Sep 20 2023

Industrial Hemp Market Worth $8 Billion Globally, to Grow to $23 Billion by 2030

According to a new report, the global hemp market is valued at $8 billion as of the end of 2022.

The Global Industrial Hemp Market report, published by Verified Market Research, estimates that the market will grow at a compound annual growth rate of 14.05% between 2023 and 2030, to rise to an overall value of $23.20 billion.

“The global Industrial Hemp Market is poised for significant expansion, driven by an array of market drivers and regulatory shifts”, states the report. “Key players such as Hemp Oil Canada, Hemp Inc., Konoplex Group, BAFA, Hemp Poland, Dun Agro, HempFlax BV, HempFlax BV, and others are at the forefront of this transformative industry, capitalizing on the increasing consumer awareness of hemp-based products and their diverse applications.”
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Sep 20 2023

US Senators Introduce Bipartisan Marijuana Banking Bill, Credit Union National Association Announces Support

A bipartisan group of senators have introduced the SAFER Banking Act, an update on the SAFE Banking Act.

The Secure and Fair Enforcement Regulation (SAFER) Banking Act was introduced on Wednesday. Co-sponsors of the bill include Senate Majority Leader Chuck Schumer, D-N.Y., and Sens. Jeff Merkley, D-Ore., Steve Daines, R-Mont., Kyrsten Sinema, I-Ariz., and Cynthia Lummis, R-Wyo., Kevin Cramer, R-N.D., Cory Booker, D-N.J., Dan Sullivan, R-Alaska, and Bob Menendez, D-N.J.

The SAFER Banking Act would offer federal protections for banks, credit unions and other financial institutions accepting deposits, extending credit, or providing payment services to an individual or business engaged in cannabis related commerce in states where such activity is legal, so long as they are compliant with all other applicable laws and regulations. It also provides a safe harbor to credit unions and employees who are not aware if their members or customers are involved in cannabis businesses.
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Sep 20 2023

Legislation Filed in US Congress to Protect States That Legalize Magic Mushrooms

US Representatives Robert Garcia (D-CA) and Earl Blumenauer (D-OR) have filed the Validating Independence for State Initiatives on Organic Natural Substances (VISIONS) Act to protect state psilocybin laws.

Psilocybin mushrooms.

The new bill would make it so that federal funds would be prohibited from being used to “prevent any State or unit of local government from implementing such State’s or unit of local government’s own laws that authorize the use, distribution, sale, possession, research, or cultivation of psilocybin.”

In a social media post Rep. Garcia said: “Proud to introduce the VISIONS Act today, which protects legal psilocybin/mushroom use from federal prosecution anywhere where psilocybin is legal. Psilocybin treatments can offer relief to those suffering from anxiety, depression and PTSD for veterans.”
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Sep 19 2023

In Less Than 50 Days Ohio Could Become the 24th Legal Marijuana State

On November 7th of this year voters in Ohio will have the opportunity to make their state the 24th with legal recreational marijuana.

In a little over a month and a half voters in Ohio will decide the fate of Issue 2, which would legalize the personal possession of up to 2.5 ounces of marijuana and up to 15 grams of marijuana concentrates, for those 21 and older. The proposal would also allow for the personal cultivation of up to six marijuana plants.

Issue 2 would also establish a Division of Cannabis Control, as part of the Department of Commerce, with the authority to “license, regulate, investigate, and penalize adult use cannabis operators, adult use testing laboratories, and individuals required to be licensed.” The state would be required to issue at least 50 licenses for marijuana retail outlets.
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Sep 17 2023

CA Bill Legalizing Marijuana Cafes Received by Governor

Legislation that would legalize Amsterdam-style marijuana cafes in California was officially presented to Governor Gavin Newsom on September 15.

Governor Newsom has until October to decide the fate of Assembly Bill 374, which would legalize marijuana cafes where cannabis can be purchased and consumed, as could infused and non-infused food and drinks. Governor Newsom has the option of signing it into law, allowing it to become law without his signature, or vetoing it. The measure passed the Senate 34 and 3 and passed the Assembly 66 to 9, meaning there is well more than the 2/3rds support required to override a potential veto.

Specifically, AB 374 would “allow for the preparation or sale of noncannabis food or beverage products, as specified, by a licensed retailer or microbusiness in the area where the consumption of cannabis is allowed”, and would “allow for the sale of prepackaged, noncannabis-infused, nonalcoholic food and beverages by a licensed retailer”. The law would also allow them to “sell tickets for, live musical or other performances where the consumption of cannabis is allowed.”
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Sep 16 2023

In Michigan, $276 Million in Legal Marijuana Purchased in August, Over $40 Million in Taxes Garnered

In Michigan, August marijuana sales fell barely short of July’s record-breaking numbers despite prices dropping.

In total there was $276,262,397.68 worth of legal marijuana sold in August, less than half a million dollars short of the $276,746,264.07 sold in July (the current monthly record). This is according to a report just released by the Michigan Cannabis Regulatory Agency.

Although August marijuana sales didn’t quite beat July’s numbers, they are a noticeable increase over the $260 million sold in June and the $245 million sold in May. Sales numbers include the distribution of dried marijuana flower as well as other marijuana products including concentrates, edibles and topicals.
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Sep 15 2023

US Senate Committee Schedules Vote for Bill Allowing Banks to Service Marijuana Businesses

On September 27 the Senate Banking Committee will vote on legislation that would allow banks to provide services to marijuana businesses that are legal under their state’s law.

The SAFE Banking Act has received bipartisan support and has been listed as a top priority for Senate Majority Leader Chuck Schumer. After months of negotiations the measure will finally receive a vote in the Senate Banking Committee, with proponents of the measure confident that it has the 60 votes needed to be passed out of the Senate and sent to the US House of Representatives.

The measure would have a wide-reaching impact on the growing marijuana industry. Because marijuana is federally illegal, state-licensed marijuana stores are required to operate entirely cash-only, a clear security risk. The SAFE Banking Act would explicitly give these businesses access to banking and financial services, including bank loans.
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Sep 14 2023

Study Finds Marijuana Extracts Associated With Sustained Improvements in Those With Chronic Health Conditions

Marijuana extracts are associated with health-related quality of life improvements in patients suffering from chronic conditions such as pain, fatigue and anxiety, according to a study published in the journal PLOS One.

For the study researchers examined the efficacy of marijuana extracts in a cohort of over 2,300 patients (aged 18 to 97) who are authorized to use medical cannabis. Participants consumed marijuana extracts, containing various levels of CBD and THC, over the course of three months. he most commonly treated conditions were chronic pain (68.7%), insomnia (22.9%), generalized anxiety (21.5%), and mixed anxiety and depression (11%).

“This study found overall HRQL (health-related quality of life) improved over 3-months in patients accessing prescribed medical cannabis in Australia,” says researchers. “Results showed both statistically significant and clinically meaningful improvements in overall HRQL and fatigue for people with chronic health conditions.”
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Sep 14 2023

Study: CBD Inhibits the Proliferation and Invasiveness of Prostate Cancer Cells

According to a new study, “the ability of CBD to inhibit prostate cancer cell proliferation and invasiveness suggests that CBD may have potential as a future chemotherapeutic agent.”

Conducted by researchers at the University College Dublin, the study is being published in the newest issue of the Journal of Natural Products, with it published online ahead of print by the US National Library of Medicine. The study is titled Cannabidiol Inhibits the Proliferation and Invasiveness of Prostate Cancer Cells.

“Prostate cancer is the fifth leading cause of cancer death in men, responsible for over 375,000 deaths in 2020”, states the study. “Novel therapeutic strategies are needed to improve outcomes.”
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Sep 14 2023

US Congressional Researchers Say DEA “Likely” to Reschedule Marijuana

A report released Wednesday by the Congressional Research Service (CRS) states that it’s “likely” the DEA will reschedule marijuana to reschedule III, which will have “broad implications for federal policy”.

Recently the Department of Health sent a letter to the Drug Enforcement Agency (DEA) officially requesting marijuana be reclassified as a Schedule III drug under the Controlled Substances Act, which would effectively legalize it for prescription use. The letter came in response to a request by President Biden last year for the government to research and consider rescheduling marijuana.

“[I]f past is prologue it could be likely that DEA will reschedule marijuana according to HHS’s recommendation,” said the report. “If marijuana is rescheduled to Schedule III, it would have broad implications for federal policy… [and] this move would have significant implications for state medical marijuana programs and users of medical marijuana, but fewer implications for state recreational marijuana programs and those who use marijuana recreationally.”
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