Investor Ideas #Potcasts 640, #Cannabis News and #Stocks on the Move- Cannabis legislation in the US, cannabis retail sales in Canada and the US
Delta, Kelowna, BC, December 9, 2022
(Investorideas.com Newswire), investorideas.com, a global news source covering leading sectors
including marijuana and hemp stocks and its potcast site
release today’s podcast edition of cannabis news and stocks to watch plus insight
from thought leaders and experts.
Listen to the podcast:
https://www.investorideas.com/Audio/Podcasts/2022/120922-StocksToWatch.mp3
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Today’s podcast overview/transcript:
In today’s podcast we look at some of the
recent news regarding cannabis legislation in the US, cannabis retail sales in
Canada and the US and how these developments have impacted the markets.
This week’s major cannabis news saw shares of many
cannabis multi-state operators (MSOs) tumbling down on reports that legislation
that would legalise banking services for marijuana companies in the US is now
unlikely to pass the Senate by the end of the year.
Attempts to include a version of the Secure
and Fair Enforcement (SAFE) Banking Act, which would prevent federal banking
regulators from imposing penalties on banks and other financial institutions
for providing services to legal cannabis businesses, in the must-pass annual
National Defense Authorization Act (NDAA) were opposed by Republican leaders.
Democrats had pushed for the inclusion of
cannabis banking language in the NDAA, however, the NDAA was released on
Tuesday without any references to cannabis, crushing any hope that legislation
for legalising marijuana banking would pass by year-end.
A version of the NDAA with the language of
the SAFE Banking Act included was approved by the House earlier this year. This
is a story that has played out in the House and Senate several times over the
past few years as many investors and cannabis operators are well aware of.
The SAFE Banking Act as a standalone piece
of legislation has attracted broad bipartisan support to date and it is
understood Republicans opposed the use of the NDAA as a vehicle for this
reform.
The market reacted negatively to the news,
with the AdvisorShares Pure US Cannabis ETF down 8% and the AdvisorShares Pure
Cannabis ETF falling 4.5% at mid-morning on Wednesday.
This was a change from the stock rally we
saw early Monday following last week’s news of President Joe Biden making
history on Friday when he became the first American president to sign marijuana-specific reform legislation into law.
Biden affixed his signature to the
bipartisan Medical Marijuana and Cannabidiol Research Expansion Act, the White
House announced.
The landmark legislation, which is intended
to make it easier for scientific researchers to study the plant, also calls on
the federal government to look into the potential therapeutic benefits of
marijuana and could thus help steer the ongoing rescheduling review Biden launched in
October.
Co-sponsors of the bill include Sens. Chuck
Grassley, R-Iowa, and Dianne Feinstein, D-California, as well as key members of
the House who support marijuana reform, including U.S. Rep. Earl Blumenauer,
D-Oregon, Nancy Mace, R-South Carolina, and Dave Joyce, R-Ohio.
The first marijuana reform bill to be passed by both chambers of Congress after it
cleared the Senate last month via a process called unanimous consent, the bill
allows research universities – including those that receive federal funding,
which, to date, have been wary of dealing with the federally illegal drug – as
well as private companies to acquire U.S. Drug Enforcement Administration
licences to grow and handle cannabis for research purposes.
There are currently only seven institutions with DEA permits to
grow cannabis for research.
The bill also directly instructs the
federal Department of Health and Human Services (DHHS) to research “the
therapeutic potential of marijuana,” though it also requires the agency to
study how cannabis might impair the development of adolescent brains as well as
the ability to operate a motor vehicle.
Something to consider is as more federal
organisations and Universities are able to access cannabis for research
purposes, we could see the research quality deteriorate as one recent Harvard Study shows.
This recent study implies that cannabis is
as effective as the placebo effect, though upon further reading we can see that
the study actually drew no real conclusions in the end.
The active treatments used in these studies
included two main cannabinoids in marijuana, delta-9-tetrahydrocannabinol (THC)
or cannabidiol (CBD), and the prescription drugs nabilone (Cesamet), dronabinol
(Marinol, Syndros), and nabiximols (Sativex). The products — and the placebos —
were given as a pill, spray, oil, or smoke or vapour. The researchers found
that participants receiving active treatment and participants receiving placebo
reported similar levels of pain relief.
Ted J. Kaptchuk, director of the Program in
Placebo Studies and The Therapeutic Encounter at Harvard-affiliated Beth Israel
Deaconess Medical Center, says the findings from this well-done study aren’t
surprising. "With the exception of opioids, most pain-relieving
medications are barely better than a placebo," he says.
In fact, in clinical trials of common pain
medications such as aspirin and ibuprofen, placebos provide about as much pain
relief as the actual drugs. That’s not to say active medications don’t have
physiological effects. Rather, the effects of a placebo rival or mimic those
effects. They just work through different neurobiological pathways, Kaptchuk
explains.
While allowing Universities more access to
cannabis research may seem a benefit to the cannabis industry on the face of
it, we have seen over recent years the quality of many University studies
deteriorate due to a variety of factors such as the involvement of political
ideologies, corporate sponsorship and a general trend of conformity amongst
University students and faculty.
Another factor of Biden’s cannabis research
bill is this specific wording which “requires the agency to study how cannabis
might impair the development of adolescent brains as well as the ability to
operate a motor vehicle.”
This has been another element we have seen
blown out of proportion often in mainstream media and from federal
organisations in Canada and is often used as an excuse to limit the access of
cannabis to strictly pharma based companies, supposedly the only companies
deemed “safe” for handling such “potentially dangerous substances”. This can
also be used against recreational access even though certain research does
point to cannabis use actually being the safe choice over alcohol, a federally
legal substance across the globe, in that cannabis users often avoid driving
while impaired, unlike alcohol users who feel emboldened to drive, and that
cannabis users often choose safe ride alternatives far more often than alcohol
users.
There is also the discussion of safety for
children, even though this bypasses the discussion of cannabis as an effective
medicine for many children suffering from autism and epilepsy or the recent
research connected to antidepressants, a drug often prescribed to youths, which
has been shown to have drastic negative side effects, unlike cannabis which as
of yet has not been linked to any developmental issues amongst youths.
In recent Canadian news, Canadian cannabis
producers and brands increasingly are, in effect, paying Ontario retailers for
shelf space and other special treatment for their products, according to
industry executives.
This is also the case in almost all other
provinces in Canada.
Many executives allege the effective use of
so-called slotting fees threatens the survival of hundreds of independently
owned retailers and craft cultivators, who lack the money and resources to
finance such pay-to-play schemes.
The monthly fee can amount to tens of
thousands of dollars or more, according to one industry source who declined to
be identified for competitive reasons.
Slotting fees, common for decades in
traditional retail, are a relatively new phenomenon in cannabis in both the United States and Canada.
In Ontario, regulators prohibit producers
and brands from paying retailers for favourable “material” treatment.
What no-one seems to be addressing is that
this is largely due to the strict laws surrounding the cannabis industry when
it comes to branding, advertising and marketing. Many within the industry are
well aware of this reality and see this is their only competitive access point
when dealing with the retail market.
Lastly, Connecticut’s first legal cannabis
shops will open next month.
The Department of Consumer Protection
announced Friday morning that it has notified some of the existing medical
marijuana dispensaries in the state that they can begin selling recreational
pot to all adults 21 and over as soon as 10 a.m. on Jan. 10.
“We know that many people are excited to
participate in this marketplace, whether as a business or a consumer, and we
encourage adults who choose to purchase and consume these products to do so
responsibly once sales begin on January 10,” DCP Commissioner Michelle H.
Seagull said in a written statement.
Customers will be able to buy up to a
quarter ounce of cannabis at a time. DCP said purchase limits will continue to
be reviewed over time and help maintain adequate supply for both adult-use
consumers and medical marijuana patients, who can purchase up to five ounces of
cannabis per month.
DCP is advising medical patients to
purchase any necessary medication before Jan. 10, or at one of the nine
medical-only dispensaries in the state, as long lines and traffic are expected
during the opening weeks of adult-use sales.
Connecticut’s recreational market is
launching four years after Massachusetts became the first state on the East
Coast to open legal pot stores. Recreational sales began in New Jersey in April
and New York is on the precipice of launching its legal market. Rhode Island
gave the green light to its existing medical marijuana dispensaries to sell
recreational pot starting Dec. 1.
While this is a benefit for the state and
will allow greater access for more consumers, note that yet again, the medical
industry takes a backseat to recreational sales.
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