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Nug News – Weekly Cannabis News Update November 15, 2020

Cannabis News Update November 15, 2020

Weekly Cannabis News Update November 15, 2020

Cannabis News Update November 15, 2020

Former NBA Player Larry Hughes to Open Two Medical Marijuana Dispensaries in St. Louis

Larry Hughes, a St. Louis native is teaming up with fellow NBA player Al Harrington to bring two medical marijuana dispensaries and a cultivation and processing center to St. Louis.  The Viola Brands, named after Harrington’s grandmother who has found relief in cannabis for her medical conditions including glaucoma and diabetes will be called VMO and one of the two locations will be a drive-thru dispensary, although both will adhere to Covid social distancing guidelines when they open in April of 2021.  Larry Hughes has spent much of his free time off the court devoting himself to causes that better his local community and is especially concerned with those that have mental health issues, including PTSD, which cannabis has been shown to be especially helpful in treating. St. Louis Alderwoman Cara Spencer gave her congratulations to Hughes and Harrington on their important business partnership and stressed that these two dispensaries as well as the cultivation and processing center marked the first black-owned cannabis businesses in Missouri. In 2018 Missouri became the 33rd US state to legalize medical cannabis.  The legislation passed easily with 66% voting for the Amendment to 34% voting against.  You can read more here.

Cannabis News Update November 15, 2020

UK Doctors Need Cannabis Education

Despite the change in the status of cannabis in the UK in 2018 from a Schedule I drug, which means it is seen as having no medical value to a Schedule II drug, allowing for specialist doctors to prescribe cannabis to their patients, only two people have actually been prescribed cannabis since 2018.  The reasons for that are somewhat complex however one of the main reasons is the lack of education medical professionals in the UK have received regarding the benefits and methods of using cannabis to treat a vast number of medical conditions.  Despite the fact that over 80,000 doctors in the UK are allowed to prescribe cannabis, none are doing so in part due to lack of education and confidence in the efficacy of cannabis in the treatment of patients.  The lack of training is at least partly due to the policies of the National Health Service (NHS) which has made it clear they prefer to rely solely on studies conducted within the UK.  The problem is there are very few studies regarding cannabis taking place in the UK.  One promising study, Project Twenty21, plans to provide cannabis to approximately 20,000 patients by 2021 which will hopefully open the door for UK doctors to have access to additional information regarding the benefits of medical cannabis for their patients.  Check out more here.

 

Cannabis News Update November 15, 2020

Cannabis Officials from 19 US States to Work Together

This group of cannabis officials have decided to move forward with plans to create a 19 state non-partisan coalition to provide and share expertise when it comes to all things cannabis and hemp related.  The initial members include regulators from Colorado, Delaware, Hawaii, Illinois, Iowa, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota, Oregon, Rhode Island, Utah and Washington State.  Norman Birenbaum, who is currently the director of Cannabis programs for New York state after serving as the top cannabis industry regulator in Rhode Island will be the first president of the newly formed association.  The group has quite a few goals including establishing best practice standards within the industry, creating more of an open exchange of information, including cannabis and hemp research, between states as well as with appropriate federal agencies. The group has made it clear they will not be taking an official position regarding the legalization of cannabis, rather they will facilitate communication and information exchange regarding all things cannabis.  Read more on this Topic here.

Be sure to check out: MORE Act Vote Date Set for December

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Nug News – Weekly Cannabis News Update November 8, 2020

Cannabis News Update November 8, 2020

Weekly Cannabis News Update November 8, 2020

Cannabis News Update November 8

Minnesota Eyes Neighbor South Dakota’s New Cannabis Legalization

Most Minnesotans, especially those living in towns and cities that border South Dakota were surprised at the outcome of their neighbors vote to legalize both medical and recreational marijuana.  It seems there are red politics, blue politics and now green politics and for those living in Minnesota it is frustrating to see changes happening close by that they are not a part of.  In 2014 Minnesota voted to legalize medical marijuana however the restrictions were and have remained some of the toughest in the nation in terms of dispensary availability and conditions that the state considers to be qualifying for medical marijuana use for citizens of the state.

Each year since 2014 these restrictions have eased, little by little, with new dispensaries opening and more medical conditions qualifying for inclusion in the state’s medical marijuana program.  Next month the state will decide whether anxiety should be a qualifying condition.  With the passage of legalization in South Dakota, there may be increased pressure for Minnesota to pass more expansive legislation sooner rather than later.  In the meantime, law enforcement will not ease up on punishing those in possession of marijuana, especially concentrates, which it considers more dangerous than flower.  Read more here.

Cannabis News Update November 8

Aurora Cannabis and other Cannabis Stocks Seeing Records Gains 

With the green wave of cannabis legislation that was approved by voters, the stock market has finally given cannabis stocks some attention, and some support.  Starting with Aurora Cannabis, that saw a 100% gain since Election Day with over 56% of that gain coming before the closing bell on Friday.  All states that has cannabis legalization, either medical, recreational or in the case of South Dakota, both, on the ballot saw success.  This clearly took Wall Street by surprise but now that surprise has turned into financial support.  Other cannabis companies Tilray and Canopy Growth saw their stock surge on Friday as well by 23% and 11% respectively.

Traders will also be ready for more movement in the cannabis industry as Joe Biden was named the projected winner on Saturday and will be the 46th president of the United Sates.  President elect Biden has made it clear that he supports broad legislation that would decriminalize cannabis but has not made his position clear yet regarding his support for full legalization at the federal level.  Smart traders will be keeping an eye out for hints of how the newly elected president will address the issue come January. Check out additional information here.

Cannabis News Update November 8

Medical Experts Looking at CBD to Help Repair Lung Damage Caused by Covid

As we enter what will likely be a long winter and an increase in Covid cases, the medical community has continued to learn a lot about this mysterious virus.  As part of the treatment protocols, medical experts are looking at the benefits of CBD to help repair the damaged lungs of many Covid patients.  Scientists from the Dental College of Georgia and the Medical College of Georgia have determined how CBD can be useful in reducing the lung inflammation seen in so many Covid patients.

CBD helps to regulate apelin levels, which is a  natural peptide made by blood cells, brain, lung, heart and fat tissue in the body.  It regulates blood pressure and is essential to reducing inflammation.  The study looked at patients who were suffering from ARDS and saw this peptide plummet to zero and then with the use of CBD increase approximately 20 times.  Additionally, CBD was found to aid the normalization of oxygen levels, swelling, immune responses and lung scarring.  Similar studies have been conducted in Israel regarding the efficacy of CBD with very promising results.  Read more details here.

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Nug News – Weekly Cannabis Update November 1, 2020

cannabis news update November 21, 2020

Nugg News – Cannabis News Update November 1, 2020

Weekly Cannabis News Update November 1, 2020

Study Finds Medical Marijuana Helps to Reduce Alcohol Consumption

A Canadian study demonstrated that patients who began consuming medical marijuana had a significant reduction in their alcohol use.  More specifically of the 2102 people surveyed by the Canadian Cannabis Patient Survey 2019, 973 reported past or current alcohol use with 44 % of that group, 419 people, reporting decreased alcohol consumption during the 30 period prior to the survey.  Additionally 8%, 76 people, reported consuming no alcohol in the 30 days prior to the survey. This survey serves to illustrate, along with similar research, that medical cannabis use is associated with an overall reduction in the use of not just alcohol but of tobacco, opioids and other illicit drugs.  Adding to this body of research is an Oregon State University study published in January of this year showing that binge drinking rates are reduced in states where cannabis has been legalized.  As binge drinking represents a huge health and safety risk for college students, this study result is valuable as states contemplate whether to legalize cannabis either for medical or recreational use or ideally for both.

Read additional study details here.

Weekly Cannabis News Update November 1, 2020

New Zealand Voters Reject Cannabis Legalization and Decriminalization

Following the October 17 referendum vote in New Zealand to legalize cannabis for recreational use as well as decriminalize cannabis nationwide, the votes counted so far, approximately 85%, are trending towards the referendum failing to pass.  Thus far 53% have voted for the referendum to not pass while 46% voted in favor of the referendum.  As not all the votes have been counted there is still a slim chance it may pass however it is statistically unlikely.  Many proponents of the referendum place the lack of voter support squarely on the shoulders of Prime Minister Jacinda Ardern.  Certainly the Prime Minister has been occupied, as have all world leaders, with the global pandemic, however many advocates of the cannabis legalization referendum contend that prior to the election the Prime Minister did not say how she planned to vote, revealing only after the election that she voted to legalize cannabis.  With the numbers so close, the popular Prime Minister could have spoken out in favor, giving the legislation the needed last minute support for those voters who may have been undecided.

Check out more information here.

Weekly Cannabis News Update November 1, 2020

NBA Legend Shawn Kemp Gets the Ball Rolling on Friday’s Grand Opening of Seattle Newest Cannabis Dispensary

Located on 1st Avenue, on Puget Sound in Seattle’s Queen Anne neighborhood is the city’s latest cannabis dispensary.  What makes it special is twofold.  The dispensary is named after and co-owned by NBA All-star Shawn Kemp who played with the Seattle Supersonics from 1989-1997.  The dispensary, aptly named Shawn Kemp’s Cannabis  got things off to a great start with a ribbon cutting ceremony early Friday afternoon and of course Shawn Kemp was there to do the honors along with quite a large number of his fans and would be customers.  No autographs though as social distancing practices were in full force.  What makes this dispensary special is not just that it is owned by a basketball legend, it is the first black owned dispensary in Seattle.  Kemp has big plans for the future of his namesake and plans to be a role model for people of color who want to be a part of the cannabis industry.  The dispensary’s staff of just over 30 employees is diverse and Kemp plans to offer training via his dispensary to people of color and women who specifically want to become dispensary owners.  All that plus top shelf cannabis will make this new dispensary stand out among others in the area.

You can read more on this topic here

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Will Cannabis Save the U.S. Economy?

Economic Impact of Cannabis

Economic Impact of Cannabis

While it’s unlikely one product has the power to prop up the entire US economy is these challenging times, the economic impact of cannabis sales can certainly go a long way towards making sure that states have a steady flow of cash as they struggle with empty coffers and so many people in need.  If we look at the recent history of cannabis sales in the US last year and the continued high demand for cannabis so far in 2020, states who have wisely chosen to legalize medical marijuana or recreational, or both, have a distinct economic advantage over states who have yet to see the benefits of cannabis, not just for the state’s residents but for the economy in general.

If we look at the data from states who have has legalized cannabis during the entire 2019 year, it is easy to see the financial advantage cannabis provided.  In 2019 nearly 2 billion dollars in tax revenue was generated with these states leading in cannabis profits; California took in $538 million, Washington state $354 million, Colorado $290 million and Oregon $155 million.  Simply put, cannabis has nearly unprecedented potential to be a top state income generator.  That is just money, what about job creation related to the cannabis industry?  As of early 2020, so looking mostly at job creation in 2019, the cannabis industry had created nearly 250,000 jobs.  These are not only dispensary jobs but in all areas of the cannabis industry including research and development, brand creation and cannabis cultivation.  As the industry continues to grow, so will the job opportunities and the overall economic impact of cannabis.

Early in 2020, when most of the US was headed into some form of lockdown, cannabis was declared an essential service and that declaration has helped the industry not just continue to operate during the pandemic but to thrive as the demand for cannabis in all legal states has hit new records.  This makes perfect sense as many people are at home and feeling the stress and anxiety that seems to be a part of the new normal we are all living, cannabis has truly been an essential service.  This is not likely to change any time soon and as more states vote to legalize the medical and/or recreational use of cannabis, the growth that the industry has seen in the last year will continue and may even increase.

The willingness of the cannabis industry to be flexible in their operations has also been a significant factor for the unparalleled success of the industry overall.  As many businesses struggled to adopt their brick and mortar storefronts to constantly changing conditions, marijuana dispensaries have been quick to make the necessary modifications to ensure a safe experience for not just customers and patients but employees as well.  Many dispensaries moved to strictly curbside pickup and made modifications to their websites to support this change.  It may be slightly disappointing for some people who enjoy the in person dispensary experience but cannabis lovers have adapted.  The cannabis delivery option seems to have uneven growth, with some states and cities offering multiple options and others not venturing down that path yet.  This is one area in particular that may continue to develop in various states.  If the demand is there and cannabis customers need delivery, the industry seems likely to respond in a positive way.