Sep 06 2024

Report: Legal Marijuana Market Valued at $47 Billion, to Grow to $107 Billion by 2028

According to a new report by Research and Markets, the global market for legal marijuana is valued at just over $47 billion, and is expected to grow substantially in the coming years.

“2023 was something of a mixed bag for the legal cannabis industry”, states the report. “While 13% year-on-year growth to reach USD47.1 billion represents a modest recovery from the high single-digit growth experienced in 2022, it remains some way off the 40% and 30% expansion achieved during the pandemic in 2020 and 2021, respectively.”

That said, the “forecast remains positive”, as the $47.1 billion market is expected to grow at a compound annual growth rate of 18% through 2028, leading to a valuation of $107 billion.
Continue reading

Sep 06 2024

Kamala Harris Supports Descheduling Marijuana, Along With Over 100 Members of US Congress

Vice President Kamala Harris hasn’t made marijuana an issue since becoming the Democratic nominee for president. However, there’s no doubt she would be the most pro-marijuana president in history, including being completely in support of descheduling marijuana, the key priority of many activists.

While serving as San Francisco’s DA and then California’s Attorney general, Harris opposed California’s 2014 marijuana legalization initiative, infamously laughing at a reporter who asked her opinion on the issue. She’s also faced criticism from progressives for prosecuting marijuana-related offenses, although marijuana charges did go down significantly following her tenure.

Despite this, Harris’ opinion on the matter advanced through the years. In September 2019, Harris announced her support for legalizing marijuana, marking a significant shift in her political platform.
Continue reading

Sep 06 2024

Grand Opening of North Carolina’s First-Ever Recreational Marijuana Store is Tomorrow at 10am

Tomorrow at 10am, North Carolina’s first-ever recreational marijuana store will open its doors to everyone 21 and older.

Although the Great Smoky Cannabis Company is located in Cherokee, on the tribal land of Eastern Band of Cherokee Indians (three hours from Charlotte and 4.5 hours from Raleigh), anyone who’s at least 21 years old can come into the store and purchase a variety of marijuana and marijuana products. There is no requirement to be a tribal member, or a medical marijuana patient.

The marijuana superstore, housed in a former bingo hall that underwent a renovation costing more than $50 million, initially launched on April 20, serving only medical marijuana patients who were also members of the tribe. By July 4, recreational sales were introduced, but access remained restricted to tribal members. Starting on September 7, the store will welcome anyone aged 21 and over, allowing them to purchase a wide array of marijuana products.
Continue reading

Sep 05 2024

Study Finds Those With Rheumatic Conditions Regularly Replace Traditional Medications Like Opioids With Medical Marijuana

A study published recently in the journal ACR Open Rheumatology reveals that a significant number of patients with rheumatic conditions in the U.S. and Canada are substituting medical marijuana for traditional medications.

Conducted by researchers from the University at Buffalo, McGill University, and the University of Michigan Medical School, the study analyzed responses from 763 participants who reported using medical cannabis (MC). Their objective was “to investigate the degree to which this substitution occurs among people with rheumatic conditions.”

Among 763 participants, “62.5% reported substituting MC products for medications, including nonsteroidal anti-inflammatory drugs (54.7%), opioids (48.6%), sleep aids (29.6%), and muscle relaxants (25.2%)”, states the study.
Continue reading

Sep 05 2024

Pennsylvania: One in 14 Residents Are Medical Marijuana Patients

Roughly eight and a half years after Pennsylvania legalized medical marijuana, nearly a million people have registered as medical marijuana patients.

According to recent state data, there are 942,231 patients and caregivers registered in the state (around 5,000 being caregivers). This is slightly over 7% of the state’s total population of around 13 million according to recent census data. Only Maine and Oklahoma have a highest percentage of medical marijuana patients per capita.

Pennsylvania legalized medical marijuana in April 2016, when Governor Tom Wolf signed the Pennsylvania Medical Marijuana Act into law. The program officially launched in 2018, with dispensaries opening to patients in February of that year. The law allows those with a qualifying medical marijuana condition and a recommendation from a licensed physician to join the program.
Continue reading

Sep 05 2024

Kentucky: 4,998 Applications Received for Medical Marijuana Business Licenses, Including 4,076 for Dispensaries

The number of applications for medical marijuana business licenses that Kentucky received almost doubled from 2,650 on August 30, to nearly 5,000 the next day, which was the deadline.

According to the Kentucky Office of Medical Cannabis (KOMC), there has been 4,998 completed applications received for those wanting to enter into the state’s new medical marijuana industry. This includes 4,076 applications for dispensary licenses.

Beginning January 1st next year, licensed dispensaries will be permitted to sell cannabis products to qualifying patients. The state plans to issue these licenses in October via a lottery system. Kentucky will approve up to 48 dispensary licenses, ensuring at least four are distributed among each of the 11 licensing regions. Jefferson and Fayette counties will receive two licenses each, while other counties will be limited to no more than one.
Continue reading

Sep 05 2024

UTHealth Houston Seeks Participants for Study on Psilocybin (“Magic Mushrooms”) for Depression

UTHealth Houston is currently recruiting participants for a study exploring the potential of psilocybin, a compound found in “magic mushrooms,” to treat individuals with treatment-resistant depression.

Dried psilocybin mushrooms (photo credit: Rich Townsend/Getty Images).

The study, conducted by the Center of Excellence on Mood Disorders, is part of a global multi-center initiative sponsored by COMPASS Pathways. The trial will involve a single administration of either 25 mg of psilocybin or a placebo. Participants will be closely monitored and supported by specially trained therapists throughout the process. These therapists will guide them before, during, and after the psilocybin session to ensure a safe and comfortable experience.

A key requirement for participation is that all individuals on antidepressants must taper off their medication 3 to 6 weeks before the study’s baseline phase. The study team will assist with this tapering process to ensure patient safety.
Continue reading

Sep 05 2024

Federal Appeals Court Rules THC-O Is Federally Legal, Rejecting DEA’s Stance

The U.S. Court of Appeals for the Fourth Circuit has ruled that the hemp derivative THC-O-acetate is federally legal under the 2018 Farm Bill.

(Photo credit: Getty Images).

In giving their ruling, the appeals court rejected the Drug Enforcement Administration’s (DEA) position that it should be classified as a Schedule I controlled substance, making it illegal nationwide for all purposes.

The ruling, issued yesterday, stemmed from an employment dispute where the legality of THC-O was a key issue. The majority opinion from a three-judge panel determined that the DEA’s interpretation of the law was overly broad and did not apply to THC-O, which can be synthesized from cannabinoids found in legally cultivated hemp. In its decision, the Fourth Circuit referenced a prior ruling from the Ninth Circuit, which held that the 2018 Farm Bill legalized a broad range of hemp-derived cannabinoids, including delta-8 THC.
Continue reading

Sep 05 2024

Ohio Approves 121 More Licenses for Marijuana Stores, Places Cap in the Largest Cities

Ohio’s Division of Cannabis Control (DCC) has nearly doubled the number of approved applications for marijuana retail licenses, while simultaneously capping the number of cannabis retail outlets in the state’s three largest cities.

While approving 121 new store applications, the DCC ruled that 47 of these retailers cannot open in Franklin, Cuyahoga, or Hamilton counties, which encompass Columbus, Cleveland, and Cincinnati. The DCC determined that these areas already have adequate retail presence, and no new licenses will be approved for the foreseeable future.

The newly approved permits are part of the state’s “10(B) license” program, which allows licensed growers and retailers to expand operations. The approvals come in addition to the 123 medical marijuana dispensaries that began selling adult-use products on Aug. 6.
Continue reading

Sep 05 2024

Study: THC and CBD Combo May Slow Alzheimer’s Progression by Modulating Brain Chemistry

A groundbreaking study published in the per reviewed journal Neurotherapeutics shows that a combination of tetrahydrocannabinol (THC) and cannabidiol (CBD) may offer new hope for treating Alzheimer’s disease (AD).

“A combination of Δ9-tetrahydrocannabinol (Δ9-THC) and cannabidiol (CBD) at non-psychoactive doses was previously demonstrated to reduce cognitive decline in APP/PS1 mice, an animal model of Alzheimer’s disease (AD)”, starts the study’s abstract. “However, the neurobiological substrates underlying these therapeutic properties of Δ9-THC and CBD are not fully understood.”

Considering that dysregulation of glutamatergic activity contributes to cognitive impairment in AD, the present study “evaluates the hypothesis that the combination of these two natural cannabinoids might reverse the alterations in glutamate dynamics within the hippocampus of this animal model of AD.”
Continue reading