CCMA Political greenBrief
Wednesday, February 13, 2019
Steve DeAngelo, Founder & CEO Of Oakland’s Harborside Dispensary, Struck A Deal With Canadian Investors Which Would Allow The Company To Be Listed On The Canadian Securities Exchange. California Companies Like Harborside Can’t Access The New York Stock Exchange Or Nasdaq Stock Market To Raise Money Since Cannabis Is Still Federally Illegal In The U.S.
“In terms of how to move the research forward in medical marijuana, one of the issues has been because of the usual legal status in the United States, research has been limited. There’s no consistency between the different types of marijuana, the studies done. We need good, consistent, well-designed clinical studies with good, consistent material so that we can fully assess the impact, and don’t get me wrong, also the potential drawbacks.”Sen. Jacky Rosen (D-NV) On Combatting The Opioid Crisis With Cannabis
“Many Canadian investors view the U.S. as one of the most compelling investment opportunities in the world. There is more cannabis activity in California than in all of Canada.”Sean McNulty, Founder & Principal At Toronto-Based XIB, On Canadian Investors In The CA Cannabis Market
EVENT: Malibu Fire Fundraiser On February 15th (Los Angeles – Cannabis Events)
On Friday February 15th, help the CCMA and Future Cannabis Project bring the cannabis community together for a fundraiser to benefit victims of the Woolsey Fire in Malibu. Daytime activities include conference sessions and yoga classes. The evening kicks off with a four course dinner prepared by a team of chefs followed by a party in a beautiful venue in downtown Los Angeles. Tax deductible proceeds will go directly to the Malibu Foundation, a non-profit working to assist in recovery for victims of the Woolsey Fire.
Lessons From California: How Not To Tax The Marijuana Industry (CA – Cannabis Taxation)
JD Supra (February 12, 2019) The marijuana industry continues to be in a trial-and-error period. Banks, financial institutions, insurers, transport companies, and other businesses are cautiously attempting to find their footing in a booming and lucrative—but risky—market. So are state governments, which have been grappling with questions about the appropriate levels of regulation and taxation.
O Cannabis! Canucks Invest In California’s Weed (CA – Cannabis Investments)
The Mercury News (February 12, 2019) This week two major businesses – Oakland’s Harborside and San Francisco’s Apothecarium – announced deals with Canadian investors whose government considers cannabis as legit as Tim Hortons coffee. But because the plant remains illegal under federal law, California companies can’t access the New York Stock Exchange or Nasdaq Stock Market to raise money.
Social Cannabis Consumption Taking Off In California And Colorado (CA & CO – Cannabis Consumption)
Freedom Leaf (February 11, 2019) Vape lounges and cannabis cafés are popping up everywhere in 2019. San Francisco has the largest concentration of licensed facilities, with a dozen dispensaries that feature tabletop vaporizers, edibles consumption and, at some, even marijuana smoking. It’s a major trend that will continue around the country in legal states this year.
Lake County Farmers, Realtors Ask For Cannabis Permitting Changes (CA – Cannabis Cultivation)
Lake County Record-Bee (February 12, 2019) As the County of Lake plans to revisit its cannabis cultivation regulations this year, local farmers and real estate agents are asking for specific amendments to facilitate easier permitting. As the county reviews its policy, locals are pursuing a set of amendment that would remove some barriers from the permitting process. These amendments have been proposed in letters to county officials by a realtors association, the owners of Lake County’s only commercial hops farm, and others.
The High End: Barneys To Open ‘Cannabis Lifestyle And Wellness’ Shop In Beverly Hills (CA – Cannabis Retailers)
USA Today (February 12, 2019) Barneys New York is already known for its high-end clothes. It soon will be known for another “high end.” The luxury specialty retailer announced it will become the first major retailer to open a luxury cannabis lifestyle and wellness concept shop called “The High End.” The shop will open in Barneys’ Beverly Hills flagship store in March and is a partnership with Los Angeles-based cannabis company Beboe.
With Mixed Signals From Washington, Banks Won’t Touch Cannabis (USA – Cannabis Banking)
The Citizens Voice (February 12, 2019) Several efforts to push through new federal legislation have not moved, but the House financial services committee’s Consumer Protection and Financial Institutions Subcommittee scheduled a hearing Wednesday to take testimony on challenges and solutions surrounding cannabis and banking access. Beyond banking, capital still mostly comes from private investors.
Senators Focus On Marijuana’s Role In Combating Opioid Crisis At Hearing (USA – Cannabis Politics)
Marijuana Moment (February 12, 2019) Doctors testifying about the opioid epidemic on Capitol Hill on Tuesday made clear that marijuana has medical potential as an alternative pain treatment option and that federal prohibition is inhibiting cannabis research. The Senate Health, Education, Labor and Pensions Committee held a hearing to discuss how to manage the nation’s opioid crisis, and medical marijuana was a point of particular interest raised by several lawmakers.
Study Shows How Marijuana Component CBD Can Help People With Substance Use Disorders (Australia – CBD Market)
Marijuana Moment (February 12, 2019) Cannabidiol, or CBD, shows promise as a potential treatment option for various types of substance use disorders, according to a recent review of existing studies. A team of Australian researchers summarized the results of multiple human and animal trials on CBD and addiction, finding that the non-intoxicating component of marijuana can reduce cravings and the risk of relapse for chronic alcohol, tobacco and opioid misuse.
This Former President Thinks Mexico Could Soon Be Exporting Cannabis To The U.S., Legally (USA – Cannabis Exports)
Forbes (February 12, 2019) Vicente Fox was not big on weed during his time as president of Mexico – he served between 2000 and 2006. However, in recent years, he’s become a vocal advocate of marijuana legalization as he learned about the plant’s medical potential and realized the economic implications legalization could have. Mr. Fox’s views evolved considerably, along with the Mexican legal cannabis market, where medical marijuana sales have already commenced, and recreational cannabis legalization is closer than ever as the Supreme Court, ruling party and new president support the initiative.
A First In Cannabis? This Marijuana Tech Company Raised $2 Million To Expand Beyond The Industry (USA – Cannabis Industry)
Forbes (February 12, 2019) As the cannabis industry grows, people and companies from other trades are rapidly migrating toward it. From Fortune 500 execs to former politicians, and from banks to beer makers, smart money seems to want a piece of the green rush. Regs Technology – or RegsTech for short, the parent company to CannaRegs, which operates a data platform that provides comprehensive cannabis-related legal data, including rules and regulations from municipal, county, state and federal sources, just closed a $2 million funding round.
Aurora Cannabis Sends A Mixed Message To Marijuana Investors (USA – Cannabis Investments)
The Motley Fool (February 12, 2019) With its extensive growth capacity, its voracious appetite for acquisitions, and its name and brand awareness among consumers, Aurora consistently ranks among the top prospects for cannabis stocks. Aurora’s report was mixed on that front, and despite expected sales increases, there’s still uncertainty about whether Aurora’s future strategic direction will be the best for shareholders.
MedMen Expelled From New York City Cannabis Association Following Continued Allegations Of Racism, Sexism, And Financial Impropriety (NY – Cannabusiness)
Po Network (February 12, 2019) According to a report in the New York Daily News, embattled retail store MedMen is no longer a part of the New York Medical Cannabis Industry Association following allegations of financial impropriety and accusations of sexism and bigotry among top executives. According to a recent lawsuit filed in Los Angeles Supreme Court by former chief financial officer James Parker, company executives, led by CEO Adam Bierman are alleged to have committed fraud, dipping into to company finances to personally enrich themselves at the expense of shareholders.