CCMA Political greenBrief
Wednesday, September 12, 2018
“The Medical Cannabis Research Act would, in theory, dramatically expand access to medical grade cannabis for researchers for scientific purposes. While the bill is imperfect as it would rely on known prohibitionist Attorney General Jeff Sessions to oversee an overly restrictive permitting process, its passage would be a step in the right direction to lay the foundation for future research into marijuana’s most beneficial properties.”Justin Strekal, Political Director For NORML, On The Expansion Of Medicinal Cannabis Research
“The reality is that adult-use in the U.S. is enjoying its ‘honeymoon’ stage. Over time, many of the same variables driving global growth of medical, which include rising quality standards, growth of CBD and increased research on efficacy, will likely create a resurgence in medical growth alongside a stabilizing adult-use market.”Giadha Aguirre de Carcer, CEO Of New Frontier Data, On The Continuing Expansion Of The Adult Legal Cannabis Market
Wildfire Torches Grower’s Home, 1,200-Pound Cannabis Harvest In California (CA – Cannabusiness)
Leafly (September 12, 2018) Wildfires leave behind a checkerboard of fate: Here the firefighters saved a house. There an orchard burned. Here landowners cleared away brush. There a tenant lacked the money to mow. Sometimes, the destruction’s causes are clear, but sometimes what is saved and why remains mysterious. People living close to the land know nature can seem inscrutable, and nowhere is that more true than in cannabis country. Noah Cornell, a Northern California cannabis farmer, knows this too well. His home, where his now-six-year old son was born, as well as his cannabis farm with an estimated 1,200 pound-harvest in the fields has all burned to the ground this summer in one of the worst wildfire seasons in California history. It’s being called the “new normal.”
Loudpack Announces Loudpack Legacy, A New Program To Support Local California Farmers (CA – Cannabis Cares)
Cannabis Business Times (September 10, 2018) Loudpack has announced the launch of Loudpack Legacy, an initiative designed to support local cannabis farms and farmers in California through partnerships with licensed growers. As part of the company’s ongoing efforts to bolster the local cannabis community, Loudpack has deepened partnerships with farms in four counties including Humboldt, Mendocino,Trinity and Lake County. Loudpack will utilize its vertical amalgamation of cultivation, manufacturing and distribution relationships to highlight the small batch cannabis that each of the farms has to offer, bringing their product to a new range of consumers.
‘It’s Going To Be Really Exciting To See This New Category Develop’ Cannabis Players Vertical And Form Factory Look To New Product Launches (CA – Cannabusiness)
Beverage Daily (September 12, 2018) Cannabis-infused food and drinks are hitting the niche market for medical and recreational consumers. Vertical and Form Factory have partnered up to drive a series of brand launches in California over the coming months – with plans to expand further over time. California is currently the largest market for cannabis in the world, and as the space goes more mainstream and laws are changed, a huge market for cannabis-infused products are opening up.
Redding Gives A Green Light To First Cannabis Cultivator (CA – Cannabis Cultivation)
Record Searchlight (September 12, 2018) Minutes before ratifying its objection to a cannabis cultivation business opening next to the Good News Rescue Mission, the Redding Planning Commission on Tuesday unanimously approved a similar operation on Innsbruck Drive in a largely industrial area. The Planning Commission made quick work of the Innsbruck proposal, approving Pinnacle Cultivator’s use permit after nobody spoke for or against the commercial marijuana business on the city’s east side, north of Highway 44. It was a stark contrast to the commission’s Aug. 28 meeting, when Aleck Commercial Cultivation’s proposal for South Market Street drew opposition from the Rescue Mission, a homeless shelter that also operates addiction recovery programs for men and women.
The Response To Elon Musk’s Cannabis Use Shows That We Have A Giant Double Standard To Overcome (USA – Cannabis Use)
Forbes (September 12, 2018) Last week, when Elon Musk appeared on The Joe Rogan Experience, he broke the internet when he took a single puff of cannabis at the two-hour-and-ten minute mark. In just under 15 seconds of a podcast that topped two-and-a-half hours, he seemingly did enough damage to cause Tesla’s stock to plummet nine percent, where it remained for the rest of the day. Today, Tesla’s stock price has rebounded and is back to normal. But the fifteen seconds in which Musk accepted Rogan’s joint, studied it quizzically, took a single tentative puff, shrugged it off, and handed it back spawned a slew of headlines that persisted through the weekend. While cannabis use has come more into the mainstream and become more normalized than ever before, the daylong selloff and the headlines that came from Musk’s appearance suggest that cannabis still has a long way to go before it can overcome the stigmas that have persisted around it for decades.
How Medical Marijuana Is Opening The Door To Recreational Cannabis (USA – Recreational Cannabis)
Forbes (September 12, 2018) On October 17, 2018, Canada will become the first G-7 Country to allow citizens to consume recreational marijuana. This is the fulfillment of a campaign promise of Prime Minister Justin Trudeau as well as the culmination of the cultural normalization of cannabis that has been ongoing since medical marijuana was approved in 2002. While this is a tremendous event for the cannabis industry in Canada, it is by no means the end of the story and it is fair to say that trends across the globe would indicate that Canada will not be alone in legalization for very long. For many of our readers, the trend in the United States is personally the most pertinent. We have discussed why we predict that the US will likely not be far behind Canada here. We will not rehash the feedback loop that is in place in the US and, in our opinion, leads towards more relaxed views and laws concerning cannabis.
Data Shows Global Sales Of Cannabis Will Continue To Remain Strong (USA – Cannabis Sales)
MarketWatch (September 12, 2018) According to a research by Ameri Research Inc., the global medical cannabis market was valued at USD 8.9 Billion in 2016 and is projected to grow at a CAGR of 18.2% between 2017 and 2024, crossing the USD 30 Billion mark in global sales by 2024. The medical and recreational cannabis markets are witnessing a period of strong growth, thanks in part to increasing legalization and decriminalization of cannabis products across North America and Europe. The report also explains that due to the complex regulatory structure at the state level and federal level, the full potential of the market is not yet realized.
Why The Adult Cannabis Market Could Kill Its Medical Counterpart (USA – Cannabis Market)
Forbes (September 11, 2018) As more states continue to legalize recreational marijuana—the current tally is nine and Washington, D.C.–speculation is afoot among industry pundits that this could be the precursor to a major slowdown, if not death knell, for the medical marijuana industry, which has 30 states and D.C. allowing its use. According to estimates by leading cannabis researchers ArcView Market Research in partnership with BDS Analytics, the latest revenue projections for the U.S. medical cannabis industry in 2018 is $4.3 billion versus $6.7 billion for adult use. Last year, medical racked up $5.9 billion while adult use snagged $2.6 billion.
Congress Demands Jeff Sessions To Allow More Pot Production For Medical Research (USA – Cannabis Research)
Merry Jane (September 11, 2018) Last month, the Drug Enforcement Agency (DEA) made the surprising announcement that they would be greatly expanding the amount of legally-grown cannabis that will be available for medical research. For decades, the government has allowed the production of around 1,000 pounds of weed a year for research, but all of this government-sanctioned pot comes from one source, the University of Mississippi. The cannabis produced by this institution is notorious for its poor quality, however; so poor that the Food and Drug Administration (FDA) refuses to approve clinical trials that use this “ditch weed.” In August of 2016, the DEA began accepting applications for new cannabis cultivators to join the University of Mississippi in growing weed for the government. The agency accepted 26 applications, but the final approval process has been continually delayed under the Trump administration.
Federal Court Rules In Favor Of Worker Rejected For Medical Marijuana Use (USA – Medical Cannabis)
Marijuana Moment (September 10, 2018) A Connecticut woman’s rights under that state’s medical marijuana law were violated when a company refused to hire her on the basis of her legal cannabis use, and a lawsuit seeking damages against her would-be employer may proceed, a federal judge ruled. In 2016, Katelin Noffsinger filed suit against Bride Brook Health and Rehabilitation Center, a federal contractor, after a job offer was rescinded following a positive test for cannabis on a pre-employment drug test. Noffsinger had accepted a management-level position with the firm, which then scheduled a drug test. Prior to the test, Noffsinger informed Bride Brook that she was a qualified cannabis patient under Connecticut’s Palliative Use of Marijuana Act, and used the drug—namely, synthetic marijuana pills, consumed in the evening—to treat post-traumatic stress disorder following a 2012 car crash.
Cannabis Stocks Are Flying So High That Even Some In The Industry Are Getting Nervous (Canada – Cannabis Investments)
Financial Post (September 12, 2018) Canada’s cannabis companies are experiencing a rush of investment that’s making even some participants paranoid. “You might argue our valuations are a little bit ahead of our skis,” said Paul Rosen, chief executive officer of Tidal Royalty Corp., which finances weed companies. Tilray Inc., a marijuana company valued at nearly US$9 billion, currently trades at a price-to-sales ratio of about 124. That’s more than 25 times higher than Amazon Inc. and Apple Inc., the two most valuable companies in the S&P 500. And Canopy Growth Corp.’s US$11 billion-plus market value is on par with Barrick Gold Corp.’s, even though the mining firm, with 18,000 workers, is expected to post 20 times the sales this year as the 1,000-employee cannabis company.
Pot Growers Threaten To Sue Cannabis Commission (MA – Cannabis Cultivation)
Salem News (September 11, 2018) An organization representing Massachusetts marijuana growers is considering a lawsuit to compel the Cannabis Control Commission to review the statutorily-required agreements between marijuana businesses and their host towns, something the CCC has resisted doing under the impression it does not have the authority to do so. Peter Bernard, president of the Massachusetts Grower Advocacy Council, told the News Service on Tuesday that his outfit plans to discuss its proposed suit with its attorney on Wednesday and is leaning towards taking the issue to court.