Author: CannabisNewsWire (CNW)

About CannabisNewsWire CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge. To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only) For more information please visit https://www.CannabisNewsWire.com Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

420 with CNW – Colorado Governor Unveils Online Tool to Track Cannabis Achievements

Colorado Gov. Jared Polis (D) launched an online tool on Monday that will enable members of the public to keep track of what the state government is doing to attain its goals, which include taking the marijuana industry to greater heights.

The goals have been categorized into six groups. These are marijuana, education and workforce, criminal justice, tax reform and economic development, and energy and renewables.

The online tool, called “the governor’s dashboard,” outlines targets or priorities for each of those six areas. For example, under the cannabis category, the governor undertakes to operationalize the home delivery of marijuana in accordance with the law he signed last month. He also promises to see marijuana companies listed on stock exchanges, as well as working for a 20 percent increase in the number of financial institutions serving cannabis companies. Gov. Polis also wants to establish the state as a national leader in research, production and processing of industrial hemp.

Speaking at the launch of the dashboard, the governor revealed that he is happy to avail that platform since it will ensure accountability and transparency on all matters affecting Coloradans.

The agriculture department will do a lot to facilitate the attainment of the goals on hemp. A three-year development plan for this sector shows that the governor wants to see the indoor production of hemp increase to 10 million square feet from the current 7.67 million square feet. The plan also states that outdoor cultivation should increase to more than 60,000 square feet from the current 21,000 square feet.

To attain these lofty goals, the state plans to submit a plan for the regulation of hemp to the U.S. Department of Agriculture for approval so that large scale production can begin. The state will also support farmer-owned cooperatives in addition to other interventions to encourage industrial hemp value addition.

Polis has always believed that the marijuana industry is yet to reach its full economic potential in Colorado and he has done what he can to promote the industry. For example, he signed bills to allow social consumption sites and regulate home delivery of marijuana products.

Last month, the state government released a report showing that more than a billion dollars had so far been collected by the state as cannabis taxes, fees and other collections. It is therefore expected that the working group formed to steer the state towards attaining all the goals listed on the dashboard will not have any excuses for not doing the work assigned to them.

Industry analysts can only guess how far players like ChineseInvestors.com Inc. (OTCQB: CIIX) and Chemistree Technology Inc. (CSE: CHM) (OTCQB: CHMJF) would be if all the markets they operated in were as proactive as Colorado.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW – Congress Schedules Hearing on Ending Marijuana Prohibition

A major Congressional subcommittee plans to hold a hearing next week on ending cannabis prohibition. The Crime, Terrorism and Homeland Security Subcommittee will discuss a number of proposals that are aimed at passing legislation to protect states which have enacted marijuana laws.

Considering the list of people who are expected to be invited to speak to the subcommittee on Wednesday (July 10), one is left to conclude that the subcommittee is interested in learning how prohibition can be ended rather than gathering views on whether reform should happen.

For example, one of the witnesses who is expected to testify during the subcommittee hearing is Malik Burnett, a leading physician at the Bloomberg School of Public Health at Johns Hopkins Hospital. Previously, Burnett worked with the Drug Policy Alliance as its National Policy Advisor. In that role, he helped to secure success for a voter initiative to legalize recreational marijuana in Washington, D.C. in 2014.

Marilyn Mosby, the Baltimore State Attorney, is also on the list of those to testify. She is noted for announcing in January this year that her department would no longer prosecute any marijuana possession case.

David Nathan, a doctor and board president of Doctors for Cannabis Regulation (DFCR) is also set to make an appearance before the subcommittee. DFCR is a pro-legalization group of physicians.

As you can see, the people who are lined up to talk to the subcommittee all share a desire to see the end of marijuana prohibition.

While the legislators will not be voting on any specific bill, it is nonetheless an important hearing since it marks the most important Congressional sitting on matters of marijuana policy reform. The information that they gather is expected to be passed on to the powerful House Judiciary Committee under which this subcommittee falls.

The importance of this committee explains why Rep. Earl Blumenauer (D-OR) earmarked that committee as the one that will deliver the end of prohibition in his roadmap to cannabis legalization.

Worth noting is the fact that every Democrat on the full Judiciary Committee cast his or her vote in favor of the recent amendments preventing the Justice Department from taking action in states where marijuana laws have been passed. Six Republicans also cast their votes in support of the spending riders, and this is regarded as a positive sign that broader cannabis law reform can win bipartisan support in this crucial House committee.

It is widely expected that the entire cannabis industry, including entities like Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF) and Cannabis Strategic Ventures Inc. (OTCQB: NUGS), will be keenly following what transpires in the subcommittee.

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420 with CNW – Maine Recreational Marijuana Regulations Signed

Back in 2016, voters passed a measure to legalize recreational marijuana in Maine. Since then, residents have been waiting for the state government to draft and pass regulations which would operationalize recreational cannabis cultivation, manufacture and sales. Gov. Janet Mills has now signed the regulations and brings the long wait to an end.

These guidelines will take effect in September and the first recreational cannabis sales could begin early next year.

Speaking at the signing ceremony, Gov. Mills remarked that the rules show what can happen when the government works with legislators, industry players and members of the public to attain a common goal. She added that this law brings the state ever so close to making the people’s wish of legalizing recreational marijuana a reality.

One of the clauses in the regulatory framework states that any marijuana company which wishes to be licensed in the state must have a resident who has lived in Maine for at least four years as the majority shareholder with an ownership stake that isn’t less than 51 percent. This requirement will remain in force until June 2021.

The law also contains restrictions on who can sell marijuana in the state. Anyone who has been convicted for any offense related to drugs (even if that drug isn’t marijuana) within the past 10 years and those who have ever had their marijuana license revoked anywhere in the U.S. aren’t eligible for a marijuana sales license in Maine.

Local authorities have also been allowed to decide whether recreational marijuana businesses can open within their jurisdictions or not. So far, only a paltry 15 out of the 455 municipalities in the state have expressed interest in licensing recreational cannabis businesses.

This low interest is understandable from two key perspectives. First, the ballot measure which saw the legalization of marijuana was passed by a slim majority of voters. If voter sentiments haven’t changed much since 2016, it is reasonable to expect that a sizeable number of municipalities (and the residents therein) will be opposed to recreational marijuana.

Secondly, many municipalities have been waiting on the state government to pass the regulatory framework before they can decide whether to opt in or out of the recreational industry. Now that the rules are out, the vast majority of municipalities in this category will make their position known by the time recreational sales officially begin.

Marijuana industry watchers are wondering what industry players like Youngevity International Inc. (NASDAQ: YGYI) and Willow Biosciences Inc. (CSE: WLLW) think about this regulatory framework, which has become law in Maine.

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420 with CNW – New Mexico Cannabis Decriminalization Officially Takes Effect

Approximately three months ago, New Mexico governor, Michelle Grisham signed a marijuana decriminalization bill into law. That law officially took effect yesterday July 1).

In that law, the possession of up to half an ounce of cannabis is no longer a crime punishable by jail time. Instead, the person pays a $50 fine. The punishments for possessing drug paraphernalia have also been reduced.

This law makes New Mexico the 24th state to decriminalize marijuana. Hawaii appears set to enact a similar law soon after the governor revealed that he will not veto a decriminalization bill if it is brought to his desk.

While pro-marijuana advocates were happy that the decriminalization bill was signed into law in New Mexico, they were still disappointed that broader legalization didn’t happen during this session of the legislature. Gov. Grisham had promised to make this happen when she was campaigning for office.

The passing of the decriminalization law doesn’t, however, mean that the governor has reneged on her promise to see marijuana legalized in the state. Last week, Grisham announced that she had formed a working group charged with studying legalization in other states and give her a report about the best way to handle legalization next year.

New Mexico isn’t alone in that club of states whose legalization plans failed this year. New York State was also on the brink of passing a legalization law, but disagreements over how to implement the recreational marijuana program resulted in the state budget for the next fiscal year being read without recreational marijuana in it, and then legislators ran out of time to hammer out a final deal on legalization before the end of the legislative session. Legalization now appears to be farther away than it has ever been.

In lieu of the legalization law, New York legislators passed a decriminalization bill which will see the possession of up to two ounces of cannabis being punished by a $200 fine instead of serving a custodial sentence.

Another failed legalization attempt happened in New Jersey where lawmakers suddenly called off a senate vote on the matter when it became apparent that support wasn’t sufficient to see the bill through. Not even the last-ditch efforts of the governor and legislative leaders could swing more votes in the senate. Now advocates seem resigned to taking the matter to voters in 2020.

Illinois was the one bright example for advocates after the legislature passed a broad legalization law which will be the model for marijuana social justice for years to come. Recreational cannabis will be available on January 1, 2020, across the 11th state to legalize marijuana.

Cannabis industry commentators think that the entire industry, including participants like Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) and VPR Brands LP (OTC: VPRB), will heave a sigh of relief that New Mexico has provided some good news to break the chain of legislative disappointments.

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420 with CNW – Cannabis Edibles Could Cause a Spike in Life Insurance Premiums for Canadians

As Canadians countdown to the start of cannabis edibles sales in December, some sobering information is filtering in to the effect that life insurance premiums could go up depending on one’s cannabis edibles consumption habits.

When recreational marijuana was legalized in October 2018, most insurance companies stopped regarding marijuana users as smokers. People who are categorized as smokers can pay up to four times more in life insurance premiums when compared to those who are categorized as non-smokers. This is because smokers are seen as being higher-risk clients for insurance companies.

However, it has emerged that one’s marijuana consumption habits can still get that person in the smokers’ category when taking out a life insurance policy.

Different insurance companies have their own cannabis consumption threshold beyond which the individual is classified as a smoker. Many put the weekly consumption cap at 2-4 times, but some have a higher consumption threshold.

So, what’s the deal with cannabis edibles and life insurance premiums?

It is anticipated that marijuana edibles will appeal to a broader section of the Canadian community, including those who are queasy about smoking cannabis flower. Additionally, it will be easier for someone to consume an edible product, such as a brownie, containing cannabis since these products will become readily available.

For example, many will not find any problem consuming at least one cannabis edible each day, and it is rational to expect lots of Canadians to consume more than one pot edible a day. This puts their weekly average consumption at more than the threshold set by insurers, and the smoker classification can get activated for such people.

Since marijuana has only been recently legalized, insurance policies are still in their infancy and the fine print hasn’t yet been adjusted to cater for the actual quantity of marijuana consumed. For example, a small brownie containing a small amount of marijuana is currently rated the same as a jumbo one having much more marijuana than what is contained in the smaller brownie.

This seems unfair to marijuana users, but it is what it is until the policies are modified to accommodate those nuances.

Some people may be wondering how life insurance companies will get data on their clients or prospective clients’ cannabis consumption habits. While these insurers will not access your cannabis products purchase records, they will ask you to provide some information about your marijuana consumption habits as you take out a policy.

If you downplay how much marijuana you consume in order to avoid being classified as a smoker, you face a high risk of any insurance claim you or your loved ones make being denied if the insurer later discovers, from your medical records for example, that you consume way more marijuana than what you declared. A discussion with your attorney is advisable before you sign any life insurance paperwork.

These developments in Canada paint a picture of what could happen in the U.S. if the federal government ever amends its marijuana policies to become more permissive towards the substance. How would this insurance issue play out? It would be enlightening to know what the take of marijuana industry players like VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQX: VVCIF) and TransCanna Holdings Inc. (CSE: TCAN) (FRA: TH8) is on this matter.

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420 with CNW – Bipartisan Senators Table Cannabis and CBD Research Bill

A bipartisan group of senators introduced legislation on Thursday (June 27) intended to facilitate federally-approved research into cannabis and its derivatives, such as cannabidiol (CBD).

The first section of the bill centers on the process through which research institutions can apply to the federal government for authorization to conduct marijuana research. If the bill passes in its current form, the U.S. attorney general would have a maximum of 60 days within which to approve the applications for cannabis research or request the applicant to avail more information.

The first section of the bill also creates a mechanism through which research organizations can get expedited approval if they want a larger quantity of Schedule I drugs, such as marijuana, for their research activities. Currently, the approval process takes a very long time and virtually renders research a near impossibility.

This section of the bill also deals with the process through which entities can apply to become manufacturers of research-grade marijuana products. At the moment, the University of Mississippi has the only federally-approved manufacturing facility across the U.S. The bill seeks to impose a 60-day deadline on the Department of Justice to approve manufacturing applications or ask the applicant to provide supplemental information.

The second section of the draft legislation focuses on the Federal Drug Administration (FDA) and how it approves drugs derived from marijuana. To encourage innovation in this area, the bill seeks to allow any accredited medical or osteopathic institutions, schools, practitioners and manufacturers who have been registered to have access to Schedule I drugs to start growing their own marijuana for research purposes.

The bill also has a provision which gives the Drug Enforcement Administration authority to scrutinize and approve applicants who wish to manufacture any approved drug that is derived from marijuana. These approved manufacturers would also be permitted to import any marijuana products that they deem necessary for doing cannabis research.

Sen. Brian Schatz (D-HI), one of the sponsors of this bill, commented that there is a lot of anecdotal evidence about the therapeutic benefits of marijuana and its derivatives, but the country cannot rely on anecdotal evidence to make policies about the treatment of health conditions. He added that the bill is intended to remove the barriers that make it difficult for the needed research to be conducted to ascertain the truth in the claims regarding marijuana’s medicinal effects.

The 22-page bill has been endorsed by a number of mainstream medical associations, such as the American Medical Association, American Academy of Pediatrics, American Society of Addiction Medicine and American Psychological Association. Several pro-marijuana advocacy groups, such as NORML and Americans for Safe Access have also voiced their support for this draft legislation.

Marijuana industry analysts think that the entire cannabis industry, including players like Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) and The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF), will be keeping its fingers crossed hoping to see this bill become law.

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420 with CNW – 5 Trends Making a Mark on the Cannabis Industry in 2019

As the first half of this year comes to an end, you may be wondering what trends have firmly established themselves as shapers of the cannabis industry. Here is an overview of some trends you may have noticed or need to watch going forward.

Trend #1: Growth of Marijuana Social Consumption

It was always ironical that while marijuana was legal in various jurisdictions, it remained nearly impossible to legally use pot outside one’s home. A new wave of amendments and laws is addressing this gap and we have started seeing states and cities creating regulatory mechanisms for marijuana social consumption lounges. Expect these places to spring up in all jurisdictions where recreational marijuana is legal.

Trend #2: Revived Interest in Plant-Derived Remedies

The growth of the cannabis industry may have had an unforeseen consequence of reigniting people’s interest in treatments that tackle health complications from the root rather than just fixing symptoms. Throughout the U.S. and across the world, plant-derived medicine is seeing a revival which may just be what the marijuana industry needs to go to the next level. The CBD craze is one result of this trend. Expect to see numerous formulations from full-spectrum marijuana and hemp at a hospital or wellness center near you!

Trend #3: Remorse for the War on Drugs

There seems to have been a lot of soul-searching going on and the desire to correct the wrongs committed against racial minorities during the failed war on drugs has become a strong driver of marijuana legalization and decriminalization efforts. Illinois has set the bar, but don’t be surprised if other states raise it higher during the next wave of recreational marijuana legalization initiatives.

Trend #4: Consolidation Within the Industry

This was first noticed last year, but it appears to be gathering momentum as this year progresses. As the cannabis industry matures, many mom and pop or small startups in the industry are being gobbled up by bigger players who have the financial and other resources to successfully navigate the complexities of the industry brought by the contradictory state and federal laws. One advantage of this consolidation is that it will promote the industry further since Americans have generally grown to put more faith in big brands across all industries.

Trend #5: Cannabis Flower is Peaking as a Product of Choice

Cannabis flower still takes the lion’s share of the cannabis market, but this year has seen other segments registering massive growth that outstrips the rate at which the market for smokable flower is growing. For example, marijuana oils and edibles have seen explosive growth in recent months, and this surge is likely to continue at the expense of cannabis flower. Several reasons, such as the stigma associated with smoking marijuana, account for the growth of the other product lines.

Current and potential investors in the cannabis industry may be well advised to watch the trends above carefully and make their investment decisions accordingly. It would be interesting to hear what industry participants like The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and Sugarmade Inc. (OTCQB: SGMD) have to say about the trends above.

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420 with CNW – USDA Reveals Deadline for the Release of Hemp Regulations

A notice from the U.S. Department of Agriculture published in the Federal Register at the beginning of this week provides insights regarding the department’s plans to release rules that will govern the newly legalized hemp industry.

Of particular importance is the August self-imposed deadline when the final draft rules will be released by USDA. Previously, the department had been noncommittal about when it would finalize these rules. They would simply say that the rules will come out in time for the planting season of 2020.

A USDA spokesperson revealed that the August deadline reflects the best-case scenario, but the process of approving those rules will determine the actual date when they would be published in the Federal Register. This approval process seemingly entails getting the nod from other sister federal agencies.

Under the 2018 Farm Bill, states were empowered to pass their own hemp laws and submit them to the USDA for approval before they start being implemented. So far, the Department of Agriculture has revealed the basics of what they expect to see in the state regulations submitted for approval.

Those requirements include product testing standards, annual inspection and certification requirements, disposal procedures as well as law enforcement compliance measures.

These updates come approximately half a year from the time hemp was descheduled by the federal government with the enactment of the Farm Bill of 2018. There has been sustained pressure on the Department of Agriculture to release its rules but the department had remained evasive on when that would happen.

The notice in the Federal Register therefore comes as good news to all interested parties since it shows that the department has been busy ever since it revealed in March that it had started a process through which information would be gathered to shape the rulemaking exercise.

Until the rules are published, it will be hard for large-scale cultivation of hemp to begin across the country. This is because any company or individual wishing to grow or process the crop must adhere to the rather restrictive hemp rules in the 2014 Farm Act which only catered for research-focused hemp activities.

As the USDA works on the draft rules, they have provided clarification that it is now legal to import hemp seeds, transport hemp products across state lines and also submit intellectual property applications to the department even before the rules are released.

Marijuana industry analysts believe that the entire industry, including companies like Sproutly Canada Inc. (CSE: SPR) (OTCQB: SRUTF) (FRA: 38G) and SinglePoint Inc. (OTCQB: SING), should be relieved now that the veil of uncertainty has been removed regarding when hemp industry rules would be released by the USDA.

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420 with CNW – 2019 Federal Data Shows More Banks are Accepting Marijuana Businesses

Newly released federal data shows that in 2019, more credit unions and banks have been taking on marijuana businesses as clients compared to previous quarters and years.

The federal data shows that there were 113 credit unions and 438 banks which actively serviced cannabis businesses in the final quarter of 2018. The statistics for the first quarter of 2019 indicate that the banks increased to 493 while credit unions numbered 140.

The data comes from the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department. FinCEN tracks the finances of the marijuana industry in accordance with the banking guidelines issued in 2014 by the Obama administration. Under these rules, financial institutions are required to file Suspicious Activity Reports (SARs) with FinCEN.

Under the current federal laws, banks risk being penalized if they do business with cannabis firms since marijuana products are still federally illegal. Despite this risk, more financial institutions are biting the bullet and accepting marijuana businesses as customers.

The update from FinCEN for the quarter ending March 31 shows that they received 81,725 SARs from banks and credit unions across the country. Of those, 61,036 SARs were categorized as “marijuana limited.” This categorization is given to SARs which refer to banking transactions of businesses that comply with state laws.

Another 6,000 SARs were grouped under “marijuana priority.” SARs in this category show transactions that raise at least one red flag due to the transgression of either state marijuana laws or federal guidelines on which sorts of marijuana businesses can be serviced at state level.

20,000 SARs were labelled “marijuana termination.” These are transactions that show that a given business violated either state or federal marijuana laws thereby prompting the bank or credit union to terminate its relationship with that marijuana business.

Financial institutions have for long complained about the complex reporting requirements which they have to comply with while servicing legal marijuana businesses. Those reporting requirements make access to banking services expensive for legitimate cannabis businesses since the costs of compliance are passed on to them.

The SAFE Banking Act which is making its way through Congress is seen as one way to get a lasting remedy to the issue of cannabis banking. This bill is widely expected to be up for a vote on the floor of the entire House of Representatives next month after it was passed in March by the House Financial Services Committee.

In the meantime, Congress voted to include language in the appropriations bill for Fiscal Year 2020 barring the Department of Justice from taking marijuana enforcement action in states and territories with recreational and/or medical marijuana laws.

Codifying these protections into law would go a long way towards easing the fears of financial institutions regarding working with marijuana businesses. Marijuana industry watchers strongly believe that the industry, including players like Redfund Capital Corp. (CSE: LOAN) (OTCQB: PNNRF) (FRA: O3X4) and Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF), will be glad that the federal data shows that more financial institutions are warming up to the marijuana industry.

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420 with CNW – National Sheriffs’ Association Wants Marijuana Rescheduled

The National Sheriffs’ Association (NSA) has passed a resolution calling on the federal government to reschedule marijuana. The same resolution also reiterates the group’s opposition to the legalization of recreational marijuana.

In the resolution, the NSA states that they regard the legalization of cannabis as a threat to public safety and health, but they also have empathy for people who are suffering as a result of debilitating conditions which prompt them to seek medical cannabis.

The sheriffs reaffirmed that they remain opposed to not just state-level legalization but decriminalization as well since these policies haven’t done much to eradicate illicit cannabis sales in the states with decriminalization or legalization policies.

However, the group urged the federal government to move marijuana from Schedule I to Schedule II of the Controlled Substances Act in order to make it possible for research to be done into the potential therapeutic applications of marijuana.

The resolution goes on to state that because of statutory and regulatory barriers imposed by the federal government, it hasn’t been possible to obtain any definitive scientific data regarding the therapeutic claims attributed to marijuana. The same barriers have also made it hard to perform research to quantify the cannabis levels which result in impairment.

The sheriffs consequently resolved that marijuana be reclassified to Schedule II so that all the impediments to research are removed.

While the resolution shows that the sheriffs are still opposed to marijuana legalization, their position shows that the organization has undergone a transformation from the last time they voiced their opinion on marijuana in 2015.

Their resolution at that time contained a flat rejection of any form of marijuana legalization, be it medical or recreational. In fact, they urged Congress to do everything possible for the federal government to enforce the Controlled Substances Act.

The recent resolution therefore indicates that the association recognizes, however grudgingly, that marijuana could have some medicinal benefits and they want research to be done to confirm those benefits. This explains why their resolution makes reference to the scheduling of marijuana and yet their 2015 resolution was silent in this regard.

The resolution of the NSA comes at a time when numerous groups and associations, such as attorneys general, banking associations, state governors, and city and local authorities have all passed resolutions or written to Congress urging the federal government to implement marijuana law reforms. Analysts are wondering how industry players like Organigram Holdings Inc. (TSX.V: OGI) (NASDAQ: OGI) and Net Element Inc. (NASDAQ: NETE) will react to the resolution of the NSA.

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