MjLink Cannabis Business News and Press

New York Gov. Andrew Cuomo included a plan to legalize and tax adult-use cannabis in a state budget proposal released Jan. 21.

The move comes after Cuomo pledged in his Jan. 8 State of the State address to legalize cannabis this year.

Cuomo’s proposal would create an Office of Cannabis Management to oversee the state's medical and adult-use cannabis programs, as well as New York’s hemp program, according to The Hill. Adults 21 and older would be able to legally purchase cannabis products at retailers licensed by the new office, and a Global Cannabis and Hemp Center for Science, Research and Education would be created within the State University of New York, according to the news outlet.

The plan also includes a social equity component that aims to correct past harms to individuals and communities that were disproportionately impacted by the War on Drugs, The Hill reported.

Cuomo estimates that legalizing adult-use cannabis and including it in the state budget will generate $20 million in 2021 and $63 million in 2022, according to a local WKBW report.

The Detroit City Council voted Jan. 21 to extend a moratorium on adult-use cannabis sales in the city, according to a Michigan Radio report.

The moratorium was originally set to expire Jan. 31, and the extension is meant to give the city time to draft an ordinance to regulate the industry, the news outlet reported.

Detroit is one of more than 1,400 cities and communities that have opted out of allowing adult-use cannabis sales within their borders, according to Michigan Radio.

Detroit City Councilman James Tate told the news outlet that regulation is necessary to make the industry accessible. “If there's no intervention, you'll have a number of individuals living in the city where the industry is located not being able to participate because of various barriers of entry, whether those be financial or structural.”

Michigan launched legal adult-use cannabis sales Dec. 1. The three dispensaries that were licensed to serve the market at that time reported $221,000 in first-day sales.

Cannabis sativa L. still holds many secrets. But, one compound at a time, scientists are beginning to decipher its complex code. In addition to increased interest in studying the hundreds of minor cannabinoids and terpenes the plant is capable of producing, researchers have also begun to examine the pharmacological benefits of cannabis-sourced flavonoids.

These secondary metabolites, also known as cannflavins, are responsible for the colorful variations in chemovarietals (including those consumer-favorite purple varieties) that help attract pollinators, protect the plant from pests and diseases, and lend nuance to taste and aroma profiles. They also have therapeutic promise in their own right.

Cannflavin B and Pancreatic Cancer Therapy

In 2019, researchers associated with the Dana Farber Cancer Institute and Harvard Medical School conducted a study to look at the effects of one such flavonoid, cannflavin B, on animal models of pancreatic cancer. Published in Frontiers in Oncology, the investigators found that a derivative of this compound developed by biotech firm Flavocure, known as FBL-03G, or Caflanone, enhanced radiation therapy treatment outcomes and resulted in tumor growth inhibition of both locally treated and distant untreated tumors, with and without radiotherapy.

With a five-year survival rate for patients at a dismal 8%, pancreatic cancer is inherently aggressive. According to the study's authors, the disease tends to metastasize to other organs long before patient diagnosis and is notoriously defiant to current therapies. With a lack of successful treatment options available to patients currently, the immunotherapeutic potential of this cannabis derivative on pancreatic cancer is an important discovery.

Synergism

While more research is needed to determine its specific mechanism of action, the study suggests that FBL-03G could be leveraged to treat pancreatic cancer metastasis and improve overall survival rates in patients. In addition to demonstrating therapeutic potential on its own, the cannabis derivative was shown to potentially reduce radiative tissue toxicity by reducing the amount of radiation therapy needed for efficacious results. The study’s authors also pointed out how these benefits could improve patient costs.

“Using only one fraction of RT [radiotherapy] would also be more convenient for cancer patients who usually must come in repeatedly over many weeks to be treated with several fractions of radiotherapy. This should significantly reduce treatment time and costs. It would be a benefit in resource-poor-settings where access to RT services is limited, reducing cancer health disparities, with major impact in global health.”

Santa Maria, CA – PRESS RELEASE – For over a year, prohibitionist forces in Santa Barbara County have fought independent, compliant cannabis farmers, appealing approved zoning permits and wasting local funds to undermine county ordinances. On Jan. 22, Planning Commissioners have set a special hearing in Santa Maria to review a report from the Ag/Cannabis Stakeholder Working Group and discuss proposed Cannabis Zoning Ordinance Amendments prompted by last year’s planning commission meetings.

Prominent within the proposed amendments are a variety of methods to mitigate odor concerns. Since becoming cannabis farmers, John de Friel and Sara Rotman, co-chairs of Good Farmers Great Neighbors, have worked to dispel common misperceptions around the cannabis plant and have advocated best practices amongst their peers.

In a joint statement, de Friel and Rotman emphasized, “Live plants themselves do not produce strong odors during cultivation outdoors unless disturbed by strong winds or through the harvesting process and drying process.” These occasions are rare, limited to only a few weeks a year, and farmers often already utilize natural foliage screens and hoop houses to protect plants from winds that can disturb them.

About 90% of cannabis terpenes and scents are released during drying. de Friel and Rotman both flash-freeze freshly harvested plants avoiding the air-drying process and the odors associated with it. “When air-drying is necessary for fresh flowers,” they said, “we recommend our colleagues to utilize the best available technologies to mitigate any odors from leaving the property. These include at a minimum vapor-phase air-cleansing systems that naturally neutralize the chemical nature of terpenes traveling in the air, or, when greater control is required, a fully enclosed environment with carbon filtration for odor capture.”

A comprehensive and scientific report published at the end of 2019 by Dr. William Vizuete at Pacific Environmental Analytics additionally researched the effect of cannabis terpenes on neighboring crops, specifically wine grapes. His observations found that it requires 1,121 continuous days of flowering for cannabis plants to release enough terpenes for grape taint to occur. However, cannabis plants only emit monoterpenes for 21 days prior to harvest, a fraction of the emission rate necessary to taint wine grapes.

LEAMINGTON, ON, Jan. 21, 2020 /CNW/ - PRESS RELEASE - Aphria Inc. has announced that it has received its European Union Good Manufacturing Practices (EU GMP) certification in respect of medicinal products for human use and investigational medicinal products for human use, from the Malta Medicines Authority (MMA) at the company's subsidiary, ARA - Avanti Rx Analytics.

Aphria selected the MMA to perform the EU GMP audit as the criteria and certification thresholds established by the MMA are among the most stringent and demanding in the EU. The certification will allow the company to ship bulk and finished dried flower, as well as bulk and finished cannabis oil for medicinal use in permitted jurisdictions throughout the European Union.

"We believe that this is a game changer for Aphria Inc. and will significantly advance our leadership in permissible medical cannabis markets across Europe, where demand for product is strong," said Irwin D. Simon, chief executive officer. "With 2.4 million square feet of licensed production capacity of up to 255,000 kilograms, state-of-the-art greenhouses and labs, and our global infrastructure, we believe Aphria is well positioned to lead in the Canadian and international markets."

Aphria's German operations have been preparing for the importation of EU-GMP certified cannabis from Canada, allowing for shipments to the company's German subsidiary CC Pharma GmbH (CC Pharma) in order to leverage CC Pharma's expansive in-country distribution network. The company anticipates that its first shipments of medical cannabis to CC Pharma will occur in its fourth quarter of its fiscal 2020.

The Utah Legislature will likely consider legislation in the upcoming legislative session that would make dozens of changes to the state’s medical cannabis law in the months leading up to the program’s launch, according to The Salt Lake Tribune.

Senate Majority Leader Evan Vickers (R-Cedar City) is the main sponsor of the forthcoming legislation, according to the news outlet.

A key piece of the proposal would expunge the criminal records of patients who were prosecuted in the past for cannabis possession, The Salt Lake Tribune reported.

The bill also removes a requirement that cannabis flower must be sold in a blister pack, instead allowing it to be sold in glass jars, according to the news outlet.

In addition, the legislation attempts to tackle testing for drivers under the influence of cannabis, as well the issue of CBD, which can cause consumers to fail drug tests due to trace amounts of THC.

BOCA RATON, FLORIDA I January 16, 2020 – PRESS RELEASE – Cannabis and hemp/CBD companies rely on accurate laboratory test results to market their products. Cannabis/hemp companies seek medical-grade laboratories like ACS for reproducibility, accuracy and transparency. ACS now holds 21 Emerald Test Badges for potency and safety/contaminant testing.

Emerald Scientific developed the Emerald Test, an Inter-Laboratory Comparison proficiency test, to bring a level of consistency and standardization in cannabis found in established industries such as environmental, food, pharmaceutical, water and petrochemical.

“The Emerald Test established the Emerald Badge Program so that labs like ACS, that continually strive to provide accurate test results, have a tool through which they can demonstrate their success and commitment to good science and quality assurance to the consumer,” said Wes Burk, president of Emerald Scientific. 

“We are proud to work with Emerald Scientific to create a standard for reliable cannabis testing where one did not exist, yet is so needed today. Unfortunately, we’ve seen too many cannabis/hemp companies turn to ACS Laboratory for testing after receiving inconsistent results from previous labs,” said Roger Brown, president of ACS Laboratory. “We are proud to be the leader in an ever-changing industry with highly complex matrices.”

In 2019, ACS Laboratory received 21 Emerald Test Badges that included potency tests for flower, extracts, oils and edibles, along with analysis of microbes, heavy metals, water activity and pesticides. Additionally, ACS received Emerald Test Badges for residual solvents, molds, microbials and foreign materials in hemp oil and flower. Most notably, ACS received an award for measuring cannabinoid potency in beverages. This is one of the most difficult tests to perform due to tiny particle size and low potency in beverages.

Taking its 46-year history in magazine publishing and its 32-year history of running the lauded Cannabis Cup events, High Times is getting into the retail game. The company will open two cannabis dispensaries in Las Vegas and Los Angeles.

These flagship dispensaries will carry a variety of High Times-branded merchandise alongside locally sourced cannabis products that have previously won awards at Cannabis Cup events.

“These Cannabis Cup winners are heroes,” High Times CEO Stormy Simon told IPO Edge. “We will allow them to be recognized with a dedicated space in our new stores.”

California cannabis executive Paul Henderson, who headed Grupo Flor for two years, was announced as High Times’ new president. He will be leading the foray into retail.

While the two retail license transaction partners have not yet been announced, the High Times team is acquiring its dispensary footprint with a mixture of cash and stock. The company continues to offer public investment opportunities through March 31. So far, High Times has attracted more than 27,000 investors to its offering.

“Having the second-mover advantage in this industry, combined with the present downturn in the cannabis capital markets, provides unique timing for High Times to help non-branded stores to differentiate themselves from the industry’s larger multi-state operators,” Adam Levin, Executive Chairman of parent company Hightimes Holdings, said in a public statement. “I know I speak for the whole team when I say we’re extremely excited to add Paul to the Hightimes family.”

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LAFAYETTE, Colo. – TEWKSBURY, MA –  JANUARY 21, 2020 – PRESS RELEASE – Front Range Biosciences (FRB) a technology provider for the breeding and production of new plant varieties and seeds in hemp, coffee and regulated cannabis industries, and Griffin Greenhouse Supplies, Inc. have announced a sales and distribution partnership for hemp plants and hemp seeds. The announcement expands the reach of FRB’s Clean Stock program, providing a premium selection of rooted cuttings, seedlings and seeds.

Founded in Tewksbury, Mass., in 1947, Griffin Greenhouse Supplies has grown into the leading greenhouse and nursery supplier in the northeast and mid-Atlantic states. In 2012, Griffin acquired Syngenta Horticultural Services and has since expanded its reach to the Rocky Mountain region and West Coast. With a nationwide sales force, Griffin has the capacity to distribute FRB’s hemp plants and hemp seeds throughout the burgeoning hemp industry.

“Growers across America know and trust Griffin to deliver uncompromised quality and deep horticultural knowledge,” said Dr. Jonathan Vaught, co-founder and CEO of Front Range Biosciences. “As an authorized distributor of our Clean Stock hemp varieties, growers nationwide will now have access to the most robust and reliable premium hemp plants available.”

“FRB continues to push the boundaries of science for the betterment of agriculture,” said Tami Van Gaal, CEA Division Leader for Griffin. “As interest in hemp cultivation continues to expand exponentially, the FRB portfolio delivers performance and quality assurance unmatched in the industry.”

This week, the U.S. House of Representatives’ Energy and Commerce Committee’s Subcommittee on Health held a hearing on the future of cannabis regulation, titled “Cannabis Policies for the New Decade.” Elsewhere, the Illinois Department of Financial and Professional Regulation announced that adult-use cannabis sales from Jan. 1 through Jan. 12 totaled nearly $20 million.

Here, we’ve rounded up the 10 headlines you need to know before this week is over.

Federal: On Wednesday, members of the U.S. House of Representatives’ Energy and Commerce Committee’s Subcommittee on Health held a hearing on the future of cannabis regulation. Titled “Cannabis Policies for the New Decade,” the meeting included testimony from committee members and three witnesses: Director of the National Institute on Drug Abuse (NIDA) Nora Volkow, DEA Senior Policy Adviser Matthew Strait and FDA Deputy Director for Regulatory Programs Douglas Throckmorton. Read moreMissouri: The Missouri Department of Health and Senior Services (DHSS) has started the process of awarding medical cannabis manufacturing licenses to 86 facilities that will be able to manufacture cannabis-infused products such as edibles, tinctures and concentrates. DHSS issued 60 medical cannabis cultivation licenses last month, as well as 10 testing lab licenses, and is expected to issue dispensary licenses and select seed-to-sale tracking systems by the end of the month. Read moreIllinois: The Illinois Department of Financial and Professional Regulation has announced that adult-use cannabis sales from Jan. 1 through Jan. 12 totaled nearly $20 million. Dispensaries processed 495,385 transactions and raked in $19,709,345.10 during the first 12 days sales. Read more At Cresco Labs’ cannabis cultivation facility in Joliet, Ill., employees voted 58-37 in favor of joining United Food and Commercial Workers Local 881. The vote signals the first successful unionization attempt in Illinois—and just one case in a growing history across the U.S. cannabis industry. Read moreMontana: New Approach Montana, a statewide campaign working to legalize, regulate and tax marijuana, has submitted two complementary 2020 ballot initiatives to the state government for review. The first is a statutory initiative that would legalize marijuana in Montana for adults aged 21 and over and establish a regulatory framework for cultivation and sales. The second is a constitutional amendment that would allow the legal minimum age for marijuana consumption to be 21. Read moreFlorida: Sen. Jeff Brandes (R-Pinellas County) filed legislation Jan. 13 that would legalize adult-use cannabis in the state. The move comes after two political action committees suspended their efforts to get legalization initiatives on the state’s 2020 ballot. Read moreMinnesota: An audit of the Minnesota Health Department’s controls and compliance has revealed several ways that the state’s medical cannabis program is not being correctly monitored. Department of Health Commissioner Jan Malcolm submitted a response to the audit, indicating that health officials agree with the findings and that they have made efforts throughout the past year to improve their oversight of the program, and that further improvements may require legislative action. Read more
New Mexico: Gov. Michelle Lujan Grisham is renewing her push to legalize adult-use cannabis this year, and has officially added the issue to the state’s 2020 legislative agenda. Grisham announced in March 2019 that she would like to tackle cannabis legalization in this year’s 30-day legislative session, after a legalization proposal stalled in the Senate last year. Read moreNew Jersey: An appeals court in New Jersey has ruled that an employer must reimburse a former employee for the cost of medical cannabis in a move that could have far-reaching effects for the industry. Courts in other states, such as Connecticut, New Hampshire and New Mexico, have also ruled that injured employees must be reimbursed for their medical cannabis costs, but this marks the first ruling that dismisses employer’s arguments about running afoul of federal law. Read moreRhode Island: Gov. Gina Raimondo released a state budget plan Jan. 16 that includes a proposal to legalize adult-use cannabis and distribute the products through state-run retailers. This is the second year Raimondo is including adult-use cannabis legalization in the state budget; she introduced a similar proposal last year, which was ultimately unsuccessful. Read more

As cannabis continues soaking up the spotlight in the world of agriculture, more growers are looking to add the crop to their operations. But between fierce industry competition and growing requirements that differ from traditional crops, the switch isn’t right for everybody. 

Ryan Douglas, the owner of Ryan Douglas Cultivation LLC, a company that provides cannabis cultivation services, had more than 15 years of experience as a commercial greenhouse grower of ornamental and edible crops before switching to the cannabis industry when he started his company in 2016. Here, Douglas shares advice on how growers can integrate cannabis or hemp into their greenhouse operations or farm—and whether the move is worth it.

Cannabis Business Times: What are the first steps a person should take when considering converting their existing growing facility to include cannabis?

Generally speaking, we need to make sure a retrofit or a conversion would make business sense. Even though there's a lot of interest and a lot of hype in the news regarding medical marijuana cannabis production, I would recommend someone really look at the numbers to make sure that whatever the end product is can generate enough revenue to justify the cost of licensing and retrofitting in starting up. We've all heard through the news about certain states that actually have a glut in oversupply, where you've got a lot of people growing, for example, high-CBD cannabis. And so if you're in a state where it’s in the news that people can’t sell their material and the prices are kind of falling off a cliff, that might not be a situation where the revenue you could generate would justify the retrofit. 

CBT: What key features make someone an optimal candidate for converting an existing growing facility to include cannabis? 

A couple things. If you're going to retrofit a greenhouse, my recommendation is to make sure you're growing in containers. The other option is to grow in dirt beds inside of the greenhouse. That's a little bit old-fashioned, but it still exists. But the problem is there's such a risk of contamination from residual chemicals in the soil from the previous crops that, because cannabis is an accumulator plant, the risk is it's going to take up whatever's in the soil. 

A second important feature is the use of blackout curtains. Most cannabis varieties flower when they have 12 hours of uninterrupted darkness at night. It would be ideal to look for greenhouses that already have pre-installed blackout curtains because it's actually pretty tricky to install these after the fact. If you picture any large commercial glass greenhouse, there's a lot of stuff in the roof and the ceiling—a lot of equipment, lights, rafters or other support structures, electrical lines, sometimes even irrigation lines. And so it can be tricky to patch together this massive blackout curtain to cover a lot of space of the cultivation area because we have so much stuff up there. 

WATCH: Genetics Advice for Cultivation Start-Ups

VANCOUVER, Jan. 16, 2020 /CNW/ - PRESS RELEASE - Village Farms International, Inc. has announced that it has opted to receive a $5.94 million cash refund from Pure Sunfarms Corp. relating to an additional equity contribution that Village Farms made to Pure Sunfarms on Nov. 19, 2019.

As previously disclosed by Emerald Health Therapeutics, Inc., it has been disputing Village Farms' ability to make the VF Additional Equity Contribution of $5.94 million, as well as the cancellation of 5,940,000 common shares of Pure Sunfarms placed in escrow pending payment by Emerald of its related $5.94 million equity contribution, following its failure to make its required equity contribution to Pure Sunfarms on Nov. 1, 2019. In an effort to narrow the issues in dispute and accelerate the resolution of this shareholder dispute, Village Farms decided to unwind the VF Additional Equity Contribution, which has now been completed, with Pure Sunfarms providing Village Farms with the $5.94 million cash refund. The $5.94 million cash refund to Village Farms also eliminates the costs and delays involved in obtaining an independent appraisal of Pure Sunfarms that resulted from the VF Additional Equity Contribution.

Village Farms continues to seek the cancellation of 5,940,000 common shares of Pure Sunfarms that were placed in escrow pending payment by Emerald of its related equity contribution, which was not made as required. It is Village Farms' position that the Emerald Share Cancellation is expressly provided for in the applicable legal agreements.

"Due to the arbitration process related to the Emerald Share Cancellation taking significantly longer than originally anticipated, and with the resulting number of incremental shares for our $5.94 million equity contribution unknown, we decided to reduce the number of items in dispute in an effort to bring the matter to resolution sooner for Village Farms and its shareholders," said Michael DeGiglio, CEO of Village Farms. "In addition, as a result of the $5.94 million cash refund to Village Farms, we anticipate that Pure Sunfarms may call for additional equity contributions by each of Village Farms and Emerald."

If Village Farms is successful in the arbitration and Emerald's escrowed shares are cancelled, Village Farms would own 53.5% of Pure Sunfarms and Emerald would own 46.5% effective as of Nov. 19, 2019. Village Farms expects a decision from the arbitration panel during the second half of 2020.

Columbia, SC — PRESS RELEASE — South Carolina medical professionals, veterans and patients will gather Wednesday, Jan. 22 in the Capitol Rotunda for a press conference to call on the legislature to adopt a compassionate medical cannabis program in 2020.

In 2019, the Compassionate Care Act was introduced and sponsored by Sen. Tom Davis in the Senate (S. 0366) and Rep. Peter McCoy in the House (H. 3660). The bills would establish a comprehensive, well regulated medical cannabis program in South Carolina. Both the House and Senate are picking up the medical cannabis discussion where they left off.

On the House side, H. 3660 has been scheduled for a Medical, Military, Public and Municipal Affairs Committee (3M) subcommittee hearing Tuesday at 2 p.m. ET.

The Senate Medical Affairs Committee is expected to take up S. 366 again in the coming weeks.

The Epilepsy Foundation and National Multiple Sclerosis Society have supported South Carolina’s medical cannabis bills for some time. They are now being joined by the South Carolina Podiatric Medical Association.

Rhode Island Gov. Gina Raimondo released a state budget plan Jan. 16 that includes a proposal to legalize adult-use cannabis and distribute the products through state-run retailers.

The $10.2-billion tax-and-spending plan would take effect for the fiscal year beginning July 1, according to a Providence Journal report.

The state’s cannabis shops would be operated by private contractors, the news outlet reported, but the state would control the location, price, potency and quantity of sales. The state would receive 61% of the net revenue generated, while the private operators would receive 29% and the host communities would receive 10%.

Raimondo projects that adult-use cannabis sales would begin March 21, 2021, and generate $70 million in sales over the last four months of the fiscal year, according to the Providence Journal. The tax revenue would go toward law enforcement, the Rhode Island Department of Health and educators.

To oversee the industry, 13 regulators would be appointed to the state’s Office of Cannabis Regulation, the Providence Journal reported.

Portland, OR -- PRESS RELEASE -- The Oregon Liquor Control Commission is issuing an immediate health and safety advisory due to the identification of potentially unsafe pesticide residue on plant material used in a packaged retail marijuana product. The product in question was cultivated by licensed marijuana producer Ard Ri and packaged for sale to retailers by licensed wholesaler DYME Distribution.

The affected marijuana flower failed its pesticide test, because it exceeded the acceptable level, known as the “action limit”, for the insecticide Imidacloprid.  The flower was incorporated into pre-rolled joints marketed under the Winberry Farms Sweet Leaf Blend; the strain name is Trap Star.

The impacted product has a Unique Identification (UID) number of 1A4010300022859000015892.

The OLCC has locked down the product in the Cannabis Tracking System (CTS) to prevent further distribution or sale to consumers. The product was sold through nine OLCC licensed marijuana retailers around Oregon. DYME distributed approximately 700 units of the contaminated pre-rolls; retailers have pulled the remaining 328 packages from their shelves.

The impacted Winberry Farms Sweet Leaf Products were sold from Dec. 17, 2019 through Jan. 8, 2020 at the following licensed retailers:

On Wednesday, members of the U.S. House of Representatives’ Energy and Commerce Committee’s Subcommittee on Health held a hearing on the future of cannabis regulation. Titled “Cannabis Policies for the New Decade,” the meeting included testimony from committee members and three witnesses: Director of the National Institute on Drug Abuse (NIDA) Nora Volkow, DEA Senior Policy Adviser Matthew Strait and FDA Deputy Director for Regulatory Programs Douglas Throckmorton.

The committee was convened to discuss six cannabis reform proposals currently undergoing congressional consideration:

H.R. 171 Legitimate Use of Medicinal Marijuana Act (LUMMA) H.R. 601 Medical Cannabis Research Act of 2019H.R. 1151 Veterans Medical Marijuana Safe Harbor Act H.R. 2843 Marijuana Freedom and Opportunity ActH.R. 3797 Medical Marijuana Research Act of 2019 H.R. 3884 Marijuana Opportunity Reinvestment and Expungement Act of 2019 (The MORE Act).

The ongoing congressional interest in cannabis policy reform after the Senate Caucus panel voted in favor of the MORE Act late last year is promising, to be sure, but arguments continued to highlight the contradictory policies surrounding cannabis research. Pressed by committee members, the witnesses repeatedly acknowledged that the current Schedule-I status of cannabis drastically hinders empirical research while, at the same time, continuing to push the “more research is needed” mantra that has kept policy progress at a stand-still.

"We're in the biggest catch-22 that you could ever see or imagine," U.S. Rep. Debbie Dingell (D-MI) said, summarizing much of the day’s conversation.

The need for research on publicly available product was on everyone’s radar. When asked by U.S. Rep. Frank Pallone (D-NJ) whether researchers should have access to the cannabis sold at state-licensed dispensaries, Strait responded that the DEA had announced 33 pending applications in August 2019 and that an agency team would be reviewing and discussing the draft regulation already in the pipeline this week.

 

An appeals court in New Jersey has ruled that an employer must reimburse a former employee for the cost of medical cannabis in a move that could have far-reaching effects for the industry.

In a ruling released Jan. 13, Superior Court Judge Heidi Willis Currier sided with Vincent Hagar, who was injured on the job in 2001 when a truck dumped concrete on him and left him unable to work.

Hagar was prescribed opioid painkillers as part of his recovery, which resulted in struggles with addiction, but Hagar was able to wean himself off the painkillers through the use of medical cannabis.

The costs associated with medical cannabis are generally not covered by insurance, however, due to federal prohibition, so Hagar was forced to cover the cost of his medication himself.

Hagar’s former employer, M&K Construction, denied his worker’s compensation claim for 15 years, according to court documents.

SANTA ROSA, Calif., Jan. 15, 2020 /PRNewswire/ -- PRESS RELEASE -- Carlos Santana, the ten-time GRAMMY-winning and three-time Latin Grammy-winning guitarist and longtime cannabis advocate, has announced his partnership with Left Coast Ventures to develop premium cannabis and hemp CBD brands. Influenced by his Latin heritage, these lines will provide consumers with high-quality products designed to leverage the power of historical remedies and allow consumers to discover and follow their light.

Since the late 1960s, Santana has become synonymous with his signature sound, a fusion of world music, rock, blues and jazz that combines the timeless quality of rhythm, melody and inspiration that celebrate and define Latin music. Similarly, these brands will honor Santana's heritage while incorporating his divine philosophies by identifying strains and products that promote the spiritual consciousness and wellness effects of cannabis.

"Cannabis is a window or a door to different awareness of consciousness," said Santana. "It gives you the choice to perceive through a different filter of awakening and healing, the misperception of distance as an illusion, which keeps you from being centered in your essence-core. It helps you arrive at knowing, accepting and owning a quality of life that is being with joy!"

The cannabis brand is expected to launch the summer of 2020 and will be available in select dispensaries across California. Upon release, the line will include flower and pre-rolls. The hemp CBD brand will launch the fall of 2020 and will include topicals with traditional formulations inspired by Santana's own family.

Santana has partnered with Left Coast Ventures, a company that has launched cannabis brands with other iconic musicians, including Mind Your Head with Mickey Hart of the Grateful Dead and Marley Natural, a collaboration with the Bob Marley estate.

TORONTO, Jan. 14, 2020 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Purpose Investments Inc. has launched the Medical Cannabis & Wellness UCITS ETF, representing Purpose’s first offering in the European market. The fund is being made available through Purpose’s partnership with HANetf, an independent European ETF specialist backed by renowned investor Steve Cohen’s Point72 Ventures.

The first of its kind for European investors, the fund listed Jan. 14 on the Deutsche Boerse XETRA exchange in Germany. It will be listed on the London Stock Exchange in the UK and the Borsa Italiana in Italy later this month.

“The medical cannabis industry was pioneered in Canada, and we’re thrilled with the opportunity to partner with HANetf to take what we have learned from our Purpose Marijuana Opportunities Fund (MJJ) to Europe. We believe that the cannabis sector is still in the infancy stages of a multi-year growth phase and that there is ample opportunity for innovation and new discoveries. We are very excited to embark on this journey with HANetf in a global investor market,” said Som Seif, CEO and founder of Purpose Investments.

The fund offers European investors unique exposure to the global medical cannabis market and the CBD wellness sector. Additionally, the fund invests in ancillary services that support companies within the medical cannabis and CBD categories.

“Up until now, European investors have experienced restricted access to the cannabis market. With the launch of this truly innovative ETF, there is now a product for investors who want exposure to the cannabis industry through a pre-screened basket of cannabis securities and in a regulated UCITS ETF. Due to the operational and legal due diligence that has gone into developing this truly innovative ETF, investors can readily access an investment vehicle which can significantly reduce their legal risk versus investing directly in single cannabis securities. It is also is a great way to diversify as investors don’t need to research each individual security and the ETF may help to withstand the short-term volatility of individual securities, potentially making for a lower risk, longer-term investment,” said Hector McNeil, co-founder and co-CEO of HANetf.

BOULDER, Colo.--(BUSINESS WIRE)--PRESS RELEASE--Global cannabis sales rose 48% to $15 billion in 2019, driven by growth in sales in Canada and seven U.S. states that saw sales more than double.

Continued consumer adoption in maturing markets such as Colorado and new adult-use markets including Massachusetts contributed to 45% growth in adult-use sales to $8.9 billion. However, medical-only states and countries actually grew faster--up 54% growth to $6.2 billion. The United States saw 81% of spending in 2019, although superior growth in the rest of the world will continue balancing the market across the U.S., Canada and Europe through 2024.

“These stunning growth numbers prove the negative stigma of cannabis is coming to an end in the U.S. What’s incredible is the realization that so much potential growth remains both domestically and globally,” said Troy Dayton, founder and chief strategy officer of The Arcview Group. “With sales jumping nearly 50% in an industry with only a handful of markets online, this report quantifies why there’s so much anticipation from producers and shrewd investors waiting for national and international markets to open up or mature. The fallout in public market valuations is not trending with the tremendous growth curve of this exploding market. That discrepancy represents a unique and time-bound opportunity for investors.”

Despite strong growth, regulatory challenges created headwinds that artificially hampered business activity in California, Canada and numerous other markets.

“The disconnect between investor sentiment and the facts on the ground is as dramatic as anything I’ve seen since the dot.com stock crash of 2000, which happened just as the internet caught fire with consumers,” said Tom Adams, editor-in-chief of Arcview Market Research and managing director of BDS Analytics Industry Intelligence. “Five billion additional dollars were spent on legal cannabis in 2019. That’s bigger than the entire legal cannabis market was in 2015.”