420 with CNW – Delaware Considers Letting Doctors Prescribe Cannabis for Most Ailments

Senator Anthony Delcollo has introduced a bill in the state senate to change the law so that doctors will be free to decide which patient would be helped by medical marijuana instead of first checking whether that patient has a condition listed in the medical marijuana law.

Under the current law which was passed in 2011, patients can only qualify to get onto the medical marijuana program if they have one of the “debilitating conditions” such as terminal illnesses and cancer.

Delcollo argues that doctors undergo extensive training and have a lot of experience in the field. These professionals should be given the liberty to decide what is in the best interest of their patients, he says.

Senate Bill 24 is therefore intended to free doctors to use their discretion in determining whether medical cannabis will provide “palliative or therapeutic benefit” to patients.

The senator argues that this wouldn’t be a new thing since doctors are already exercising their professional discretion to determine which pharmaceuticals on the market are most likely to be beneficial to their patients.

Medical cannabis advocates concur and say that the proposed change is long overdue. They add that it should have been part of the first law that legalized medical marijuana in the state in 2011.

The bill is also intended to ease the restrictions on the kinds of medical specialists that are authorized to recommend the use of medical cannabis by patients who are younger than 18. However, the change would not alter the current provision stating that patients who are less than 18 can only use cannabis oil and not any other form of medical marijuana.

Senate Bill 24 enjoys bipartisan sponsorship and support, so it is hoped that the lawmakers will debate it thoroughly and give it the nod.

If it passes, Delaware will join Oklahoma and Maine as the only states that give doctors such leeway in deciding who can or cannot be treated using medical marijuana.

It hasn’t been an easy journey for Delaware to get to this point. It should be recalled that there were endless delays in opening the compassion centers where patients could access medical cannabis. To date, only four such centers are operational in the state.

More recently, there were plans to legalize recreational marijuana legislatively. More than a year was taken to debate the bill and when a vote was called, the bill was defeated by just four votes in June last year. No other recreational marijuana bill has yet been tabled during this legislative session.

Be that as it may, Global Payout, Inc. (OTC: GOHE), Golden Developing Solutions, Inc. (OTC: DVLP) and the entire investment community are hoping that this time round, appropriate legislation improving the medical cannabis environment is passed so that all interested parties, such as patients, can benefit.

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.

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420 with CNW – New Hampshire House Committee Okays Medical Cannabis Home-Grows

As momentum gathers to legalize recreational cannabis in New Hampshire, a House committee has passed a bill permitting patients enrolled on the medical cannabis program to grow their own marijuana, as well as other measures intended to expand the medical marijuana program.

The Human Services and Elderly Affairs Committee of the New Hampshire Assembly voted on Tuesday last week to allow patients or their caregivers to have three mature cannabis plants, three immature plants as well as 12 seedlings of cannabis.

The bill also included a raise on the cap of medical marijuana that a patient could have from 6 to 8 ounces.

The move to allow patients to grow their own cannabis and also possess higher amounts of the substance is intended to ease the inconveniences that some patients in distant locations were facing in accessing one of the four medical marijuana dispensaries run by the state.

The contents of the bill are also intended to allow patients to customize their medical cannabis without incurring a high cost. For example, one patient (Heather Marie Brown) revealed that she spends $400 each month on medical cannabis to treat PTSD. However, with home-grows now set to be allowed, she will spend approximately $150 to grow all the cannabis she needs for her condition.

There were calls for the committee members to increase the number of qualifying conditions, but this wasn’t acted on because the lawmakers felt that it was premature for them to make a decision on that matter yet a special committee of medical experts set up to advise the State on the qualifying conditions is scheduled to meet this month (March) to discuss that same matter.

One of the qualifying conditions that was being considered for addition to the list is opioid addiction. However, many legislators were hesitant to approve its inclusion because there was insufficient evidence that cannabis could wean people off prescription opioids. Other lawmakers didn’t think it would be good to recommend the use of one potentially addictive substance as a replacement for another addictive substance/drug.

Meanwhile, the entire House is scheduled to vote on a proposal to legalize recreational marijuana across the state. Previous attempts to get recreational cannabis legalized in the state met with dismal failure, but hopes of success are high this time round since Democrats now have control of both the Senate and the Assembly.

For the sake of the patients and the general population in New Hampshire, Global Payout Inc. (OTC: GOHE) and Golden Developing Solutions Inc. (OTC: DVLP) wish for a speedy conclusion to the different bills before the legislators.

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.

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420 with CNW – New Jersey Moves Closer to Legalizing Pot as Top Leaders Strike a Deal

Plans to legalize marijuana in New Jersey ground to a halt last year amidst a disagreement between Gov. Murphy and legislative leaders over taxes and a few other issues. However, a compromise deal on the key sticking points has now put the legalization plans back on course.

We reported at the end of last month that a new tax proposal had given cannabis legalization plans a breath of life. That proposal sought to provide a middle ground between the Governor who wanted a higher sales tax and Sweeney, the State Senate leader, who was adamant anything higher than 12 percent was unacceptable.

In the deal that has been reached, marijuana would be taxed by weight instead of the earlier plan to impose a sales tax. This new plan will insulate the state from witnessing a drop in tax revenue if marijuana prices eventually reduce as has been the case in other states where marijuana has been legal for several years.

The second major bone of contention that has also been reportedly resolved under the new deal has to do with the manner in which the marijuana industry will be regulated. Previously, the legislative leaders had wanted a separate commission to take charge of overseeing most aspects of the new industry. However, the Governor was uncomfortable with that proposal.

Under the new arrangement, an independent commission will still be set up to oversee the cannabis industry. The change in this regard is that the state governor will have the power to appoint three of the five individuals who will constitute the Cannabis Regulatory Commission.

Legislators are also working on a bill to expunge cannabis convictions from the criminal records of New Jersey residents. This law will help to address some of the historical wrongs that were committed against racial minorities, such as African-Americans, who were unduly targeted during the war on drugs that lasted decades.

Once that expungement bill is in place, the Governor, State Senate leader and the leader of the state Assembly will have plenty of work to do to mobilize votes among the legislators so that the marijuana legalization bill passes in both Houses before it can reach the desk of the Governor to be signed into law.

Now that the bickering seems to have come to an end, there is widespread hope across the industry that an enabling law will soon be passed so that a roadmap to the implementation of that law can be known to all concerned. Golden Developing Solutions Inc. (OTC: DVLP) and Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) wish New Jersey a smooth path to legalization now that the major stumbling blocks have been addressed.

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.

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420 with CNW – Florida Judge Rules that Cap on Dispensaries is Unconstitutional

A Circuit Court Judge, Karen Gievers, has ruled that the state and the health department in Florida violated the constitution when they imposed a cap on the number of dispensaries that a licensed business could open within the state.

Trulieve sued the state and asked court to strike down the cap on dispensaries that had been imposed limiting each business to a maximum of 30 outlets. Initially, the cap was at 25 but it was raised to 30.

The plaintiff successfully argued that patients could get better access to medical marijuana treatment centers at an affordable cost if more dispensaries were available instead of forcing patients to incur the cost of vehicle delivery of cannabis to their addresses.

The company had also argued that the ban, which was imposed long after they had opened a number of outlets, affected their business since they wouldn’t have opened dispensaries in some locations had they had prior awareness of that cap. Trulieve therefore asked court to nullify that cap so that their business isn’t unnecessarily hampered.

The judge agreed and wrote in her ruling that the state didn’t have any plausible reason to impose such a restriction on legally licensed businesses. Furthermore, the judge observed that the cap wasn’t mentioned anywhere in the constitutional amendment legalizing medical cannabis.

The state made a vain attempt to justify the cap by saying that the local and state authorities needed time to study how to regulate medical cannabis. Judge Gievers threw out this argument saying that the constitutional amendment didn’t provide for such “study” and that she didn’t get evidence of what needed to be “studied” for three years.

She argued that the state had ample time to study medical cannabis regulation as much as they wanted before the first medical cannabis law was passed years back in 2014.

This same judge lifted the ban on smoking medical cannabis and gave the state a dressing down for the blatant way in which it was disregarding constitutional provisions while implementing the medical marijuana program. The previous Governor, Rick Scott, appealed against that ruling and left office before the appeal was heard.

Recently, Gov. DeSantis threatened to withdraw from pursuing that appeal if the legislature didn’t amend the law to allow patients to smoke medical cannabis. He gave the legislators a few weeks to act or else the courts will be left to change the law by judicial declaration.

Golden Developing Solutions, Inc. (OTC: DVLP), Green Growth Brands, Inc. (CSE: GGB) (OTCQB: GGBXF) and the whole industry welcomes the decision of the court since patients in Florida will now have medical cannabis dispensaries closer to them.

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.

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420 with CNW – Israeli Cabinet Approves Export of Marijuana Products

Toward the end of last year, we reported that the Israeli parliament had passed a bill permitting local companies to export medical marijuana. However, there were fears that the cabinet may wait until after elections before pronouncing itself on this matter. It turns out that those concerns were premature because the cabinet has given its approval and cannabis firms can start processing the necessary paperwork to sell medical cannabis abroad.

The cabinet’s decision leaned on the recommendations made by an inter-ministerial committee (finance and health ministries) that was tasked with studying the Act of parliament and then advise the cabinet on the matter.

The committee took note of the advanced research, technology and regulatory capabilities of the country as major advantages that would make Israeli medical cannabis competitive on the world market.

The worldwide medical cannabis market is growing rapidly from an estimated valuation of $8.3bn in 2017 to about $28bn by 2024. Medical cannabis exports would earn Israeli firms about $1.09bn each year.

The Ministry of Finance agreed to channel some of the money earned from cannabis exports to the Ministry of Health.

Currently, there are eight companies that grow medical cannabis in Israel. The approval of exports is good news to them because the domestic market wasn’t large enough to sustain these producers as well as those who are still queuing to get licenses.

Medical cannabis exports will be tightly regulated since cannabis is a drug that is subject to strict controls internationally. Israeli companies will get an export permit issued by the Ministry of Health and approved by the police. These companies will then export medical cannabis to other companies in Europe. Those companies should have also obtained permits to import medical cannabis.

Israel is likely to enjoy several advantages when compared to other countries, such as Canada, that export medical cannabis. For example, Israel is closer to most European markets when compared to its competitors.

Secondly, Israel is renowned for having very strict regulatory systems and its research capabilities are famous across the world. This makes Israeli medical cannabis exports to have a good reputation on the market when compared to other exporters whose domestic regulatory mechanisms aren’t so rigorous.

As you can see, different countries are positioning themselves to control a large share of the international medical cannabis market. The question is, when will the U.S. wake up and catch up with the other countries that are already active in the medical cannabis space? The sooner federal marijuana laws are reformed, the better for the U.S. cannabis industry. This speedy legal reform is what entities like Golden Developing Solutions, Inc. (OTC: DVLP) and Global Payout, Inc. (OTC: GOHE) have been hoping to see for years.

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.

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420 with CNW – Records Show 61 Tons of Medical Marijuana were Consumed in Arizona in 2018

State records that were published on January 14 show that Arizonans set a record in the state by consuming a total of 61 tons of different forms of medical marijuana.

The report shows that Arizona medical cannabis dispensaries sold 2.5 tons of marijuana edibles last year. One interesting thing about this statistic is that in 2012, the entire state consumed that exact quantity of cannabis products. That year was the first full year since the medical marijuana was legalized.

Another comparison with that first year has to do with the number of patients who acquired medical cannabis cards. In 2012, just 40,000 people were enrolled on the program. By the end of December last year, 186,000 patients were actively using their medical cannabis cards.

The report released by the Arizona Department of Health Services shows that patients bought 56 tons of marijuana flower (buds) from the licensed dispensaries in the state. Another 2.5 tons of other marijuana products, such as resins and extracts, were also consumed during the year.

The cannabis edibles sold in 2018 were approximately 34 percent more than the quantity of edibles sold the previous year. Overall, the 61 tons of cannabis sold indicate a 42 percent increase from the quantity of marijuana products that were consumed the year before.

However, cannabis resins saw a sharper rise in the volume sold. The resins sold in 2018 were more than those sold in 2017 by 83 percent.

It is worth noting that the Arizona Court of Appeal ruled that cannabis extracts, such as resins, were not included in the protections offered to patients and doctors who were involved in the medical cannabis industry.

Nonetheless, dispensaries continued to sell the products, and patients continued to buy them as the entire state waited for the Supreme Court in Arizona to make its ruling on the matter. The outcome of the review by the Supreme Court is yet to be announced.

On matters of demographics, the statistics released by DHS show that more women took medical marijuana last year when compared to those registered in 2017. 40.02 percent of all patients on the program in 2018 were women compared to 38.35 percent in 2017.

The figures of the medical marijuana consumed are expected to keep rising, and it is interesting to note that in 2014, the total demand for cannabis in the state (both medical and recreational) was estimated to be 81 tons, just 33 percent higher than what the medical cannabis market has sold in 2018. That means the estimates may have been grossly conservative or off the mark. This positive outlook is good news to the entire cannabis industry, including Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) and Golden Developing Solutions, Inc. (OTC: DVLP).

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.

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420 with CNW – Arkansas Delays Issuing Medical Cannabis Cards

Patients who applied and got approval to join the medical cannabis program in Arkansas will have to wait until February to receive their medical cannabis cards from the state. The delay comes amidst the inability of cultivators to provide medical cannabis to the licensed dispensaries.

Arkansas residents voted to change the constitution in 2016 so that medical cannabis could become legal in the state. However, the process of implementing that change has taken longer than was expected.

The Department of Health in the State is reluctant to give residents medical cannabis cards when medical cannabis supplies aren’t available. The authorities feel that patients would incur an unnecessary cost since the cards are only valid for a year and one must renew the card before accessing medical cannabis. Getting the card several months before dispensaries are ready to sell products would therefore mean that a portion of the card’s validity was wasted.

However, many patients view their desire to have the medical cannabis cards in a different light.

The cards issued by the health authorities in Arkansas can allow the cardholders to acquire temporary licenses from the nearby state of Oklahoma. These temporary cards can be used to buy or grow medical cannabis from the Oklahoma medical cannabis dispensaries. Federal law doesn’t permit marijuana to be moved across state lines, so anyone interested in buying or growing medical cannabis from out of state has to be ready to stay in that state until what they purchased is used up.

The temporary licenses are only valid for 30 days, so there is no chance that an applicant will buy medical marijuana in more than one state. The verification process done before the temporary card is issued confirms that the applicant resides in a state where a medical cannabis program is legal but medical cannabis isn’t available as yet.

Some Arkansas residents have attempted to use the approval letters issued after their medical cannabis applications were processed, but the Oklahoma authorities have rejected those letters.

The stance of the Medical Marijuana Authority in Oklahoma is understandable because the approval letters may not have vital details, such as the medical marijuana card numbers that can be used to track the activities of the cardholders.

For now, Arkansas residents may have to wait until the state prints their cards. That may give those who are badly in need of medical cannabis one month within which to take advantage of the temporary licenses issued in Oklahoma. In case the Arkansas program delays even further, the patients can continue renewing their Oklahoma permits.

Green Hygienics Holdings Inc. (OTCQB: GRYN) and Golden Developing Solutions, Inc. (OTC: DVLP) sympathize with the patients in Arkansas and hope that a viable solution for their plight is found soon.

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420 with CNW – New York Governor Speaks on Impending Cannabis Legalization

Traditionally, state Governors outline their plans during the State of the State address in January. However, New York State Governor Andrew Cuomo has opted to deliver his address early (on Monday, December 17). He talked about his priorities for the first 100 days in office. The issues discussed included his views on the legalization of recreational cannabis in the state.

Gov. Cuomo said that adult-use cannabis should be permitted “once and for all”, and he pledged to see this done within a few months from the start of the new Democrat-dominated legislature in January.

In his speech, it was clearly evident that his opinions on marijuana had undergone a major evolution because he was now championing legalization and yet he had previously opposed marijuana, even medical marijuana, as a gate-way substance.

The Governor lamented that it was time to change things and fix the injustices that had been suffered by the African-American community and other minorities during the selective enforcement of the laws against marijuana use.

The speech didn’t give any details about how the recreational use of marijuana will be regulated within the state. However, some information about the likely regulatory framework can be gleaned from a report that was submitted to the Governor by the Department of Health in the state.

The report famously concluded that the benefits of regulating and taxing cannabis outweighed any shortcomings that could be attributed to legalization of adult-use cannabis. This report seems to have tied the hands of the Governor, especially given that his major opponent (Cynthia Nixon) made legalization the center of her campaign.

The Health Department report estimated that legalizing recreational cannabis would add between $248 million and $677 million in tax revenue within the first year of legalization. Additionally, legalization would fix some of the imbalances in the criminal justice system while easing the opioid crisis.

It is not yet clear how the state will spend the millions in taxes expected from the recreational cannabis industry, but several sectors and sections of the community are clamoring for that money.

For example, one suggestion is that the money be directed to fix the crumbling subway system while other activists suggest that the money should go to the black community that bore the brunt of the injustices during the war on drugs.

The state legislators will have their hands full as they debate and decide how these monies will be spent. Already, some assembly members are threatening to withhold their support for the bill in case the tax money isn’t allocated in the way they approve, such as going to the black communities.

Green Hygienics Holdings Inc. (OTCQB: GRYN) and Golden Developing Solutions, Inc. (OTC: DVLP) urge all involved to consider all sides before eventually passing a law that will allow New Yorkers who so wish to consume recreational cannabis in a way that is safe for all.

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420 with CNW – US Federal Agency Announces Funding for Cannabis Research

The National Center for Complementary and Integrative Health (NCCIH) held a workshop on December 8 to interact with representatives of various cannabis industry stakeholders and federal agencies to discuss cannabinoid research. At the end of that workshop, the federal agency announced four funding opportunities for entities that were interested in conducting research on natural products like cannabis.

For example, one funding opportunity is earmarked for looking into how cannabinoids, excluding THC, affect pain.

Those four research projects are also intended to map the “biological signature” of the natural products being studied as well as establishing dosage levels in case those products are found to be therapeutic.

The researchers who want to access the funding need to secure authorization from the different federal government agencies, such as the DEA, which have jurisdiction over the controlled substances in question. Additionally, the researchers should provide detailed plans of how they intend to conduct the studies.

It is interesting to note that only one of the four funding opportunities makes a direct reference to marijuana even if the content of the briefs appear to focus on cannabis. The careful wording may be an attempt to work around the existing restrictions on funding cannabis research.

The current call for research proposals comes after the Drug Enforcement Administration granted different cultivators authorization to grow approximately 5.400 pounds of marijuana in 2019. This quantity more than quadruples what was grown with DEA permission in 2018.

The agency explained that the spike in the quantity of cannabis grown with the agency’s approval was intended to meet the huge demand for research-grade cannabis in the coming year.

The increased supply from different sources is expected to ease some of the frustrations that researchers had with the Mississippi farm where cannabis could only be obtained in previous years. Researchers complained that they couldn’t obtain sufficient quantities from that Mississippi farm, and even when they got the cannabis it was of such poor quality that it would hardly serve the purpose for which it was obtained.

The fact that different government agencies participated in the workshop organized by NCCIH may indicate that there is a conversation going on within the federal government about cannabis. It is possible that the feds are giving serious thought to the possibility of passing legislation to allow medical cannabis at some point in the future. If that wasn’t the case, then federal money wouldn’t be channeled into cannabis research, or researchers wouldn’t be permitted to study cannabis.

Golden Developing Solutions, Inc. (OTC: DVLP), Green Hygienics Holdings, Inc. (OTC: GRYN) and other stakeholders hope that the funding opportunities increase, and that the federal government eases its prohibitionist stance on marijuana.

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420 with CNW – Does Marijuana Legalization Bring Economic Salvation or Just Hype?

One of the major arguments made in favor of marijuana legalization is that it will bring economic transformation to the community. The states that have so far legalized cannabis seem to give credence to this expectation. However, could marijuana legalization have another side that legislators and advocates don’t pay ample attention to?

It is a given that tax dollars start flowing into state coffers when cannabis is legalized. This is because every sale made attracts state and local taxes that are remitted to the relevant entities. Cannabis criminalization just creates business for the criminal world without bringing any benefits to the state or local community.

Secondly, contractors and real estate agents earn even before legal sales begin. This is because these professionals get to work setting up the places from which the legal sale of cannabis will take place.

Thirdly, law enforcement personnel and other resources are diverted to address other pressing law enforcement priorities instead of being saddled with chasing down petty criminals for possessing marijuana.

Furthermore, tourism also booms when marijuana legalization takes place. Just think about the thousands or millions of people who will visit Planet 13 in Las Vegas each year! Jobs are also created once retail sales begin, and those jobs generate more taxes and other benefits. In fact, research has it that every dollar that goes to legal weed generates at least $2.4 in economic activity.

But, there is another side that needs to be considered as well.

Marijuana companies seem to be engaged in a race to the bottom when one considers the rate at which cannabis prices are dropping. As the recent MJBizCon in Las Vegas showed, innovative ways to grow cannabis are being introduced and those techniques will bring the cost of cannabis even lower.

Lower prices affect the taxes collected by states where cannabis is legal. The drop in tax collections can get so serious that some states (Colorado, for example) are raising the rates in order to shore up tax revenues from the industry.

Another unwanted outcome of the dropping marijuana prices is that cannabis companies are tittering on the brink of bankruptcy due to reduced profitability. This threatens the jobs and taxes anticipated from the industry in the long run.

California is pioneering the way forward by changing from taxing marijuana based on the price at which it has been sold to taxing it based on the weight of the product. It is hoped that this new approach will allow cannabis companies to retain more revenue and stay afloat.

However, a better prospect for the industry would be the legalization of cannabis at the federal level. How would this help the industry? It would remove the current forced fragmentation where each company has to set up infrastructure for the entire value chain in each state where it operates.

Marijuana would cross state lines, so the players are likely to consolidate their operations and lower operational costs in order to lock in more profits. Additionally, access to international markets would also help to bolster revenues and protect the local economy.

All in all, the few shortcomings seen above pale in comparison to the massive benefits observed after legalization. Cannabis companies like Global Payout, Inc. (OTC: GOHE) and Golden Developing Solutions, Inc. (OTC: DVLP) are certainly optimistic about the future of the industry, and that is why they are continuing to invest massively in their operations.

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CannabisNewsWire (CNW)
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Editor@CannabisNewsWire.com