been a topic that Lykos appears to prefer to play down.

ICER isn’t without its critics either, however. The group receives significant funding from insurance companies. Despite that, the institute’s value assessments can have a strong influence on pricing decisions for a product, according to the American College of Allergy, Asthma and Immunology.



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Massachusetts regulators order single-lab testing to combat cannabis lab shopping

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Massachusetts regulators will require cannabis businesses to use a single laboratory for all compliance testing in an effort to prevent companies from shopping around for favorable test results.

The state’s Cannabis Control Commission voted 3-0 to require licensed businesses submit testing samples to one independent laboratory starting April 1, 2025, according to an administrative order advanced Thursday. The new rule is meant to close loopholes that some say have allowed companies to shop around for labs to juice their numbers for market share.

“This administrative order continues our mission of being a strong regulator,” Acting Executive Director Debbie Hilton-Creek said in a statement.

Under current rules, companies can split testing among multiple labs. The practice has led some facilities to report suspiciously high THC levels or overlook contamination to attract business.

The commission’s enforcement team said the changes would reduce risks of noncompliant products reaching consumers and improve audit capabilities. The move follows a November listening session in which testing concerns were raised, according to the announcement.

If an original testing lab needs to subcontract work, they must first obtain commission approval and demonstrate they are “incapable of performing certain required tests due to a hardship.” Labs also can only subcontract with one other facility at a time.

“The commission shall only approve subcontracting agreements when the Originating Independent Testing Laboratory is incapable of performing certain required tests due to a hardship relative to its facilities, instrumentation, personnel, or required consumable materials or in the event of an actual or potential conflict of interest,” according to the order.

Results must be uploaded to the state’s tracking system within 72 hours, with all certificates of analysis containing the complete testing results, including any subcontracted work, it said.

The commission will also begin publishing THC test results on its public data platform and establishing regular meetings with licensed laboratories to improve oversight.

The commission thus far has struggled to implement effective testing oversight. Earlier this year, the agency contracted with a private lab for a “secret shopper” program to verify retail products’ test results, Green Market Report previously reported. Unlike other major cannabis markets such as California and Colorado, Massachusetts lacks a state reference lab to independently verify commercial lab results.

Analysis of testing data by MCR Labs found that across multiple states, laboratories reporting higher THC concentrations tend to increase their market share while those reporting average failure rates lose business, according to Chemical & Engineering News.



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Cansortium completes merger with RIV Capital, plans to scale up in New York

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Florida-based Cansortium (CSE: TIUM.U) (OTCQB: CNTMF), which does business as Fluent, has finalized its megamerger with New York-based RIV Capital, (CSE: RIV) (OTC: CNPOF), creating a new multistate operator that has a footprint in four states with 42 operational dispensaries.

The move gives Cansortium immediate access to New York, one of the fastest-growing legal marijuana markets in the nation, along with its existing portfolio of cannabis shops and grows in its home state, Pennsylvania and Texas. The company now owns eight total cultivation and processing facilities, which it said in a press release would allow it to bolster the Fluent brand even more going forward.

The company reportedly has $33 million in the bank with which to finance further acquisitions, it said in a Thursday announcement.

Another major winner in the deal is Scotts Miracle-Gro, which has a sizable stake in RIV Capital through its subsidiary The Hawthorne Collective. Existing shares will be converted into 1.245 shares of the newly formed Fluent, eliminating $160 million in company debt.

Shareholders of Cansortium will own 51.25% of the new Fluent, while shareholders of RIV Capital will own 48.75%, the company said. The company will continue trading under Cansortium’s existing ticker symbols on the Canadian Securities Exchange and the Over-The-Counter markets.

Cansortium CEO Robert Beasley will continue to lead the new company, and RIV Capital interim CEO David Vautrin will serve as the new company’s chief commercial officer.

Beasley said in the release that Fluent intends to scale up wholesale operations in New York to boost its Moods brand of marijuana products and “gain additional shelf space in dispensaries across the state,” which he said has “immense potential.”

The merger could prove key to the long-term prospects for both Cansortium and RIV Capital. Cansortium posted an $11.7 million net loss for the third quarter of 2024, and RIV Capital reported a $63.4 million net loss for the same period.

“Looking ahead, we remain focused on sustainable, long-term growth and will continue to drive efficiencies across all areas of the business to achieve our profitability and cash generation goals,” Beasley said.



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The Daily Hit: December 19, 2024

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News from: US Farm Bill, Fluent Cannabis, Massachusetts and more.

The Daily Hit is a recap of the top financial news stories for Thursday, December 19, 2024.

On the Site

Farm Bill extension leaves hemp industry rules intact for now, including intoxicating products

The farm bill extension would run through March 2025.

Read more here.

Cansortium completes merger with RIV Capital, plans to scale up in New York

Scotts Miracle-Gro, which is a major investor in RIV, also benefits from the deal.

Read more here.

Massachusetts regulators order single-lab testing to combat cannabis lab shopping

The rule change follows growing evidence of inconsistent testing practices in the state’s $7 billion cannabis industry.

Read more here.

Nine New York social equity retailers ask to join lawsuit halting cannabis licensing for 3rd time

A court filing argued that the group of CAURDs are in danger of bankruptcy if the injunction is not removed soon.

Read more here.

In Other News

Greenway Greenhouse Cannabis Corp.

Greenway Greenhouse Cannabis Corp. entered into an asset purchase agreement to acquire all of Choice Growers’ consumer packaged goods brands, SKUs and listings of the brands, trademarks, goodwill and other associated intellectual property. This acquisition encompasses all of Choice Growers’ brands, including Grapefruit God Bud (also known as Grape God), The Jeffrey, Watermelon Pebbles, Pink Lemonade, Duke Nukem, Tangerine Dream and Blackberry Cheesecake.

Read more here.

Innocan Pharma Corp.

Innocan Pharma Corp. intends to complete a non-brokered private placement of up to 3.5 million units of the company at a price of C$0.20 per unit for gross proceeds up to C$700,000 plus 15% overallotment options. The offering is expected to close on or around Dec. 31.

Read more here.



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