It's been a busy month in the cannabis industry! Here are the ten biggest news stories from July 2022.
- CBD is now recognized as "safe" for general retail, and Health Canada's expert panel has stated that it's okay to consume. A panel of scientists recommended to Canada's top health regulator Thursday that cannabidiol (CBD) should be available without a prescription, stating that it is "safe and tolerable" in healthy adults. The approval follows three years after Health Canada formed a team of specialists to assess whether CBD should be sold through regular shops rather than just adult-use cannabis stores or via medical prescription. Full Story HERE
- U.S. federal health agencies are interested in studying minor cannabinoids and terpenes found in the cannabis plant for their potential therapeutic benefits, according to a new government funding announcement. The National Institutes of Health (NIH) and the National Cancer Institute (NCI) released a “Funding Opportunity Announcement” on Wednesday calling for grant applications to study “the chemistry, pharmacology and clinical effects of minor cannabinoids and marijuana terpenes.” The cannabinoids present in cannabis, other than delta-9 THC, are known as minor cannabinoids. The NIH said that while interest in lesser-known phytocannabinoids, including delta-8 THC, CBN, and CBG, is growing, research into terpenes and other compounds is notably lacking. Full Story HERE
- Al Harrington Has Created A CBD Product Line To Be Sold On Amazon And Walmart In Conjunction With The NBPA. Al Harrington, a former NBA player and current cannabis entrepreneur has announced that his new line of CBD products will be available on Amazon and Walmart. The product line, created in conjunction with the National Basketball Players Association (NBPA), will include tinctures, topicals, gummies, and capsules. This is a significant development in the CBD industry, as it marks the first time CBD products will be sold by a major retailer such as Amazon or Walmart. Full Story HERE
- New York Regulators' Battle On Shutting Down Recreational Cannabis Unlicensed Retailers Is Dividing The Industry. Some licensed operators say the move will help legitimize and grow the market, while others worry it could stifle competition. State officials have issued cease-and-desist letters to at least two dozen unlicensed retailers since May, according to people familiar with the matter, in what appears to be a coordinated effort to clamp down on the illicit market. Full Story HERE
- Switzerland is on the verge of a major medical marijuana breakthrough, with a program set to begin on August 1 and researchers preparing for numerous research projects. Medical cannabis patients will be able to obtain prescriptions directly from their medical doctors rather than obtaining permission from the Switzerland Federal Office of Public Health (FOPH) as of August 1. The program will allow for the importation of medical cannabis from Canada and Portugal and the cultivation of cannabis by Swiss farmers. This is a significant development for Switzerland, which has been largely resistant to marijuana reform in recent years. The move comes after the Swiss Federal Administrative Court overturned a ban on importing medical cannabis in May 2021. Full Story HERE
- According to a recent UN study, cannabis use has increased due to the COVID-19 epidemic and worldwide legalization laws. The United Nations Office conducted a study on Drugs and Crime (UNODC) and found that cannabis use increased by double digits in 2020 compared to 2019. The UNODC attributes this increase to the "unprecedented global circumstances" of the COVID-19 pandemic, including lockdowns and social distancing measures. The study also found that legal cannabis markets continued to grow in 2020, with North America and Europe leading the way. A separate survey by Gallup found that 14% of Americans said they used cannabis in 2020, up from 12% in 2019. And a study conducted by the Canadian government found that cannabis use increased by 50% in 2020 compared to 2019. With more and more countries legalizing cannabis, these trends will likely continue in the years to come. Full Story HERE
- By 2030, the legal marijuana market will be worth $102.2 billion, according to a new report by Grand View Research, Inc. The report found that the global legal marijuana market is expected to grow at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030. The North American market is expected to lead the way, with sales reaching $47. three billion by 2030. Full Story HERE
- The Great New York State Fair will allow cannabis consumption in areas where tobacco smoking is allowed. Cannabis may be smoked in any location where tobacco smoking is permitted, according to the state's cannabis legislation. This includes the New York State Fairgrounds, home to the Great New York State Fair. However, the state's legislation does not allow for the sale of cannabis at the fair. This is a major development for the state, which has been slow to embrace cannabis reform. Full Story HERE
- The newest federal legalization bill (CAOA) would remove cannabis from the controlled substances list and decriminalize marijuana convictions, but will it pass Congress before November's elections? The answer is not clear. The bill, which was introduced by Senators Kamala Harris (D-CA) and Cory Booker (D-NJ), has been endorsed by President Biden. However, the bill faces stiff opposition in the Senate, where it will need 60 votes to pass. With the midterm elections just around the corner, time is running out... Full Story HERE
- Last week, Thailand legalized the production and consumption of marijuana, but the new legislation includes guidelines and exceptions that might dampen the notion of Thailand as a cannabis haven for tourists. The new law, which went into effect on July 22, 2021, legalizes the cultivation of up to six cannabis plants for personal use. It also allows for the possession of up to 30 grams of dried cannabis flower. However, the sale and distribution of cannabis are still illegal. While the medical marijuana policies for tourists are still vague, some of the information that has been released seems encouraging. Full Story HERE
So there you have it, the ten biggest cannabis industry news stories from last month.
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