by Grow Up Conference | Sep 20, 2023 | Cannabis News Wire, Media Partners
The United States is on the brink of a groundbreaking shift in its approach to marijuana policy. However, a significant obstacle stands in the way of this reform: the Drug Enforcement Administration (DEA).
Recognizing marijuana’s medical value, the U.S. Department of Health and Human Services ( HHS) recommended reclassifying marijuana as a Schedule III controlled substance in response to President Joe Biden’s call for a comprehensive review of marijuana scheduling last year. This pivotal moment in federal government policy places the key marijuana decision in the hands of the DEA, an agency historically associated with the country’s war on drugs.
The timeline for the DEA’s response remains uncertain, but experts speculate that an initial proposed rule could emerge by the year’s end, with finalization expected in the following spring. While the DEA cannot outright reject the HHS recommendation, its evaluation must encompass both legal and policy considerations, aligning with U.S. obligations under international drug-control treaties.
Barring an unlikely rejection of the HHS recommendation, the DEA must propose a federal law change consistent with the comprehensive scientific evaluation of marijuana. However, once the DEA suggests the change, more hurdles await, including a public comment period lasting typically 30 to 60 days, the DEA’s review of comments and potential lawsuits that could further delay implementation.
This marks the first time a president has ordered the DEA to review marijuana law, a significant departure from previous rejections of rescheduling petitions. The journey of marijuana through Capitol Hill bureaucracy began on Oct. 6, 2022, when President Biden instructed Cabinet-level agencies to expedite the review of marijuana scheduling.
Since 1970, marijuana has been classified as a Schedule I substance, defined as having no medicinal value and high potential for abuse. This designation poses significant challenges to legal marijuana businesses, including limited tax deductions, restricted access to mainstream banks and U.S.-based stock exchanges, and the constant threat of DEA raids. The federal ban also hampers research, product development, workplace safety regulations and health insurance matters. Previous efforts to challenge marijuana’s classification came through petitions or court actions by state governors and advocacy groups, such as NORML.
The DEA faces the challenge of creating a meticulous administrative record for impending lawsuits. Those lawsuits could potentially be filed by a wide range of individuals and organizations, from those wanting to maintain marijuana’s illegality to advocates seeking its descheduling. Regardless of the DEA’s recommendation, conflicts between state and federal laws will persist, necessitating congressional action in the long-term. Nonetheless, a significant change in marijuana policy appears inevitable and more imminent than ever before.
Industry companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) will probably be waiting with bated breath to see what decision the DEA makes regarding the change in the scheduling of marijuana.
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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by Grow Up Conference | Sep 20, 2023 | Media Partners, Psychedelic News Wire
New research has found that patients suffering from moderate to severe PTSD may experience a reduction in their symptoms following treatment with MDMA. The study, which was sponsored by the Multidisciplinary Association for Psychedelic Studies (MAPS), published its findings in the “Nature” journal.
Rick Doblin, president and founder of Multidisciplinary Association for Psychedelic Studies (MAPS), believes that MDMA-assisted therapy is on course for approval by the Food and Drug Administration (FDA) in 2024, thanks to the efforts of many therapists, participants and donors.
The study, which involved a randomized, placebo-controlled, double-blinded trial, recruited 104 individuals with PTSD who received either a placebo or MDMA then underwent talk therapy by qualified therapists. The trial determined that MDMA significantly reduced PTSD symptoms in comparison to the placebo. The findings add to growing literature showing that MDMA could be a game-changer, especially for the many patients who gain no benefit from currently prescribed drugs and therapies.
In their report, the researchers stated that MDMA improved therapy by breaking down boundaries that could hinder patients from processing trauma from their past. They also explained that the drug softened responses to fearful and emotionally challenging stimuli while also producing prosocial feelings that possibly improved patients’ ability to benefit from psychotherapy through the reduction of sensations of threat, fear or even negative emotions.
The researchers added that the MDMA therapy wasn’t considerably affected by substance use disorder or risk of hazardous alcohol, severity of illness, dissociative subtype or adverse childhood experiences. In addition, they observed that while suicidal ideation was observed in patients who received MDMA as well as the placebo, MDMA didn’t heighten this risk.
In their conclusion, the researchers added that the common issues observed included transient, mild increases in heart rate and blood pressure. They noted that the therapy was generally well tolerated among the patients with post-traumatic stress disorder involved in the trial.
For the MAPS formulation to be approved federally, its MAPS Public Benefit Corp. subsidiary will have to file an application with the FDA this year. This, the organization noted last week, could mean that the federal agency could award approval as soon as 2024, which would make MDMA therapy more available.
In 2017, the FDA awarded a Breakthrough Therapy designation to MDMA, based on prior trials that were also sponsored by MAPS. The organization also revealed that findings from 18 of its phase 1 and 2 trials would make up the basis for its New Drug Application.
When MAPS succeeds in getting MDMA approved by the FDA, it will be a big win for the entire psychedelics industry, including startups such as Seelos Therapeutics Inc. (NASDAQ: SEEL), which are also conducting drug-development programs involving psychedelic substances.
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by Grow Up Conference | Sep 20, 2023 | Featured, Grow Up News
CANNA PRESENTS THE NETWORKING LOUNGE AT GROW UP SHOW IN VICTORIA, OCTOBER 2-3, 2023
Grow Up Conference is excited to have CANNA presenting our Networking Area. Grow Up Conference will take place downtown Victoria at the Victoria Conference Center, October 1-3, 2023. Dutch company CANNA is the pioneer and global market leader in the world of intensive indoor growing, and we are thrilled to be working along side them once again. The CANNA networking lounge has become a show staple; a comfortable meeting place for friends and colleagues alike to put up their feet after exploring the show floor.
Early Entry – Morning Coffee and Pastries
9am – 10am @ CANNA will be providing coffee and pastries for exhibitors, all-access and VIP pass holders.
TOMMY CHONG MEET-N-GREET
9am – 10am @ CANNA Networking Lounge
Open to All Access and VIP delegates only.
CANNA is there to help all growers at every scale to achieve an optimal result, by offering easy-to-use, quality & consistent products. Research and development is the cornerstone of CANNA and they pride themselves on sharing their extensive knowledge & experiences with growers worldwide.
CANNA Production facility in the Netherlands Video:
Get the full CANNA Experience by exploring the pillars of their philosophy below:
INNOVATION & RESEARCH
CANNA has partnered with a fully licensed cannabis cultivator, Mauve et Herbes to establish their first Canadian Research & Knowledge center with the objective to further conduct on-going research for the best input on how to grow quality crops.
CANNA Canada Research Facility Video:
QUALITY & CONSISTENCY
CANNA strives for security in the production process by using consistent and clean inputs, and ultimately to ensure that the grower has, one less thing to worry about!
EASE OF USE
We offer different product ranges for multiple ways of growing. Each product range is specifically designed for the characteristics of the growing medium. We’ve got your back when it comes to maximizing the yield of your crops.
SHARING KNOWLEDGE & EXPERIENCES
At CANNA, they are passionate people that strive to help growers understand plants better, overcome challenges, support each other and get optimal results. The CANNAtalk events offer the unique opportunity for passionate growers to interact and discuss current opportunities and challenges within the industry.
CANNAtalkTrailer
EXPLORE CANNA RESOURCES & FOLLOW THE TEAM ONLINE:
https://linktr.ee/cannacanada
Instagram @cannacanadaofficial
Facebook: https://www.facebook.com/CannaCanadaOfficial
LinkedIn: https://www.linkedin.com/company/canna-canada
CONTACT THE TEAM DIRECTLY FOR TECHNICAL GROWING SUPPORT
info@canna.ca
SUBSCRIBE TO THE CANNATALK COMMUNITY
for upcoming events and newsletter
https://www.canna.ca/cannatalk
by Grow Up Conference | Sep 20, 2023 | Media Partners, Stratcann
Cities in BC’s Lower Mainland are asking for what they say is their share of cannabis excise tax revenue from the province.
In a resolution to be considered at this week’s annual Union of BC Municipalities (UBCM) convention, the government of Port Moody, with support from the Lower Mainland Local Government Association, is calling on the provincial government to share up to half of its portion of the federal excise tax.
The resolution could be considered this week at the convention in Vancouver, held from September 18-22.
The Federal government provides 75 percent of the excise tax it collects when cannabis producers sell into a provincial market or through the medical market. The federal tax is collected at a rate of $1/gram or 10 percent of a producer’s selling price, whichever is higher. The federal portion of cannabis excise tax revenue is capped at $100 million a year.
Under an agreement first signed prior to legalization, provinces successfully argued they would need to deal with the bulk of enforcement and regulations when it came to cannabis, especially municipalities, and should, therefore, get a large portion of the federal tax. But munis in several provinces, including BC, say they have not received that tax money.
Up to August 2022, BC had brought in more than $157 million in cannabis excise tax since legalization.
In 2020, the Union of BC Municipalities (UBCM) said a survey of their membership showed $11.5 million per year in local government incremental costs for the three years following cannabis legalization.
Earlier this year, a representative with BC’s Ministry of Finance said the agency had not provided any of this tax revenue, but they are in talks on the subject with the UBCM as part of a long-term plan.
“In general, provincial taxes–including PST revenue–flow into the Province’s consolidated revenue fund to provide the programs and services people rely on, such as health care and education,” notes the Ministry representative. “To date, the BC government has not provided any excise tax revenue to local governments.
“We’re currently working with the Union of BC Municipalities on a review of local government finance systems in BC, including signing an MOU in 2022 laying out that we’ll work together over the next few years. Cannabis revenue sharing is one of the items we will be looking at over the longer-term. As the cannabis market continues to mature, we are working cooperatively with UBCM through this process to promote local governments’ financial resiliency.”
Although the resolution notes that several other provinces, such as Ontario, Quebec, and Alberta, have shared this revenue with their municipalities, the BC government has never made a commitment to do so.
The resolution reads:
“Whereas the Canadian federal government has clearly stated its expectation that provincial cannabis tax revenue be shared with local governments and such revenues are currently being shared between the provinces and local governments in Ontario, Quebec, and Alberta, but not in British Columbia; And whereas the sharing of cannabis tax revenue will provide much needed funding for local governments: Therefore be it resolved that UBCM ask the Province to share up to 50 percent of provincial revenues generated from the production and sale of cannabis products with BC local governments.” ~NR31 Provincial Cannabis Tax Sharing with Local Governments Port Moody
UBCM raised the issue in 2016, 2017, 2018, 2019, 2020, and 2022, as well.
Munis in other provinces want their share, too
Cities in other provinces have raised similar concerns about what they say is their share of the federal excise tax from cannabis. Earlier this year, municipalities in New Brunswick were asking for 25 percent. In 2021, the Association of Manitoba Municipalities released a position paper that called on the province to share 25 percent of its cannabis tax revenue with its municipalities. More recently, the provincial government in Manitoba said there were few “societal costs” with legalization.
The same issues were raised in the association’s pre-budget plan. The report notes that the Federation of Canadian Municipalities (FCM) says that municipal administration and local policing costs related to legalization will total $3-4.75 million per 500,000 residents, representing a range of approximately $210-335 million per year in costs incurred by municipalities across Canada.
“According to the Federation of Canadian Municipalities (FCM), municipal administration and local policing costs linked to cannabis legalization will total $3-4.75 million per 500,000 residents on an annual basis,” wrote the AMM in an email to StratCann at the time. “Since these costs should not be downloaded to municipalities, it is imperative that municipalities be included as meaningful participants in revenue-sharing conversations. We continue to urge the federal and provincial governments to co-develop a revenue-sharing model that respects municipal authority.”
Additional resolution
A second resolution, NR30, the Cannabis Control and Licensing Act, was brought forward by the Okanagan-Similkameen regional district. It calls for a change to the provincial Cannabis Control and Licensing Act (CCLA) that would allow cities and Indigenous governments to opt out of giving the province feedback on a retail licence application. Currently, the provincial licensing process requires input from a city before a licence can be issued.
Both resolutions could be voted on this week and are among 205 to potentially be debated, pending time. You can read about other cannabis-related resolutions at UBCM 2023 here.
Related Articles
by Grow Up Conference | Sep 20, 2023 | Garden Culture Magazine, Media Partners
This summer, my backyard was alive with monarch butterflies. Every time I saw one of the caterpillars on our milkweed or the butterflies dancing around the garden, I’d screech with delight and call the kids over to see. It’s the small things, right? By the fourth or fifth time, I could tell they were happier for me than they were about the monarch sightings. My 7-year-old son, Ryan, indulged me by saying it was cool to see since they won’t be around when he grows up. So wise, that kid.
The Endangered List
Migratory monarch butterflies are now classified as endangered by the International Union for Conservation of Nature (IUCN). Their future is at risk because of habitat destruction and climate change. In other words, because of us.
There’s still time to help them. As gardeners, we can all take small steps to provide delicious food and safe havens for our beautiful pollinator friends.
Got Milk(weed)?
When Ryan acknowledged that monarchs might not be around when he’s older, my daughter, Ella, always looking to solve problems, told me she will have a milkweed farm when she grows up. Now that’s an idea I fully support!
Last fall, Ella and I opened milkweed pods and let the seeds loose. It worked. This year, we had so much milkweed on our property. It sprung up everywhere! I understand that some people wouldn’t like this, as milkweed can be invasive. But Ella and I are all about horticultural disobedience these days.
If the wild look isn’t your thing, you can purchase milkweed seedlings (or start them from seed) and contain the plants in a raised bed or specific patch of your yard.
And although considered a weed, goldenrod is an essential food source for adult monarch butterflies, so be sure to leave some for them to enjoy!
Careful Plant Selections
My husband and I are building a new garden at the moment, and one of the things I’ve enjoyed the most through this process is coming up with my plant design. I’ve made careful selections, ensuring that more than a few plants are in bloom at all times of the growing season.
The chosen shrubs and perennials are native to my area and attract various pollinators. There’s something very satisfying about starting a garden from scratch, and I’m so excited to welcome the bees, butterflies, beneficial insects, and birds to our new space.
Here are some of the plants I’ve selected that are big butterfly attractors:
- Coneflowers (Echinacea)
- Coreopsis grandiflora
- Echinops (Veitch’s Blue Globe Thistle, Sea Holly)
- Phlox (moss phlox and tall phlox)
- Dianthus Kahori
- Achillea millefolium
- Black eyed Susans (Rudbeckia Goldsturm)
- Shasta Daisy
- Liatris Spicata
- Gaillardia aristata (Fire Wheels)
- Sedum (Autumn Joy)
- Salvia Blue Marvel
- Butterfly bush
- Meadowsweet
So many plant varieties out there attract butterflies of all kinds! The next time you’re at your local garden center, I encourage you to think about the plants various pollinators love before making your selections; read the tags and have fun with them.
And if a monarch butterfly lands on a flower you admire, or if you stumble upon one of the caterpillars, celebrate. Call the kids over and maybe take some pictures. After all, monarchs are a special and increasingly rare thing.
by Grow Up Conference | Sep 20, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Sep 20, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Sep 20, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Sep 20, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Sep 20, 2023 | Cannabis News Wire, Media Partners
Cannabis Exchange-Traded Funds (ETFs) surged in value in September as positive federal action renewed investor interest in the cannabis industry. Shortly after the U.S. Department of Health and Human Services recommended that the Drug Enforcement Administration (DEA) reclassify cannabis to Schedule III from Schedule I and ease federal marijuana restrictions, marijuana-related ETFs began to soar as investors started investing in the cannabis industry.
America’s state-legal cannabis sector is the fastest-growing sector in the nation, generating billions of dollars in yearly revenue. However, the industry has been consistently handicapped by federal regulation. Federal law still classifies cannabis as a Schedule I drug with no medical application, which has made operating in the state-level industry extremely difficult. Issues like limited access to banking services and federal financial aid are prevalent throughout the industry and have likely prevented investors from investing in the cannabis sector.
For example, the Poseidon Dynamic Cannabis ETF by AdvisorShares went down in August amid declining investor interest in marijuana. The fund’s comanager Morgan Paxhia said at the time that the closure of the fund was partly due to a “dramatic shift in investor sentiment” that has affected the nation’s state-level marijuana industry.
Now that federal lawmakers are flirting with the idea of decriminalizing and possibly legalizing the quasilegal sector at the federal level, investor interest is rising. Last week, AdvisorShares Pure US cannabis (MSOS) was up by 56% and ETFMG Alternative Harvest (MJ) soared by 47% while both the SP 500 and the Dow Jones Industrial Average were up by just around 0.5%,
Matt Bottomley, an analyst from financial services firm Canaccord Genuity, noted that federal headlines often act as catalysts for how certain stocks trade. He observed that recent cannabis-related headlines had a positive effect on cannabis ETFs.
The Biden administration’s recommendation for cannabis reclassification at the federal level also caused the shares of cannabis companies such as Cronos Group, Tilray Brands and Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) to surge. This has been a boon for cannabis equities, which have suffered from a capital crunch in recent years as many investors withdrew from the industry.
Despite extensive legalization at the state level, federal prohibition has consistently been a thorn in the cannabis industry’s side, limiting the sector’s access to financing and preventing it from expanding to broader markets. The prospect of finally legalizing cannabis at the federal level and eliminating the barriers that limit trade in the sector will likely attract more investors to cannabis-related equities.
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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