Industry News
Falsified California Testing Lab Data May Result in Major Marijuana Product Recall: Sacramento-based Sequoia Analytical Labs surrendered its business license after a state inspection discovered that the company’s lab director had been falsifying cannabis product testing results for almost four months, and hundreds of marijuana products may now have to be recalled and retested. The loss of a lab could pose a significant problem for the California cannabis industry heading into January, when more testing requirements will go into effect for toxins such as heavy metals. Testing bottlenecks are already expected by many industry insiders, and one less lab could exacerbate that problem. During an inspection by the Bureau of Cannabis Control on Nov. 27, officials allegedly found that 22 of 66 required pesticides were not being tested for correctly. It was further discovered that the Lab Director knew about this and was secretly falsifying the results. mjbizdaily.com
Pot of Gold: how the Beauty Industry Fell for Cannabis: Today, CBD is perhaps the buzziest and most bragged-about ingredient in high-end makeup, skincare and hair products. But as CBD oil scrubs up and goes mainstream, it is not easy to tell which products stand up to scrutiny. The consensus among dermatologists and dieticians is that while phytocannabinoids – cannabinoids produced in plants – are indeed exciting ingredients, there is a huge amount of confusion among consumers, on which some brands are cashing in. “Phytocannabinoid-rich products applied topically to the skin can be extremely soothing when dealing with skin damage or inflammation of different kinds,” says Martina della Vedova, the lead nutritionist at US health product company Natures Plus. But there is an important distinction between hempseed oil, which is made from the seeds of the cannabis plant, and CBD, which is extracted from the flowers and leaves. Rosebrook says, “I’ve already seen many products on the market that are relatively ineffective because they haven’t been made with quality, professionally processed CBD oil..” www.theguardian.com
New Frontier Data Issues 2018-2019 Cannabis Consumer Report: Frontier Data’s newly released 2018-2019 Cannabis Consumer Report: Archetypes, Preferences & Trends is based on survey responses from more than 3,000 U.S. adult consumers about why they use cannabis, where they get it, how they consume it, and their views about it in their lives and society. Findings suggest the potential for cannabis’ impact for displacement within existing markets (e.g., 46% of consumers prefer cannabis to alcohol, with 74% believing it safer than alcohol; 73% of medical patients used it as a substitute for other medications, with 94% reporting improvement of their conditions). newfrontierdata.com
Congress Takes Major Bipartisan Step to Legalize Marijuana Banking: The U.S. Congress is taking its first major steps to legalizing marijuana. First, the marijuana banking bill proposed by Rep. Ed Perlmutter (D-CO) has 96 public co-sponsors in the House of Representatives. Of those co-sponsors, 83 are Democrats and 13 are Republicans. That’s bipartisan and represents almost half the votes needed to pass any bill through the House. Second, the report notes two banking industry associations — the Independent Community Bankers of America (ICBA) and the Credit Union National Association (CUNA) – are publicly supportive of the bill. ICBA contributed about $1.6 million to political campaigns in the 2018 election cycle and CUNA spent $3.7 million on lobbying last year. Banking issues are a major hurdle for the industry and any positive changes to rules and laws governing it would add to the marijuana industry tailwinds in 2019. theseedinvestor.com
Hemp Legalization is Officially in the Final Farm Bill: The 2018 Farm Bill will include a provision to legalize industrial hemp. The Farm Bill will be teed up for up-or-down votes in both chambers of Congress and, pending approval, sent to the president’s desk. Lawmakers are hoping to pass the bill before the end of the year. Hemp would be defined as all parts of the plant—including seeds and extracts—as long as they contain less than 0.3 percent THC, according to VoteHemp.The crop would also be entirely removed from the Controlled Substances Act under the legislation. www.marijuanamoment.net
Growing Marijuana at Home Would be Banned Under New Bill in Michigan: Republican lawmakers introduced bills Thursday that would undo some of the provisions in two of the ballot proposals overwhelmingly passed by voters on Nov. 6. One bill, introduced by Senate Majority Leader Arlan Meekhof, R-West Olive, would prohibit homegrown marijuana that was part of the legalization ballot proposal that passed by a 56-44 margin. That provision allows anyone over the age of 21 to grow up to 12 marijuana plants for personal use in their homes. The chances of passing the changes to the approved ballot proposals, however, are almost impossible in this lame-duck session. Because the two proposals were passed by voters, the Legislature needs to muster a supermajority — a three-quarters vote — in both the House of Representatives and Senate. 420intel.com
More Banks Welcome Marijuana Business Accounts, New Federal Report Shows: The number of banking institutions that are actively servicing accounts for marijuana businesses has grown by nearly 20 percent since the beginning of the year, according to newly released federal data. As of the end of September, there were 375 banks and 111 credit unions maintaining financial services for cannabis businesses, according to a report published this month by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). www.marijuanamoment.net
South Korea’s Proposed Medical Marijuana Law is Big Pharma-Friendly: On Nov. 23, South Korea’s national assembly voted to approve a bill that would amend the country’s narcotics law to allow for medical marijuana. It’s worth noting that South Korea’s medical cannabis law is expected to look a lot more like CBD-only Texas and nothing like Venice Beach, California circa 2005. While South Korea’s Ministry of Food and Drug Safety has yet to set out the official rules and the country’s cabinet and president must still sign off on the bill, this is still huge progress for South Korea. The current law strictly forbids the sale and purchase of cannabis. It is likely that the country will only provide medicines that have been approved by health agencies in other countries. cannabisnow.com
Mexico Approves Nation’s First 38 Over-the-Counter Cannabis Products: Thirty-eight cannabis products authorized by the Mexican Federal Commission for the Protection Against Sanitary Risks (COFEPRIS) are expected to be available through retail and online channels within a month. Seven companies – four from Mexico, two from the United States and one from Spain – received approval for their goods, which include:
- 21 food supplements
- Nine cosmetics products
- Six edibles or beverages
- Two raw materials
All of the approved products in this first round contain no or minimal (less than 1%) THC and can be sold without a prescription or special authorization. mjbizdaily.com
Incoming Luxembourg Government Plans to Legalize Recreational Marijuana: Luxembourg’s incoming coalition government agreed to include recreational cannabis legalization as part of the group’s policy goals, as the landlocked nation looks to become the first country in Europe to permit and regulate adult-use marijuana. Although Luxembourg itself has only about 600,000 people, the potential market could exceed 10 million if nonresidents are allowed to participate as consumers – a significant opportunity for businesses vying to get a foothold in the broader EU market. mjbizdaily.com
Michigan Sets Recreational Marijuana Legalization Date, Will Take Business Apps in Late 2019: Possession and adult use of marijuana will be legal in Michigan starting Dec. 6, but the launch of what is expected to be a billion-dollar-plus commercial industry is still more than a year away. The recently updated Marijuana Business Factbook 2018 projects Michigan will become one of the country’s largest rec MJ markets, generating $1.4 billion-$1.7 billion in annual sales within several years of its launch. mjbizdaily.com
New Jersey Lawmakers Approve Marijuana Legalization: New Jersey got one step closer to legalizing marijuana on Monday after lawmakers approved an adult-use legalization bill in a joint session of Senate and Assembly committees. A total of three separate cannabis bills were approved at the hearing: one to fully legalize marijuana, one to expand the state’s existing medical cannabis program and another that would create a system to speed up expungements for people who’ve been convicted for low-level marijuana offenses. The marijuana reform proposals will now head for full floor votes. Pending approval by both full chambers the legislation will go on to Gov. Phil Murphy (D), whose office released a statement Monday affirming that the governor “remains committed to legalizing adult-use marijuana, a critical step in eliminating racial disparities in our criminal justice system.” www.marijuanamoment.net
Maryland Medical Marijuana Sales Surpassing Forecast: Medical marijuana sales in Maryland are surpassing a previous forecast and could reach $100 million this year. The Baltimore Sun reports that medical marijuana sales totaled $67 million for the first nine months of 2018. A market research firm predicted last year that the state’s sales in 2018 would be about $46 million. New Frontier Data Senior Economist Beau Whitney said sales could now hit $100 million in December. 420intel.com
From Heineken and Coors to Craft and Microbrews, This is the Best Weed Beer in the World: From weed water and soda to weed coffee and tea, companies are adding THC and CBD to just about every drink you can imagine. But what about beer?.. As it turns out, they’re infusing beer with weed too… Think of them as a new, healthier version of a regular adult bevy. There are a few cannabis-infused adult bevys you should be keeping an eye out for in these early days. Here is the best weed beer and CBD beer today: herb.co
- Two Roots
- High Flyer Session IPA
- Poison Cannabis IPA
- Durban Poison Cannabis Lager
- Delta 9 Legal Lager
- General Washington’s Secret Stash IPA
- HiFiHops
- Magic Number
Nearby Marijuana Shops Make Homes And Rentals More Valuable, Studies Show: A study published in the journal Contemporary Economic Policy evaluated how the price of new homes in Denver, Colorado, changes when a cannabis dispensary opens up nearby. Researchers compared the prices of homes before and after a dispensary opened within .25 miles, .25-.5 miles and .5-.75 miles. When new dispensaries opened within .25 miles, housing prices jumped 7.7 percent on average. There was still a 4.7 percent increase for homes located within .5 miles, but the effect “disappears entirely” for houses that are further than .5 miles from a new dispensary. The researchers also found that the effect was slightly more pronounced if the dispensary was the first to the area. Interestingly, new dispensaries seem to have about the same impact on housing prices as new grocery stores, the study found. Amsterdam’s famous cannabis coffeeshops are known tourist attractions, but what happens when one shuts down? For his master’s dissertation, doctoral student Igor Goncalves Koehne de Castro identified at least one collateral effect: Rental costs on Airbnb drop by about three percent on average if the closure was within 250 meters of the lodging. MarijuanaMoment
Massachusetts Marijuana: Sales Hit US$2.6 Million in Second Week of Open Retail Pot Shops: Seven days of legal sales of Massachusetts marijuana brought in US$2.6 million, according to data released by state regulators. Customers spent US$2.2 million in the first five days of retail sales, bringing the total spending to US$4.8 million since stores opened on Nov. 20, according to the Cannabis Control Commission. The marijuana and cannabis products are taxed several ways: There’s the 6.25 percent sales tax, a 10.75 percent excise tax, and then the 3 percent local tax that communities can levy. www.masslive.com
Vaping Get You Higher Than Smoking: A study done at Johns Hopkins University found that vaping cannabis gets you higher than smoking flower. The study showed vaping left a higher concentration of THC in the participants’ blood and caused an increase in heart rate. www.leafbuyer.com
Utah Passes Compromise Cannabis Bill: Utah lawmakers voted to replace the state’s voter-approved medical cannabis ballot initiative with a “compromise” proposal negotiated between advocates, the Mormon Church and others. The bill removes home cultivation rights for patients, allows fewer dispensaries and adds a requirement that dispensaries employ pharmacists. Gov. Gary Herbert (R) signed the bill into law just hours after its passage by legislators. Marijuana Moment
Study Finds Medical Cannabis use Leads to Opioid Dose Reduction in 41% of Patients: Of the 133 clinical patients studied, pain scores in 80% of cancer patients improved and 75% of non-cancer patients and reduction in dosage was achieved in 41% of all patients treated with medical cannabis. Opioid reduction was achieved in 68% of patients who did not have active depression. Journal of Clinical Oncology
Migraine Research Foundation Funding Research of Migraine Treatment with Cannabis: The 2018 MRF Impact Award will fund a ground-breaking investigation of the efficacy of 3 different types of vaporized cannabis (CBD, THC, CBD:THC) for the acute treatment of migraine. This $200,000, 3-year study will be the first to look at this question in a placebo-controlled, randomized and blinded study. This critical project could have an enormous impact by providing insights into whether marijuana helps relieve different migraine symptoms and if so, which chemicals are most effective. Dr. Nathaniel Schuster of the University of California San Diego Center for Pain Medicine has received this year’s Impact Award for the first rigorous study of vaporized marijuana for migraine. Migraine Research Foundation
The Cannabis Investor is a leading media outlet for Cannabis investment opportunities and breaking industry news.
Join our text message list:
USA: Text potstocks to 313131 to join
CDN: Text potstocks to 393939 to join
Join our email list here: http://eepurl.com/bUSa71
Follow The Cannabis Investor on Social Media
Facebook: https://www.facebook.com/MMJInvestor
Twitter: https://twitter.com/CannaInvestor