WeedLife News Network

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

You'd struggle to find an industry that's generated more robust returns than cannabis in recent months. The ETFMG Alternative Harvest ETF, a basket fund that contains an assortment of direct and ancillary marijuana stocks, is up 212% since the end of October (through Feb. 10).

Jeanette Miller says she’s one of hundreds of farmers who were encouraged to devote acreage to an up-and-coming crop that held promise, but is now watching it all slip away.

Miller, who operates Eclectic Farmstead in Newfane in western New York, said farmers spent upward of $50,000 to cover costs associated with growing hemp and were waiting for the research phase to end so they could sell their products, which include drinks, soaps and lotions.

“We were supposed to be released from being research partners and be able to sell our products,” said Miller, who also serves as vice president of the Niagara County Farm Bureau. “But instead of that happening, (New York state) came out with the Hemp Extract Regulation.”

More than 18,000 workers are employed in Michigan’s marijuana industry, nearly double the number of cannabis jobs in the state a year ago, according to a new cannabis industry jobs report.

“There are now more cannabis workers than cops in Michigan,” said the fifth annual Leafly jobs report, released Tuesday. “In a state known for its auto industry, the number of cannabis workers is now roughly equal to the number of auto repair mechanics.”

Leafly, a Seattle-based marijuana media organization, uses available revenue and labor figures from licensing records to compile the annual report.

As a dispensary builder, one of the most common questions we’re asked is: How much does it cost to build a cannabis dispensary? We usually answer that question with about 20 questions of our own, because no two cannabis retail stores are the same.

Even when we build dispensaries for national companies that specify the same design and finishes, we face unique circumstances in each state that affect overall project costs. Ultimately, that cost can range anywhere from $350,000 to $3.5 million.

Sales of marijuana concentrates shot up more than 40 percent last year and accounted for a larger share of the overall cannabis market, as consumers became more comfortable with the intricate process of dabbing and new technology has made the products easier to use.

In addition, some consumers are moving away from vape products because of respiratory-related health concerns and turning to concentrates such as wax, hash and shatter, according to industry insiders.

State Rep. Yadira Caraveo says her proposal to limit the potency of marijuana sold recreationally in Colorado was just in its beginning stages. But when draft legislation was recently leaked and prominent figures in the state’s cannabis industry created an uproar, the measure started unraveling. 

Now, Caraveo, a Thornton Democrat and pediatrician, is backing off parts of the measure and loosening the restrictions in what’s left.

“Given the pushback that we’ve had overall on the bill,” she said, “we really want to streamline it and focus it on the things that we think absolutely need to happen this year.”

Will These 3 Cannabis Stocks Give Investors More Market Value

Currently, in 2021, there has been more money invested in marijuana stocks and the industry as a whole. As the cannabis industry gears up for the potential of federal cannabis reform there is great excitement behind it. Because of this investors have been making sure they don’t miss a good opportunity. This positive sentiment has created some more upward momentum causing some marijuana stocks to reach new all-time highs.

Lauren Lerch witnessed the unthinkable: She was at a Las Vegas music festival in 2017 when a gunman opened fire and killed 58 people. Lerch escaped physically unharmed, but the experience gave her PTSD. “I’d hear a car backfire and I’d hit the ground,” says the 37-year-old California mother of three. She struggled with depression, anxiety, and panic attacks, but medications only made her gain weight and feel disoriented.

When someone is asked which country they think has the best cannabis, Jamaica will likely be mentioned more often than not.

No other nation is as associated with the cannabis plant as Jamaica.

Cannabis is a huge part of Jamaican culture and society, and as of lately, a growing legal industry.

For many years, Jamaica’s cannabis industry was entirely unregulated, although prohibition was loosely regulated. 

That changed recently, and Jamaica is now home to an emerging legal medical cannabis industry.

The USA’s Hemp Feed Coalition (HFC) has lodged its first submission pleading the case for hemp to become an approved animal feed ingredient.

Two years in its development, the HFC’s submission was lodged with the Association of American Feed Control Officials (AAFCO) and the U.S. Food and Drug Administration-Center for Veterinary Medicine FDA-CVM. It seeks to make hempseed cake and meal legal for use as a protein supplement for broilers and layer chickens.

Feed is regulated at both the federal and state level in the USA – the FDA-CVM at a federal level, and at a state level usually by the state’s department of agriculture. AAFCO is a non-regulatory body that promotes the uniform regulation of feed throughout the country, working on the recommendations of the FDA.

Tomany Macalou got his green light for a Paris cannabis shop last November, when a European court chided France for cracking down on cannabis products stripped of the THC molecules that get people high.

Moving fast, he joined a new crop of entrepreneurs entering a less-illicit side of France's cannabis market, offering buds but also teas, candy and oils containing only cannabidiol (CBD), the plant's other main ingredient.

"Some use it to lower their blood pressure or help with insomnia," Macalou told AFP at his shop, Cannabillion, just a few blocks from a police station in eastern Paris.

About $31 million from adult-use cannabis taxes is going to nonprofits in Illinois as part of the Restore, Reinvest and Renew, or R3 program, and it’s not all going to Chicago.

Cannabis sales for January neared $90 million. Since adult-use sales began in January 2020, nearly $757.9 million in cannabis has been sold. The taxes on that can be more than 40%, depending on the potency and whether a local sales tax is added on to the state taxes.

For the state’s taxes, the total collected from January 2020 through last month totaled more than $205.4 million dollars.

Floridians said they believe hemp businesses will boom this year and are hopeful about it.

“It’s just everything we worked on for two years is now in front of you. It’s very exciting,” said Holly Bell, the Director of Cannabis for the Florida Department of Agriculture.

Bell said she could barely contain her excitement looking at all the harvested plants in the middle of a greenhouse in Central Florida. 

Bell said she knows that 2021 is the year for hemp to take over.

“What we’re seeing in our preliminary numbers from our economists in our groups is tax revenues in the first full 12 months around $17 million,” Bell said.

While cannabis strains are typically praised for the strength and effects of their cannabinoids, a growing number of connoisseurs and industry pros alike are recognizing that a strain’s terpene profile can be of equal import.

Six growers helped launch Minnesota’s hemp industry in 2016, through a pilot program that prioritized study alongside cultivation.

Since then, that program is no longer experimental and that number has grown exponentially — to 343 licensed growers by 2019.

But hemp production has hit a plateau in Minnesota. Many farmers still have last year's crop in storage because markets were saturated and prices crashed. And after a bumpy few years of changing regulations and falling prices, the industry is now looking to branch out from its early products — primarily focused on CBD oil — to new markets, in fiber and grain.

Thirty years from now, hemp advocates envision the versatile crop will play a prominent role in the U.S. economy, used regularly in the production of everyday products including food, fiber, fuel, pharmaceuticals and building materials.

But getting to that point is not so simple. 

Lawmakers must adopt policies to ease the regulatory burden on farmers and processors. Scientists must conduct the research and development needed to pioneer new technologies. Breeders must continue studying hemp genetics that best serve such wide-ranging markets.

 

That was the underlying theme of the first National Hemp Symposium — looking ahead to 2050, and finding the roadmap for a thriving industry.

About $31 million from adult-use cannabis taxes is going to nonprofits in Illinois as part of the Restore, Reinvest and Renew, or the R3 program, and it’s not all going to Chicago.

Cannabis sales for January neared $90 million. Since adult-use sales began in January 2020, nearly $757.9 million in cannabis has been sold. The taxes on that can be more than 40%, depending on the potency and whether a local sales tax is added on to the state taxes.

For the state’s taxes, the total collected from January 2020 through last month totaled more than $205.4 million dollars.

Unlike other industries that were badly hit by the COVID-19 pandemic and resulting recession, hiring in the legal cannabis industry has been booming. Experts attribute the industry’s designation as "essential" at the start of the outbreak as a key reason for the surge. However, challenges still mount. For instance, the industry may be growing exponentially, it is fragmented thanks to the federal illegality. Currently, 36 states (and D.C.) have legal medical marijuana markets while 15 (plus D.C.) permit adult-use.

Even if you tried, you couldn’t have missed out on hearing at least something about the benefits that CBD has to offer. With a rapid industry expansion, there have been many CBD products showing up on the market – from vape juices and edibles to oils and tinctures used to treat different symptoms in patients.

There’s even an FDA approved medication based on CBD, which is a considerable step towards destigmatizing hemp and CBD as a whole. But, what you might have missed is that alongside everything already listed, you can also get hemp flowers that contain high CBD levels even in their raw form.