MjLink Cannabis Business News and Press
For a professional athlete, a typical bad day at the office might include a broken rib, torn ligaments, or mild traumatic brain injury. So it’s unsurprising that drug use—both legal and illegal—is rampant amongst these modern-day gladiators, who depend on substances not only to enhance their performance, but also to ease their pain. As cannabis legalization spreads across the US, bringing the popularity of plant-derived natural compounds such as CBD along with it, professional sports leagues in the US are updating their policies accordingly.
Three months after Major League Baseball announced that it would remove cannabis from its list of “drugs of abuse,” and treat cannabis consumption more like that of alcohol, a new memo reported by ESPN shows the league is further clarifying its policy. According to ESPN, deputy commissioner Dan Halem wrote the league retains the right to punish players who break existing laws—possession, distribution, and driving under the influence among them—and that players who turn up to practice, games, or other league events visibly under the influence will be subject to a “mandatory evaluation” and potential treatment program.
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Jenni Avins ~ Quartz
WASHINGTON — PRESS RELEASE — The Cannabis Trade Federation (CTF), a national coalition of cannabis-related businesses, has announced that Neal Levine has decided to step down as CEO of the Federation.
“When I initially accepted this position in June of 2018, I agreed to do the job for two years with a decision in January 2020 as to whether or not I wished to continue in the role,” said Levine. “While I have enjoyed setting up the organization, it was never my intent to run it long-term. With the election heating up and legislative movement in Washington D.C. starting to slow down for the year, now is the perfect time to make a transition.”
CTF will immediately begin a search for a new CEO, with Neal remaining in the role until a new CEO is hired. CTF is also announcing that Neal has accepted a promotion to The Board of Directors pending ratification by the Board, and has agreed to remain with the organization as Senior Strategic Advisor.
“Neal is our founder and visionary, and we are delighted that he agreed to be elevated to the Board and remain with CTF as Senior Strategic Advisor. He has always been very transparent about this being a two-year commitment, and we are grateful for the time he has invested in the organization,” said Ed Conklin, chair of the CTF Board of Directors. “We cannot adequately praise Neal enough for his expert stewardship, industry-building, and thought leadership across the aisle with CTF as he enters his next chapter.”
“I am grateful to the Board for their support and willingness to allow me to pursue other projects that I have sidelined to focus on this role, while still allowing me to help build and guide the organization,” said Levine. “While I no longer wish to focus on CTF full time, I remain fully supportive of CTF as an organization and its mission. I am excited to see where the organization can go with fresh leadership.”
SMITHS FALLS, ON, March 11, 2020 /CNW/ - PRESS RELEASE - Canopy Growth Corporation and TerrAscend Canada Inc., a wholly owned subsidiary of TerrAscend Corp., have announced they have entered into a loan financing arrangement in the amount of C$80.5 million pursuant to a secured debenture. In connection with the loan, TerrAscend has issued 17,808,975 common share purchase warrants to the company.
Canopy Growth initially co-invested in TerrAscend in November 2017. On Nov. 30, 2018, Canopy Growth announced the completion of a restructuring transaction with TerrAscend pursuant to which TerrAscend restructured its share capital by way of a plan of arrangement under the Business Corporations Act (Ontario).
"TerrAscend Canada has proven its ability to thrive and this loan is a strong signal that Canopy Growth is confident in their ability to execute over the long term," said David Klein, CEO of Canopy Growth. "We are encouraged by TerrAscend's strong performance and we view the team's experience as an important contributor to its continued success."
"We are pleased to receive this loan from Canopy Growth as we enter into the next stage of TerrAscend's growth and expansion," said Jason Ackerman, executive chairman and interim CEO. "We look forward to continuing to work with Canopy Growth as new opportunities emerge and the regulatory landscape evolves."
Use of Proceeds
Los Angeles, March 11, 2020 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Hightimes Holding Corp., the owner of High Times, has announced that it has been approved for trading and has received its ticker symbol from FINRA. Upon completion of certain regulatory formalities, Hightimes will trade under the symbol “HTHC.”
The company, which is presently conducting a Reg A+ IPO, has garnered over $20,000,000 in investments from more than 25,000 shareholders. The High Times organization believes the ticker HTHC, an acronym for Hightimes Holding Corp., best identifies the company’s next chapter. The company polled its investors to decide the company’s ticker, receiving over 82% in support of the HTHC symbol.
“We’re extremely excited to shortly complete our Regulation A + process and commence trading--this approval for trading has been a long time coming! The support from our shareholders has been overwhelming, and this was really a decision which we sought input from our over 25,000 investors,” said Adam Levin, Hightimes Holding Corp.’s executive chairman. “We have an incredible community of investors who are actively engaging with our brand, and our community is growing by the day!”
“What better way to enter the public markets than crowdsourcing our ticker? This was truly a community decision. We wanted to open this up to our shareholders as this will be a symbol that defines us all for years to come,” Hightimes Chief Executive Officer Stormy Simon noted.
Levin continued, ”We believe that the Hightimes Regulation A+ investment campaign has proven to be one of the most successful offerings of its type - across any industry.”
The Washington State Liquor and Cannabis Board has continued the public hearing on WSR 20-03-176 regarding marijuana quality control rule revisions, originally scheduled for Wednesday, March 18, 2020 at 10:00 a.m. to Wednesday, April 1, 2020 at 10:00 a.m. As a result of this continuance, the public comment period has been extended to the close Read the full article...
The Tennessee Senate approved a bill to legalize medical cannabis in the state March 11, after the legislation was amended to delay its implementation until the federal government shifts its policy on cannabis, according to a Tennessean report.
Sen. Steve Dickerson and Rep. Bryan Terry introduced the bill to allow qualified patients to access cannabis oils, tinctures, lotions and capsules but not smokable cannabis, vapes or edibles.
The legislation would create a regulatory framework for licensed businesses to grow and sell cannabis products, and would establish a new regulatory body, called the Clinical Cannabis Commission, which would issue medical cannabis cards to patients with one of a few dozen qualifying conditions who have been given a recommendation from a medical practitioner.
Medical cannabis sales would have launched next year under the original version of the bill, but the new amendment, introduced by Sen. Bo Watson, delays the legislation’s enactment until if and when the federal government reclassifies cannabis from a Schedule I drug to Schedule II under the Controlled Substances Act, the Tennessean reported.
The legislation now advances to the Senate Government Operations Committee for further consideration, according to the news outlet.
The Ogala Sioux Tribe approved a referendum March 10 to legalize medical and adult-use cannabis on South Dakota’s Pine Ridge Reservation, according to an AP News report.
The official results of the vote will be certified by the end of the month, the news outlet reported, but according to results announced March 11, the medical cannabis legalization measure passed with 82% approval and the adult-use measure passed with 74% approval.
The tribe is the first to establish a regulated cannabis market in the state, where both medical and adult-use cannabis remain illegal. Earlier this year, South Dakota became the first state to place medical and adult-use legalization measures on the same ballot, leaving voters to decide on statewide legalization this November.
The tribal council will take up cannabis legalization March 31 and will work to enact laws to regulate cannabis within the tribe’s jurisdiction, according to AP News. The tribe will not take ownership of cannabis production or retail outlets, according to its initial plans, but will instead license individuals and levy a retail tax on cannabis sales, the news outlet reported.
WASHINGTON: The public hearing for Quality Control Testing rules is currently on the March 18, 2020 Board agenda. Given COVID-19 concerns, the Board voted yesterday to cancel tomorrow’s Board meeting, and continue this public hearing until the next scheduled Board meeting at 10 a.m. on April 1, 2020. Kathy Hoffman, Policy and Rules coordinator, will file Read the full article...
(SARASOTA – 3/11/20 – PRESS RELEASE) As the U.S. legal medical and recreational marijuana market continues to explode with nearly $30 billion in sales projected by 2023, hobby and commercial cannabis growers are searching for safe and effective ways to keep their plants healthy. To support home and commercial cannabis and hemp growers, Florida start-up Sarasota Green Group (SGG) has recently launched a product line of OMRI Listed pest and disease control solutions that help maximize yields.
Grower’s Ally product lines are FIFRA 25(b) exempt and leave zero residual, preventing disease and protecting outdoor grow operations, greenhouses and hydroponic crops during all stages of growth, using safe and natural ingredients like rosemary, clove and peppermint oils and citric acid.
As Sarasota Green Group prepares to sell to growers, hydroponic retailers and garden centers, and directly to consumers through its Amazon storefront, veteran business leader Scott Allshouse has been tapped as SGG’s first chief executive officer. The former CEO of Buddy Fruits has over 20 years of experience in the consumer-packaged goods industry and looks forward to growing the new company.
“Consuming and growing in a healthy manner is becoming more important to today’s recreational and medical cannabis consumer as further research is done on the risks of contamination in products,” Allshouse said. “Sarasota Green Group is on a mission to support cannabis and hemp growers in providing safe, chemical-free products that maximize yields and maintain healthy crops.”
Grower’s Ally products, available in both ready-to-use and concentrate forms, are specifically formulated to control and eliminate the most common pests and problems that cannabis growers face, like spider mites and powdery mildew. Proven effective through extensive testing by independent labs, Spider Mite Control and Fungicide leave behind no residual and can be used up until the day of harvest with no sensory effect on yields.
Half of patients (47%) got enough relief from cannabis to reduce or cease their painkiller usage.
Fibromyalgia is an intractable condition defined by chronic, widespread pain and debilitation.
But a recent study published in Clinical and Experimental Rheumatology demonstrated that cannabis can be used effectively to remedy these problems, at least by some patients.
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Adrian Devitt-Lee ~ ProjectCBD.org ~
Members of the Oglala Sioux Tribe passed a referendum to legalize medical and recreational marijuana on the Pine Ridge Reservation in South Dakota, according to preliminary results from the tribe’s election commission.
A proposal to allow alcohol in the tribe’s casino failed. The results of Tuesday’s vote will be certified in the next week.
In the tally from all precincts announced on Wednesday morning, both medical and recreational marijuana passed by wide margins, with 82% of voters approving medical marijuana and 74% approving recreational pot.
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Stephen Groves ~ Associated Press ~
New Jersey’s top court ruled Tuesday that workers can’t be fired for failing a drug test because of medical marijuana.
As long as employees are not under the influence of the drug at work, the state Supreme Court said medical marijuana patients remain protected by the Law Against Discrimination, echoing an earlier appellate court decision.
While Tuesday’s case involved one former funeral home director who lost his job, the implications are broad.
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Blake Nelson ~ NJ Advance Media for NJ.com ~
The Iowa House has approved legislation that would change the THC cap in the state’s medical cannabis program, according to a Des Moines Register report.
The bill, House File 2589, would replace the state’s current 3% THC limit for medical cannabis products with a limit of 4.5 grams of THC in a 90-day period. Patients could access more than 4.5 grams of THC within that timeframe if a doctor determines that 4.5 grams is insufficient to treat their condition or if they are terminally ill, Des Moines Register reported.
The legislation, which follows the recommendations of the Iowa Medical Cannabidiol Board, cleared the House in a 52-46 vote, according to the news outlet.
The bill would also add more qualifying conditions to the program and allow more health care practitioners to recommend cannabis to patients, Des Moines Register reported. Under the legislation, post-traumatic stress disorder and “severe, intractable autism with self-injurious or aggressive behaviors” would be added, and physician assistants, podiatrists, advanced registered nurse practitioners and advanced practice registered nurses could recommend cannabis to patients.
Earlier this year, lawmakers introduced two additional legislative proposals to raise the state’s 3% THC cap on medical cannabis products.
The Missouri Senate approved a bill March 9 that would ban cannabis-infused candy in the state’s medical cannabis program in an effort to protect children, according to an AP News report.
The legislation would prohibit candy, lollipops, cotton candy, and fruit- and animal-shaped edibles that could appeal to children, the news outlet reported, and it would require that all cannabis-infused food or its packaging bear a stamp with dosage information.
A similar bill already passed the Missouri House, AP news reported, and the Senate’s 28-1 vote sends the revised version of the legislation back to the House for consideration.
The Washington Senate approved legislation March 9 that would allow regulators to bolster social equity in its cannabis licensing process, according to The Spokesman-Review.
The bill, approved by the Senate in a 28-20 vote, would allow the Washington State Liquor and Cannabis Board (WSLCB) to award previously revoked or canceled cannabis retail licenses to social equity applicants, which are defined as minority applicants who own at least 51% of a cannabis dispensary business, the news outlet reported.
The legislation requires applicants to submit a “Social Equity Plan,” which would outline their business goals, experience with the enforcement of cannabis laws, plans to work with organizations impacted by law enforcement and reasons why they deserve a retail license, according to The Spokesman-Review.
The bill also establishes a grant program through the Washington Department of Commerce, the news outlet reported. Applicants awarded grants could use the funds to cover the costs associated with the licensing process, financial management and compliance training, and mentor programs.
Sen. Curtis King has added an amendment to the legislation that would mandate that the license fees for social equity applicants are not lower than the state’s regular licensing fees to ensure equal treatment of all applicants, according to The Spokesman-Review.
Connecticut Gov. Ned Lamont has renewed his push for cannabis legalization this year, and while advocates say the concept of legalization has support in the legislature, Lamont’s proposed bill will likely require more work on the granular details before it has the support it needs to pass both chambers.
Lamont called for legalization during last year’s legislative session, as well, and although lawmakers worked on three separate bills to legalize and regulate adult-use cannabis, the session ended without any of the legislation advancing to the governor’s desk.
Lamont announced this year’s renewed push for legalization during his State of the State address in February. He then worked alongside the chairmen of key legislative committees to draft comprehensive legislation that would not only legalize cannabis for adults 21 and older, but also support the social and criminal justice components of legalization.
Senate and House leadership ultimately introduced S.B. 16 to realize the governor’s goals.
The legislation would legalize the possession of up to 1.5 ounces of cannabis starting July 1, and in July 2022, the state would launch retail cannabis sales.
MASSACHUSETTS: Due to the increasing concern and public health crisis due to the COVID-19 outbreak, the NECANN Boston convention, scheduled for March 20-22, is being postponed. We are working with our venue partners and city officials to select a new date in 2020 and will update everyone as soon as we have specific information and Read the full article...
A new study found that Colorado’s hospitality industry can thank legal weed for making $130 million in revenue since the state first launched adult-use sales in 2014.
In 2012, Denver Mayor Michael Hancock openly opposed recreational pot legalization in Colorado. He warned voters that the “perception that Denver is the marijuana capital” would “disproportionately harm” the Mile High City’s largest industry: tourism.
History has proven Hancock wrong.
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Randy Robinson ~ MerryJane.com ~
Just two months into adult-use legalization and Illinois dispensaries are selling more than a million dollars of legal cannabis — per day.
That number is based off revenue from steep taxes on legal sales. The state reported $10 million in cannabis tax revenue for the month of January, Gov. JB Pritzker’s office reported Feb. 24.
The report shows how legalization is off to a roaring start in the Land of Lincoln.
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David Downs ~ Leafly.com ~
Boston’s first pot shop opened Monday, marking the first recreational marijuana store to open in a major East Coast city.
Pure Oasis is also among the few retail stores in the country owned and operated by people of color, who experts say have struggled to break into the industry.
Massachusetts’ ballot initiative was the first to insert specific language aimed at encouraging people of color and others harmed by the war on drugs to participate in the new industry.
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Philip Marcelo ~ Associated Press ~