MjLink Cannabis Business News and Press

MEDFORD, Ore., Dec. 17, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Acreage Holdings, Inc., one of the largest vertically integrated, multi-state operators of cannabis licenses and assets in the U.S., has announced the grand opening of its first cannabis cultivation facility in the Pacific Northwest. Located in Medford, Ore., the new 30,000-square-foot indoor cultivation facility will grow cannabis to be used in a wide range of new products, including:

The Botanist, an Acreage-developed brand rooted in health and wellness;Tweed, a Canopy Growth Corporation brand licensed to Acreage, focused on quality products and meaningful customer relationships. This launch will mark Tweed’s introduction in the U.S.; andOther products expected to launch soon that are being developed specifically with the likes and tastes of the Oregon cannabis consumer in mind.

The state-of-the-art indoor facility will yield its first harvest this month. The Botanist and Tweed products are expected to be available soon thereafter in Acreage’s five Cannabliss-branded dispensaries as well as other dispensaries throughout the state.

“We are proud to open our new Oregon facility in an area renowned for producing some of the best cannabis in the world,” said Acreage Chairman and CEO Kevin Murphy. “We are particularly excited to introduce the Tweed brand to U.S. consumers for the first time. It’s a further indication that our arrangement with Canopy Growth is yielding opportunities to accelerate Acreage’s growth."

ATLANTA, Dec. 17, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Industry Source Consulting Inc. (INSO) has announced that the company assisted its client, The Turnagain Herb Company (THCo) with the successful acquisition of Rainforest Farms, LLC, a cannabis cultivation facility located in Juneau, Alaska. In addition to assisting with the acquisition, INSO will also provide various other services associated with expanding the THCo brand and business throughout the state. INSO recently announced that it had entered into an exclusive agreement to provide various services related to expanding the business and the brand of THCo, currently located in Anchorage, Alaska. THCo’s expansion includes the Rainforest Farms acquisition, relocating its Anchorage cannabis manufacturing facility and building a retail facility in nearby Girdwood to market various cannabis related products to locals and tourists visiting the popular Alyeska Ski Resort.

INSO assisted THCo with the Rainforest Farms acquisition by providing a Line of Credit consisting of a combination of its restricted common shares and cash. THCo and Rainforest Farms are awaiting approval from the State of Alaska Marijuana Control Board to transfer the Rainforest Farms license to THCo before THCo takes control of the business. In addition to the Line of Credit, INSO will provide management training services, marketing, and assist with employee training materials. INSO will receive revenue from the Line of Credit and from the other services provided.

INSO is a legal cannabis and hemp industry consulting firm with over 100 years of combined experience in the U.S. and Canada cannabis and hemp industries. The company helps legal cannabis and hemp companies reach success faster and more efficiently by providing expert consultants in every discipline, while never coming into contact with any cannabis product.

Like any credit card, customers have to qualify and the average interest rate is around 15%.

Juanita Parker-Reed goes to a Columbia Care dispensary for medical marijuana to treat her chronic pain.

Until recently, she always had to pay cash for her prescription, spending as much as $400 a month. 

Even though many states allow the drug, it’s illegal under federal law, so most credit card networks won’t allow their cards to be used in stores that sell marijuana. 

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Zambia has legalized the production and export of cannabis for economic and medicinal purposes, the government’s chief spokeswoman said on Monday, becoming the latest country to shift its position on the drug to give its finances a boost.

The approval for the export of cannabis was granted at a special cabinet meeting on Dec. 4, spokeswoman Dora Siliya said in a statement.

It was not clear from the statement if the use of cannabis for medicinal purposes in Zambia had been legalized.

The southern African country joins a host of nations that have legalized, or are considering legalizing cannabis to some degree, as attitudes towards the drug slowly change and investments in its medical benefits grow. 

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There are less opioid prescriptions on average in U.S. states where medical and recreational marijuana are legal, research has revealed.

Access to recreational cannabis in the U.S. was tied with a 11.8 percent lower rate of opioids prescriptions each day, and 4.2 percent for medical marijuana.

The authors of the paper published in the Journal of Health Economics said recreational weed laws could make it easier for patients to access the drug, and use it to treat pain and other conditions. 

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Kashmira Gander ~ Newsweek.com ~

Earlier this month, federal agencies issued a statement to clarify the regulatory requirements for banks looking to provide services to hemp-related businesses. As businesses take the initial steps to form banking relationships, they should be prepared to help banks understand both compliance considerations and the overall hemp industry, according to Scott Birrenkott, assistant director for the Wisconsin Bankers Association.

“This [statement] from the federal banking agencies is really important because it’s the first time that the agencies have even acknowledged the existence of hemp and the legality of hemp as a commodity,” Birrenkott tells Hemp Grower. “Not only that, but it’s also the first time that they’ve offered any guidance on how banks can meet their compliance requirements, their regulatory burden.”

The banking industry faces myriad regulations, he says, and chief among them is the Bank Secrecy Act (BSA), which requires banks to know their customer to a certain degree.

“They have to ask certain questions of their customers,” Birrenkott says. “They need to verify that information through documentary methods, meaning they have to collect certain documentation, certain evidence, to prove what they have collected, and all of this has to be part of policies and procedures that banks have written and put in place and follow regularly every time a new customer or new business comes into their door.”

Prior to the agencies’ recent announcement, they had issued no guidance about hemp, and while some banks were willing to provide services and resources to the nascent industry, there were many unanswered questions about how they could meet their compliance burden, Birrenkott adds.

New Jersey voters will have their say on adult-use cannabis legalization in November 2020, on the general election ballot in a presidential year, after state lawmakers decided to kick the question their way. State senators voted 24-16 to make this move, and members of the state assembly voted 49-24 (with one abstention).

The question will be appear to voters as: "Do you approve amending the Constitution to legalize a controlled form of marijuana called ‘cannabis’? Only adults at least 21 years of age could use cannabis. The State commission created to oversee the State’s medical cannabis program would also oversee the new, personal use cannabis market. Cannabis products would be subject to the State sales tax. If authorized by the Legislature, a municipality may pass a local ordinance to charge a local tax on cannabis products."

This referendum comes after several unsuccessful attempts in recent years to legalize cannabis through the state legislature. In 2019, Senate President Steve Sweeney said he just couldn't get the votes in place to ensure a positive outcome on a legalization bill. As early as May, the focus began to shift toward a ballot measure.

Whether Gov. Phil Murphy stays involved in any regional coordination among his counterparts in New York, Connecticut and Pennsylvania remains a bit unclear at the moment.

"Putting the issue to a referendum is both sensible and equitable. While not our preferred method of legislating, public questions allow voters to affirm or deny massive shifts in public policy," Assembly Speaker Craig Couglin said in a public statement. "The time to end the prohibition of adult-use cannabis is now. Along with enabling legislation yet to be worked out, New Jersey would become the next state to ensure a safe, highly regulated cannabis industry. The decision is now in the hands of the November 2020 electorate."

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