WeedLife News Network

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

There are dozens of good reasons for legalizing cannabis, and one of the most compelling is its potential for social justice.

For the most part, cannabis criminalization occurred throughout the 20th century as a result of xenophobia and racism; white Americans of European descent were frightened by increasing numbers of immigrants from Asia and Latin America, many of whom used cannabis products recreationally and for cultural or spiritual expression.

By controlling cannabis, states and the Federal Government gained greater control over these marginalized groups.

Cannabis Stocks And 2021 Market Performance

As leading marijuana stocks appear to bounce back in the market which pot stocks are you investing in? In 2021 top cannabis stocks to buy have taken investors on a ride of market volatility that has left some investors down in the sector. After reaching new highs in February most pot stocks have seen a sharp decline in value for the past few months.

Cannabis stores are one of the fastest growing industries, and self-order technology is playing an important role in this emerging sector, currently valued at more than $18 billion, according to Leafly, a cannabis industry information resrouce, supporting the equivalent of over 300,000 full-time jobs.

A total of 17 states currently have legal adult use, as shown on the accompanying chart. More states are expected to legalize adult use, given the fact that polls show strong public support for it.

A story equally impressive may be in its overseas activities.

2021 is looking to be the year in which we find some normalcy and recovery. For Curaleaf Holdings (OTC:CURLF), a vertically integrated cannabis producer, 2021 has so far been nothing short of record-breaking. The company recently reached a milestone $1 billion in annual sales, hitting $260 million in the first quarter of this year. 

Hemp seed breeders must collaborate with academic-run, varietal trials to tackle hemp’s total THC problem and move the industry forward, says Matt Haddad, CEO of Trilogene Seeds, an award-winning hemp seed breeder.

“Ninety-five percent of all the hemp grown last year was marijuana. It went hot,” Haddad says. “We need to bring more academic analysis to these hemp varietals, especially with the .3 total THC iron fist coming down.”

Lawmakers in Uruguay made history by passing an adult-use legalization measure that was signed into law in late 2013.

Uruguay will forever be known as the first country on earth to legalize cannabis for adult use, as well as the first country to allow legal adult-use cannabis sales.

Only one other country, Canada (2018), has legalized cannabis for adult use.

Uruguay’s legalization model differs quite a bit from Canada, with one of the biggest differences being who can legally purchase cannabis.

As the Founder and CEO of Humboldt Seed Company, I have been breeding cannabis for more than 20 years. I've seen many trends in the craft cannabis space. Here's what I see on the harvest horizon. 

New York’s effort to legalize recreational marijuana for adult use took three years to accomplish and resulted in a 128-page, 7,000-line law that will require more than a year to fully take effect.

 

Let’s just say it’s complex. But the most fundamental thing to know is that it’s now legal for those 21 and over to possess up to three ounces of marijuana for personal use.

Oregon regulators pulled marijuana vape products off retailers’ shelves because they allegedly contained cannabis-derived terpenes imported from California. The Oregon Liquor Control Commission (OLCC), which regulates the state’s licensed recreational marijuana market, issued a health and safety recall for marijuana vaping products sold under the “Naked Extracts” and “Native” labels.

Do You Have These Top Marijuana Stocks On Your Watchlist In May?

In recent trading, many marijuana stocks have started to build more market momentum. This current upward push for most cannabis stocks has been long overdue after coming off a 3-month downtrend. Yet during this downtrend, all was not lost for the cannabis industry and investors. For one when cannabis stocks were trading at lower share prices, this created a big buying opportunity. Next was many leading cannabis companies were able to further expand and grow their business.

Experts believe that the European CBD market will grow as much as 400% between 2008 and 2023. But is it too late to hop on the bandwagon? Not at all! Although the industry is relatively new, substantial and swift growth has shown that this trend is certainly here to stay.

If you’re planning on getting involved, you will have some stiff competition though. Therefore, you will need to know your stuff if you’re going to compete. So, what do you need to know to set up a successful CBD business?

From jobs to tax revenue to commercial real estate, the marijuana industry has a large – and growing – impact on the broader economy in the United States. The total U.S. economic impact from marijuana sales in 2021 is expected to reach $92 billion – up more than 30 percent from last year – and upwards of $160 billion in 2025, according to analysis from the newly published MJBizFactbook.

Marijuana is now a billion-dollar industry in Illinois, but not everyone is getting a slice of the pie.

When the state legalized cannabis for recreational use in 2019, 75 "social equity" dispensary licenses were set up for people in communities hardest hit by the war on drugs.

After more than 4,000 people applied, only 21 were approved.

“The law wasn’t intended to have it dominated and monopolized by a few people that have millions and millions of dollars," State Rep. LaShawn Ford, D-Chicago, said.

The state’s last report on dispensary demographics from June 2020 shows that only 14% of those who own or partially own a dispensary are women. Even more stark is that only 6% are people of color, including exactly one African-American.

Since 2012, when voters in Colorado passed Amendment 64 and legalized the first adult-use, recreational marijuana market in the U.S., the state has surpassed $10 billion in total sales. This not only represents a massive success and proof-of-concept for the future of the American cannabis industry, it also accounts for billions in tax revenues for the state of Colorado.

 

During the last six years, the Centennial State has collected over $1.6 billion - that’s just at the state level- in marijuana taxes and fee revenues. This untapped tax revenue stream was a pivotal selling point for Colorado voters in passing recreational cannabis legalization in 2012. So the question is: how has Colorado allocated these newfound tax dollars over the past six years?

The US cannabis business has a very particular cash flow problem – too much of it.

Marijuana can be sold legally in 36 US states and the District of Columbia (DC) for medical use and in 15 of them and in DC for recreational purposes. But it is still illegal on a federal level, meaning most banks refuse to service the industry in case they fall afoul of money laundering laws.

With the COVID-19 pandemic and increasing legalisation driving a surge in cannabis use, the sector’s producers, manufacturers and retailers are awash in cash, adding risk and costs to the most basic business transactions from paying employees and filing taxes to finding somewhere to store their income.

17 states have legalized adult-use cannabis, though most continue to prohibit consumption in public or rented spaces.

For years, cannabis consumption lounges have been kept at bay, though lately pro-lounge legislation is becoming more prevalent in the legal cannabis marketplace.

The cannabis industry is nothing if not creative about regulatory loopholes along the way to financing. The entire vertical, in fact, has been built just about everywhere in the grey edges of the law. Companies who have raised cash through cannabis fundraising so far have literally paved the way for the industry itself—but the route if not the means has been just as tenuous. If not frequently outright ludicrous. This has been less than remunerative for many early investors in the market. First mover “advantage” in this industry is certainly not all it’s cracked up to be…and is often unbelievably expensive.

The Drug Enforcement Administration made a milestone announcement earlier this month with the news that the DEA will begin granting marijuana cultivation licenses to various third-party applicants, significantly expanding medical and scientific cannabis research in the United States.

The announcement came on May 14, with the Administration saying it “is nearing the end of its review of certain marijuana grower applications, thereby allowing it to soon register additional entities authorized to produce marijuana for research purposes.”

Delta-8 THC and New York are two topics that have been making headlines in the cannabis world lately. Delta-8 has been reported upon for being a controversial compound that is legal through a loophole, and New York has been in the news for making recreational cannabis legal. Now, the two are making headlines again, this time together, because New York has banned Delta-8 THC. 

Patient-first biotech company Enveric Biosciences (NASDAQ: ENVB) is buying MagicMed Industries Inc., a privately-held biotechnology company focused on creating a library of novel derivative psychedelic molecules such as psilocybin, N,N-dimethyltryptamine (DMT) and other molecular derivatives with applications across multiple indications, in an all-stock transaction. The deal has an approximate value of $30 million.