WeedLife News Network

Hot off the press cannabis, marijuana, cbd and hemp news from around the world on the WeedLife News Network.

Major Marijuana stocks lost 77% of Market Cap in last 12 Months

Marijuana stocks’ performance is often subject to what is happening in the cannabis industry. In the last couple of years, the cannabis industry has seen significant change and innovation both in the U.S. and internationally. 

Currently, more than half of U.S. states have legalized marijuana in some form, and the more legalization occurs, the more advancement can be had in the industry. 

However, with the rise of inflation and disturbance that have hit the Nasdaq, pushing stocks officially into bear territory, marijuana stocks also lost a lot of ground. The three primary players on average lost 77% of their market cap in the last 12 months.

Bill Legalizing Intoxicating Levels of THC received little Scrutiny from Lawmakers

Many Minnesotans seemed surprised to learn last month that edibles and beverages including an intoxicating level of THC had been legalized by the Legislature. It turns out many lawmakers were surprised, too.

After a 5 EYEWITNESS NEWS review of the legislative hearings regarding the THC legislation, it shouldn’t be surprising so many were caught off-guard. In three legislative hearings we reviewed, the impact of the legislation was never clearly explained, and not one lawmaker asked a question of the bill authors or experts who testified.

And finally… as high as possible

The world’s tallest-ever hemp building has been erected in South Africa.

The 12-storey building at 84 Harrington Street, Cape Town was built by local companies Hemporium and Afrimat Hemp using hempcrete blocks and building systems.

Duncan Parker, founding partner and CEO of Hemporium, said: “I bought 84 Harrington in 2016, with the idea being that it would become the flagship Hemporium store, a steak restaurant, and house the ‘Hemp Hotel’, a place where people can experience living in a hemp-constructed space.

“From a sustainability and eco-construction perspective, we wanted to take hemp construction in South Africa to the next level, while also contributing to the inspiring hemp construction projects being undertaken globally.

Recreational marijuana amendment blocked; medical marijuana business owners conflicted

SHERWOOD, Ark. – A proposed recreational marijuana amendment is rejected by election commissioners, but that does not necessarily mean it will not be on the November ballot.

Today’s decision came after Responsible Growth Arkansas’ submitted nearly 200,000 signatures to the Secretary of State’s office last month.

The board’s ruling had to do with the language in the amendment that does not include a limit on THC proportion, which is responsible for marijuana’s effects on the mind.

“Anyone who wants to use cannabis today has a source of finding cannabis,” said Bryan Faught, CEO of Natural Relief Dispensary in Sherwood. “Legalizing it just makes it easier for them and brings the money where it belongs.” Others in the medical marijuana industry do not agree.

Massachusetts lawmakers OK measure to provide capital to social equity Cannabis Licensees

Massachusetts Governor Charlie Baker is expected to sign into law S.3096, a measure aimed at supporting the 900 people harmed by the War on Drugs that have been enrolled in the commonwealth's social equity program as well as future members of the program.

The measure sets aside 15% of the revenue in the state's marijuana regulation fund generated by cannabis businesses to provide capital to social equity licensees. Cities and towns would have to prioritize equity applicants. The measure also includes language to pave the way for municipalities to incorporate social consumption lounges into communities for the first time.

Three Springfield businesses awarded conditional cannabis licenses

Among the 177 issued conditional adult-use cannabis dispensing licenses announced recently by Gov. JB Pritzker were three Springfield-based operations looking to open their doors in the coming months.

Herban Quality Control, Dealership LLC, and Bolden Investments III LLC now have 180 days to find a physical storefront before being issued a full license which permits the sale of cannabis to Illinoisans age 21 and older.

Now the Illinois Department of Financial and Professional Regulation only has eight remaining conditional licenses to grant. A total of 185 licenses were allowed after a Cook County judge lifted a legal stay in May.

Lawsuit: Shops in Catoosa, Dade Counties claim legal right to sell products with THC

CATOOSA COUNTY, Ga. — A new lawsuit in Georgia seeks a court order declaring that a chemical related to the main intoxicating ingredient in pot is legal under state law.

Owners of two shops in northwest Georgia are hoping to get a court to order a local sheriff and a drug task force to let them sell chemicals containing hemp that are now considered legal by the federal government.

The shops issued a motion requesting an emergency injunction and temporary restraining order, which would prevent Catoosa County Sheriff Gary Sisk and the Lookout Mountain Judicial Circuit Drug Task Force "from conducting any arrests or civil asset seizures against individuals or businesses based on the sale or possession of products containing hemp extracts," which includes Delta products.

What does a Cannabis Testing lab do? New Grand Rapids Lab tells us

Hummingbird Labs is opening on Division Avenue Southeast, to make sure cannabis products are safe before being sold in stores.

GRAND RAPIDS, Mich. — A new business is taking shape on the south side of Grand Rapids — a cannabis testing facility to make sure products are safe before being sold in Michigan stores. Hummingbird Labs will be the first African-American-owned cannabis testing lab in Michigan.

While the building on the corner of Albany and Division Avenue Southeast sits empty now, two West Michigan natives have bigger things in store for the space. Co-founders Glen Clanton and Dr. Paul King say there are only four labs open in West Michigan. 

Stafford man jailed after £30,000 of Cannabis Discovered due to House Fire

A man has been jailed for more than four years after £30,000 worth of cannabis was found at the scene of a house fire in Stafford.

Staffordshire fire crews had attended a house fire on Taplin Close on April 29, 2020, and alerted police of a possible drugs set-up inside. They raised concerns after spotting dangerous electrical wiring running from fuse board along the stairs, Stafford Crown Court heard.

Firefighters extinguished the blaze and officers discovered 60 cannabis plants – and an electricity bypass at the property – during the search. Mark Baglin, from Taplin Close in the town, was arrested and a search of an additional address revealed a bin-bag of cannabis hidden in the loft.

Denver’s marijuana tax revenue Increased by 3 % Last Year

Denver's tax revenue from marijuana sales increased 3 percent in 2021 to $72.4 million, according to the city's annual marijuana tax report. 

The figures come as Colorado's marijuana industry is facing a slowdown. So far this year, more than $759 million of marijuana has been sold in Colorado compared to the $962 million sold around the state in the first five months of 2021, according to data from the Colorado Department of Revenue. 

Overall marijuana sales in Denver are down despite the increased tax revenue, with more than $167 million sold so far in 2022 compared to over $222 million sold between January and May 2021. 

Colorado regulators won’t sanction job-seekers with out-of-state cannabis convictions

State agencies also won't cooperate in any out-of-state investigations into lawful marijuana conduct that occurs in Colorado.

Gov. Jared Polis last week vowed by executive order that Colorado will not hold out-of-state convictions for most marijuana-related offenses against people applying for professional licenses here.

The Boulder Democrat wrote in his order, “There is a workforce shortage in Colorado. Employers are having difficulty recruiting and retaining qualified employees, many of whom need professional licenses. The exclusion of people from the workforce because of marijuana-related activities that are lawful in Colorado, but illegal in other states, hinders our economy and our state.”

Weed? Useful crop? Only time can tell where ag will go

Township weed officers once sought out dangerous weeds. Some now noxious weeds were imported on purpose. Hemp has gone through cycles of use. Where ag will go, Mychal Wilmes says, is hard to guess.

Leafy spurge is a common noxious weed now, but it was brought to North America as an ornamental plant by settlers. The plants with small yellow flowers are common in southeast Minnesota’s ditches and wildlife areas. Years ago, I didn’t know about their vicious nature until heavy rain washed out pasture fencing.

The Canadian Cannabis Retail Landscape is starting to show signs of Significant Growth

Earnings season is just getting started for the cannabis sector and we hope to see a positive response from the market to company results.

Last week, Statistics Canada announced that $292.1 million (USD) (C$375.8 million) of recreational cannabis was sold in May. This amount is less than 1% higher than the amount of sales in April and we are favorable on the increase. Statistics Canada also updated the amount of recreational cannabis sales from April to be CA$373.3 million, which is slightly higher than the amount that was previously reported. (Technical420)

Breaking Down Performance by Province

Council rejects marijuana ordinance; voters to decide its fate

The Harker Heights City Council unanimously voted 4-0 Tuesday to disapprove a proposed ordinance to eliminate low-level marijuana enforcement in the City of Harker Heights.

Council member Lynda Nash was not at the meeting due to an excused absence.

In addition to disapproving the ordinance, the council’s motion ordered the submission of the proposed ordinance to appear on the Nov. 8 election ballot giving local residents an opportunity to vote on the issue, as required by the city charter.

City Secretary Julie Helsham reported to the council that on June 3, a petition seeking to initiate an ordinance to eliminate low-level marijuana enforcement in the city was filed with the city secretary’s Office.

Baseball legend David 'Big Papi' Ortiz gets into the cannabis game with new line

The Red Sox hall of famer has a history with weed.

MLB Hall of Famer, David "Big Papi" Ortiz is launching his own weed line, dubbed Papi Cannabis. For this, he has partnered with Rev Brands to create an exclusive line of "carefully curated cannabis products that keep healing properties at the forefront."

Big Papi's cannabis history

Growing up in a relatively conservative home, Ortiz found out about the benefits of cannabis later in life. He started using the plant to help him cope with stress, physical ailments and anxiety.

Existing drug tests can detect delta-8-THC--the latest cannabis craze

New findings presented at the 2022 AACC Annual Scientific Meeting.

As the cannabis derivative delta-8-THC grows in popularity, it's important for drug tests to be able to detect and differentiate it from delta-9-THC—the primary psychoactive ingredient in cannabis. Breaking research showcased at the 2022 AACC Annual Scientific Meeting & Clinical Lab Expo demonstrates that common drug testing methods can do just that.

Unity Rd. opens medical cannabis establishment in South Dakota

Unity Rd., the national cannabis dispensary franchise from Item 9 Labs Corp., is opening medical cannabis establishment, in South Dakota on July 27 with local entrepreneurs, B.J. Olson and Adam Jorgensen.

The new shop is located in the Sioux Falls suburb of Hartford at 404 West Opal Lane. (Benzinga)

Marijuana revenue doubles in Illinois - State cannabis sales surpass $1.5 billion

Illinois has seen a 50% increase in cannabis tax revenue since last year, thanks to the booming adult-use cannabis industry.

Gov. J.B. Pritzker's office said Monday that adult-use cannabis sales exceeded $1.5 billion so far this year.

"Illinois has done more to put justice and equity at the forefront of this industry than any other state in the nation and has worked to ensure that communities hurt by the war on drugs have had the opportunity to participate," Pritzker said in a release. "The $1.5 billion in sales of adult-use cannabis in Illinois translates into significant tax revenue with a portion of every dollar spent being reinvested in communities that have suffered for decades."

Nextleaf develops technology to produce distilled THC-free CBD oil

Nextleaf Solutions Ltd.’s technology to produce THC-free broad spectrum CBD distillate ("THC-Free CBD") from industrial hemp feedstock has been validated.

Nextleaf is commercializing its patented technology by utilizing its new distillate-based ingredient to power the next generation of innovative CBD products distributed under the company's prohibition-era brand, Glacial Gold, and supplying bulk THC-Free CBD ingredients to leading global CPG manufacturers in Canada and where cannabinoids are legal. (Benzinga)

Hempalta turning agricultural waste into valuable products, and comfort for zoo animals

The Wilder Institute/Calgary Zoo’s giraffes are enjoying new naturally antibacterial bedding that will be easier on their sensitive skin. 

The premium hemp bedding is a product of Calgary-based Hempalta, an agricultural technology company focused on innovative hemp processing and product creation.

Three times as absorbent as wood shavings, 99 per cent dust free and a natural deodorizer, the hypoallergenic, lightweight bedding has been donated as a 30-month sponsorship to the zoo.

“Hempalta’s commitment to providing the zoo with local hemp-based products will allow us to enhance our animal habitats in line with our sustainability goals,” says Jamie Dorgan, director of animal care, health and welfare.