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Interpretation of the industry — what regulatory moves, trial readouts, and corporate actions actually mean. Distinct from news reporting and from opinion.
Most coverage of rescheduling fixates on 280E tax relief. The bigger story is what happens to research registration, FDA pathway access, and the M&A market for MSOs that have been frozen out of institutional capital for a decade.
When the FDA approved zuranolone for postpartum depression but rejected it for major depressive disorder, it built a commercial trap that the company has been unable to escape. The lesson generalizes.
Direct-to-consumer mental health platforms built businesses on the difference between cash-pay convenience and insurance reimbursement complexity. That gap is closing on both sides at once.