Susan Duggan

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 agenci

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/

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 feelin

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 agenci

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 idea

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 , mari

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 decriminalizati

Green Growth Brands, an Ohio-based cannabis company, reported quarterly revenue of $5.6 million for the three months ended March 31. It did not report revenues for the same quarter last year. Net loss for the period totaled $15.4 million, compared with a net loss of $593,339 in the same period in 2018. Green Growth trades on the Canadian Securities Exchange under the ticker symbol  GGB . To read more about the company’s latest results,  click 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/marijuana-retailer-green-growth-brands-logs-quarterly-net-loss-of-15-4-million/

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 decriminalizati

Los Angeles-based MedMen reported revenue of $36.6 million and a net loss of $63.1 million for its fiscal third quarter, ended March 30, 2019. The performance marks the second quarter in a row that the multistate cannabis operator saw its sales climb and losses scale back. The retailer reported revenue of $29.9 million and a net loss of $64.6 million in the previous quarter. Year-over-year, revenue was up 156% – though the company’s recorded loss was significantly higher than the $16.8 million reported for the fiscal third quarter of 2018. During the current quarter, sales rose sequentially by 22%, with retail operations in California contributing $24.9 million. Results were also boosted by a 9% reduction in corporate selling as well as general and administrative costs from the second quarter. The retailer, which is a defendant in  three separate lawsuits,  trades on the Canadian Securities Exchange under the ticker symbol  MMEN. More details on the fiscal third quarter resu

Apps that help connect people with marijuana products are not welcome anymore in the Google Play store, the company announced in a policy update on Wednesday. That includes apps that facilitate cannabis transactions in states where it’s legal. The updated policy section states that Google Play doesn’t “allow apps that facilitate the sale of marijuana or marijuana products, regardless of legality.” Previously the page didn’t include any specific mention of cannabis. Via Google. The revised guidelines go on to list descriptions of “common violations.” Apps can’t allow users “to order marijuana through an in-app shopping cart feature,” help users “in arranging delivery or pick up of marijuana” or facilitate the “sale of products containing THC.” A google spokesperson explained the change in an email to Marijuana Moment, adding that affected companies can take advantage of a simple workaround. “These apps simply need to move the shopping cart flow outside of the app itself to

The number of cannabis companies in Canada that have yet to transition their federal license applications to the new system has been cut in half since the start of the year, but about a quarter of all applications still have not taken the required step. The number of companies that have not transferred to the Cannabis Tracking and Licensing System (CTLS) fell to 230 at the end of March from 430 earlier this year , according to Health Canada. Applications not in the system are effectively in regulatory limbo and not being scrutinized by the country’s cannabis regulator. As of March 31, 762 applications were in Health Canada’s CTLS. Of those, 660 were in the queue for review and 102 were awaiting payment of application screening fees. By type, 579 applications were for standard licenses, 150 were for micro and 13 for nursery licenses. Another 20 were applications for sales licenses for medical purposes. About 80 applicants in the CTLS received a “confirmation of readiness” lette

CBD, the widely available cannabinoid touted for various health benefits , may have the potential to help people with serious alcohol issues, according to a new review of current scientific evidence. Not only does cannabidiol appear to “facilitate drinking reduction,” the paper’s authors write, but research also shows the compound “may provide idiosyncratic protection to the liver and brain, which could reduce the development and impact of alcohol-related liver disease and alcohol-related brain injury.” The review, which is awaiting publication in the journal Frontiers in Pharmacology, offers a comprehensive look at how promising the data is so far regarding the effectiveness of CBD on alcohol use disorders (AUD). The authors, however, also call for human clinical trials, of which none have been published to date, to “pave the way for testing new harm reduction approaches in AUD.” Researchers in France and Belgium reviewed 26 previous studies published between 1974 and June 2018 t

Charlotte’s Web, a Boulder, Colorado-based CBD manufacturer, said Wednesday it received approval to uplist to the Toronto Stock Exchange (TSX). The company expects to start trading on the TSX on May 31 and will maintain its Canadian Securities Exchange ticker symbol  CWEB . The move to the TSX – the world’s ninth-largest exchange in terms of market capitalization – will allow Charlotte’s Web exposure to a wider capital-markets audience and likely attract increased numbers of institutional investors, the company said. The company on Tuesday reported quarterly revenues of $21.7 million for the three months ended March 31, 2019, and net income of $2.3 million. More details on the company’s move to the TSX can be  found here . Original Article Source: https://mjbizdaily.com/cbd-maker-charlottes-web-to-start-trading-on-canadas-top-stock-exchange/

The number of cannabis companies in Canada that have yet to transition their federal license applications to the new system has been cut in half since the start of the year, but about a quarter of all applications still have not taken the required step. The number of companies that have not transferred to the Cannabis Tracking and Licensing System (CTLS) fell to 230 at the end of March from 430 earlier this year , according to Health Canada. Applications not in the system are effectively in regulatory limbo and not being scrutinized by the country’s cannabis regulator. As of March 31, 762 applications were in Health Canada’s CTLS. Of those, 660 were in the queue for review and 102 were awaiting payment of application screening fees. By type, 579 applications were for standard licenses, 150 were for micro and 13 for nursery licenses. Another 20 were applications for sales licenses for medical purposes. About 80 applicants in the CTLS received a “confirmation of readiness” lette