Category Archives: Cannabis Legalization

NEW BILL TO LEGALIZE MARIJUANA NATIONWIDE SPARKS MAJOR INVESTMENT OPPORTUNITIES

WITH MORE THAN 60% OF AMERICANS BACKING MARIJUANA LEGALIZATION AND SUPPORT GROWING IN D.C., THE CANNABIS INDUSTRY IS POISED TO EXPLODE.

BY SPONSOR

To read more …

The Growing Business of CBD, the Non-Addictive Cannabis Compound

By 

Cannabidiol, commonly referred to as CBD, is a naturally occurring chemical compound called a cannabinoid found in cannabis. Unlike THC, there are no psychoactive effects from ingesting CBD, and the World Health Organization determined it “exhibits no effects indicative of any abuse or dependence potential.” The sector of the burgeoning marijuana industry dedicated to CBD — often sold in the form of hemp extract oil — touts its myriad benefits for multiple maladies. However, the only FDA-approved CBD product is Epidiolex, which is used to treat a rare seizure disorder in children.

“The other CBD products currently being sold are not FDA approved and generally unregulated,” says Dr. Deepak D’Souza, staff psychiatrist at the VA Connecticut Healthcare System and professor of psychiatry at the Yale University School of Medicine. “These products are highly variable in their CBD content and it is therefore difficult to draw conclusions about their purported beneficial effects.”

The WHO’s Expert Committee on Drug Dependence acknowledged “preliminary evidence that CBD may be a useful treatment for a number of other medical conditions” besides seizures. The committee also found “no evidence of recreational use of CBD or any public health related problems associated with the use of pure CBD.”

To read more…

“Hemp prohibition is over!” & more CBD Takeaways from Expo West

Anaheim, CA—CBD, cannabidiol, hemp, phytocannabinoids, endocannabinoids, full-spectrum extract, CBD isolate—as WholeFoods previously reported, the debate over which forms to put into products, how to label it, what to say about it (and what not to say) at the retail level grows larger and louder as hemp-based products gain popularity, which seems to be happening at record speed. Just months after the passage of the Farm Bill, CBD is showing up in a wide range of products and retail outlets; the latest, just in time for Easter: Jelly Belly creator David Klein has a new line of CBD-infused jelly beans, according to a report in USA Today. And at Expo, of the 3,600 exhibiting companies, 120 classified themselves as having CBD ingredients on the official Expo website, while 117 listed all forms of hemp (although there is crossover there).

The CBD market is expected to rake in $16 Billion by 2025, according to a Forbes report on a survey by investment bank Cowen & Co. With estimations like that, it’s no wonder pretty much everyone was clamoring to gain a better understanding of the CBD landscape at Expo West. Here, need-to-know information:

“Hemp prohibition is over!” That statement came from Jonathan Miller, general counsel of the U.S. Hemp Roundtable and former Kentucky State Treasurer, speaking at a panel titled Legalized it! Or did we? at the Natural Products Hemp & CBD Summit. His words were met with cheers and applause. That said, it was acknowledged that there is still work to be done. “We now have clear bipartisan support in Congress. There is still a way to go, but we will get there.” He noted that there are resources to help get messages to those in Congress at HempSupporter.com.

Federal vs. State Regulations: Rend Al-Mondhiry of Amin Talati Upadhye helped clarify where things stand: The Farm Bill did legalize at the federal level, but states can have more stringent regulations—and many do. “Even trace amounts of THC,” she said, “could cause a product to be a controlled substance in those states.”

An overview of the “patchwork of state regulations” as presented by Al-Mondhiry:

  • ID, SD and NE consider CBD, including hemp-based CBD, to be illegal under state law
  • CA, ME, NC and TX have adopted the FDA position that hemp-based CBD can’t be a dietary supplement or food ingredient
  • OK, TN and other states allow CBD use only for certain medical conditions
  • NY required hemp-based CBD to be labeled and manufactured as a dietary supplement.
  • WY and KS have a 0% THC requirement
  • IN, UT and OR have labeling and packaging requirements (such as QR codes) that must be considered

To read more…

NJ legal weed: What’s next for bill to legalize marijuana

By , Trenton Bureau

Monday could be the day when the Legislature takes a historic vote to legalize marijuana for adult recreational use in New Jersey.

Or it could be the day when Democratic leaders concede defeat in convincing enough colleagues to get on board, setting the legalization effort back months and raising doubts about the fate of one of Gov. Phil Murphy’s central campaign promises.

Here’s what is next with the landmark bill:

Key test Monday

After successful, if controversial, votes by legislative committees earlier this week, the full Senate and Assembly are scheduled to vote on the legalization bill Monday.

The sweeping, 175-page bill would allow possession of small amounts of cannabis by adults over 21 and clear the records of those with marijuana-related convictions. It also would lay the framework for regulating and taxing a new billion-dollar industry.

But with Republicans largely unified against the measure and several rank-and-file Democrats opposed or wavering, it appears just as likely that legislative leaders scrap the vote for lack of support.

Lobbying effort underway

Which way it goes depends on how successful Murphy, Senate President Stephen Sweeney and Assembly Speaker Craig Coughlin, all Democrats, are in enticing lawmakers to cast a “yes” vote.

They have plenty of inducements at their disposal, from appointments to money for lawmakers’ districts. But many legislators have firm beliefs on the topic of marijuana and may be difficult to sway.

To read more…

Three things to know about Pa.’s latest legal cannabis proposal

 

Pennsylvanians over the age of 21 would be able to legally use recreational cannabis under a bill expected to be introduced soon in the Pennsylvania state Senate.

But the bill has a long way to go — and a lot of Republican opposition to overcome — before it can land on Gov. Tom Wolf’s desk.

Senators Daylin Leach, D-Montgomery, and Sen. Sharif Street, D-Philadelphia, announced the bill Monday in a memo to their colleagues, where they said that legalizing recreational cannabis would remedy the injustices of the War on Drugs and generate revenue for Pennsylvania’s communities and public schools.

“Cannabis is still widely available to purchase illegally, and yet we disproportionately arrest, prosecute, monitor, and incarcerate thousands of nonviolent Pennsylvanians who are poor and people of color,” the memo reads. “Cannabis prohibition is an immoral and expensive failure of public policy.”

They’ve introduced similar bills in the past with no luck. This time around, though, they’re operating in a different climate.

Wolf said last year that it was time for Pennsylvania to take a “serious look” at legalizing marijuana. The same month, public polls showed that 59 percent of Pennsylvanians support legalization — up from 22 percent in 2006.

Lt. Gov John Fetterman is currently conducting a statewide listening tour, where he’s stopping in all of Pennsylvania’s 67 counties to hear people sound off on the issue. And there’s a legalization effort underway in the House, thanks to a bill introduced by Rep. Jake Wheatly, D-Allegheny.

Street said on Monday that the lawmakers made social justice, inclusion, and economic development their priorities in crafting the new bill. Here are three things to know about it.

To read more…

Let $136M legal pot industry use banks instead of just cash, treasurer says

By 

Illinois State Treasurer Michael W. FrerichsIllinois State Treasurer Michael Frerichs wants regulations changed so banks can work with legal marijuana companies. | Sun-Times file photo

Illinois State Treasurer Michael Frerichs called Monday for changes to rules that prohibit banks from providing basic services to the legal cannabis industry like writing checks, depositing money and taking out loans.

Frerichs said “outdated” regulations have forced the Illinois medical marijuana industry to operate on a cash-only basis. The issue is among many complications faced by companies as the drug becomes legal in states across the country but not at the federal level. That means it remains illegal for banks to do business with the cannabis industry because marijuana is still considered an illegal controlled substance by the federal government.

“We have an industry that handles money hiding in the shadows because banking rules, which were established decades ago, have not kept up with changes in behavior and in law,” Frerichs said.

As a result, he said, the medical marijuana industry in Illinois — which had revenue of $136 million in 2018 — is ripe for theft, fraud and tax evasion. Illinois legalized the use of marijuana for certain medical conditions in 2015. This year, state lawmakers are also considering legislation supported by Gov. J.B. Pritzker to legalize adult use of recreational marijuana.

“As residents of this state, we needlessly invite risk to people and property as $136 million in cash is shuffled from place to place in duffel bags in the front seat — or trunk — of cars,” Frerichs said.

To Read More…

As Mass. Weighs Social Marijuana Consumption, Chefs Test Out The Budding Business

Tara Sue Sharp dotes over a skillet of mushrooms. She sips a cannabis oil-infused mocktail as she readies a meal for a small group of guests. Even though Sharpe has cooked these farm-to-table mushroom tostadas dozens of times before, she’s extra careful now as she adds the key ingredient: a tablespoon of homemade cannabis oil slowly drizzled over over the already-simmering vegetables.

As the force behind PotLoveDinners, based in Framingham, Sharp and her partner Jon Yvon are one of a growing number of entrepreneurs that have built pot-adjacent businesses in the wake of marijuana’s legalization in Massachusetts. Infused dinners in particular have made a splash in greater Boston, as local private chefs attract curious diners by pairing inspired dishes worthy of “Chef’s Table” with cannabis and serving them in a safe space.

“We drew inspiration from the love of the cannabis plant, changing the stigma around consumption, and cuddling up in bed watching ‘Bong Appetit,’ ” said Yvon.

Created by Mass Cannabis Chefs, this plate features a poached shrimp in spicy butter, presented with citrus risotto. (Courtesy)

Chefs use oils, butters, tinctures and terpenes to infuse dishes with (usually) low doses of THC (tetrahydrocannabinol, the primary active ingredient in cannabis, which makes users feel “stoned”), and/or CBD (a non-intoxicating cannabinoid) so diners can achieve their desired high throughout the multi-hour meals.

Pushing far beyond the cliched edible fare of weed brownies, local cannabis chefs put food first: a country pork terrine wrapped in speck, presented alongside bread and butter pickles and a medicated asparagus puree; or a Georges Bank scallop crudo topped with lacto-fermented red onion, lime juice, toasted pepitas and CBD tomato salt.

To Read More…

Governments around the world changing stance on cannabis legalization

 

Before the twentieth century, cannabis was used as a sort of medicine to treat asthma, coughs, migraines, and insomnia. However, due to the psychoactive effects of tetrahydrocannabinol, or the THC-derivative, cannabis became illegal and was removed from the list of registered medicines.

Now, cannabis is rapidly emerging around the globe as countries begin to reverse the laws and legalize its medicinal use again. While most countries are exploring opportunities within the medical cannabis sector, the proliferation of recreational cannabis is rapidly spreading throughout the western hemisphere of the world.

Currently, the U.S. and Canada dominate the recreational sector, however, countries in Latin America are also looking to legalize cannabis for adult-use. The series of countries moving towards legalization is also part of the cause of this explosive market, as demand pours in from around the world.

According to data compiled by Zion Market Research, the global legal marijuana market was valued at approximately USD 16.71 Billion in 2017 and is expected to generate revenue of USD 62.96 Billion by 2024. Additionally, the market is expected to exhibit a CAGR of 21% during the forecast period from 2018 to 2024. Biome Grow Inc. (OTC: BIOIF) (CSE: BIO), General Cannabis Corp. (OTC: CANN), Emblem Corp. (OTC: EMMBF) (TSX-V: EMC), The Supreme Cannabis Company (OTC: SPRWF) (TSX-V: FIRE), Terra Tech Corp. (OTC: TRTC)

Story Continues Below

Recently, Canada became the second country and first G-7 nation to legalize cannabis entirely, joining Uruguay in an exclusive club. Canada’slegalization has also encouraged other countries to follow in its steps and enter into the cannabis marketplace. Despite only two countries having legalized cannabis entirely, there are still multiple nations that have adopted medical cannabis legislation such as the United Kingdom, Italy, Germany, Colombia, Brazil, and Australia.

Nevertheless, the global industry still remains within its infancy stage, and countries like Canada and the U.S. are helping the industry grow. “Canada has just become the first major economy to legalize adult-use cannabis federally, giving domestic players a first-mover advantage to supply and serve international markets,” said the Canadian branch of PricewaterhouseCoopers, “Canadian licensed producers (LPs) have a unique opportunity to establish a global leadership role in the industry at a time when many jurisdictions are considering legalizing cannabis.

In fact, Canadian businesses have the opportunity to influence foreign policy development thanks to this country’s leadership position on cannabis. Already, most of the prominent Canadian companies have invested in countries with strong medicinal markets – including Australia, Israel and Germany – and some have set their sights on investments in Columbia, Jamaica and South Africa (primarily through Lesotho), to name just a few locations.”

Biome Grow Inc. (OTCQB: BIOIF) (CSE: BIO) also listed on the Canadian Securities Exchange under the ticker (CSE: BIO). Earlier last month, the Company announced, “a Memorandum of Understanding (“MOU” or the “Agreement”) providing Biome with preferential access to a high quality and low cost supply of Cannabidiol (“CBD”) concentrate from CBD Acres Manufacturer Inc. (“CBD Acres”).

The MOU is for a period of five years pursuant to which Biome may acquire up to 20,000 kilograms per year of sun-grown, hemp-based CBD extract from CBD Acres using its unique Nano lipid, solventless extraction process.

CBD Acres is founded by Canadian hemp farming pioneer, Mark Gobuty, who is also the founder of the Peace Naturals Project, Canada’s first Marijuana for Medical Purposes Regulations licensed cannabis grower. CBD Acres is currently working with 4,500 acres of hemp farmland in Canada, including 1,000 acres of organic grow, which it expects to produce volumes that are equivalent to a 180 million square foot indoor cannabis production facility under the Canadian Cannabis Act.

‘Through this Agreement Biome is demonstrating a cannabis company can offer significant quantities of high-quality product at industry disrupting economics with a made in Canada product. This can also be accomplished without spending substantial capital to build internal production facilities. Moreover, Biome will now be in a position to supply both its domestic and international customers with affordable medicinal and therapeutic products based on CBD in the volumes that are required.’

‘CBD Acres is thrilled to have the visibility of a long-term partner for its bulk products business entering the market in the second half of 2019, and more importantly a strategic partner focused on commercialization in key medical-CBD markets, allowing CBD Acres to focus on growing and extraction innovation as well as its consumer products business,’ said CBD Acres CEO Mark Gobuty.

Biome is considered a “related party” to CBD Acres as such term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) on the basis that Jacob Capital Management Inc., a significant shareholder in the capital of the Company, is also a significant shareholder in the capital of CBD Acres. However, due to the service-type nature of the arrangement with no commitment or obligation for Biome to utilize the service provided by CBD Acres or to acquire an asset or assets from CBD Acres, the MOU is not considered to be a “related party transaction” as defined under MI 61-101.”