Contenders of a proposed measure aiming to legalize cannabis in Germany faced a setback as they failed to garner sufficient support to thwart its progression through the legislative process. Germany’s legislative framework comprises two main chambers: the Bundesrat (also known as the Federal Council), comprising individual states’ representatives, and the Bundestag, which comprises democratically elected legislators. The legalization measure was presented in the Bundesrat, where lawmakers advocated for amendments but were unable to halt its advancement.

Germany’s federal cabinet, from whom the measure originally came, will now respond to the Bundesrat’s input before sending the law to the Bundestag for potential approval.

The motion to pause the legislation made by the Bavarian Bundesrat Rep. was rejected, as was a proposal to need the formal approval of the Bundesrat prior to legalization. Another attempt to raise the current draft’s 18-year-old legal possession age limit was similarly unsuccessful. However, there was consensus among the state representatives that the bill had a systemic enforcement weakness. They are seeking amendments to ensure that the states are not burdened with administrative expenditures associated with the federal government’s implementation of regulations.

The legalization proposal received 80 amendments from Bundesrat committees, including proposals to address drunk driving, prohibit alcohol sales and use in marijuana clubs, and set safety requirements for growing facilities.

The cabinet is expected to issue a counterstatement, after which the bill will proceed to the Bundestag. If it passes there, the Bundesrat can debate the measure but cannot block its implementation.

If enacted, the bill would permit adults 18 years of age and older to legally possess marijuana and grow up to three cannabis plants for personal use. Furthermore, the proposal introduces social clubs to distribute cannabis to members, with purchase caps of 25 grams per day for those older than 21 years of age and 30 grams monthly for those aged 18 to 21. The clubs cannot be established within a 200-meter radius of educational institutions or playgrounds. There are also specific limits on the number of clubs per district or city.

The bill also includes cost estimates for program implementation, potential savings from reduced enforcement and expected new revenue collected through employment taxes.

Germany’s journey toward legalization involved months of internal discussions and negotiations, complemented by visits to California marijuana businesses. Additionally, high-level meetings with European counterparts signaled a commitment to ending cannabis prohibition and regulating the industry.

As more markets such as Germany open on the European continent, enterprises such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) could have a larger international market to expand into.

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California’s cannabis companies are urging Governor Gavin Newsom to reject a recently passed measure aimed at dissuading children from accessing marijuana products. The businesses argue that the bill would result in the prohibition of the current branding of numerous established products while failing to address the persisting issue of the black market.

Last week, the California Assembly passed AB 1207, which effectively bans any packaging or labeling of marijuana products deemed “enticing to minors.” This bill defines such packaging as any promotional material featuring elements such as cartoons, toys, robots, fictional or real humans, animals, fruits, vegetables, or anything else that regulators believe might appeal to individuals under 21 years old.

Supporters of the bill, including youth advocates, argue that it is necessary in light of the recent uptick in cases of children accidentally consuming marijuana products, some of which have been designed to resemble popular snacks and candies.

According to Zack Kaldveer, spokesperson for the California Public Health Institute, there has been a notable increase in child poisonings and hospitalizations due to such accidental exposures. The California Poison Control reported a surge in annual cannabis exposures, with numbers rising from fewer than 200 in 2010 to more than 1,600 in 2020, with nearly one-half of these cases involving children.

However, the vast majority of cannabis advocacy groups are firmly against the bill, fearing it may inadvertently exacerbate public safety issues rather than mitigate them.

Should the bill be enacted, the California Marijuana Industry Association estimates that most marijuana businesses would be burdened with costs ranging from $100,000 to $300,000 to redesign their product labels. Furthermore, industry insiders argue that the bill’s scope is overly broad, targeting benign packaging of established brands while letting illicit operators off the hook.

Critics point out that the illicit market frequently mimics well-known cereal, candy and snack brands — a practice already prohibited in the legal cannabis industry — and that these products are regularly sold to children by black-market operators.

Newsom has already signed three drug policy-related bills during this legislative session without issuing any vetoes. One measure includes provisions that grant immunity to individuals in possession of personal-use quantities of controlled substances if they test them for contaminants such as fentanyl, report positive results to law enforcement and provide details about the source of the substance. The second measure empowers the State Water Board to investigate suspected illegal cannabis cultivators and participate in enforcement actions, while a third measure alters background check requirements for cannabis businesses.

The proposed change to the marijuana-product labeling rules in California could be of great concern to major industry actors such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) since other jurisdictions could follow these extreme restrictions and enact them as well, compelling licensed companies to walk an even tighter rope in a bid to adhere to all the applicable laws in the jurisdictions in which they operate.

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Cannabis Exchange-Traded Funds (ETFs) surged in value in September as positive federal action renewed investor interest in the cannabis industry. Shortly after the U.S. Department of Health and Human Services recommended that the Drug Enforcement Administration (DEA) reclassify cannabis to Schedule III from Schedule I and ease federal marijuana restrictions, marijuana-related ETFs began to soar as investors started investing in the cannabis industry.

America’s state-legal cannabis sector is the fastest-growing sector in the nation, generating billions of dollars in yearly revenue. However, the industry has been consistently handicapped by federal regulation. Federal law still classifies cannabis as a Schedule I drug with no medical application, which has made operating in the state-level industry extremely difficult. Issues like limited access to banking services and federal financial aid are prevalent throughout the industry and have likely prevented investors from investing in the cannabis sector.

For example, the Poseidon Dynamic Cannabis ETF by AdvisorShares went down in August amid declining investor interest in marijuana. The fund’s comanager Morgan Paxhia said at the time that the closure of the fund was partly due to a “dramatic shift in investor sentiment” that has affected the nation’s state-level marijuana industry.

Now that federal lawmakers are flirting with the idea of decriminalizing and possibly legalizing the quasilegal sector at the federal level, investor interest is rising. Last week, AdvisorShares Pure US cannabis (MSOS) was up by 56% and ETFMG Alternative Harvest (MJ) soared by 47% while both the SP 500 and the Dow Jones Industrial Average were up by just around 0.5%,

Matt Bottomley, an analyst from financial services firm Canaccord Genuity, noted that federal headlines often act as catalysts for how certain stocks trade. He observed that recent cannabis-related headlines had a positive effect on cannabis ETFs.

The Biden administration’s recommendation for cannabis reclassification at the federal level also caused the shares of cannabis companies such as Cronos Group, Tilray Brands and Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) to surge. This has been a boon for cannabis equities, which have suffered from a capital crunch in recent years as many investors withdrew from the industry.

Despite extensive legalization at the state level, federal prohibition has consistently been a thorn in the cannabis industry’s side, limiting the sector’s access to financing and preventing it from expanding to broader markets. The prospect of finally legalizing cannabis at the federal level and eliminating the barriers that limit trade in the sector will likely attract more investors to cannabis-related equities.

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President Joe Biden’s stance on the medical use of marijuana has been unequivocal, as affirmed by the White House amid an ongoing federal review of cannabis scheduling. In a recent press briefing, Karine Jean-Pierre, White House press secretary, addressed inquiries regarding the potential ramifications of reclassifying marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA).

The U.S. Department of Health and Human Services (HHS) recently recommended this reclassification to the U.S. Drug Enforcement Administration (DEA).

Jean-Pierre, exercising caution, refrained from preempting the process. She emphasized, “I don’t want to anticipate events; I’ve encountered this query previously.” She clarified, “Let me be clear: The president directed both the HHS secretary and the attorney general to initiate the administrative evaluation of marijuana’s scheduling, as you have outlined.”

Nonetheless, Jean-Pierre reiterated the president’s endorsement of federal cannabis reform, particularly concerning medical marijuana. Biden’s support for cannabis reform has not been unwavering. During his tenure as a senator, he championed legislation that intensified the war on drugs.

Should the DEA concur with HHS’s Schedule III recommendation, it would signify a pivotal shift in federal cannabis policy. The reclassification would acknowledge that cannabis possesses low potential for abuse and offers medical utility. However, it would not endorse existing state-level medical marijuana programs. Nevertheless, it would facilitate expanded research into the plant and have substantial implications for the marijuana industry.

Bipartisan congressional representatives have applauded the health agency’s recommendation, viewing it as a significant stride toward federal legalization. Some have even claimed credit for this advancement, citing their years of advocacy for marijuana reform.

Despite the enthusiasm surrounding this development, the scheduling decision remains tentative. The DEA has stated that it will initiate its review, factoring in findings from the FDA. Ultimately, the DEA retains the authority to decide on the reclassification to Schedule III.

From a political perspective, moving cannabis from Schedule I to III would allow the president to assert his role in achieving a substantial reform, facilitating an administrative evaluation more than half a century after cannabis was categorized as the most restrictive substance during the government’s war on drugs. However, it would not fulfill his campaign promise to decriminalize cannabis.

The reform could also invigorate momentum for congressional initiatives aimed at altering federal marijuana laws, such as the cannabis banking reform bill listed among the legislative priorities of Chuck Schumer, the Senate Majority Leader, according to a recent Dear Colleague letter.

As broader cannabis policy reforms take shape, industry actors such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) could be poised for explosive growth as the market is opened across the country.

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Recent research suggests that lesser-known cannabinoids derived from marijuana and hemp, such as CBN, CBM, CBC, CBDV and THCV, might hold promise in treating dermatological conditions INCLUDING acne, psoriasis and eczema. The study, published recently in the peer-reviewed journal “Molecules,” highlights the potential therapeutic value of these minor cannabinoids in managing skin disorders as well as presenting new avenues for patient care and well-being enhancement.

The research, led by Polish scholars Dorota Kowalczuk and Emilia Kwiecień, involved an extensive review of existing scientific literature. The team observed that minor cannabinoids exhibit a range of pharmacological activities, encompassing anti-itch, analgesic, antimicrobial and anti-inflammatory properties. These cannabinoids have also shown efficacy in alleviating symptoms linked to various dermatological issues, including pruritus, acne, eczema and psoriasis.

Some minor cannabinoids appeared particularly suited for targeting specific skin conditions. For instance, CBDV, due to its anti-inflammatory characteristics, can potentially soothe itching and inflammation related to atopic dermatitis. Additionally, its antioxidant properties could aid in healing acne lesions.

Similarly, other recently identified cannabinoids such as CBE and CBM display anti-inflammatory potential and open new avenues for research into targeted disease conditions. CBC, known for its anti-inflammatory and antioxidant effects, may offer benefits for treating psoriasis, acne and atopic dermatitis.

THCV stands out for its potential in combating acne because it appears to regulate sebum production. Its anti-inflammatory and antibacterial attributes contribute to alleviating inflammation and targeting bacteria linked to acne development.

The researchers highlighted the therapeutic potential of minor cannabinoids, including cannabinol (CBN), cannabigerol (CBG), cannabigerolic acid (CBGA), tetrahydrocannabivarin (THCV), cannabichromene (CBC), cannabidiforol (CBDP) and cannabidivarin (CBDV), as well as newer discoveries such as cannabielsoin (CBE) and cannabimovone (CBM).

The effects are believed to stem from interactions between cannabinoids and the body’s endocannabinoid system, a central regulatory mechanism crucial for maintaining organism health and function. This system plays a pivotal role in regulating skin functions, immune responses, cell differentiation, proliferation and survival, thereby effectively mitigating skin inflammation. Furthermore, topical application of these minor cannabinoids may hold promise for mitigating aging-related effects on the skin.

However, the researchers caution that more in-depth research is essential to validate their safety and effectiveness. Multiple challenges, including impact on the nervous system, product quality and regulation concerns, and ethical and legal considerations, need comprehensive exploration.

They concluded that despite the encouraging therapeutic potential, the utilization of cannabinoids, particularly minor ones, requires continued research, stringent regulations and a balanced approach to maximize benefits while minimizing any potential risks to health and society.

Companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) selling marijuana for both medical and recreational use could be helping people combat more symptoms or conditions than the patients themselves intend.

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Last week, the governor of California signed into law a reform that opens the state’s economy globally to manufacturers of hemp-derived CBD products. The bill the governor signed, dubbed AB45, creates a framework for the manufacture and sale of hemp-derived products in the state.

The measure will allow hemp-derived CBD products to be sold to the state’s adult-use or medical cannabis retailers, with forecasts showing that those stores will hit sales of between $4.8 billion and $5.7 billion this year. Canopy Growth Corp.’s (TSX: WEED) (NASDAQ: CGC) head of lobbying, David Culver, states that officials had been working on this measure for more than two years.

Canopy Growth is involved in the manufacture of CBD products derived from hemp, which include a line of CBD gummies and Biosteel sports drinks. However, the company hasn’t been selling those products in California because the state’s cannabis policy didn’t allow the sale of over-the-counter CBD products.

In an interview, Culver stated that the measure would open up the state’s market and offer regulatory certainty for retailers in California to assure them that their products for sale won’t be confiscated or seized. Back in 2018, a ban on hemp-derived CBD in drinks and dietary supplements and food led to product seizures and occasional raids.

CV Sciences senior vice president of scientific and regulatory affairs Doug MacKay stated that before the 2018 ban, the company had been operating successfully in California and had built a lot of relationships. CV Sciences is involved in the manufacture and sale of hemp-derived CBD products. It sells its products in CVS drugstores and other countrywide retailers. After the ban, the company, which is based in California, had to stop distributing its products in brick-and-mortar shelves in the state.

MacKay applauds cannabis and hemp negotiators for not giving up until a compromise for the sale of CBD products was reached. In his statement, he noted that the measure marked a clear pathway to the market and afforded retailers a clear way to work with other CBD companies that are willing to have the right labeling and follow the laws.

However, not everyone is happy with the measure, as the ban on smokable hemp is still intact, which leaves hemp farmers at a disadvantage. National Industrial Hemp Council spokesperson Larry Farnsworth stated that the measure would affect hemp farmers in the state who grow smokable hemp flower. Some hemp producers in the state have even threatened to file a lawsuit over the new measure.

Those grumbles notwithstanding, the passing of the CBD law in California is likely to broaden the market for leading manufacturers of CBD products.

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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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