MjLink Cannabis Business News and Press

TORONTO, Dec. 23, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- WeedMD Inc., a federally-licensed producer and distributor of medical-grade cannabis, and Starseed Holdings Inc., a medically-focused, federally-licensed cannabis company, have announced the closing of the previously announced acquisition of Starseed Holdings by WeedMD.

Concurrent with the closing, WeedMD also completed the previously announced private placement of subscription receipts with the LiUNA Pension Fund of Central and Eastern Canada (LPF), for aggregate gross proceeds of $25 million. The issue price of each subscription receipt is $1.0832, and each subscription receipt shall be automatically exchangeable into one WeedMD common share upon its shareholders approving certain matters associated with the financing at a meeting scheduled for Feb. 4, 2020.

“We officially welcome the Starseed team to the WeedMD family which together will kick-off 2020 as a very compelling, vertically-integrated cannabis company that will execute across the entire value chain,” said Keith Merker, CEO of WeedMD. “Starseed’s unique medical distribution platform complements WeedMD’s high-quality cultivation and processing platform. This partnership, along with the $25 million strategic equity investment by LPF, positions WeedMD and its shareholders with a fortified balance sheet and one of the most captive medical cannabis businesses in the country as we enter the new year.”

Management Team

Following today’s closing, Starseed’s management team, which brings extensive medical, operating, and financial expertise, in addition to strong industry and client relationships, integrates into WeedMD’s senior leadership team as follows:

MADISON – PRESS RELEASE – Nearly 50% of bank respondents who are currently not banking hemp said they will extend services to hemp-related customers in 2020 according to a recent Wisconsin Bankers Association (WBA) survey.

WBA’s annual Bank CEO Economic Conditions Survey asked three hemp-related questions in addition to more traditional economic inquiries. The responses highlighted that many Wisconsin banks have been working through the complex regulatory issue of hemp and are now better prepared to assist their customers.

“Wisconsin’s community bankers strive to help their customers and communities. The reality is that hemp is a very new and complex issue from both a regulatory and business viewpoint,” explained Rose Oswald Poels, WBA President and CEO. “It takes time to work through these complexities. Because there is no one-size-fits-all approach, each bank’s approach and timeframe will be different.”

RELATED: Banking the Hemp Industry: 3 Tips for Success

It was only within the last month that federal regulators issued their first guidance for banks regarding hemp banking.

Arkansans have bought more than 4,200 pounds of medical marijuana in 2019 -- the first calendar year of legal sales in the state.

That accounts for more than $28.13 million spent on the drug, according to the Arkansas Department of Finance and Administration. 

State regulators expect the market to take off even more in early 2020 as the two remaining growing facilities begin full operations and as the remaining dispensaries open to the public. 

Click here to read the complete article

Hunter Field ~ ArkansasOnline.com ~

The doctor for a seven-year-old boy whose mother uses cannabis-based drugs to treat his epilepsy has agreed to write to the Scottish Government in an attempt to secure him a prescription.

Dr Desmond Spence is writing to Health Secretary Jeane Freeman on behalf of Karen Gray, whose son Murray takes medicinal cannabis to keep crippling seizures at bay.

The doctor, from the Barclay Medical Practice Eastcraigs in Edinburgh, said that it was “ridiculous” that Gray was having to fork out more than £1,300 month to have the drugs couriered from Holland for her son.

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Kevan Christie ~ The Scotsman ~ 

Two groups are competing to bring adult-use cannabis legalization initiatives to the November 2020 ballot.

A group of cannabis advocates in Oklahoma filed a new adult-use cannabis petition with the secretary of state’s office Dec. 27 after withdrawing a similar proposal.

The original petition, called State Question 806, was pulled after it received criticism from the medical cannabis community, who said they were not consulted for input and that the petition had not been fully vetted, according to a Tulsa World report.

“The new ballot initiative strengthens the language of the previously filed initiative to ensure that we are crystal clear that this program does not adversely affect the current Oklahoma medical marijuana industry or its patients,” said Michelle Tilley, a spokeswoman for the filers, in a public statement.

The new petition has been designated SQ 807, and was signed by Tilley, an Oklahoma City political consultant, and Ryan Kiesel, a former state representative and the executive director of Oklahoma’s American Civil Liberties Union affiliate, according to Tulsa World.

Italy’s supreme court ruled Dec. 19 that the home cultivation of cannabis for personal use is legal in a landmark decision that is expected to receive pushback from critics.

The ruling comes after the Court of Cassation was asked to clarify previous contradictory interpretations of the law, according to The Telegraph.

The court ruled in 2008 that cannabis cultivation was illegal, but the issue has been a point of confusion for courts at various levels, which have issued contradictory judgements over the years, according to the news outlet.

The supreme court took up this most recent case last October, when a defendant challenged a Naples Court of Appeals ruling that sentenced him to a year in jail for cultivating two cannabis plants.

Under the supreme court’s ruling, “small amounts grown domestically for the exclusive use of the grower” are excluded from the law, The Telegraph reported, which effectively overturns the Naples Court of Appeals ruling.

Arkansas medical cannabis sales have surpassed $28 million this year.

Patients have purchased more than 4,209 pounds of product, spending $28.13 million since sales launched in May, according to a local KFSM report.

Fourteen dispensaries are currently operating in the state, the news outlet reported. Suite 443 in Hot Springs was the first dispensary to open on May 10.

A complete list of sales data can be found on KFSM’s website.

Indiana lawmakers are ramping up cannabis policy reform efforts going into the new year, filing legislation that addresses decriminalization and smokable hemp ahead of the 2020 legislative session.

Sen. Karen Tallian (D-Ogden Dunes) filed three bills as part of a cannabis reform package in the Senate, according to an Indy Star report. One proposal would legalize smokable hemp, one would create a commission to oversee the regulation and licensing of CBD products, and the third bill would decriminalize the possession of less than one ounce of cannabis.

Rep. Jim Lucas (R-Seymour) has introduced a similar decriminalization proposal in the House, the Indy Star reported.

Tallian’s decriminalization bill is on Senate Democrats’ 2020 priority list, according to the news outlet, but Gov. Eric Holcomb has indicated that he is against legalization in Indiana until federal prohibition is lifted.

However, Sen. Eddie Melton (D-Gary), a Democratic candidate for governor, plans to co-author Tallian’s bill, according to the Indy Star. He also supports legalization, the news outlet reported.

The Missouri Department of Health and Senior Services (DHSS) issued 60 medical cannabis cultivation licenses Dec. 26.

Over 500 applications were submitted to the state, according to a local KRCG report. The DHSS used a blind process to review and score each application, which consisted of at least 17 worksheets describing management plans, facility details, security measures and other eligibility requirements that were outlined in the program rules, the news outlet reported.

Applicants granted licenses have five days to accept the offer, and those not awarded licenses are now exploring their options to participate in Missouri’s up-and-coming medical cannabis market. This includes St. Louis-based Real Cannabis Co., which ranked 100 out of the 550 applications that were submitted for the 60 licenses.

“We do not know the specific scoring in each category at this point,” Real Cannabis Co. founder and CEO Derek Mays told Cannabis Business Times. “We are still optimistic about our manufacturing and dispensary licenses, and will be considering all options going forward to participate in the industry.”

For now, the Real Cannabis Co. team is awaiting the outcome of the other licensing rounds, and once they know which licenses they are ultimately awarded, they will consider pursuing other options.

Data suggests that some customers will cross state lines in search of state-licensed marijuana retailers, despite warnings that it’s illegal to bring the product back home.

Retailers legally selling marijuana for the past month in Michigan say they have drawn customers from surrounding Midwestern states where the drug remains illegal and, as Illinois prepares to joins the recreational market on Wednesday, officials are renewing warnings to consumers against carrying such products over state lines.

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Kathleen Foody and David Eggert ~ Associated Press ~ 

With 2019 just about in the books, the latest headlines are a whirlwind of forward- and backward-looking reviews of where the industry is going next year and where it’s been this year. With new markets opening to adult-use sales (Michigan, Illinois) and maturing markets confronting their own growing pains (California, Colorado), this is a time of great transition in the cannabis industry. Let’s take a look.

In California, the Cannabis Advisory Committee “warned Gov. Gavin Newsom and California legislators that high taxes, overly burdensome regulations and local control issues posed debilitating obstacles to the legal marijuana market,” according to the San Francisco Examiner. Those obstacles have spurred illicit-market growth, too, leaving state regulators in a quandary: some of the high-level goals of legalization are not being realized in what has become the world’s largest cannabis market. So, what comes next? In the Examiner’s piece, sources around the state suggest that a new law—perhaps one left to the voters—may be in order.

The Motley Fool points to Major League Baseball’s December decision to remove cannabis from its list of banned substances as one of the great victories for the industry in late 2019. Other professional sports have mostly stood on the sidelines here, but the MLB brings another degree of normalization to this evolving marketplace. 

Canada legalized adult-use cannabis in 2018 (with cannabis-derived edibles, beverages and concentrates being legalized in 2019), and that move has allowed licensed producers up north to capitalize on quickly opening global marketplace. In the U.S., however, where cannabis companies are turning decades of underground experience into business savvy, the federally illegal status of the crop has kept American growers out of the international space. The Washington Post looks at how this disconnect is teeing up even more frustration for those businesses that plan to scale up in the next year.

Michigan began adult-use sales at three licensed dispensaries in Ann Arbor Dec. 1, but there’s a lot more coming in the new year. According to mlive.com, as of Dec. 23, 2019, “the state has issued 42 recreational marijuana businesses licenses, including 21 retail licenses, 11 growing licenses to four businesses, 4 processor licenses, a license for testing labs, two event organizing licenses and three to secure transportation companies.” 

Cannabis Wire has a great feature on Michael Cone’s Greenview Investment Partners, which serves as a reminder that scams abound in the burgeoning cannabis space. “Cone is one of a handful of cannabis fraudsters whose schemes have been exposed in public documents,” Stephen Paulsen writes. “But talk to advocates and entrepreneurs in the cannabis space and you’ll find that several have known a company something like Greenview: a fly-by-night business that, promising riches, offers dubious services in cannabis investments and/or consulting.” 

WASHINGTON: The Washington State Liquor and Cannabis Board (WSLCB) issued an emergency suspension and revocation of marijuana retailer “Herban Legends,” License No. 420291, located at 55 Bell St. Suite 100, Seattle, WA 98121. The licensee has held a marijuana retail license since February 2016. This emergency suspension follows complaints from employees, vendors, nearby businesses and Read the full article...

WASHINGTON: The Washington State Liquor and Cannabis Board (WSLCB) today issued a Board Order of Suspension for The Smoke Shop after an investigation found multiple violations of their state licenses and violations of state and federal drug laws. The suspension is for the licensee listed below: The Smoke Shop: 9817 16th Ave SW, Seattle WA  Read the full article...

With the legalization of marijuana in specific areas of Canada and the United States, you may be interested in investing in this high-growth industry. To understand the best way to do this, you need to know about the different types of marijuana stocks and what you should look for when you’re investing. Understanding the Different Read the full article...

The U.S. Virgin Islands (USVI) are a tropical paradise in the Caribbean, known for their luxurious resorts, gorgeous natural landscapes, turquoise water… and perhaps, soon, legal marijuana to accompany it all.

Gov. Albert Bryan Jr. called the legislature into an exceptional session on Wednesday, Dec. 18, to consider an amendment regarding the legalization of cannabis in the USVI.

The bill would expand the islands’ existing medical marijuana program, which was signed into law earlier this year as one of Bryan’s very first acts as governor.

Now, he seeks to go even further with this new bill, which is accompanied by an act planning the expungement of any prior convictions for possession of less than one pound of cannabis. 

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Regular cannabis use has risen more quickly among people with depression, and they’re less likely to perceive it as risky, compared with people who aren’t depressed, a U.S. study suggests.

Researchers examined data collected from a total of almost 729,000 people aged 12 years and older between 2005 and 2017, including any prior-month cannabis use and any depression experienced over the previous year.

By the final year of the study, about 19% of people with depression reported at least some cannabis use, compared with 8.7% of individuals without a recent history of depression. 

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Lisa Rapaport ~ Reuters.com ~ 

Recreational marijuana use will be legal in Illinois in less than a week, and some companies with zero tolerance policies are deciding how to handle employees who want to light up. 

With the implementation of the new law fast approaching, companies are scrambling to get policies in place that reflect legalization.

"I've had a lot of questions from my clients on what to do about their zero tolerance drug policies," said Maro Wolf O'Donnell at Benesch Law. "The answer is they can still have those policies as long as they are crafted correctly."

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Sarah Schulte ~ ABC7Chicago.com ~ 

Former NBA big man Al Harrington has emerged as one of the biggest supporters of marijuana use within the league today.

For the retired 39-year-old, he firmly believes that the use of cannabis is something that can benefit players who use the same for medicinal purposes.

“I think the day-to-day pain management issues that players deal with can be dealt with through cannabis,” Harrington said of athletes who are often prescribed pain relievers following surgery, including highly addictive opioids, via Candace Buckner of the Washington Post. “Something that is all natural and nowhere near as harmful as the stuff that they’re using now.”

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Paolo Songco ~ ClutchPoints.com ~ 

Many people experience stress or depression this time of year and research suggest cannabis could help you through the holiday blues.

Tis the season…for the blues. With all the holiday parties, unpredictable weather, and intense family time (or lack of intense family time), this month elicits strong emotions all around.

It can make you feel incredibly grateful and full of love, but it can also spark feelings of loneliness and the inability to connect with holiday cheer. 

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Brendan Bures ~ TheFreshToast.com ~ 

Work, childcare and household demands with limited support mean that moms carry a heavy load, taxing the body, nervous system and emotional and mental health.

The familiar meme of a baby’s pacifier lying beside a filled-to-the-brim class of Pinot Noir has come to signify #momlife.

Ask any random mom how she keeps sane and she will likely answer, “wine.”

Wine is the go-to salve for frazzled nerves, exhaustion and a pressure release. It’s legal, ancient and served at dinner. Moms are encouraged, particularly by other moms, to uncork in the early evening (late afternoon?) or hit the wine bar hard on mom’s night out.

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