Monthly Archives: January 2024

Who is Rick Cohen, the New Hampshire billionaire behind Symbotic? – The Boston Globe

Posted: January 5, 2024 at 6:32 pm

Symbotic declined to make the 71-year-old CEO available for an interview. But Cohen has laid out big plans for the companys future in speeches and on calls with analysts.

The vision for Symbotic is to be the best automation company in the world, Cohen said at an investor event in May, where he spoke of moving every box in every warehouse. I cant think of any other vision that suits how big an opportunity this is.

If Symbotic stays at the head of the warehouse automation pack now a $20-billion-a-year industry it will be Cohens second major triumph.

He joined his familys business, C&S Wholesale Grocers, in the 1970s, back when the Keene, N.H.-based company was doing $50 million a year of sales around New England. In 1989, he took over as CEO from his father, Lester, who had taken over for his father and company cofounder Israel Cohen in 1955.

Rick Cohen expanded C&S through acquisitions and built it into the countrys largest grocery wholesaler, a business that sits between supermarket chains and manufacturers like General Mills and Procter & Gamble. With sales of almost $35 billion last year, it ranked as the eighth largest private company in the United States by revenue, according to Forbes (three spots ahead of Fidelity Investments).

Supplying groceries taught Cohen about logistics and automation and opened doors to large retailers, including Walmart, which has been a C&S customer. And in the 1990s, C&S built one of the countrys most advanced automated warehouses in York, Pa.

Cohen was buying automation technology from companies Symbotic would later compete against, analyst Rob Mason at RW Baird said. He understands where the shortcomings reside and hes led Symbotic to design a superior automation solution, Mason said.

Around 2005, an inventor named John Lert reached out to Cohen about starting an automation company for grocery stores. Cohen provided financing to form the startup in 2007, but only Lert was listed on its early corporate filings in Massachusetts as a manager and on its first patents as the inventor.

Initially called CasePick Systems, the startup focused on packing and unpacking pallets of boxes at distribution warehouses. But after having trouble raising money amid the financial crisis, Lert sold his majority stake to Cohen in 2009. He left the company in 2011, just as its first prototype system was installed at a C&S warehouse in Newburgh, N.Y.

We had a complex relationship, Lert said of Cohen in an interview. Im very happy for his success and proud of the work we did.

In 2012, Cohen changed the companys name to Symbotic, reflecting the close relationship the robots would have with a warehouses operations. But perfecting the system wasnt easy, and Cohen had sharp elbows. Though he was the chairman, not the CEO, Cohen involved himself in everything from hiring to product design to sales, some of his former employees said.

He made every decision, whether it was a $100 million decision or $100 decision, and so you just had to know that things were going through him, said Ron Kyslinger, a robotics industry consultant who worked for Cohen at C&S and Symbotic from 2013 to 2015, and later worked for Walmart and Amazon.

Cohen recruited Kyslinger himself, first taking the consultant to visit C&Ss York warehouse, then flying on a private jet to Newburgh to see Symbotics pilot project. Quite frankly, they had a science project, it was very clunky, Kyslinger recalled.

Not everyone thrived at Symbotic. The company went through three CEOs from 2011 until the end of 2017, when Cohen formally stepped in to head the firm, resigning as CEO of C&S, where he remained executive chairman.

In 2022, Cohen again tried to hire an outside CEO. But Michael Loparco, a longtime executive at electronics assembler Jabil, lasted only eight months before resigning in November 2022. (Loparco did not return a call for comment.)

The goal of Symbotics system is to help retailers keep store shelves stocked. Each system takes in pallets of goods on trucks from suppliers, sorts and stashes individual cases of items in a warehouse, and then assembles pallets of assorted cases for shipment to retail store locations as needed. Thats different from the robots at Amazon, which bought North Reading-based Kiva Systems in 2012 to automate the movement of e-commerce orders within its warehouses.

A shampoo maker might send a truck full of cases to a Walmart warehouse, where the Symbotic system stashes the boxes. Then when a particular Walmart store needs more shampoo, Symbotic retrieves some cases and assembles them on a pallet for shipment to the store. The system can mix and match various items on one pallet and even optimize the placement to make stocking shelves in a specific store quicker.

Symbotics technology goes far beyond rivals that try to integrate robots among human package handlers. Its robots-only system is built on a massive 30-foot-high steel frame, typically with 10 levels, for storing goods. Aisles crisscross each level where the flat-topped, round symbots whiz goods around at 25 miles per hour. Built-in lifts move goods from level to level.

An AI controller system gives the robots orders and determines where to store items. Similar items are not grouped together. Instead, Symbotics system works more like a computer hard drive, with similar items scattered all over so they can be retrieved quickly.

A single installation can cost more than $50 million and be the size of a football field or larger. But big customers can save money on labor and warehouse space, while improving speed and efficiency.

Automation has caused job losses in the economy in recent decades, while also improving productivity and leading to new jobs, studies have found. The warehouse jobs replaced by Symbotic and its rivals are particularly demanding, Kyslinger noted. A lot of people manually slugging cases its not a great environment, he said. Automating it makes a heck of a lot of sense.

Rick Cohens big break was getting Walmart to sign on in 2021 to install Symbotic systems in 25 of its regional distribution centers. The retail giant had been testing the technology at one of its Florida distribution centers for more than three years and watched it slowly improve. In 2022, Walmart upped the plan to include all 42 of its centers.

Cohen has said that supplying groceries to Walmart helped land the retail giant as a customer for Symbotic. They remembered me, Cohen said in a 2021 Forbes interview. Its a very small world.

As part of the deal, Walmart got a stake in Symbotic and owned 11 percent of the companys shares as of January 2023. Walmart also can have an observer at board meetings and has the right to match outside investment offers, according to Symbotics annual report.

Walmart vice president Mike Walden said in an email that his company has watched Symbotic grow from a start-up with promising technology to a leader in robotics. . . . Weve solved some of the most difficult challenges in warehouse automation together and look forward to the continued innovation.

Last year was a coming-out party of sorts for Symbotic, after it went public by merging with a blank-check company in 2022. The company held its first investor day in May, taking shareholders and analysts on a tour of a Walmart warehouse in Brooksville, Fla. And in July, Symbotic partnered with Japanese tech and investing giant SoftBank to create a new business called GreenBox that will own and operate fully automated warehouses for smaller customers.

Revenue doubled in the companys just-completed fiscal year to $1.1 billion. (Almost 90 percent of Symbotics revenue came from Walmart.) And Symbotics 330 percent stock gain in 2023 is tops among local tech firms, handily beating second-place finisher DraftKings, which was up 209 percent, and HubSpot, up 101 percent.

Still, Symbotic has only installed 12 fully operating systems in warehouses, with another 35 in development, as of the end of September. Symbotic said it has a backlog of $23 billion of systems on order. Customers pay for installation plus recurring fees for software and help running the systems.

One of the newest customers, liquor distributor Southern Glazers Wine & Spirits, spent months visiting warehouses to watch the Symbotic system in action. The distributor, which makes 7 million deliveries per year to 260,000 retail customers, expects the technology to reduce its error rate assembling pallets from 5 percent to 0.1 percent or less.

Cohen helped close the deal himself, according to Bobby Burg, chief supply chain officer for Southern Glazers.

He seems to have an endless supply of ideas, but very easy to talk to, Burg said. He runs a business and obviously knows the things that a new customer like ourselves would need to hear. [He] did a good job really making us comfortable.

Aaron Pressman can be reached at aaron.pressman@globe.com. Follow him @ampressman.

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Who is Rick Cohen, the New Hampshire billionaire behind Symbotic? - The Boston Globe

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Tech majors must refrain from outdated protectionist measures – Deccan Herald

Posted: at 6:32 pm

When an executive decides to leave a firm for any reason, attempting to hinder their employment elsewhere proves ineffective. Either such executives should be compensated for an extended garden leave, including full performance pay, or they may resort to utilising opaque corporate structures, such as consulting contracts, to work for the company they had intended to join. If the entity fails to persuade the employee to stay back, such pressure tactics are counterproductive, conveying a negative message and implying to potential employees that they too will be constrained in their ability to leave, when they so decide.

Amid the competition to attract top-tier talent, companies must provide more than just financial incentives. They need to emphasise their capacity for growth, ensuring that talent is not only suitably employed but also duly rewarded. Furthermore, in the tech industry, the expectation is evolving towards wealth creation and its distribution among employees, albeit not in the conventional manner. One may even see that for critical tech talent in the era of AI, wealth creation may include the sharing of IP royalties.

The escalating margin pressures from global clients on Indian ITES firms underscore the critical importance of retaining key employees. As clients demand cost-efficient solutions and increased value for their investments, the significance of skilled and experienced personnel becomes paramount. In this competitive environment, retaining key employees who possess domain expertise and contribute to innovation is vital for sustaining service quality and meeting client expectations.

It is indeed the right time for Indian tech giants to consider diversifying their talent pool and, more crucially, expanding the expertise they provide to clients. The diminishing effectiveness of Indian ITES as a talent magnet suggests that organisations need to be genuinely meritocratic, free from the founders firm grip, outdated organisational designs, and living on past legacy. A hard question is whether these companies are perceived as relevant in the broader client mindset.

Srinath Sridharan is a policy researcher and corporate adviser. X: @ssmumbai.

(Disclaimer: The views expressed above are the author's own. They do not necessarily reflect the views of DH).

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FTC Antitrust Cases: Implications for Tech Giants – BNN Breaking

Posted: at 6:32 pm

Antitrust Onslaught: The FTC and the Future of Tech Giants

The U.S. Federal Trade Commission (FTC) stands on the precipice of landmark decisions that could redefine its powers and the landscape of the tech industry. At the core of this monumental shift are a series of antitrust lawsuits targeting corporate behemoths such as Amazon, Facebook, and Google.

The FTC has filed a lawsuit against Amazon, accusing the retail titan of engaging in practices that artificially inflate prices. This case could potentially reshape the online retail space, affecting both consumers and competitors. Meanwhile, the FTCs antitrust lawsuit against Facebook is slated for trial in 2024. The social media giant stands accused of abusing its power in the personal social network market, charges that, if proven, could significantly alter the dynamics of social networking.

Google is grappling with antitrust challenges on multiple fronts. A lawsuit from the U.S. Justice Department accuses the tech giant of monopolizing internet search, potentially stymying competition and innovation. Another suit targets Googles ad tech business, alleging similar anti-competitive practices. Video game company Epic Games has emerged victorious in a jury decision against Google regarding in-app payments and app distribution on Android devices. In a related development, Google has agreed to a $700 million settlement with consumers and states, marking a significant development in antitrust litigation.

Furthering its mission to prevent anti-competitive, deceptive, and unfair business practices, the FTC has turned its gaze towards the private equity sector. The commission is pursuing an antitrust lawsuit against the private equity firm Welsh Carson Anderson & Stowe for its healthcare sector investments. This case signals a potential broadening of the FTCs reach, targeting not just corporations, but investment firms as well. In a separate development, the FTC has charged VoIP provider XCast Labs, Inc. with facilitating hundreds of millions of illegal robocalls. The company has agreed to settle the charges, implement a screening process, and sever ties with non-compliant firms, in addition to paying a $10 million civil penalty.

As the FTC embarks on this high-stakes legal journey, the outcomes of these cases could have far-reaching implications for the future of competition, consumer protection, and corporate practice.

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Major Tech Companies Bolster Security with New Patches – BNN Breaking

Posted: at 6:32 pm

Tech Giants Release Patches to Fortify Security Systems

Several leading technology companies have moved to address significant vulnerabilities in their systems, rolling out a series of patches in December.

Among those stepping up their security protocols are tech giants Apple, Google, Microsoft, Mozilla, and Apache Software Foundation. Each has been quick to respond, releasing patches to fix various security flaws in their products, underscoring the urgency of the situation.

Apple has released iOS 17.2, which includes 12 security patches. The update addresses issues in the WebKit browser engine, the iPhones Kernel, and ImageIO.

The move is seen as a potent response to potential threats, reinforcing Apples commitment to user security.

Google has been equally proactive, with its Android December Security Bulletin addressing nearly 100 security issues. The company has released patches for critical flaws in the Framework and System, marking a significant stride in its security measures.

Additionally, Google issued an emergency fix for its Chrome browser to address a zero-day vulnerability, further emphasizing the companys dedication to user protection.

Microsofts December Patch Tuesday addressed over 30 vulnerabilities, including several critical remote code execution (RCE) flaws. The swift and comprehensive response reflects Microsofts extensive efforts to fortify its systems against potential security breaches.

Mozilla has fixed 18 security vulnerabilities in its Firefox browser, including a heap buffer overflow issue affecting the WebGL DrawElementsInstanced method.

Meanwhile, the Apache Software Foundation has issued a patch for a critical flaw in its Struts 2 open source developer framework. Both companies have demonstrated their commitment to safeguarding users, taking prompt action to rectify vulnerabilities.

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Why have authoritarianism and libertarianism merged? A political psychologist on ‘the vulnerability of the modern self’ – The Conversation

Posted: at 6:32 pm

Logically, authoritarianism and libertarianism are contradictory. Supporters of authoritarian leaders share a state of mind in which they take direction from an idealised figurehead and closely identify with the group which that leader represents. To be libertarian is to see the freedom of the individual as the supreme principle of politics. It is core to the economics and politics of neo-liberalism, as well as to some bohemian counter-cultures.

As a state of mind, libertarianism is superficially the opposite of authoritarianism. Identification with the leader or group is anathema and all forms of authority are regarded with suspicion. Instead the ideal is to experience oneself as a self-contained, free agent.

Yet there is a history of these two outlooks being intertwined. Consider Donald Trump, whose re-election in 2024 would be seen by many as adding to the international rise of authoritarianism.

Others might see him as insufficiently focused to be an effective authoritarian leader, but its not difficult to imagine him governing by executive order, and he has successfully sought an authoritarian relationship with his followers. He is an object of idealisation and a source of truth for the community of followers he purports to represent.

Yet at the same time, in his rhetoric and his persona of predatory freewheeler, in his wealth and indifference to others, Trump offers a hyper-realisation of a certain kind of individualistic freedom.

Trumpisms fusion of the authoritarian and the libertarian was embodied in the January 6 attack in Washington DC. The insurgents who stormed the Capitol that day passionately wanted to install Trump as an autocratic leader. He had not, after all, won a democratic election.

But these people were also conducting a carnivalesque assertion of their individual rights, as they defined them, to attack the American state. Among them were followers of the bizarre conspiracy theory QAnon, who lionised Trump as the heroic authority figure secretly leading the fightback against a child-torturing cabal of elites.

Alongside them were the Proud Boys, whose misty libertarianism is paired with a proto-authoritarian commitment to politics as violence.

Conspiracy theories are also involved in other recent examples of authoritarian-libertarian hybridity. Beliefs that COVID-19 vaccines (or lockdowns, or the virus itself) were attempts by a malevolent power to attack or control us were fuelled by a growing army of conspiracists. But they were also facilitated by libertarian ideologies which rationalise suspicion of and antipathy towards authority of all sorts and support refusals to comply with public health measures.

In the UK, some small towns and rural areas have seen an influx of people involved in a variety of pursuits arts and crafts, alternative medicine and other wellness practices, spirituality and mysticism. Research is lacking but a recent BBC investigation in the English town of Totnes showed how this can create a strong alternative ethos in which soft, hippie-ish forms of libertarianism are prominent and very hospitable to conspiracism.

One might have thought that Totnes and some other towns like it would be the last places wed find sympathy for authoritarian politics. However, the BBC investigation showed that although there may be no single dominant leader at work, new age anti-authority sentiments can morph into intolerance and hard-edged demands for retribution against the people seen as orchestrating vaccinations and lockdowns.

This is reflected in some COVID conspiracists calling for those who led the public health response to be tried at Nuremberg 2.0, a special court where they should face the death penalty.

When we remember that a virulent sense of grievance against an enemy or oppressor who must be punished is a regular feature of authoritarian culture, we start to see how the dividing lines between the libertarian mindset and the authoritarian perspective have blurred around COVID.

Read more: Conspiracy theories about the pandemic are spreading offline as well as through social media

A disturbing survey conducted earlier this year for Kings College London even found that 23% of the sample would be prepared to take to the streets in support of a deep state conspiracy theory. And of that group, 60% believed the use of violence in the name of such a movement would be justified.

A psychological approach can help us to understand the dynamics of this puzzling fusion. As Erich Fromm and others have shown, our ideological affinities are linked to unconscious structures of feeling.

At this level, authoritarianism and libertarianism are the interchangeable products of the same underlying psychological difficulty: the vulnerability of the modern self.

Authoritarian political movements offer a sense of belonging to a collective, and of being protected by its strong leader. This may be completely illusory, but it nonetheless provides a sense of safety in a world of threatening change and risk. As individuals, we are vulnerable to feeling powerless and abandoned. As a group, we are safe.

Libertarianism, in contrast, proceeds from the illusion that as individuals we are fundamentally self-sufficient. We are independent of others and dont need protection from authorities. This fantasy of freedom, like the authoritarian fantasy of the ideal leader, also generates a sense of invulnerability for those who believe in it.

Both outlooks serve to protect against the potentially overwhelming sense of being in a society on which we depend but which we feel we cannot trust. While politically divergent, they are psychologically equivalent. Both are ways for the vulnerable self to ward off existential anxieties. There is therefore a kind of belt-and-braces logic in toggling between them or even occupying both positions simultaneously.

In any specific context, authoritarianism is more likely to have the necessary focus and organisation to prevail. But its hybrid fusion with libertarianism will have broadened its support base by seducing people with anti-authority impulses.

And as things currently stand, were at risk of seeing increasing polarisation between, on one hand, this anxiety-driven, defensive form of combined politics, and on the other, efforts to preserve reality-based, non-defensive modes of political discourse.

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Argentina’s Javier Milei what are his plans and will they work? – MoneyWeek

Posted: at 6:32 pm

Argentina's annual inflation is above 140% and is expected to hit 200% within months. Four in ten people are living in poverty. The value of the peso has collapsed by more than 90% against the US dollar in the past four years, while dollar bonds trade at less than 33% of their par value. A bewildering assortment of different exchange rates as well as complex controls on capital, prices, imports and exports have crippled investment. And public debt has soared to 90% of GDP.

In an effort to prevent collapse, the outgoing Peronist government (the left-nationalist party that has dominated Argentinian politics for decades) resorted to ever more money-printing, fuelling the inflationary spiral and putting off the day of reckoning.

The country owes $44bn to the International Monetary Fund (IMF), and the central bank is effectively in $10bn of debt (once central bank swap lines and other liabilities are deducted from its reserves).

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Javier Milei is the self-styled anarcho-capitalist and former TV pundit who was sworn in as the president of Argentina on 10 December 2023, having won the November election. Milei, a trained economist who names his dogs after famous free-market thinkers, is a radical libertarian who campaigned on a platform of sweeping economic shock therapy and privatisation, pledging to take a chainsaw to government spending to tackle Argentinas triple-digit inflation and growing poverty.

Mileis most radical ideas and controversial proposals are to shut the central bank and dollarise the Argentinian economy abolishing the national currency, the peso, and adopting the US dollar in its place, with the aim of controlling inflation and encouraging fiscal discipline. Hes promised to bring forward a massive package of reforms to the legislature.

However, Mileis Libertad Avanza (Freedom Advances) coalition is only the third-largest group in the lower house of Congress, meaning he could well struggle to get his programme through.

Hes expected to announce a drastic fiscal tightening; the removal of foreign-exchange restrictions (probably resulting in another big fall in the peso, helping competitiveness but ramping up the public debt burden); and the privatisation of state-owned enterprises.

But theres a big question mark over his core proposal of dollarisation, says The Economist. Yes, eight other countries use the US dollar as legal tender. But to do this in an orderly manner requires elaborate preparation and a large float of dollars with which to back the banking system. On both counts Argentina fails. Dollarising without sufficient dollars is like saying you want the entire population to wear Nike trainers, even though you dont make them and you dont have the resources to buy them, former IMF official Alejandro Werner told Bloomberg. Its also a big risk abandoning a national currency leaves policymakers few levers to deal with external shocks (making an internal devaluation, and a popular backlash, more likely).

Its proponents argue that the experience of other Latin American countries shows that it can work. El Salvador, Ecuador and Panama (admittedly all much smaller economies than Argentina) have all dollarised and have lower inflation and higher growth. Dollarisation would not be a panacea. But it would control high inflation and make Argentina much more attractive to investors craving stability, says Ben Ramanauskas on CapX.

And while its true that the central bank is short on dollars, the people of Argentina are not. They hold an estimated $246bn of US currency either in foreign bank accounts or stashed away somewhere safe. Getting them to deposit that money in domestic accounts would be a tough sell, but formal dollarisation would be a powerful signal that their money is safe in Argentina. However, its not yet clear whether Milei will follow through on his pledge, and there are signs of a more moderate approach.

Hes already started to tack to the centre. Media reports suggest that Demian Reidel, a veteran investment banker who worked at the central bank under Mauricio Macri, will be appointed as Mileis central bank chief in place of Emilio Ocampo, the economist behind Mileis dollarisation plan. Another Macri ally, Luis Caputo, is running Mileis economic transition team and is expected to become economy minister. Meanwhile, Milei has toned down his rhetoric and flew to Washington DC for two days of talks with White House officials, the US Treasury and the IMF.

Encouragingly, Milei does seem keen to win friends and influence people. Hell need to. Meanwhile, financial markets gave a warm welcome to Mileis election with bonds and stocks both posting strong gains on expectations that he will be heavily reliant on the support of mainstream conservatives.

Its unlikely to be a smooth ride. Macri was the sole non-Peronist president to complete a term in office (2015-2019) since the restoration of democracy in 1983, and the disturbing links of some in Mileis camp to Argentinas past dictatorship are likely to inflame tensions in an already fractious nation.

Drastic fiscal tightening of the kind Milei seeks will be much less popular among Argentine voters than it is in the bond market, notes William Jackson of Capital Economics. And Argentinas short electoral cycle means that Milei must very quickly build a national consensus, or risk a massive popular backlash as the short-term effects of his policies begin to bite. So far, Mileis lack of experience and volatile character do not suggest that he can manage this, says The Economist. If the economic situation implodes, social unrest may well follow. Yet if Argentina has become an economic casino, Mr Milei is the last roll of the dice.

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Massachusetts Lawmakers Will Be Forced To Consider Psychedelics Legalization Measure That Activists Petitioned … – Marijuana Moment

Posted: at 6:32 pm

Massachusetts officials have certified that activists submitted enough valid signatures to force legislative consideration of a psychedelics legalization initiative before the measure potentially heads to the states 2024 ballot.

Secretary of the Commonwealth William Galvins (D) office certified that the campaign Massachusetts for Mental Health Options (MMHO) collected 96,277 valid signatures for the reform measureabout 20,000 more than required to put the issue before legislators.

Accordingly, the proposal has now been officially transmitted to the legislature.

This brings psilocybin and other breakthrough psychedelic therapies one big step closer to being available to adults dealing with depression, anxiety and other mental health challenges, Jennifer Manley, committee spokesperson, said in a press release on Wednesday.

We look forward to working with legislative leaders on the possibility and promise of natural psychedelic medicine as we continue our work to provide therapeutic access to these groundbreaking treatments, she said. We thank the secretary and his staff for their service reviewing the nearly 100,000 signatures submitted in support, as well as the volunteers and advocates who spent many hours talking to voters around the state.

The announcement came after a longer-than-usual review process, which was due to an especially high volume of ballot proposals that were being circulated for the 2024 election cycle.

The MMHO measure would create a regulatory framework for lawful and supervised access to psychedelics at licensed facilities. It would also legalize the possession and gifting of psychedelics such as psilocybin and ayahuasca, but it would not otherwise provide for commercial retail sales of the substances.

We are on the precipice of a sea change in the way we can help people who may believe they have run out of options, Winthrop police lieutenant Sarko Gergerian, one of the campaigns backers, said. Dont lose hope. These options could be available soon for you and your loved ones here in Massachusetts.

The campaignfirst filed two different psychedelics reform initiatives in August, and after the state attorney general determined thatthey both met the constitutional requirement for ballot placementthe following months, activists decided to pursue the version that included a home cultivation option.

Now that the secretary of state has verified the signature count, the legislature will now have the choice to enact the reform, propose a substitute or decline to act. If lawmakers decide not to legalize psychedelics by May 1, activists would then have until July 3 to submit at least 12,429 additional valid signatures to put the proposal before voters on the November 2024 ballot.

Here are the keydetailsof the Natural Psychedelic Substances Act:

Activists hit a temporary snag in November after local officials flagged problems with a sizable batch of petitions that featured a union logo in violation of the states ballot rules. The campaign responded by deploying hundreds of petitioners for an intensive signature drive, more than making up the difference.

Meanwhile, Massachusetts Gov. Maura Healey (D) recently introduced legislation that includes provisions tocreate a psychedelics working group to study and make recommendationsabout the potential therapeutic benefits of substances like psilocybin and MDMA for military veterans.

Marijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they dont miss any developments. Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.

A local psychedelics reform group, Bay Staters for Natural Medicine (BSNM), says its preparing to offer lawmakers a revised version of the initiative this spring. The group, which previously expressed support for the ballot measure version allowing home cultivation, is now proposing to strike language on creating a regulatory commission to oversee the program, and it also wants to give localities that authority to restrict psychedelics services in their areas.

BSNM has helped enact local policies to deprioritize enforcement of laws against psychedelics in six cities:Salem,Somerville,Cambridge,Easthampton,Northampton, Amherst and Provincetown.

Separately, in the Massachusetts legislature, a Republican lawmakerfiled three psychedelics reform bills in April, including proposals to legalize substances like psilocybin and reschedule MDMA pending federal approval while setting a price cap on therapeutic access.

There are several other pieces of psychedelics legislation that have been introduced in Massachusetts for the session by other legislators, includingseparatemeasuresto legalize certain entheogenic substances for adults.

Anotherbillwould authorize the Department of Public Health to conduct a comprehensive study into the potential therapeutic effects of synthetic psychedelics like MDMA.

Rep. Mike Connolly (D) also filed a bill in 2021that received a Joint Judiciary Committee hearingonstudying the implications of legalizing entheogenic substances like psilocybin and ayahuasca.

DEA Tells Congress It Has Final Authority On Marijuana, Regardless Of Health Agencys Schedule III Recommendation

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Massachusetts Lawmakers Will Be Forced To Consider Psychedelics Legalization Measure That Activists Petitioned ... - Marijuana Moment

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VA to begin researching psychedelics as treatment option for veterans – Government Executive

Posted: at 6:32 pm

Updated at 2:31 pm ET

The Veterans Affairs Department will soon begin funding research into the use of psychedelics such as MDMA and mushrooms to treat PTSD and depression, the first time the agency has done so since the 1960s.

The announcement answers the call from some veterans and researchers who have long advocated for the potential medical benefits of MDMA and psilocybin, or psychoactive mushrooms. VA on Friday issued a request for applications to its network of researchers, collaborating with academic institutions to solicit proposals to study the impact of using the compounds to treat post-traumatic stress disorder and depression in veterans.

The department made its decision after dozens of VA and other clinicians and scientists met in September to assess the state of existing scientific evidence regarding psychedelic-assisted therapies and recommended VA begin funding its own studies. VA said it would conduct the studies under stringent safety protocols. The Food and Drug Administration granted breakthrough status to MDMA and psilocybin in 2018 and 2019, respectively, allowing for fast-tracked clinical trials.

The calls for VA to examine the use of psychedelics have grown in recent years, ranging from advocacy groups to provider associations to Capitol Hill. The American Legion recently passed a resolution calling on the department to research the subject and train its employees on safe administration. Sens. Cory Booker, D-N.J., and Rand Paul, R-Ky., as well as Reps. Madeleine Dean, D-Pa., and Nancy Mace, R-S.C., have introduced legislation requiring VA to do so.

The House Veterans Affairs Committee recently held a hearing on emerging therapies that could help reduce veteran suicide, during which Carolyn Clancy, who leads VAs health discovery office, said the department was committed to studying new interventions but there was still much to learn, and much yet to be understood, about the potential benefits of psychedelic compounds. VA officials on Friday said the new policy would enable the department to gather that information.

Our nations veterans deserve the very best care, and VA is constantly supporting innovations to deliver that, VA Secretary Denis McDonough said. This is an important step to explore the efficacy of a potential new set of promising treatments that could improve the health and quality of life for veterans.

Shereef Elnahal, VAs undersecretary for health, recently devoted the first episode of the departments New Horizons in Health podcast to the potential benefits of psychedelics for veterans.

Veterans and VA researchers have told us about the potential promise of psychedelics to treat mental health conditions for some time, Elnahal said on Friday. Now is our chance to study this potential method of treating Veterans with PTSD and major depression across the country.

Congress in the 2024 defense authorization bill allowed the Pentagon to study the use of psychedelics within the military population.

VA has permitted research into psychedelic-assisted therapy to take place at department facilities, but only when funded by outside organizations. Under the initiative, VA will fund the research directly. In 2018, VA for the first time allowed patients to discuss their marijuana use with their medical providers. The doctors cannot provide or recommend cannabis products, however.

Disabled American Veterans has also recently called for more research into the medical use of psychedelics for their members.

DAV has long committed to supporting research into new, safe and encouraging treatments and therapies for veterans, DAV National Legislative Director Joy Ilem said in November. We should follow the science wherever it leads us and learn as much as possible to alleviate veterans wartime psychological wounds.

Oregon and Colorado have legalized supervised use of psilocybin, while several large cities, including Washington, have decriminalized it. In a recent peer-reviewed, randomized study published in Nature Medicine, 86% of participants were found to have a clinically meaningful benefit from using MDMA to treat their PTSD.

VA's announcement won bipartisan support from lawmakers.

This is great news for our veterans that lays the foundation for us to save the lives of those that have so generously served our country, said Rep. Morgan Luttrell, R-Texas. "We must continue to push forward on these groundbreaking efforts to give those facing these issues another tool in the proverbial toolbox.

Booker, who introduced the VA psychedelic legislation in the Senate, said the compounds have shown "exceptional promise in recent studies" on treating mental health conditions.

"I am pleased to hear that the VA will begin research into these potentially lifesaving therapies so our veterans can receive the care they deserve from the country they fought for, Booker said.

Sen. Jon Tester, D-Mont., who chairs the Senate VA Committee, is taking more of a wait-and-see approach.

Mental health is one of the most pressing issues facing our country, and countless lives depend on expanding our understanding of and treatment options for mental health conditions," Tester said. "Ill be keeping a close eye on VA as they continue to examine alternative mental health treatments for veterans.

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VA to begin researching psychedelics as treatment option for veterans - Government Executive

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VA Is Funding New Research On Psychedelics’ Benefits For Veterans With PTSD And Depression – Marijuana Moment

Posted: at 6:32 pm

In a major milestone on the path to expanding access to psychedelic-assisted therapy among the nations military veterans, the Department of Veterans Affairs (VA) has issued a request for applications to conduct in-depth research on the use of psychedelics to treat post-traumatic stress disorder (PTSD) and depression.

The department, which said its the first time since the 1960s that it will fund psychedelics research, intends to gather definitive scientific evidence on the potential efficacy and safety of psychedelic compounds such as Methylenedioxymethamphetamine (MDMA) and psilocybin when used in conjunction with psychotherapy to treat Veterans with PTSD and depression, it said in a press release Friday.

Our nations Veterans deserve the very best care, and VA is constantly supporting innovations to deliver that, Secretary of Veterans Affairs Denis McDonough said in announcing the new development. This is an important step to explore the efficacy of a potential new set of promising treatments that could improve the health and quality of life for Veterans.

While VA researchers have already conducted what the department called a limited number of small studies on psychedelics in VA facilities using non-VA funding, it said the forthcoming research will permit the important next step of directly assessing effectiveness and safety of using MDMA and psilocybin-augmented psychotherapy in Veterans.

Veterans and VA researchers have told us about the potential promise of psychedelics to treat mental health conditions for some time, said Shereef Elnahal, VAs undersecretary for health, referencing the premiere episode of an agency podcast that focused on psychedelic-assisted therapy. Now is our chance to study this potential method of treating Veterans with PTSD and major depression across the country.

The VA release also notes that in September, more than 75 VA and other federal clinicians, scientists and policy makers gathered in Denver to assess the state of existing scientific evidence regarding psychedelic-assisted therapies, a conference at which working groups provided advice to VA leadership, including the recommendation for VA to begin funding its own studies into these compounds.

Specific details about the research at the heart of the new request for application (RFA) are scarce, as VA has yet to publish the document online. The department did not immediately respond to a request for information from Marijuana Moment.

In Congress, the two bipartisan co-founders of the Congressional Psychedelics Advancing Therapies (PATH) Caucus cheered the news as a huge development.

To say this moment is monumental would be an understatement, Rep. Lou Correa (R-CA) said in a statement Friday. Weve been fighting for years to push the VA to research the impact of breakthrough therapies, like psychedelics, on the invisible wounds of our countrys most valiant warriorswith the House passing our amendment to do just that last year. These therapies promise to be one of the largest breakthroughs in mental health treatment in nearly half a century, and, with some reported signs of up to 80% success in treatment, shows a possibility to cure our veterans of their invisible woundsand be the first step toward tackling our national mental health crisis head-on.

PATH Caucus co-founder Rep. Jack Bergman (R-MI), for his part, called the news the next first step and pledged to continue fighting to advance these promising therapies that could save the lives of countless Veterans.

If psychedelic-assisted therapy can help treat a servicemember or Veterans PTSD, or prevent them from taking their own life, Bergman said in a statement, then we owe it to them to take an active role in researching these potentially life-saving therapies.

Rep. Morgan Luttrell (R-TX), a retired Navy SEAL who used psychedelics to help treat a traumatic brain injury, applauded the VA announcement.

This is great news for our veterans that lays the foundation for us to save the lives of those that have so generously served our country, he said in an emailed release. This is tremendous progress for the VA, made possible by working closely with Secretary McDonough and the House Committee on Veterans Affairs commitment to finding better solutions for our veterans. We must continue to push forward on these groundbreaking efforts to give those facing these issues another tool in the proverbial toolbox.

Luttrell has publicly shared how treatment with ibogaine and 5-MeO-DMT changed my life and was one of the greatest things that ever happened to me. Last year he championed the inclusion of psychedelics research provisions in a large-scale federal defense bill that was signed into law by President Joe Biden (D) last month.

The VA release said that expanding psychedelics research for veterans is also in line with calls from Veterans Service Organizations such as theAmerican LegionandDisabled American Veterans, as well asmental health provider groups.

Steps toward broader access are also supported by a large majorities of veterans family members, the general public and military members and veterans themselves, according to an Ohio State University survey of 1,168 people.

Among veterans and active military respondents, nearly two thirds (64 percent) supported allowing VA doctors to legally recommend psychedelics to veterans if they believe it could benefit the patienta proposition with even more support among military family members (78 percent) and the general public (76 percent).

In November of last year, lawmakers in a U.S. House subcommittee met for a first-ever congressional hearing on psychedelics, with the panel focusing on how substances like psilocybin and MDMA can aid therapy for military veterans facing mental health challenges.

And in California, a Republican lawmaker filed legislation earlier this month to create a state workgroup that would be tasked with exploring a regulatory framework to provide therapeutic access to psychedelics like psilocybin and ibogaine and eventually allowhealth professionals to administer certain psychedelics to military combat veterans.

The Drug Enforcement Administration (DEA) this month also confirmed that the spores of psychedelic mushrooms are federally legal prior to germination because they do not contain the controlled substances psilocybin or psylocin.

Congressman Tells DEA To Reschedule Marijuana As Swiftly As Possible

Photo courtesy of Wikimedia/Workman.

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VA Is Funding New Research On Psychedelics' Benefits For Veterans With PTSD And Depression - Marijuana Moment

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VA ramps up study of psychedelic to treat PTSD – The American Legion

Posted: at 6:32 pm

The Department of Veterans Affairs (VA) is requesting applications for proposals from its network of VA researchers, in collaboration with academic institutions, to study the use of certain psychedelic compounds in treating post-traumatic stress disorder (PTSD) and depression.

VA intends to gather scientific evidence on the potential efficacy and safety of psychedelic compounds such as Methylenedioxymethamphetamine (MDMA) and psilocybin when used in conjunction with psychotherapy to treat veterans with PTSD and depression. This is the first time since the 1960s that VA is funding research on such compounds.

Our nations veterans deserve the very best care, and VA is constantly supporting innovations to deliver that, VA Secretary Denis McDonough said.This is an important step to explore the efficacy of a potential new set of promising treatments that could improve the health and quality of life for veterans.

As with all other VA studies, research conducted on psychedelic compounds will be completed under stringent safety protocols. While these compounds are controlled substances, tightly restricted under federal law, research on these compounds may be conducted with appropriate regulatory approvals, including those from the Food and Drug Administration (FDA) and Drug Enforcement Administration. The FDA granted breakthrough therapy status for MDMA for treating PTSD and psilocybin for treating depression in (2018 and 2019, respectively) based on promising preliminary research evidence.

In September, more than 75 VA and other federal clinicians, scientists and policy makers gathered in Denver to assess the state of existing scientific evidence regarding psychedelic-assisted therapies. This meetings working groups provided advice to VA leadership, including the recommendation for VA to begin funding its own studies into these compounds.This guidance was based onpreviously published studiesthat have found promising results but included few or no Veterans. For example,researchers at Johns Hopkins have shownthat psilocybin therapy, given with supportive therapy, can ease symptoms of depression for up to 12 months. Additionally, 86% of participants in arecent peer-reviewed studyachieved a clinically meaningful benefit from using MDMA to treat PTSD.

VA researchers have already conducted a limited number of small studies on psychedelics in VA facilities using non-VA funding. This sets the stage for the next step of directly assessing effectiveness and safety of using MDMA and psilocybin-augmented psychotherapy for veterans.

Expanding research on psychedelics to address veteran mental health is also in line with calls from The American Legionand other veterans service organizations. The National Defense Authorization Act for fiscal year 2024 also authorized the study of psychedelics within military populations by the Department of Defense. With this new announcement, VA will join the National Institutes of Health in supporting research that will yield insights for treating PTSD and depression.

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VA ramps up study of psychedelic to treat PTSD - The American Legion

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