CCMA Political greenBrief
Thursday, June 14, 2018
“New brands might become statewide staples, while some legendary brands will be out of the marketplace. It’s definitely a reckoning.”
Kenny Morrison of Venice Cookie Co. and head of the California Cannabis Manufacturer’s Association
“We urge Congress to pass the 2018 Farm Bill, which would permanently remove hemp and hemp products from the purview of the Controlled Substances Act.”
Medical Marijuana, Inc. CEO Dr. Stuart Titus
Medical Marijuana, Inc. Applauds DEA’s Recent Clarification on CBD; Company’s Products Federally Legal (National – Federal Regulations)
PR Newswire Association (June 14, 2018) Drug Enforcement Administration (DEA) for its recent statement on the legality of cannabidiol (CBD) — which further clarifies that some CBD products, such as hemp-derived CBD products sold by Medical Marijuana, Inc., are legal to distribute freely throughout the United States and do not fall under the regulations of the Controlled Substances Act (CSA).
Extras on Excise: California Bill Proposes Banks for Marijuana Businesses (CA – State Legislation)
Bloomberg BNA (June 13, 2018) In an effort to address the lack of banking services available to marijuana businesses, S.B. 930 was introduced on Jan. 25, 2018, and recently passed the California Senate. The bill would establish the cannabis limited charter banking and credit union law (CLCL), administered by the Department of Business Oversight (DBO).
Stock Up Now, California. A Lot of Cannabis Is About to Disappear From Stores (CA – Cannabis Testing)
Leafly (June 13, 2018) As of July 1, 2018, all licensed medical and adult-use cannabis must conform to the state’s new testing and packaging requirements, to insure products are clean and child-resistant. All products sold after July 1 have to go through a distributor and a lab before they hit the shelves. But will there be enough labs to handle the volume? That’s an open question.
California Airbnb Offers “Bud And Breakfast” — Pot Included (CA – Cannabis Business)
CBS News (June 13, 2018) So-called “bud and breakfast” rentals are popping up across California, a new take on the traditional weekend getaway experience that spices things up with cannabis. That’s the legal amount that can be offered as a gift under state law.
Virginia Woman Arrested in Connection to CA Cannabis Home Invasions (CA – Marijuana Robbery)
San Francisco Chronicle (June 13, 2018) A 20-year-old woman who eluded authorities for nearly three months was arrested Monday in Virginia after taking part in two home invasions in Sonoma County — one of which was fatal — in search of marijuana, authorities said. The robberies mark a growing concern among North Bay law enforcement officials who suspect out-of-state criminals are targeting area homes due to California’s lucrative and recently legalized cannabis industry.
Here’s Why We Believe That Medical Marijuana Stock Aphria Is Undervalued (Canada – Cannabis Stocks)
Forbes (June 13, 2018) As Canada comes close to legalizing marijuana for personal use, Canadian pot stocks are on the rise. According to market research, the sales of Canadian marijuana are expected to go up by more than $4 billion in the first year of its legalization.
Studies: Medical Marijuana Combats Opioid Abuse (OK – Health Care)
NonDoc (June 14, 2018) Researchers from the Rand Corporation, supported by the National Institute on Drug Abuse, have conducted the most detailed examination of medical marijuana and opioid deaths to date and found something few initially expected. The analysis showed an approximately 20 percent decline in opioid overdose deaths between 1999 and 2010 in states with legalized medical marijuana and functioning dispensaries.
From Head Taxes To Parcel Taxes, Cities And States Are Looking For New Ways To Raise Revenue (National – Marijuana Taxation)
Forbes (June 14, 2018) States have taxed pot since California legalized medical marijuana in 1996, but the real revenue started flowing in 2012 when Colorado and Washington fully legalized marijuana and created excise taxes on the weed. Now, 30 states have legalized—and taxed–pot. Just since 2016, a dozen states have either OK’d or implemented taxed sales of marijuana. Last year alone, Colorado collected $250 million in taxes and fees on weed. Like post- Prohibition alcohol taxes, states are going where the money is.