Sep 12 2023

14 US Congressmembers Send Letter Asking DEA To Keep Marijuana Schedule 1

A group of Republican lawmakers, led by Senator James Lankford (R-OK) and Representative Pete Sessions (R-TX), have sent a bicameral letter to the Drug Enforcement Administration (DEA) urging the agency to not remove marijuana from the list of Schedule I drugs.

In a letter sent recently to the Drug Enforcement Agency (DEA), the Department of Health (DOH) officially requested that marijuana to be reclassified as a Schedule III drug under the Controlled Substances Act, which would effectively legalize it for prescription use. Now, a group of Republican lawmakers is urging the DEA to reject this request.

Lankford and Sessions were joined by Senators Mike Rounds (R-SD), Jim Risch (R-ID), Marsha Blackburn (R-TN), Markwayne Mullin (R-OK), Mike Crapo (R-ID), Tom Cotton (R-AR), and Ted Budd (R-NC) along with Representatives Chuck Edwards (R-NC), Robert Aderholt (R-AL), Hal Rogers (R-KY), Earl L Carter (R-GA), and Andy Biggs (R-AZ) in sending the letter to DEA.
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Sep 11 2023

New Jersey Officials Legalize Marijuana-Infused Foods and Drinks

The New Jersey Cannabis Regulatory Commission has passed new regulations that significantly expand the type of marijuana products licensed retail outlets and dispensaries can sell.

Recreational marijuana was legalized in New Jersey in 2021, with licensed marijuana retail outlets opening the following year. Despite allowing marijuana-infused “syrups, pills, tablets, capsules and chewables” to be sold to anyone 21 and older, the state up until this point has not allowed marijuana foods or drinks to be sold.

Rules approved Friday by the commission changes this by explicitly allowing “marijuana edible products resembling food and drink”.
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Sep 11 2023

Connecticut: August Marijuana Sales Break Monthly Record at $25 Million

Marijuana sales in August have broken the monthly record set in June.

There was $24,938,642 worth of marijuana and marijuana products sold legally in August, according to the Connecticut Department of Consumer Protection. $10.9 million of this was purchased by authorized medical marijuana patients. Total sales pass, by $1 million, the monthly record set in June ($23.9 million).

The total amount of marijuana sold since the start of legal recreational marijuana sales in January of this year now stands at nearly $175 million.
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Sep 11 2023

New Study Highlights Role of Psychedelics in Protecting Mental Health During COVID-19 Pandemic

A landmark study recently published in the journal Scientific Reports under the umbrella of Nature, offers new insights into the potential benefits of psychedelics on mental well-being during the challenging circumstances of the COVID-19 pandemic.

The research, conducted collaboratively by several institutions, including ICEERS, Universitat Rovira i Virgili, the University of São Paulo at Ribeirão Preto, and the Autonomous University of Madrid, reveals a positive correlation between the use of psychedelics and indicators of psychological well-being.

The study employed a longitudinal and transcultural approach, incorporating various disciplines such as psychology, anthropology, and public health. Researchers surveyed a diverse participant base to ensure the findings have global applicability. Advanced data analysis techniques were used to interpret the results.
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Sep 11 2023

Study: CBD Blocks Development of Breast Cancer Tumors In Vivo

Results of a new study “confirm that in vivo CBD blocks development of breast cancer tumors formed by cells induced to malignancy by IL-1β, endorsing its therapeutic potential for cancer treatment.”

Conducted by researchers at the Avenida Instituto Politécnico Nacional and Universidad Nacional Autónoma de México, the study was published by the International Journal of Molecular Sciences.

“Previously, we showed in vitro that IL-1β treatment of non-invasive human breast cancer MCF-7 cells promoted their transition to a malignant phenotype (6D cells)”, states researchers. “This epithelial-mesenchymal transition was reverted by exposure to cannabidiol (CBD).”
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Sep 10 2023

Global Cannabis Stock Index Up 36% Since Late August

The Global Cannabis Stock Index has had a considerable increase since the yearly low set in August.

Following news that the Department of Health is requesting the DEA reschedule marijuana from Schedule 1 to Schedule III, the Global Cannabis Stock Index increased from 7.42 on August 29 (the day before the news broke), to 9.63 a week later on September 6, a roughly 30% increase.

The Index saw another, albeit smaller, increase between September 6 to September 8, jumping to 9.93. This represents a 36% increase over the yearly low of 7.29, set on August 24.
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Sep 10 2023

Arkansas Ban on Delta-8 THC and Other Hemp Products Blocked by Federal Judge

A federal judge has blocked enforcement of an Arkansas law that prohibits the distribution of products made from hemp and products containing delta-8 THC.

U.S. District Judge Billy Roy Wilson ruled this week to stop the enforcement of Act 629, which was passed by the state’s legislature earlier this session. The measure would ban both the production and sale of items containing delta-8, delta-9 and delta-10 THC. The lawsuit was filed by four different businesses, Bio Gen LLC, Drippers Vape Shop LLC, The Cigarette Store LLC, and Sky Marketing Corp, who argued that the law is “unconstitutionally vague.”

Judge Wilson stated that restricting transportation of items containing hemp would violate federal law. He pointed out that the legislature appeared to “keep the parts of the program it likes (purely industrial uses) and eliminate the parts it doesn’t (human consumption).”
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Sep 10 2023

California Senate Committee Passes Bill to Ban Marijuana Products With Various Images Including Humans

Legislation in California to ban the use of a large variety of images on the packaging of marijuana products has been passed by a key Senate committee, months after its unanimous passage through the state’s Assembly.

marijuana edibles

(Photo credit: Elsa Olofsson).

California Assembly Bill 1207, filed by Assemblymember Jacqui Irwin, has been passed by a 5 to 1 vote through the Senate Appropriations Committee. The measure was approved by the full Assembly, 61 to 0, in May. Although the measure is being dubbed as a bill to prevent marijuana products from appealing to children, in reality it would ban thousands of potential images that may or may not have any appeal to kids, including the image of any human, real or fictional.

The measure would prohibit products that are considered “attractive to children”, including “but not limited to, images of any of the following, except as part of required health warnings:
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Sep 08 2023

$139 Million in Legal Marijuana Sold in Illinois in August, Prices Reach All-Time Lows

Throughout August Illinois marijuana stores sold $139.2 million worth of product, a 7.6% increase over the year prior.

The sales are similar to, but slighter lower than the $140 million sold in July (a monthly record), and they’re just shy of $4 million more than the sales for June.

$104.9 million of the marijuana and marijuana products sold came from those living in Illinois, with the remaining $34.3 million purchased by out-of-state residents.
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Sep 08 2023

Report: Global Cannabis Market to Grow from $51 Billion in 2023 to $102 Billion by 2028

According to a new report conducted by the research firm Statista, the revenue for the global cannabis market is projected to reach $51.27 Billion in 2023.

The report estimates the market to have an annual growth rate (CAGR 2023-2028) of 14.95%, resulting in a market volume of US$102.90 Billion by 2028.

“The Global cannabis market just continues to keep growing year after year”, states the report. “The increasing legalization of cannabis and rising acceptance of its use for medical purposes are the key factors driving the growth of the market.”
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