Congress marijuana Archives - Green Market Report

StaffSeptember 20, 2023
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BusinessDaily Hit

The Daily Hit: September 20, 2023

5min00

The Daily Hit is a recap of the top financial news stories for Sept. 20, 2023.

On The Site

Cannabis Stocks Pop on News of SAFER Banking Act

Marijuana stocks shot up Wednesday after news broke that the SAFE Banking Act had been rewritten as the SAFER Banking Act, breathing new life into federal cannabis reform just weeks after the monumental news that the Biden administration recommended the rescheduling of marijuana. Read more here.

Mississippi Releases Revised Medical Cannabis Industry Rules

Mississippi cannabis regulators announced new revisions to industry regulations, with 202 pages of red-lined changes to the former rules released by the state Department of Health on Thursday.Read more here.

Kentucky Hemp Company Purchases Manufacturing Partner

Kentucky-based CBD maker Cornbread Hemp closed on the acquisition of an unnamed manufacturing partner, marking a transition to full vertical integration for the business. Read more here.

Leef Brands Closes Acquisition of Santa Barbara Cultivation Facility

California-based Leef Brands (CSE: LEEF) (OTC: LEEEF), formerly known as Icanic Brands, completed the acquisition of a 1,900-acre ranch in Santa Barbara County for $5.48 million, which the company intends to transform into “one of the largest biomass cultivation sites in California.” Read more here.

Enveric Receives Patent for Psilocybin Molecules

Enveric Biosciences (NASDAQ: ENVB) announced that the United States Patent and Trademark Office issued U.S. Patent No. 11,752,130, titled “Carboxylated Psilocybin Derivatives and Methods of Using,” pertaining to the Company’s EVM301 Series of molecules being developed as potential treatments for mental health disorders. Read more here.

Seelos Reports Mixed Results From Phase II Ketamine Study

Seelos Therapeutics, Inc. (Nasdaq: SEEL) announced top-line data demonstrating clinically meaningful treatment effects across multiple endpoints and a well-tolerated safety profile from the double-blind, placebo-controlled cohort (Part 2) of its Phase II study of SLS-002 (intranasal racemic ketamine) for Acute Suicidal Ideation and Behavior (ASIB) in adults with Major Depressive Disorder (MDD). Read more here.

In Other News

Congress

Members of the U.S. House of Representatives, Oversight and Accountability Committee voted 30-14 today in favor of bipartisan legislation, H.R. 5040: The Cannabis Users’ Restoration of Eligibility (CURE) Act, which expands federal employment and advancement opportunities for those with a history of past cannabis use. Read more here.

Oklahoma

The Oklahoma Medical Marijuana Authority seized around 14,000 marijuana plants and 4,850 pounds of marijuana earlier this week. Not only did they seize thousands of pounds of illicit marijuana, but five businesses were also shut down as a result of the investigation. Read more here.

Nevada

On Tuesday, the Nevada Cannabis Compliance Board (CCB) approved a conditional license for a cannabis consumption lounge on the AREA15 campus, which houses popular attractions such as Meow Wolf’s Omega Mart, Illuminarium, and a recently announced Universal Halloween-themed park. Read more here.

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John SchroyerAugust 2, 2023
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Business

Bill Reintroduced to Prep Federal Government for Marijuana Legalization

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In another sign that some in Washington, D.C. are thinking ahead to when the cannabis industry becomes federally legal, Democratic U.S. Sen. John Hickenlooper of Colorado just last week reintroduced a bill designed to get the federal bureaucracy ready to adjust properly for when legalization occurs.

Hickenlooper is again proposing the Preparing Regulators Effectively for a Post-Prohibition Adult Use Regulated Environment (PREPARE) Act, according to a press release. Hickenlooper first ran the bill last year but it didn’t even get a hearing and didn’t garner any cosponsors.

Still, the Colorado Democrat – who was governor when the state rolled out its recreational marijuana market in 2014 – contends federal regulators need to begin thinking about “proper safeguards for federal cannabis legalization,” which is what he says his bill would promote.

“Colorado’s is the model for a safe, well-regulated marijuana market,” Hickenlooper said in a release. “Let’s build on that success with federal regulation.”

Specifically, the bill would “replicate” the state-level task force Hickenlooper convened after Colorado voters approved recreational marijuana legalization in 2012, with a broad array of stakeholders, to make sure all concerns are addressed.

The federal commission proposed by the PREPARE Act would focus on:

  • Recommending a regulatory framework modeled after state-level rules and structures.
  • Contemplate a regime similar to the one used nationally for the alcohol industry.
  • Figure out ways to remedy harms done to minority, low-income and veteran communities by cannabis prohibition.

The commission would be comprised of industry members alongside representatives of federal agencies, with some appointed by Senate and House leaders, and spokespeople for state and local governments.

The bill is supported by the National Hispanic Cannabis Council, the Veterans Cannabis Coalition, NORML, the U.S. Cannabis Council, Minorities for Medical Marijuana, the National Cannabis Industry Association, and the Coalition for Cannabis Policy, Education and Regulation, according to the release.

Hickenlooper’s bill could prove a timely one, given President Joe Biden’s order last year for federal regulators to review marijuana’s status as a Schedule 1 narcotic, a move that many industry insiders expect will lead to federal legalization of some sort, perhaps in the very near future.

It’s unclear when that decision may be handed down from the U.S. Department of Justice, but if it happens before the 2024 election – which many observers have suggested is likely – the PREPARE Act may suddenly have wind in its sails.

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StaffJuly 17, 2023
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BusinessDaily Hit

The Daily Hit: July 17, 2023

4min00

The Daily Hit is a recap of the top financial news stories for July 17, 2023.

On The Site

Colorado Cannabis Sales Continue Falling

In May, Colorado marijuana sales continued to plummet as a statewide industry slump hammers businesses, with sales hovering near their lowest point in four years. Read more here.

Green Thumb Industries Worker Dies at Illinois Facility

An employee of Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) died recently while on the job at a grow operation in Rock Island, Illinois, raising additional questions about worker safety in the cannabis industry following another worker death last year in Massachusetts. Read more here.

New Study Says Patients May Stay on Depression Meds While Taking Psilocybin Therapy

Compass Pathways (Nasdaq: CMPS) has revealed positive results from a phase 2 clinical trial investigating the use of its synthetic psilocybin treatment, COMP360, alongside daily SSRI antidepressants in treating persistent depression, the company announced Monday. Read more here.

Former Curaleaf Exec to Head iAnthus Amid RICO Suit, Alleged Mismanagement

Amid a pending lawsuit and serious allegations of funds misappropriation, Canadian producer iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCPK: ITHUF) has appointed Richard Proud as its new chief executive officer and director on the board of directors. Read more here.

SEC Seeks Judgment in Former cbdMD CEO’s Fraud Case

Fund manager Martin Sumichrast looks like he admitted his guilt in a fraud case while simultaneously claiming through his lawyers that the claims were outrageous, according to a report in Law360. Read more here.

New Markets Within California Staggeringly Slow to Open

The California marijuana business landscape remains one of the toughest in the nation, and over the past three years one of the areas in which industry advocates had placed much of their hopes – repealing city-level bans on cannabis commerce – has made barely any gains, despite a flurry of victorious pro-marijuana ballot measures and ordinances. Read more here.

In Other News

Missouri

Less than a year after recreational marijuana first hit the shelves in Missouri, the state is cracking down on just how appealing marijuana product packaging can be. New rules, governing the number and types of colors, symbols and text that can be displayed on marijuana products, go into effect next year. Read more here.

Oregon

Many Oregon marijuana industry insiders say the entire business is a “wreck,” with most businesses losing money and wholesale prices in a tailspin. Read more here.

Congress

Democratic senators are seeking to pass a series of marijuana reform amendments, including a proposal to legalize medical cannabis for military veterans, through a must-pass defense bill that’s set to be considered this week. Read more here.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis

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