Norma Pence

A federal appeals court gave medical cannabis patients and reform advocates a small but significant procedural victory on Thursday, ruling that it would hold open a case challenging the scheduling status of marijuana under federal law. In essence, the court is putting the federal government on notice that it must “promptly” make a decision on marijuana rescheduling so that those who rely on its medical benefits don’t unduly suffer. A group of patients and advocates filed a lawsuit against the Justice Department in a U.S. District Court in 2017, alleging that the Schedule I status of cannabis under the Controlled Substances Act (CSA) poses serious health risks and unfair economic disadvantages. The court dismissed the case last year, siding with the government in its scheduling determination  and shooting down each of the plaintiffs’ claims. It also argued that the plaintiffs should have first pursued reform through an administrative process, seeking relief from the federal agencies

Curaleaf, a Massachusetts-based, vertically integrated cannabis company, reported first-quarter revenue of $35.3 million, up from $9.1 million for the same period in 2018. Net loss for the company in the period totaled $10.8 million versus $3.4 million last year. Curaleaf, which agreed to acquire Cura Partners in a nearly $1 billion deal earlier this month, trades on the Canadian Securities Exchange under the ticker symbol  CURA . More details on the results can be  found here. Get access to more in-depth market analysis, premium features on cannabis investing trends and monthly executive webcasts with an  Investor Intelligence subscription . Original Article Source: https://mjbizdaily.com/curaleaf-q1-cannabis-revenue-climbs-35-3-million/

A federal appeals court gave medical cannabis patients and reform advocates a small but significant procedural victory on Thursday, ruling that it would hold open a case challenging the scheduling status of marijuana under federal law. In essence, the court is putting the federal government on notice that it must “promptly” make a decision on marijuana rescheduling so that those who rely on its medical benefits don’t unduly suffer. A group of patients and advocates filed a lawsuit against the Justice Department in a U.S. District Court in 2017, alleging that the Schedule I status of cannabis under the Controlled Substances Act (CSA) poses serious health risks and unfair economic disadvantages. The court dismissed the case last year, siding with the government in its scheduling determination  and shooting down each of the plaintiffs’ claims. It also argued that the plaintiffs should have first pursued reform through an administrative process, seeking relief from the federal agencies

Oregon’s oversupply of cannabis has prompted lawmakers to attempt to give the Oregon Liquor Control Commission more leeway to deny new cultivation licenses based on supply and demand. A bill that  passed the Senate and is now before the House would not only reduce the huge surplus but would prevent diversion of unsold legal marijuana into the illicit market and forestall a crackdown by federal prosecutors. Democratic Gov. Kate Brown indicated she intends to sign the bill if, as expected, it wins final passage. The legislation could be a lifeline to some cannabis businesses feeling the squeeze of market forces. Supply is running twice as high as demand, meaning the surplus from last year’s harvest alone could amount to roughly 2.3 million pounds of marijuana, by the liquor commission’s figures. Retail prices in Oregon for legal cannabis plummeted from more than $10 per gram in October 2016 to less than $5 last December. At the same time, smaller marijuana businesses are feeling

The goal of the hearing is to “identify and collate all available data to help us answer these questions in order to make sure that the American public is protected — including to the extent CBD is being introduced into our food supply or other common consumer products,” Michael Felberbaum, an FDA spokesman, said in an email to CNN. CBD, also known as cannabidiol, is the ingredient in marijuana and hemp touted to have many medicinal benefits. It’s different from tetrahydrocannabinol or THC, the main psychoactive component of cannabis. ‘Only limited available information about CBD’ Last June, the FDA for the first time approved a cannabis plant-derived, CBD-based drug, Epidiolex, which is approved to treat two severe and rare forms of epilepsy: Dravet Syndrome and Lennox-Gastaut syndrome. Dr. Amy Abernathy, principal deputy commissioner of the FDA and head of the agency’s CBD working group, said in a tweet last week, “The FDA has not approved any other CBD-containing products.

Planet 13, the Nevada-based company that runs what is said to be the largest cannabis entertainment center in the world, reported first quarter revenue of $13.8 million, compared with $3.6 million in the same period a year ago. Net loss for the firm, which owns a 112,000-square-foot superstore in Las Vegas, totaled $1.15 million, compared with net income of $12,741 in the first quarter 2018. Planet 13 has a total of six licenses in Nevada and trades on the Canadian Securities Exchange under the ticker PLTH . For more details on the company’s quarterly results, click here . Original Article Source: https://mjbizdaily.com/marijuana-retailer-planet-13-reports-q1-revenue-of-13-8-million/

Green Thumb Industries, a Chicago-based multistate cannabis company, reported revenue of $27.9 million for its first quarter, up from $10.9 million in the same period last year. Net loss for the quarter was $9.7 million, compared with $1.6 million last year in the same period. Green Thumb, which owns the luxury cannabis brand Beboe, trades on the Canadian Securities Exchange under the ticker symbol  GTII . More details on the quarterly results can be  found here . For more analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward,  sign up for our premium subscription service, Investor Intelligence. Original Article Source: https://mjbizdaily.com/green-thumb-reports-27-9-million-in-quarterly-marijuana-revenue/

A federal appeals court gave medical cannabis patients and reform advocates a small but significant procedural victory on Thursday, ruling that it would hold open a case challenging the scheduling status of marijuana under federal law. In essence, the court is putting the federal government on notice that it must “promptly” make a decision on marijuana rescheduling so that those who rely on its medical benefits don’t unduly suffer. A group of patients and advocates filed a lawsuit against the Justice Department in a U.S. District Court in 2017, alleging that the Schedule I status of cannabis under the Controlled Substances Act (CSA) poses serious health risks and unfair economic disadvantages. The court dismissed the case last year, siding with the government in its scheduling determination  and shooting down each of the plaintiffs’ claims. It also argued that the plaintiffs should have first pursued reform through an administrative process, seeking relief from the federal agencies

NFL Commissioner Roger Goodell speaks to the media during the NFL football owners meeting last week in Key Biscayne, Fla. Goodell is in the early stages of negotiating a new labor contract, which could include an expanded playoff field. (AP Photo/Brynn Anderson) The NFL may be two years away from expanding its playoff format again. There’s a possibility that the league will send a seventh team from both conferences to the postseason instead of the current six while reducing the number of teams that get first-round byes in each conference from two to only the highest seed. That would add two games to the so-called Wild Card round, increasing the overall inventory of playoff games from 11 games to 13. This would increase revenue for the league and its players, through additional rights fee paid by broadcast partners.   The Washington Post reported Thursday that the idea of an expanded postseason was quietly discussed at last week’s meeting of NFL owners. It is one of the ideas

Arizona’s highest court has concurred that a Phoenix law firm must pay roughly $150,000 in legal fees for filing a frivolous lawsuit against the town of Snowflake and Copperstate Farms, a large medical cannabis grower. The suit challenged Snowflake’s decision in 2016 to issue a permit allowing Copperstate to cultivate marijuana in a greenhouse previously used to grow tomatoes and cucumbers, Capitol Media Services reported. The news service also reported that Copperstate became the largest medical marijuana cultivation facility in the state. For more details about the case, click here . Original Article Source: https://mjbizdaily.com/arizona-law-firm-meritless-marijuana-suit/

Oakland, California is taking a step towards becoming the second city in the United States to decriminalize the possession of hallucinogenic mushrooms containing psilocybin. But going even further than a measure recently approved by voters in Denver, the resolution given initial approval on Tuesday also seeks to end criminal penalties for other plant-based psychedelics , including ayahuasca, mescaline and ibogaine. The City Council’s Public Safety Committee voted—with three ayes and one abstention—to advance to the full Council a measure that would declare enforcement of laws prohibiting the possession of “entheogenic plants” among adults the “lowest priority” for police. The measure would also seek to block officials from using “any city funds or resources to assist” in enforcing bans on naturally derived psychedelics. If the resolution sponsored by City Councilmember Noel Gallo is enacted, Oakland would follow Denver— where voters narrowly approved a psilocybin decriminalization

If you are one of the many Americans who use cannabidiol (CBD) and want access to safe CBD products without a doctor’s prescription, it’s time to speak up and let the U.S. Food and Drug Administration know what you think. The FDA is developing regulations around hemp-derived products that contain CBD—starting with a May 31 hearing —as the agency builds on its established guidance for dietary supplements and cosmetics. It currently bans from interstate commerce any foods and beverages to which CBD has been added as an adulterant . The FDA’s stance on hemp is confusing, without question. Here’s the gist: When CBD is isolated in its molecular form and used as an ingredient, in the FDA’s eyes, it’s different from hemp extract oil that has naturally occurring cannabinoids, including CBD. Why should you care about the FDA’s bureaucratic move? Despite CBD’s rising popularity and current widespread availability, many products aren’t accurately labeled and there are no standards or produc

The Arizona Supreme Court handed the state’s medical cannabis industry a significant legal win  this week by ruling that extracts – including concentrates, edibles and other infused products – are legal. So, do licensed medical marijuana businesses expect an immediate shift in day-to-day business operations now they can legally sell the products? “We’ve been selling extracts from Day One, and we will continue to do so,” J.P. Holyoak, the owner of Phoenix-area dispensary chain Arizona Natural Selections, said after the “expected” ruling. Holyoak and other industry stakeholders said the ruling means little more than business as usual for the many licensed dispensaries that continued selling extracts to MMJ customers while the case moved through the Arizona courts. However, some industry watchers noted that this week’s ruling: Puts an end to a saga that was watched by many in Arizona’s MMJ industry. Gives official legal approval for edibles/infused sales, which were previously in

Retail sales of medical and recreational cannabis in the United States are on pace to eclipse $12 billion by the end of 2019 – an increase of roughly 35% over 2018 – and could rise as high as $30 billion by 2023. That’s according to exclusive projections from the forthcoming 2019 edition of the Marijuana Business Factbook . Continued sales gains in recreational markets as well as the rapid development of medical marijuana programs in newly legalized states will spur much of that growth over the coming year. In 2019, new medical markets, including Florida, Maryland, Ohio, Oklahoma and Pennsylvania, saw strong patient demand, broad lists of qualifying conditions and adequate access to dispensaries propel sales beyond initial expectations. Although medical sales are projected to increase at the same rate as recreational sales in 2019, growth on the medical side of the industry is expected to slow significantly over the long term. The two largest medical markets in the nation – Cali

Colorado Gov. Jared Polis signed a bill Wednesday that for the first time opens the state’s cannabis industry to outside investors. The law is expected to bring new cash flow into Colorado as well as marijuana products from companies that previously were unable to do business in the state. “By permitting access to capital through private and public investments with appropriate guardrails, this bill ensures that Colorado businesses keep their headquarters in the state, remain competitive, invest in research and development and other innovation and continue to contribute significant tax dollars to the state,” Chuck Smith, CEO of Dixie Brands, a Denver-based manufacturer of THC- and CBD-infused products, said in a prepared statement. There was trepidation about the measure becoming law because Polis’ predecessor, John Hickenlooper, had vetoed a similar bill . Polis also signed a measure allowing marijuana retailers to apply for a limited consumption license. Under the law , mariju

Oakland, California is taking a step towards becoming the second city in the United States to decriminalize the possession of hallucinogenic mushrooms containing psilocybin. But going even further than a measure recently approved by voters in Denver, the resolution given initial approval on Tuesday also seeks to end criminal penalties for other plant-based psychedelics , including ayahuasca, mescaline and ibogaine. The City Council’s Public Safety Committee voted—with three ayes and one abstention—to advance to the full Council a measure that would declare enforcement of laws prohibiting the possession of “entheogenic plants” among adults the “lowest priority” for police. The measure would also seek to block officials from using “any city funds or resources to assist” in enforcing bans on naturally derived psychedelics. If the resolution sponsored by City Councilmember Noel Gallo is enacted, Oakland would follow Denver— where voters narrowly approved a psilocybin decriminalization