On Friday last week (June 14), Gov. Greg Abbott signed a bill that is focused on increasing the number of qualifying conditions for which patients can be licensed to use medical marijuana in the state.

House Bill 3703 gives doctors permission to recommend any patient who suffers from seizure disorders (intractable epilepsy, for example), spasticity, Parkinson’s, multiple sclerosis, autism and several other conditions to access medical marijuana whose THC content doesn’t exceed 0.5 percent from the dispensaries licensed by the state.

Joshua Raine, an Army veteran suffering from post-traumatic stress disorder, is one of the patients who pleaded with legislators to include PTSD among the qualifying conditions for which someone can use medical marijuana.

He told the lawmakers that he has lost more friends (who are veterans) to suicide induced by PTSD than the number of friends he lost during combat operations. He admitted that without medical marijuana, he too could have committed suicide.

Blake Novacek is another patient who is likely to benefit from the enactment of this law. He was attacked violently during a fraternity pledge and that attack caused him to develop seizures. In fact, while waiting to talk to legislators during the debate on the medical marijuana expansion bill, Novacek started convulsing violently as the gravity of his situation showed itself at the state Capitol.

His father (a former Dallas Cowboys player) and mother pleaded to be given a chance to access medical cannabis legally so that they can save the life of their son. In the past, cannabis has helped massively, they added.

Texas is one of the most conservative states in terms of marijuana policy reform. The marijuana program in this state is so restrictive that the only form of medical cannabis allowed is cannabis oil whose THC content is much lower than what advocates say is required for therapeutic purposes.

Nonetheless, advocates are glad that the state has taken this modest step to expand the list of qualifying conditions from the very narrow version which has existed since low-THC cannabis oil was legalized as a form of treatment. Activists hope that more incremental reforms will be enacted until Texas’ medical marijuana program is at par with programs in other states.

Many Texans keep wondering how companies like The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) handle the frustration of thinking that a major decision was made without paying ample attention to the scientific information available but instead unfounded fears took the day.

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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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The Transportation Security Agency (TSA) has updated its website to show that a pediatric epilepsy drug made from marijuana can now be accepted on flights. This change comes after the TSA was notified about the approval of that drug by the Food and Drug Administration (FDA).

The updated guidance provided to passengers by the TSA indicates that subject to special conditions, certain forms of medical marijuana can now be taken on board flights either in checked luggage or carry-on luggage.

The government agency added that while the federal government’s position on substances containing marijuana hasn’t changed, an exception is being made for the CBD-infused drug which has received FDA approval for the treatment of severe forms of epilepsy in kids.

The TSA revealed that this new change is likely to catch many of its agents unaware, so efforts are being made to brief them on the matter.

The officials from the TSA stated that the agency is primarily interested in matters of security rather than searching for illegal substances. However, in the conduct of their duties, they often come across illegal substances, such as marijuana. In such a case, the matter is brought to the attention of law enforcement agencies for appropriate action.

The new guidance published on the TSA website brings a sigh of relief to many parents who were unsure whether they would be breaking the law if they travelled with this cannabis-derived drug with or without their epileptic kids.

The clarification should not be stretched by travelers to mean that medical marijuana is now allowed on flights. Marijuana remains a Schedule 1 substance under U.S. federal law, so you risk being arrested and prosecuted if you attempt to bring your medical cannabis on any flight. Only the FDA-approved drug has been given an exception to the rule that marijuana and products containing it aren’t allowed on flights.

Cannabis industry advocates have welcomed this updated TSA guidance because, to them, it is common sense that once the drug became legal then it couldn’t be on a list of restricted items which aren’t allowed on flights.

The advocates feel that the federal governments and its agencies should also think about states where marijuana is legal in some form, whether for medical or recreational use. The federal government should pass legislation recognizing that those states are free to pass and implement their own cannabis laws without interference from the federal government. This is as logical as the TSA writing that the FDA-approved cannabis drug can now be allowed on flights.

The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) applaud the step taken by the TSA to clarify that families can now take the cannabis-derived epilepsy drug on flights.

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Edible medical cannabis products are now legal in Maryland after Gov. Larry Hogan signed two related bills on Monday this week (May 13). Medical marijuana businesses stand to boost their revenue potential with the addition of these products to their offerings.

The medical marijuana edibles bill was signed along with a related antitrust law on the same day. There are three major highlights of those two laws as explained below.

First, no single individual or business entity will be allowed to get more than four medical marijuana dispensary licenses in the state. This provision is intended to spread the economic opportunities in the industry to as many individuals as possible. The lawmakers didn’t want to see a situation in which “Big Marijuana” sets foot in the state and dominates the entire industry, to the detriment of small players.

Another provision states that the regulators of the medical marijuana industry will not grant an applicant more than one cultivation or processing license. This clause is also intended to ensure that there is rigorous competition in the industry since many players will be involved in cultivating and processing medical marijuana in Maryland. Innovation will flourish as a result, because growers and cultivators will be hard at work looking for more cost-effective ways to grow or process medical marijuana.

Universities and other research institutions were also allowed to purchase medical marijuana for purposes of conducting research. This provision clears any gray areas which may have existed in the medical marijuana laws that set requirements for a person who wishes to buy, possess and consume medical cannabis.

Under the previous law, research institutions couldn’t get their hands on medical marijuana because they aren’t patients, and they therefore needed to go through a lengthy, often unclear process to get special permission from regulators in order to access medical marijuana. The legal change clarifies how research institutions can access medical marijuana.

Medical marijuana sales started towards the end of 2017 across the state. By the end of 2018, medical marijuana sales grossed nearly $110 million. Figures released by the state show that the first quarter of this year (2019) has seen medical cannabis sales totaling $49 million. The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) hope that the passing of these two laws will provide an added impetus to the industry so that the annual sales hit higher and higher levels as the industry matures.

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A draft law through which Illinois will legalize recreational marijuana has been unveiled. The bill has some ambitious provisions, while others appear to have been borrowed from other states where marijuana is now legal for adult use.

One of the most noticeable provisions of the draft law is one that sets up a low-interest loan program worth $20million. Under this program, people from disadvantaged communities, such as African Americans, would borrow the money and set up cannabis businesses so that social equity can be promoted in the industry.

Another eye-catching provision in the law which was unveiled on Saturday (May 4) states that large-scale cultivators wouldn’t initially be licensed to operate within the state. Rather, small (“craft”) growers would be given priority at least for the first 12 months, and then larger players would be considered thereafter.

This emphasis on small growers is intended to spread the opportunities in the recreational cannabis sector to as many local players as possible.

The lawmakers also seem to have learnt a lot from California where local authorities have made it difficult for residents to access recreational cannabis by banning the operation of marijuana retail businesses in their jurisdictions. The draft bill in Illinois has a provision allowing local authorities to ban retail outlets within their areas for only the first 12 months.

Thereafter, any ban in a municipality can only be enforced once the voters in that jurisdiction approve the ban through a referendum. This is a great proposal because it puts the fate of recreational marijuana in municipalities in the hands of voters, rather than in the hands of a few municipal council members who may have divergent views from those of the people they represent.

The proposed law also has provisions on the likely taxes which will be levied on recreational marijuana products. For example, the lawmakers propose that customers will pay a 10 percent tax on cannabis products whose THC content is less than 35 percent while the products with a THC content that is higher than 35 percent will attract a 25 percent sales tax.

Entities that want to grow cannabis in the state will pay a permit fee of $100,000 while those who want to operate retail businesses will fork out $30,000 for a permit. Applicants from minority communities would pay lower permit fees so that the barriers to entry are reduced.

Debate on the bill is already heating up between proponents and those opposed to marijuana legalization. The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) hope that logic will prevail during these debates and the best law will be enacted for the people of Illinois.

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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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The Treasurer’s Office in West Virginia plans to issue a request for proposals (RFP) by the end of next month (May 2019) inviting interested financial institutions to submit their proposals for handling the money generated by the state from the medical cannabis industry.

These funds will include license fees, fines, taxes and other revenues accruing from medical marijuana.

Earlier this year, the legislature passed a law to expand the scope of the types of financial institutions that could express interest in handling this money from medical marijuana. Credit unions and other non-traditional banking companies are now eligible to apply.

It should be noted that the traditional financial institutions, such as banks, have been reluctant to handle any marijuana money because they fear being caught in the middle of the divergent state and federal marijuana laws.

Currently, the RFP is being reviewed by a legal team and it will be released once the any legal kinks found are sorted.

Meanwhile, the Office of Medical Cannabis is moving ahead with its plans to get ready for implementing the medical marijuana program. They would like everything to be good to go so that once a financial institution is hired, the implementation plan can start being acted upon.

For example, the process of hiring staff (cannabis inspectors, for example) has already started and will be scaled up basing on how many entities express interest and are cleared to participate in the medical cannabis industry.

The Medical Cannabis Act, which was signed into law in 2017, provides for 10 medical cannabis cultivation licenses, 10 permits for medical cannabis processing and 30 permits for cannabis dispensing.

The law also stipulates that no single entity will be given a permit to grow or process cannabis, and another permit to dispense medical cannabis. However, companies can be both growers and processors.

The Medical Cannabis Advisory Board, the entity which spearheaded the preliminary work of establishing the medical cannabis program, visited several states in order to learn how best to design West Virginia’s program. While best practices where picked from different places, the final look of West Virginia’s medical marijuana program resembles the program established in Pennsylvania.

The original plan was to start accepting license applications on July 1, but it seems this deadline will not be met. The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF), The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF) and the entire cannabis industry hopes that patients in West Virginia will not have to wait for an unnecessarily long time before they can access medical cannabis to ease their symptoms.

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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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As Illinois gears up to legalize recreational weed, a couple of bills have been tabled to protect state-chartered banks that decide to accept cannabis businesses as clients.

Under federal law, any money from cannabis businesses is regarded as drug money and banks that accept such money may be prosecuted by the federal authorities.

Consequently, most banks have been reluctant to do business with marijuana companies even if the allure of the huge sums of money that can be made from the cannabis industry is strong.

The past years have seen medical cannabis companies struggling to find a bank that is willing to take them on, and this is the situation that the newly introduced bills seek to fix.

Last year, medical cannabis sales generated approximately 136.5 million, and that figure is likely to grow to $224 million by 2022 once recreational sales begin. This is a huge amount of money to be lying around in sacks or safes within cannabis business premises.

More practical problems like how to pay employees and clients get worse once businesses don’t have access to banking services. For example, Ascend Illinois, one of the leading medical cannabis firms in the state, narrates how they had to take several days to drive cash to different vendors and employees around the state when the bank they were using withdrew its services.

Such a scenario creates a huge attraction to criminals who would want to lay their hands on such a huge amount of cash.

It is also hard for state authorities to track whether the cannabis companies are meeting their tax obligations if there is no paper trail to follow in order to verify the volume of sales each month.

The passing of state laws to shield local banks from federal prosecution can help to remove some of the concerns that the banks may have.

While it is true that no bank or credit union has so far been targeted by the feds for doing business with cannabis companies, a state law would protect the banks in the event that a change in policy at the federal level exposes the banks to risks.

For example, President Obama’s administration had passed a policy not to prosecute banks that do business with cannabis firms in states that legalized marijuana. However, President Trump’s administration rescinded that policy, effectively making it possible for federal law enforcement agencies to go after banks that accept marijuana businesses.

Such fluctuations in federal policy are what the bills introduced by state Sen. Tol Hutchinson and state Rep. Jehan Gordon-Booth want to shield local banks against.

The sponsors of those two bills believe that just as the states have taken the lead in seeing marijuana legalized, they too must play a leading role in ensuring that banking laws are reformed to accommodate those cannabis businesses. The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) and The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF) wish that such laws were passed much earlier so that legitimate cannabis businesses stop being treated like second-class entities.

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