Hemp Knightz CannaNews™
Missouri News
Missouri Medical Marijuana Program Sees Continued Growth
The Missouri Medical Marijuana Program continues to expand, with the number of registered patients surpassing 100,000. This growth demonstrates the increasing acceptance and utilization of medical cannabis as a viable treatment option. The state's regulatory body has been working diligently to ensure that the program operates efficiently and effectively, providing safe and reliable access to medical cannabis for qualifying patients.
https://norml.org/news/2023/05/23/missouri-medical-marijuana-program-sees-continued-growth
US National News
Colorado Cannabis Industry Continues to Face Uncertainty
The cannabis industry in Colorado is currently facing a period of uncertainty, as reported by The Denver Post. The state, once boasting a peak of $226 million in combined recreational and medical cannabis sales, is now witnessing a decline in sales and struggling small businesses. Factors contributing to this downturn include an oversupply of cannabis products, lack of demand, dropping prices, and decreased cannabis tourism. Additionally, the legalization of recreational cannabis in neighboring states such as Montana, Arizona, and New Mexico has created stiff competition for Colorado. The state has also seen a 2% drop in cannabis jobs, ranking second highest for cannabis job losses. Large companies like Curaleaf are also feeling the pinch, closing down offices in Colorado, California, and Oregon due to thriving black market competition. The situation has led to layoffs and potential mergers among smaller businesses, and a shift in the real estate market with a decline in commercial property purchases by cannabis-related businesses. The industry is now looking to "get leaner" and adapt to the changing landscape.
https://hightimes.com/news/colorado-cannabis-industry-continues-to-face-uncertainty/
Positive Cannabis Drug Tests in Workplace at the Highest in 25 Years
A recent analysis by Quest Diagnostics Drug Testing Index reveals that post-accident workplace drug testing reached an all-time high in 2022. The study found that 7.3% of workforce drug urine samples contained cannabis, up from 6.7% in 2021. This marks a 204.2% increase in workers testing positive for cannabis over the past decade. The rise in legalization is believed to correspond with an increase in workplace accidents. The report also indicates that cannabis was the primary substance detected in positive drug tests, with other substances like amphetamines also contributing to the increase. The industries with the highest rise in positive workplace drug tests were Accommodation and Food Services, Retail Trade, and Finance and Insurance. However, the data does not account for the fact that cannabis can remain in a person's system for weeks after consumption, long after the effects have worn off.
https://hightimes.com/news/positive-cannabis-drug-tests-in-workplace-at-the-highest-in-25-years/
Breath Testing Is Not Yet A Reliable Indicator Of Recent Marijuana Use, Federal Study Finds
A new federally funded study has found that THC levels in breath tests are too inconsistent to reliably indicate recent marijuana use, highlighting the challenges in developing a breathalyzer-like device for cannabis. The study, conducted by researchers at the National Institute of Standards and Technology (NIST) and the University of Colorado Boulder, found that even with carefully collected samples and laboratory analysis, THC levels varied widely. The researchers concluded that a single measurement of THC in breath does not reliably indicate recent cannabis use. The study also found that blood measurements, as indicated by THC concentrations in plasma, seemed to be a more reliable indicator of recent cannabis use. The findings underscore the need for further research into accurately measuring THC and related compounds in breath.
Federal Agency Announces $1.5 Million In Funding For Research On Psychedelics To Treat Drug Addiction
The National Institute on Drug Abuse (NIDA), a leading federal health agency, is set to provide $1.5 million in funding for research into how psychedelics could be used to treat drug addiction. NIDA has published three notices of funding opportunities for research projects aimed at understanding the potential of drugs like psilocybin and ayahuasca in treating substance use disorders. The research will focus on understanding the mechanisms of psychedelics and will involve clinical trials with human subjects. The agency acknowledges the complexities and potential risks of such studies but believes they could lead to breakthroughs in the field and help design effective future psychedelic therapies. The funding will be distributed in the 2024 Fiscal Year, with eligible applicants including universities, non-profit organizations, for-profit businesses, state and local governments, and federal agencies.
Marijuana Is Associated With 'Significant' And 'Sustained' Health Improvements, American Medical Association Study Finds
A new study published by the American Medical Association (AMA) has found that the use of medical marijuana is associated with significant improvements in the quality of life for people with conditions like chronic pain and insomnia. The effects are largely sustained over time. The study involved 3,148 people in Australia who were prescribed medical cannabis for the treatment of certain eligible conditions. All eight wellbeing indicators tested showed improvements with the use of marijuana, with adverse side effects being rarely serious. The researchers concluded that medical cannabis treatment may be associated with improvements in health-related quality of life among patients with a range of health conditions.
Groups Push Senators To Add Marijuana Business Stock Exchange Access To Banking Bill
A coalition of marijuana advocacy groups is urging the Senate Banking Committee to expand the bipartisan marijuana banking bill to include provisions ensuring that cannabis businesses have access to all forms of financial services, including the ability to be listed on senior U.S. stock exchanges. The coalition, SAFE Banking for Equity, argues that without broader access to financial institutions, many entrepreneurs are left without anywhere to secure the funding needed to launch their company or to expand existing operations. The groups are calling for a safety net that would free up industry access to all regulated financial institutions and services, including depository services, lenders, debt and equity financing, capital markets and investment services, insurance, broker dealers, and credit card and payment processing. The coalition believes that access to U.S. senior exchanges would significantly increase the valuations of small marijuana businesses, helping them maintain equity and compete effectively.
International News
Costa Rica Grants First Medical Cannabis Cultivation License
Costa Rica has granted its first medical cannabis cultivation license to Azul Wellness S.A., a year after legalizing hemp and medical cannabis. The company, backed by the family of José Álvaro Jenkins, president of the Costa Rican Union of Chambers and Associations of the Private Business Sector, plans to establish an 800-square-meter production and processing facility in the country's Guanacaste province. Azul Wellness has also partnered with U.S. private equity firm Merida Capital Holdings, which specializes in medical cannabis, to cultivate two varieties of psychoactive cannabis initially, with a focus on exporting the produced material. In addition to Azul's license, the Minister of Agriculture and Livestock, Victor Carvajal, has issued eight authorizations for hemp cultivation. Costa Rica's government controls the cannabis industry under the regulation of the Ministry of Health and the Minister of Agriculture and Livestock.
https://hightimes.com/news/costa-rica-grants-first-medical-cannabis-cultivation-license/
Irish Authorities Seize Over $3 Million Worth of Weed at Dublin Port
In a major drug bust, Irish authorities have seized approximately 142kg of cannabis, worth over $3 million, at Dublin Port. This seizure underscores the ongoing challenges related to cannabis trafficking and the need for effective regulatory frameworks to mitigate such illegal activities.
https://hightimes.com/news/irish-authorities-seize-over-3-million-worth-of-weed-at-dublin-port
In the coming week, we can expect further discussions and developments around these topics. The industry will continue to navigate regulatory challenges, explore new product opportunities, and push for broader financial access. As always, the focus will remain on ensuring safety, promoting equity, and maximizing the therapeutic potential of cannabis and psychedelics.
As we continue to navigate the ever-evolving landscape of the cannabis industry, stay tuned for more insights, updates, and analysis. Join us next week for the latest edition of Hemp Knightz CannaNews™ - Weekly Edition, where we'll bring you the most important headlines and developments from the world of cannabis. Until then, stay informed, stay safe, and stay engaged.
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