Feb 09 2023

Report: Global Medical Cannabis Market Valued at $31.8 Million, Expected to Grow to $57.4 Billion by 2028

Despite huge growth for the global medical cannabis market in recent years, it’s expected to continue to grow at a rapid pace over the next five according to a new report.

The Medical Cannabis Market Report conducted by Research and Markets found that the global medical cannabis market size reached $31.8 Billion in 2022. Looking forward, the publisher expects the market to reach $57.4 Billion by 2028, exhibiting a compound annual growth rate of 10.34% during 2022 to 2028.

“Nowadays, cannabis finds application in the treatment of a wide range of diseases and symptoms, including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, multiple sclerosis, acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), Alzheimer’s, post-traumatic stress disorder (PTSD), Parkinson’s and Tourette’s”, states the report.

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Feb 08 2023

Report: Global Cannabis Testing Market Valued at $1.1 Billion, to Grow to $2.8 Billion by 2030

The global market for cannabis testing is valued at $1.1 billion as of the end of 2022, according to a new report.

The market size is expected to more than double between now and 2030 to $2.8 billion as more states and nations legalize the plant for medical and recreational use. The jump from $1.1 billion to $2.8 billion represents a compound annual growth rate of 13.2%.

The Cannabis Testing market in the U.S. is estimated at $309.6 Million in the year 2022, states the report. China, the world’s second largest economy, is forecast to reach a projected market size of $475.6 Million by the year 2030 trailing a CAGR of 12.1% over the analysis period 2022 to 2030.
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Feb 08 2023

California Bill Would Allow Marijuana Consumption Lounges to Sell Food and Beverages, Host Live Events

Legislation that would explicitly allow marijuana consumption lounges to sell freshly made food and beverages and host live events has been introduced in the California Legislature.

Assembly Bill 374 was filed by Assembly Member Matt Haney. It would allow licensed marijuana consumption sites to that sell freshly made foods and beverages and host live events such as concerts and seminars. Some are dubbing this the “cannabis café” bill, as it would introduce Amsterdam-style locations that allow for marijuana to be consumed and food and beverages to be purchased such as coffee, tea and sandwiches.

Under current California law cannabis consumption lounges are not allowed to sell freshly prepared food, a seemingly arbitrary and unnecessary rule. A November 2022 rules change allows lounges to offer prepackaged food and beverages on a limited basis, but nothing freshly made or beverages ready to be consumed without opening.
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Feb 08 2023

Minnesota Marijuana Legalization Bill Passed by Seventh House Committee

Seven committees in the Minnesota House of Representatives have now passed legislation to legalize marijuana.

With the bill’s passage in the House Workforce and Business Development Finance and Policy Committee, it is halfway through the 14 committees necessary for a full House vote. A companion bill in the Senate has been passed by four of 18 committees.

“This bill creates a comprehensive new marketplace that will foster good jobs and good businesses here in Minnesota at all levels of the cannabis industry,” said Representative Zack Stephenson, the bill’s prime sponsor in the House.
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Feb 07 2023

Next Month Oklahoma Voters Have Opportunity to Legalize Recreational Marijuana

A citizens’ initiative that would legalize marijuana for everyone 21 and older will be voted on in Oklahoma next month on March 7th.

In October Governor Stitt issued a proclamation setting a special election on marijuana legalization for March 7, 2023, now just a month away. On that date voters will decide the fate of State Question 820. The initiative didn’t make it on the November ballot despite getting the required number of signatures signatures to do so due to a delay in signature counting at the Secretary of State’s Office.

State Question 820 would allow those 21 and older to possess, consume, cultivate and purchase marijuana for any purposes. The possession limit would be set at one ounce of marijuana, eight grams of marijuana concentrates and eight grams of marijuana-infused products. The cultivation limit would be set at six mature plants and six seedlings.
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Feb 07 2023

Virginia Senate Approves Bill to Lower Scheduling of Magic Mushrooms and Create Advisory Board

A bill that would lower the scheduling of magic mushrooms and create a statewide advisory board for the psychedelic has been passed by Virginia’s full Senate.

Introduced by State Senator Ghazala Hashmi, the measure would establish a statewide psilocybin advisory board and would adjust the psychedelic to be a lower schedule under state law, from Schedule I to Schedule III.

The proposal was passed by the full Senate today in a 25 to 15 vote. It now goes to the House of Delegates. Passage in the House would out it before Governor Glenn Youngkin for consideration.
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Feb 06 2023

Australia Legalizes Magic Mushrooms and MDMA for Medical Purposes

The Australian government has announced that it is rescheduling psilocybin (magic mushrooms) and MDMA to allow for medical use for those with post-traumatic stress disorder (PTSD) and treat-resistant depression.

The country is moving the substances to Schedule 8 under the country’s drug code, allowing psychiatrists to prescribe them for medical and therapeutic uses. The substances will remain in the stricter Schedule 9 for non-medical use.

“The decision acknowledges the current lack of options for patients with specific treatment-resistant mental illnesses,” said Australia’s Therapeutic Goods Administration (TGA) on Friday. “It means that psilocybin and MDMA can be used therapeutically in a controlled medical setting starting on July 1. However, patients may be vulnerable during psychedelic-assisted psychotherapy, requiring controls to protect these patients.”
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Feb 05 2023

Enough Signatures Collected in Florida to Put Marijuana Legalization Initiative Before Supreme Court

Proponents of a constitutional amendment to legalize recreational marijuana in Florida have submitted enough signatures to put the proposal before the state’s Supreme Court, clearing an important hurdle on the way to putting the measure to a vote in 2024.

According to the Division of Elections’ website, the “Smart & Safe Florida” political committee submitted 294,037 valid petition signatures as of Thursday, well more than the 222,898 signatures required to put their initiative before the Supreme Court.

Once the signatures are verified, the Supreme Court will review the wording of the proposal to ensure that includes just one primary subject and is not misleading to voters.
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Feb 04 2023

Study: Inhaled Cannabidiol Impedes Tumor Growth

The results of a study published by the journal Human Cell “suggest, for the first time, that inhalant CBD can impede lung cancer growth by suppressing CD44 and angiogenesis.”

Conducted by researchers at Augusta University (Georgia), the Virginia Commonwealth University and the Georgia Institute of Cannabis Research, the study was epublished online by the National Library of Medicine. The study was funded by the Dental College of Georgia at Augusta University.

“Lung cancer remains the most chronic form of cancer and the leading cause of cancer mortality in the world”, states the study. “Despite significant improvements in the treatment of lung cancer, the current therapeutic interventions are only partially effective, necessitating the continued search for better, novel alternative treatments.”
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Feb 04 2023

Yale Announces Plan to Establish the Yale Center for the Science of Cannabis and Cannabinoids

Yale School of Medicine will establish a research center to study the acute and chronic effects of cannabis and cannabinoids on neurodevelopment and mental health, according to a recent press release.

The Yale Center for the Science of Cannabis and Cannabinoids will be led by Deepak Cyril D’Souza, MD, Albert E. Kent Professor of Psychiatry and a leading expert on the pharmacology of cannabinoids.

Announcement of establishment of the center was made January 30, 2023, by Nancy J. Brown, MD, Jean and David W. Wallace Dean of Medicine and C.N.H. Long Professor of Internal Medicine; and John H. Krystal, MD, Robert L. McNeil, Jr. Professor of Translational Research; professor of psychiatry, of neuroscience, and of psychology; and chair of the Yale Department of Psychiatry.
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