Sep 01 2023

Global Cannabis Stock Index Sees 22% Increase Following Marijuana Rescheduling News

The Global Cannabis Stock Index has seen a significant jump following news that the Department of Health is requesting the DEA reschedule marijuana from Schedule 1 to Schedule III.

Last week, on August 24, the Global Cannabis Stock Index was at 7.29, the lowest ever recorded since the index’s creation in 2013. As of yesterday, August 31, the index had jumped to 8.91, a 22% increase. This jump came one day after the Department of Health news. As of the time of publication the index rose slightly more to 8.93 (its high for the day is 9.19).

The last time the index was above 8.50 was in the middle of March. The 8.93 represented currently still marks a roughly 20% decrease from the high point of the year (11.28 in February).
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Sep 01 2023

Michigan Marijuana Workers Vote to Unionize With Teamsters

Drivers and budtenders at Ascend Cannabis Provisions in Michigan have overwhelmingly ratified their first contract with Teamsters Local 406.

It is the second collective bargaining agreement in the Michigan cannabis industry that the Teamsters have ratified, and the first in the Western part of the state.

The agreement features significant improvements, including an immediate raise with a three percent wage increase for all workers each following year, guaranteed gratuities and increased transparency around the way they are distributed, guaranteed discounts, seniority, protections from unjust termination and discipline, enhanced safety for drivers, and more paid time off.
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Sep 01 2023

South Dakota AG Releases Final Ballot Summary for Marijuana Legalization Initiative, Proponents Aim for Vote in 2024

South Dakota Attorney General Marty Jackley has approved the final summary language for an initiative to legalize marijuana that proponents are hoping to put to a vote in 2024.

Proponents of the measure must now collect 17,509 signatures from registered South Dakota voters in order to put the issue before voters in November, 2024.

If the initiative is placed on the ballot and passed into law, the possession of up to two ounces of marijuana and the cultivation of up to six plants would be allowed for those 21+. Marijuana use would be restricted “where tobacco is prohibited”, and the initiative would have no impact on the state’s current hemp and medical marijuana laws.
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Sep 01 2023

Clinical Trial: High-CBD Marijuana Doesn’t Negatively Impact Driving Performance, But THC Could be Detected Hours Later

Consuming high-CBD/low-THC marijuana doesn’t adversely impact driving abilities, but THC may be detected up to five hours after, according to clinical trial data published in the International Journal of Legal Medicine.

Conducted by researchers at the  University of Basel, the aim of this “prospective, placebo-controlled, double-blind, randomized, cross-over study was to determine cannabinoid levels in blood and driving-related ability after single (S1) and repetitive (S2) vaporization of cannabis rich in cannabidiol (CBD)”. The study was published online ahead of print by the US National Library of Medicine.

For the study healthy adult volunteers were given either low-THC/CBD-rich cannabis products or a placebo. Main outcomes were “THC- and CBD-levels in whole blood and overall assessment of driving-related ability by computerized tests.”
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Aug 30 2023

New Hampshire: Legislative Work Session on Marijuana Legalization Scheduled for September 6

Legislation that would legalize marijuana for everyone 21 and older, first filed in January, has been scheduled for a legislative work session next week.

The subcommittee work session on House Bill 544 will take place at 10 am in Legislative Office Building 302-304. The proposed law was filed by State Representative Daniel Eaton along with with cosponsors.

House Bill 544 would regulate marijuana similar to alcohol. It would put control of the legal marijuana market in the hands of the state liquor commission.
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Aug 30 2023

US Secretary of Health Confirms Department of Health is Requesting DEA Make Marijuana Schedule III

Earlier today we reported that U.S. Assistant Secretary of Health sent a letter to the DEA recommending that marijuana be rescheduled. Now the head of the the Department of Health has confirmed the news.

“I can now share that, following the data and science, @HHSGov has responded to @POTUS’ directive to me for the Department to provide a scheduling recommendation for marijuana to the DEA”, said Secretary of Health Xavier Becerra in a social media post. “We’ve worked to ensure that a scientific evaluation be completed and shared expeditiously.” The social media post was made at exactly 4:20pm.

In the letter addressed to the Drug Enforcement Agency (DEA) the Department of Health asked for marijuana to be reclassified as a Schedule III drug under the Controlled Substances Act, allowing it to be used for medical purposes (other schedule III drugs include codeine and testosterone).
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Aug 30 2023

Connecticut Launches Loan Program in Support of Social Equity Marijuana Businesses

Connecticut’s Social Equity Council and Department of Economic and Community Development says its Canna-Business Revolving Loan Fund is now actively accepting applications.

The new fund was established under the state’s marijuana legalization law. It offers social equity licensees loans with a fixed rate of 3%. In addition applicants who enroll in and complete SEC’s accelerator program will receive a 1.5% interest rate discount.

“Access to fair, safe and equitable funding for cannabis businesses is critical to standing up and building strong companies,” SEC Executive Director Ginne-Rae Clay said yesterday in a press release. “Connecticut is among the first states to offer direct state financial assistance to ‘budding’ cannabis entrepreneurs.”
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Aug 30 2023

Global Market for Medical Marijuana Oil Worth Over $2 Billion, to Grow to $7.1 Billion by 2030

According to a new report the global medical marijuana oil market was sized at $2.1 billion in 2021, and is forecast to grow to $7.1 billion by 2030.

The over tripling of value by 2030 would mark a compound annual growth rate (CAGR) of 12.1% during the forecast period of 2022 to 2030, finds the report conducted and released by Report Ocean.

“Cannabis oil is anti-inflammatory and acts as a pain reliever”, states the report. “In addition, it offers superior moisturization and unclogs the pores. Moreover, the rising use of cannabis oil in skincare products will drive the growth of the market.”
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Aug 30 2023

California Attorney General Calls for State to Lower Marijuana Prices

At a press conference California Attorney General Rob Bonta announced his plan to lower marijuana prices and combat illicit marijuana grows.

“The barriers to entry are too high”, Bonta said. “The costs to stay in operation are too high. And we should be lowering taxes at least temporarily for our legal cannabis businesses”.

Bonta unveiled the Cannabis Administrative Prosecutor Program that he says will make it easier for the government to shutdown illegal marijuana companies while lowering the price of marijuana as a means of encouraging people away from the blackmarket.
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Aug 30 2023

Official at Department of Health and Human Services Asks DEA to Reschedule Marijuana

A senior official at the US Department of Health and Human Services has officially recommended that the government ease restrictions on marijuana.

In a letter addressed to the Drug Enforcement Agency (DEA) administrator Anne Milgram, U.S. Assistant Secretary for Health Rachel Levine asked for marijuana to be reclassified as a Schedule III drug under the Controlled Substances Act, according to a report by Bloomberg News.

Under current federal law, marijuana is currently classified as a Schedule I drug, putting it alongside hard drugs such as heroin and LSD and indicating that it has “no known medical benefit” and making it illegal for all uses.
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