by HempingtonPost | Dec 6, 2020
The UN Commission on Narcotic Drugs (CND) took a number of decisions on Wednesday, leading to changes in the way cannabis is internationally regulated, including its reclassification out of the most dangerous category of drugs.
In reviewing a series of World Health Organization (WHO) recommendations on marijuana and its derivatives, the CND zeroed-in on the decision to remove cannabis from Schedule IV of the 1961 Single Convention on Narcotic Drugs — where it was listed alongside deadly, addictive opioids, including heroin.
The CND’s 53 Member States voted to removed cannabis – where it had been placed for 59 years – from the strictest control schedules, that even discouraged its use for medical purposes.
With an historic vote of 27 in favour, 25 against, and one abstention, the CND has opened the door to recognizing the medicinal and therapeutic potential of the commonly-used but still largely illegal recreational drug.
Moreover, according to news reports, the decision could also drive additional scientific research into the plant’s long-heralded medicinal properties and act as catalyst for countries to legalize the drug for medicinal use, and reconsider laws on its recreational use.
Long wait
Back in January 2019, WHO unveiled six WHO recommendations surrounding the scheduling of cannabis in UN drug control treaties.
While the proposals were originally set to be voted on during the CND’s March 2019 session, many countries had requested more time to study the endorsements and define their positions, according to news reports.
Among WHO’s many points, it clarified that cannabidiol (CBD) – a non-intoxicating compound – is not subject to international controls. CBD has taken on a prominent role in wellness therapies in recent years, and sparked a billion-dollar industry.
Currently, more than 50 countries have adopted medicinal cannabis programmes while Canada, Uruguay and 15 US states have legalized its recreational use, with Mexico and Luxembourg close to becoming the third and fourth countries to do so.
Where they stand
After voting, some countries made statements on their stances.
Ecuador supported all of WHO’s recommendations and urged that cannabis production, sale and use, have “a regulatory framework that guarantees good practices, quality, innovation and research development”.
Meanwhile, the United States voted to remove cannabis from Schedule IV of the Single Convention while retaining them in Schedule I, saying it is “consistent with the science demonstrating that while a safe and effective cannabis-derived therapeutic has been developed, cannabis itself continues to pose significant risks to public health and should continue to be controlled under the international drug control conventions”.
Voting against, Chile argued, among other things, that “there is a direct relationship between the use of cannabis and increased chances of suffering from depression, cognitive deficit, anxiety, psychotic symptoms, among others” while Japan stated that the non-medical use of the plant “might give rise to negative health and social impacts, especially among youth”.
by HempingtonPost | Nov 30, 2020
The United States will soon be sandwiched between two nations with federally legalized marijuana. Just days before the Thanksgiving holiday, Mexico moved forward with legislation legalizing the cannabis plant for a variety of uses.
This comes on the heels of Canada’s historic legalization several years ago, which has created a viable international marketplace, channeling funds through the Canadian markets and effectively mobilizing the global cannabis industry.
When Canada legalized, the U.S. missed an opportunity to ensure that NASDAQ and the New York Stock Exchange would have a role in controlling the financial markets and dollars funneling into cannabis. This was expected since Jeff Sessions was in control of the Department of Justice (DOJ). We didn’t necessarily have a pro-cannabis Administration under Trump and certainly not under the leadership of Senator Majority Leader Mitch McConnell, no friend to marijuana. Despite this, what are the implications for America doing business with partners directly to the north and south?
At first, you might think none of this matters as the U.S. has legalized adult-use marijuana programs state-by-state. While this dispensary models still violates federal law, it has garnered bipartisan support from American politicians to prevent the DOJ from interfering with legal, state marijuana businesses. But the issue is much larger.
We’re talking about a global cannabis economy, with Mexico as the largest country in the world, by population, to legalize marijuana. Mexico will boast the biggest consumer market for cannabis products — with a population of more than 125 million people – representing an enormous leap forward for the developing international cannabis marketplace.
A few steps remain to federally legalize marijuana in Mexico, but the bill has been approved by the Mexican Senate. The bill will establish a regulated cannabis market to allow those eighteen and older to purchase and possess up to 28 grams of marijuana. It also allows a personal cultivation provision for individuals to cultivate up to four plants for personal use. Some technical requirements still need to be hammered out before outright passage, including whether or not personal use cultivation needs to be tracked by the government.
All this was supposed to happen earlier in 2020, as two years ago the Mexican Supreme Court struck down a marijuana ban as unconstitutional and required lawmakers to pass legalization measures.
I travelled to Mexico this past February, pre-COVID, to consult with the Mexican Senate on the considerations for hemp and marijuana policy. The timeframe for moving the legislation forward was pushed back by the pandemic. With full passage of the bill now imminent, what can we expect?
Mexico is not the first country with a narco or cartel trafficking history to pass cannabis legalization. It’s happened in numerous Latin America countries that made up part of the black market drug trade. This makes the cartel implications for federal marijuana legalization extraordinarily interesting.
Mexico seeks to regulate and legalize the plant, put strict controls on ownership and the supply chain in place, and to engage in domestic and, most importantly, international commerce surrounding marijuana. The dollars invested in this industry must comply with all forms of financial source verification — theoretically mitigating the opportunity for organized crime to participate in this business.
Something that seems counterintuitive to Mexico’s legalization campaign is that hemp may or may not be included in its final version — as it may pose too much of a threat to existing Mexican industries. I’d argue that this is precisely why hemp is so important – its versatility and multitude of industrial uses go far beyond the singular focus of being cultivated for cannabinoid extraction.
Until late 2019, the Hoban Law Group had registered a number of cannabinoid CBD manufacturers’ products with COFEPRIS, Mexico’s FDA, when things were put on pause to finish up the legislation. If hemp is indeed excluded from the final bill, it would have ramifications for the cannabinoid and CBD industry in Mexico.
Why would those other industries see industrial hemp as a threat? A significant sector of Mexico’s economy is the maquiladoras: local factories run by foreign companies, generally tapping into Mexico’s cheap labor and manufacturing goods for export. Some large maquiladoras have already begun utilizing hemp, including BMW and Levi’s, which have facilities in Mexico. Automotive and textile Industries are major players in the world, but industrial hemp would not displace them. It would complement the existing operations and provide farmers with a more versatile plant requiring less water.
Mexico has a well-documented history of cannabis usage, but will these consumers move their buying habits into a legal, commercial marketplace? The answer is likely yes — if there are medical marijuana distribution outlets selling products created through a regulated system. And will this system displace some of the large illicit cultivation operations across Mexico?
Mexico hopes to join other Latin American countries in becoming major forces in the global cannabis industry and to address the cultural and historically illicit implications of cartel and criminal activity surrounding the plant. How this will roll out and its effectiveness remains to be seen.
Pair the skill set of Mexico’s farmers and agricultural industry with the country’s manufacturing capabilities and an international cannabis marketplace and the pieces could fall into a very favorable place for the nation’s economy and citizenry.
For the now-sandwiched U.S., this will have major implications for American drug policy and cannabis reform moving forward — while perhaps generating hundreds of millions of dollars for the participants. Perhaps this will give U.S. policy makers the push they need to approve federal cannabis legalization, especially in the midst of a pandemic-induced, global economic downturn.
By Robert Hoban. This story first appeared at Forbes.com
by HempingtonPost | Sep 24, 2020
With companies like Aurora Cannabis (NYSE:ACB), Canopy Growth (NYSE:CGC), and Tilray (NASDAQ:TLRY) catching the attention of investors and consumers alike, it’s no surprise that marijuana legalization is a hot issue in the U.S. According to a report by Grandview Research, the U.S. market for cannabis was worth $11.3 billion in 2018, with an expected growth rate of 14.5% per year through 2025 — but that might be contingent on further loosening of prohibition laws. As of 2018, 21 states have debated legislation that would legalize recreational use of marijuana, and 33 states have already legalized some forms of cannabis for either recreational or medicinal use.
Presently, marijuana is fully legal for recreational use in only 11 of those states. With the exception of Vermont, jurisdictions with legalized recreational cannabis also provision for the commercialization of cannabis products for adults. Fully legalized marijuana remains uncommon in the United States, even if it’s significantly more common than it was 10 years ago.
2020 may see pivotal victories for legalization
In 2020, a handful of states will vote on full or partial legalization via referendum, including Arizona, Mississippi, Montana, Nebraska, New Jersey, and South Dakota. It’s reasonable to suspect that at least a couple of these political efforts will fall short, but legalization proponents shouldn’t despair. Many of the states that eventually legalized recreational cannabis via referendum had to try more than once before succeeding, as is typified by California’s failed ballot initiative in 2010. But cannabis investors will be pleased to learn that no state that decriminalized or legalized recreational use has repealed it, despite several different attempts via ballot measures. Thus, the country looks like it’s on track for legalization to make progress this election cycle, even if there’s still a long way to go.
Even as states move to reform their cannabis laws, federal regulatory bodies like the Food and Drug Administration (FDA) are prohibited by federal law from participating in quality control or consumer safety efforts. This means that as legalization advances, state governments need to build new infrastructure to make sure that their cannabis regulations are locally enforceable, thereby introducing a large amount of overhead to the legalization process. It may also make it harder for international cannabis companies to compete in the U.S. because they’ll need to deal with many different sets of regulations rather than just one.
Medicinal use and decriminalization aren’t the same as legalization
Full nationwide cannabis legalization is still a distant goal, and there are many cases where progress has been incremental rather than transformational. Sixteen states have decriminalized recreational marijuana use without implementing full legalization for recreational purposes. In these states, cannabis products are only sold for medicinal use, which is strictly controlled. In places like Idaho and Indiana, medicinal use is so tightly regulated that medicinal products from jurisdictions like California might not be legal. This is a concern for cannabis investors because it means businesses would need to make different products for these jurisdictions if they wanted to compete.
Similarly, many states haven’t committed to full decriminalization despite allowing for limited medicinal use. In Alabama, non-medical marijuana possession is a misdemeanor for first-time offenders and a felony for subsequent violations, so its “decriminalized” status is a bit of a misnomer. In contrast, Georgia’s laws tightly control the THC content of medicinal marijuana while formally forbidding any recreational use, but cities including Atlanta and Savannah have proceeded to decriminalize it anyway, creating precarious pockets of opportunity that businesses are hesitant to exploit.
Finally, there’s the issue of the federal government’s approach to cannabis policy. Right now, there’s no way to reconcile the fact that at the federal level, recreational cannabis is still fully illegal, even if state governments like New Hampshire’s claim to have nullified the federal prohibition. State-level initiatives aside, Congress was initially scheduled to vote on a legalization bill called the MORE Act this week, but with an upcoming battle over Supreme Court nominees looming, the vote will likely be delayed until after the 2020 election.
So, while it does look like there is nationwide momentum building behind legalization for recreational use, there’s still a long way to go, and there may be difficult legal battles ahead.
Here’s The Marijuana Stock You’ve Been Waiting For
A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.
And make no mistake – it is coming.
Cannabis legalization is sweeping over North America – 11 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.
And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.
Because a game-changing deal just went down between the Ontario government and this powerhouse company…and you need to hear this story today if you have even considered investing in pot stocks.
This story originally appeared at The Motley Fool.
by HempingtonPost | Sep 14, 2020
In 2016, the US election resulted in a green wave as cannabis legalization measures passed in eight out of nine states.Now, the industry and its supporters are hoping for another big win in November.
This year, voters in five states will decide whether to adopt either new medical or recreational cannabis laws — or, perhaps, both in the case of one state. As it stands now, 33 states have legalized medical cannabis, and of those, 11 states have legalized cannabis for adult recreational use.
If more states join that list, it could serve as a huge opportunity for industry growth as legalization supporters believe successful ballot initiatives could have a domino effect on other states — especially those looking to address budgetary and social justice issues. “We’ve seen public support continue to grow every year,” said Karen O’Keefe, director of state policies for the Marijuana Policy Project, the legalization advocacy group backing several of the measures.
Cannabis sales in states that have legalized the plant for medical and recreational purposes totaled about $15 billion in 2019, and are expected to top $30 billion by 2024, according to data from BDS Analytics, which tracks dispensary sales. Below is a look at the five states voting on legal cannabis this November.
Arizona
Four years ago, residents in the Grand Canyon State narrowly defeated an initiative to legalize recreational cannabis. It failed by fewer than 67,100 votes, with 51.3% of voters saying no.The 2016 measure was hotly contested, attracting a combined $13 million from high-profile donors such as soap company Dr. Bronner’s, which was in favor of the measure, and opponents such as billionaire casino magnate Sheldon Adelson, tire retailer Discount Tire, and pharmaceutical company Insys. This time around, the backers of the recreational cannabis initiative include some of the biggest names in the US cannabis business — an industry that has matured significantly during the past four years. State election finance records show that contributors supporting Proposition 207 include multi-state cannabis producers and retailers such as the Tempe, Arizona-based Harvest Health & Recreation (HRVSF) and firms such as Curaleaf (CURLF) and Cresco Labs (CRLBF), which have cultivation and retail operations in Arizona’s medical cannabis industry.Still in staunch opposition are Governor Doug Ducey, the Arizona Chamber of Commerce and Smart Approaches to Marijuana, a national organization that opposes the legalization and commercialization of cannabis.
For the most part, Proposition 207 is structured similarly to 2016’s measure. It would allow adults 21 years and older to possess, consume or transfer up to 1 ounce of cannabis and create a regulatory system for the products’ cultivation and sale. Some key differences with the new measure include the addition of social equity provisions and criminal justice reforms such as record expungement.According to estimates from industry publication Marijuana Business Daily, recreational sales in Arizona could total $700 million to $760 million by 2024.
New Jersey
When Governor Phil Murphy was elected in 2017, he vowed to deliver on a campaign trail promise to legalize cannabis. At the time, he told the New Jersey Star-Ledger that legalization could be a $300 million boon to state coffers but that the biggest reasons for legalization would be for social justice purposes — overhauling old drug laws that disproportionately criminalized people of color.
However, legislative efforts to legalize failed to drum up enough support. Lawmakers ultimately decided to go another route and put the measure before voters.If approved, Public Question No. 1 would legalize cannabis for adults 21 and older. The program will be regulated by the same commission that oversees New Jersey’s medical cannabis businesses, and the recreational cannabis products would be subject to the state sales tax (currently 6.625%).By initial estimates, New Jersey’s recreational cannabis market could be hefty. Marijuana Business Daily pegs annual sales between $850 million and $950 million by 2024 — but a successful initiative carries greater significance outside of New Jersey’s borders. The passage of recreational cannabis in New Jersey could accelerate legislative efforts in neighboring New York and Pennsylvania.
South Dakota
Usually states have legal medical cannabis programs in place before adopting recreational cannabis laws.South Dakota could enact medical and recreational programs in one fell swoop.Voters in South Dakota will decide on Measure 26, which would establish a medical cannabis program and registration system for people with qualifying conditions, as well as on Amendment A, which would legalize cannabis for all adults and require state legislators to adopt medical cannabis and hemp laws.The South Dakota Legislative Research Council projected that Amendment A could result in $29.3 million in tax revenue by the state’s 2024 fiscal year. Sales estimates were not yet available, according to the Marijuana Policy Project, which is assisting with the South Dakota campaign.
Montana
Montana voters also will see two cannabis initiatives on their ballots.Ballot issue I-190 would allow adults in the state to possess, buy and use cannabis for recreational use. A separate initiative, CI-118, would establish 21 as the legal age to purchase, possess and consume cannabis.
If passed, I-190 would establish a 20% tax on recreational cannabis, with more than half of the tax collections landing in the state general fund and the rest allocated to programs such as enforcement, substance abuse treatment and veterans’ services. The measure also would allow people serving a sentence for certain cannabis-related acts to apply for resentencing or records expungement.According to a fiscal analysis, the state expects recreational cannabis sales to total nearly $193 million in 2025, generating $38.5 million in tax revenue.
Mississippi
In Mississippi, there are two competing measures to legalize cannabis for medical purposes.Initiative 65, which resulted from a citizen petition, would allow physicians to recommend medical cannabis for patients with any of 22 qualifying conditions such as cancer, multiple sclerosis and post-traumatic stress disorder. The constitutional amendment would establish a regulatory program for businesses to grow and sell medical cannabis and for the products to be taxed at a 7% rate.Under Mississippi law, the legislature has the option to amend or draft an alternate measure, and that’s what it did here via Initiative 65A. The competing measure requires medical products that are of pharmaceutical quality, limits the smoking of medical cannabis to people who are terminally ill, and leaves the future creation of rules and a regulatory framework up to the legislature.Officials from Marijuana Business Daily said that if Initiative 65 is passed, medical sales could total between $750 million to $800 million by 2024.
This story first appeared at CNN.
by Sophia Blanton | Jul 7, 2020
In 2018, I plunged down the rabbit hole of Industrial Hemp and have since worked in the Southern Oregon region promoting education, networking and business development for the Hemp & Cannabis Community.
As this crop’s journey from contraband to commodity unfolds, we’ve been given even more reasons to be enthusiastic about its future. CBD sales are surging worldwide amid the COVID-19 pandemic as people grasp for better ways to manage stress. Oregon data showed average dispensary purchases increased by 40% in the thick of the lockdown here, with close to $100 million in sales for the month of April.
That means tax dollars pouring into state coffers during a time when other business sectors are suffering amid closures and slow re-openings. We are living through a time when pivoting is necessary to survival and growth, and if we can accelerate our best practice development as an industry, COVID-19 may just be the window of opportunity we needed.
Since the beginning of my work in hemp education, I’ve seen that it does take a village to come together and carry forward the promise of this powerful plant. During the time I produced the Hemp University series at Southern Oregon University, I had the honor of curating our region’s best minds and talents to share their expertise with the wider national and international hemp community.
When COVID hit, I pivoted just like everyone else and shifted my activities online with the production of the Hemp Symposium Due Diligence Series. Starting in May, we featured Farmer Tom Lauerman of Farmer Tom Organics and Damian Moran of the Amota Group/Hemp Exchange giving a pre-planting overview to participants from all over the world.
In partnership with UPLVL and Hempington Post, we’ll be offering another edition on Friday, July 10, from 1-3 PM. Focusing on “Mid-Season Strategies”-Integrated Pest and Nutrient Management and Pollen/Sexing, the free webinar will present the wisdom of two Oregonian hemp veterans, Emily Gogol of Infinite Tree and Eviane Ita-Coton of Ebb and Flow Farms.
Participants will have the opportunity to take a brief assessment over the symposium topics on the UPLVL Cannabis Learning Platform and earn a micro-certificate in Mid-Season Due Diligence.
So, come join the village on july 10 as we continue to work together and position this crop for the destiny we all know it has – as a sustainable commodity with the power to bring us the food, fuel, fiber and medicine for a New Era.
