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(2021) ᐉ Cannabis News Wrap-up: December 2020 ᐉ CBD Magnates

(2021) ᐉ D ecember 2020 completed the year with some quite eventful cannabis news both in America and throughout the world. The United States Congress passed

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D ecember 2020 completed the year with some quite eventful cannabis news both in America and throughout the world. The United States Congress passed the MORE Act, Illinois expunged half a million cannabis charges, the UN voted to reschedule cannabis, and research studies even more sealed the advantages of marijuana. Join us as we run back the essential cannabis occasions of the last month of 2020.

The MORE Act Passed the United States Legislature

On December fourth, the United States Congress voted to pass the Marijuana Chance Reinvestment and Expungement (MORE) Act by a vote of 222-158. The MORE Act formally eliminates cannabis from the federal Controlled Substances Act. If travelled through the narrowly-Democratic-controlled Senate and signed into law, the MORE act would expunge all nonviolent federal cannabis convictions quickly. All arrests, charges, and convictions for anybody captured up in the legal system over ownership of marijuana would instantly vanish from their record.

House of representatives

Now that the MORE Act has actually travelled through your home of Representatives it should now make its method through the senate. picture credit

Moreover, this would all take place at no charge to the impacted person for any processing or legal charges. The MORE Act would likewise enable military veterans to get medical marijuana suggestions from the Department of Veteran Affairs physicians. This would release them from needing to check out physicians that might not be covered by their insurance coverage or risking their existing protection. The act would likewise develop financing for social equity programs that reinvest in neighborhoods targeted by police and the legal system throughout the damaging War on Drugs.

Lastly, the act would develop much better banking and tax laws at the state and federal level and enable far higher liberty in marijuana research study. This might result in a monetary boom duration as cannabis companies lastly have access to federal credit lines, significant banks, and charge card processing.

Obviously, the MORE Act will more than likely get captured up in the Senate either due to the filibuster or a couple of anti-marijuana Democrats, however it’s a strong base in case the political tides shift. Bulk Leader Chuck Schumer wants to bring it to the flooring for a vote and there is a great deal of popular assistance that simply may press it through. Ballot Matters. Keep in mind that in 2022.

Illinois Expunged Half A Million Cannabis Convictions

In great news for the people of Illinois tossed into the legal system for non-violent drug offenses, Guv J.B. Pritzker doubled down on his preliminary pardon of 11,000 marijuana convictions previously in 2020 by expunging 500,000 low-level cannabis– associated rap sheets. While specific counties have till 2025 to finish this expungement, the Guv’s action comes 4 years ahead of schedule and functions as a signal to city governments to get carrying on expunging all records throughout the state. The expungement releases half a million people from the life-long drag that a criminal conviction can have on their future task and financial potential customers. This not just assists those with a rap sheet however their households too.

This social justice and racial equity procedure is continuous and additional legislation is being passed to offer complimentary legal help to Illinois people that will enable them to challenge their convictions and additional expunge their records without sustaining additional expense. All in all, this is an excellent action on the course to corrective justice when it pertains to marijuana convictions. It needs to constantly be kept in mind that these convictions and charges have actually traditionally fallen disproportionately upon individuals of color which more requirements to be done prior to there can be real racial justice and equity in this nation.

UN Commission Descheduled Cannabis

The UN Commission on Narcotics voted by a narrow 27-25 bulk to deschedule cannabis from its 1961 category as an Arrange 4 drug to an Arrange 1. This implies that cannabis will no longer be thought about by the worldwide company as one of the most extremely addicting and harmful drugs on the planet without any medical worth. It will now be thought about among the most extremely addicting and harmful drugs on the planet with some medical worth that ought to be studied.

Flag of the United Nations

While the UN’s reclassification is just a little action in the best instructions, it will ideally unlock for medical research study. picture credit

While this might look like a little success in regards to the world’s views on marijuana, alleviating the limitations on medical research study into the advantages of cannabis provides more proof to cannabis supporters throughout the world that marijuana ought to be legislated. Regardless of the truth that all other cannabis suggestions stopped working, consisting of legalizing CBD, this still counts as advance when it pertains to marijuana‘s development in the 21st century.

Research Study Revealed Statewide Legalization Does Not Cause Greater Cannabis Usage Amongst Teenagers

According to a current research study by the University of Michigan, the self-reported rates of cannabis intake by teenagers and teenagers has actually not increased due to the statewide legalization of marijuana. In truth, the research study revealed that rates of marijuana usage have not actually increased over the bulk of the last years. If anything, given that the very first US states legislated leisure cannabis sales in 2012 (Colorado and Washington), life time usage by teenagers and teenagers has actually visited 3 percent throughout the country. This research study follows a lot of other research studies that have actually been carried out, revealing that worries of increased cannabis abuse due to legalization have actually been unproven. This, obviously, will not stop these exact same worries from being raised by worried legislators and people in every state that tries to legislate.

A Canadian research study released in the journal Professional Reviews in Pharmacoeconomics & & Result Research study reports that over one-third of Canadians going through cancer treatment utilized cannabis to either assistance reduce their discomfort or increase their cravings.

This is a bigger portion than in surrounding United States, where just one-fourth of cancer clients taken in marijuana as part of their treatment. Of that quarter, almost 10 percent are senior. While it’s not precisely an originality that marijuana is being utilized as part of a client’s medical treatment, these research studies continue to show that cannabis has huge capacity in the treatment of all kinds of medical problems, putting additional pressure on legislators to legislate it.

The Conclude

As 2020 ends, December was a month to commemorate when it pertains to cannabis‘ long push towards around the world approval and legalization. The truth that a cannabis decriminalization law travelled through the United States Congress would have been unthinkable even 5 years earlier. States such as Illinois are strongly expunging non-violent drug offenses, which is likewise great news for those people captured up in an unfair and inefficient war on drugs. The United Nations altering their views on the healing advantages of cannabis, even at a glacially sluggish rate, still reveals that the long legal freeze when it pertains to marijuana approval is defrosting. One can hope that research studies such as the University of Michigan and Canadian research study journals will even more press the view that marijuana has little to no unfavorable results both clinically and socially and ought to be legislated.

Did we lose out on any newspaper article? Share any additional news you desire others to check out in the remarks listed below.

Image Credit: Matt Popovich (license)

Lastly, the act would develop much better banking and tax laws at the state and federal level and enable far higher liberty in marijuana research study. This might result in a monetary boom duration as cannabis companies lastly have access to federal credit lines, significant banks, and charge card processing.

Source: https://cbdmagnates.com/2021/01/27/cannabis-news-wrap-up-december-2020/

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Khiron Life Sciences Reveals 47% QoQ Spike In Medical Revenue, Q2 2021 Cannabis Revenue Increases 68% YoY

Vertically integrated cannabis company Khiron Life Sciences Corp. (TSXV:

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Vertically integrated cannabis company Khiron Life Sciences Corp. (TSXV:KHRN) (OTCQX:KHRNF) announced its latest financial results Monday, revealing a 68% year-over-year jump in revenue to CA$2.8 million (CA$2.18 million) in the second quarter of 2021. Shares traded up 1.96% at $ 0.2499 per share in Friday’s after-hours session.

The uptick in revenue during the quarter ended June 30 can be mainly attributed to normalized clinic operations and the growth of medical cannabis sales in Colombia, Germany, the UK

and Peru contributing to the gross medical cannabis profit margin of 88%.

Q2 2021 Financial Highlights

  • Health Services revenues declined 13%, while medical cannabis revenues hit $825,500, up 47% sequentially.
  • Medical cannabis products contributed 29% of total revenues and 70% of gross profits.
  • European medical cannabis sales growth of 280% sequentially representing over 25% of total medical cannabis revenues.
  • Gross profit, before fair value adjustments, totaled roughly CA$1.05 million, up from 319 000 from the prior year’s period.
  • General and administrative costs were CA$4.43 million, down from $4.53 million in the same quarter of 2020 and from CA$5.6 million in the prior period.
  • Net loss totaled approximately CA$4.8 million, representing an improvement from a CA$5.71 million loss in the second quarter of last year and a CA$5.5 million loss in the previous quarter.
  • Adjusted EBITDA came in negative at CA$3.85 million, versus a CA$4.02 million loss in the first quarter of fiscal 2021.
  • As of June 30, the company had CA$9.4 million in cash and a proforma cash balance of CA$20.6 million.

“With revenues increasing across all markets, our medical cannabis segment contributed 29% of revenues and 70% of gross profits, showcasing how our medical cannabis business can fundamentally shift margin profiles as revenues increase,” Alvaro Torres, Khiron’s CEO and director commented. “In Q2 and subsequently, we achieved a number of very significant milestones.”

More news from Khiron Life Sciences:

Cannabis Co. Khiron: Shares Plunge On Heels Of $12.4M Offering Of Company’s Units

Khiron Cannabis Co To Debut South Of The Border, Obtains High-THC Extract Export Quotas For Mexico

Khiron Sets A Milestone As First Colombian Medical Cannabis Company To Export To Europe

Khiron Life Sciences Confirms First Cannabis Shipment From Colombia To Europe

Photo: Courtesy of Kimzy Nanney on Unsplash

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Health Services revenues declined 13%, while medical cannabis revenues hit $825,500, up 47% sequentially.
  • Source: https://www.benzinga.com/markets/cannabis/21/08/22614645/khiron-life-sciences-reveals-47-qoq-spike-in-medical-revenue-q2-2021-cannabis-revenue-increases-

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    Cannabis News Today – August 20, 2021 – Caribbean and Latin America Daily News – News Americas

    Wu-Tang rap legend Method Man is bringing his cannabis brand to New York. (Photo by Johnny Nunez/WireImage) News Americas, NEW YORK, NY, Fri. Aug. 20,

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    Wu-Tang rap legend Method Man is bringing his cannabis brand to New York. (Photo by Johnny Nunez/WireImage)

    News Americas, NEW YORK, NY, Fri. Aug. 20, 2021: Here are the cannabis headlines making marijuana news globally and in the Caribbean and Latin America for today, Aug. 20, 2021 in 60 seconds:

    Wu-Tang rap legend Method Man is bringing his cannabis brand to New York. TICAL — coined after the title of his first solo album, stands for Taking into Consideration All Lives and will be available for purchase as part of New York’s legalized adult-use market.

    Celebrity blogger and media personality Perez Hilton and leading hemp-based CBD researchers have forged a business partnership in support of My True 10, a CBD Gummies line available at mytrue10.com.

    Akerna has secured an exclusive partnership with the Medicinal Cannabis Authority (MCA) in Saint Vincent and the Grenadines to provide the MCA with a specially developed customer relationship management tool designed to strengthen the medicinal cannabis industry while simultaneously adhering to regulatory needs and creating a user-friendly experience.

    New Jersey Regulators Have Finally Approved Rules For Adult-Use Marijuana Market Nearly One Year After Legalization Vote.

    Swedish pop star Tove Lo has partnered with Cann to launch

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    Source: https://fldispensaries.com/cannabis-news-today-august-20-2021-caribbean-and-latin-america-daily-news-news-americas/

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    Takeaways from Our Conversation about Cannabis Product Liability Suits Worth Watching

    If you ask just about any insurance pro or risk manager to list the top exposures for a company, being sued is likely to be right up there. And if you

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    If you ask just about any insurance pro or risk manager to list the top exposures for a company, being sued is likely to be right up there. And if you boiled that down into another list, among the greatest risks from lawsuits for cannabis business, would be product liability and defective coverage lawsuits.

    In our latest podcast, we spoke with two top insurance attorneys on opposing sides – one who represents businesses and one who represents carriers – to discuss defective coverage lawsuits.

    Following are brief takeaways from that conversation.

    Michael Sampson

    “There are plaintiff’s attorneys out there that are actively trolling for cases involving injuries allegedly caused by cannabis,” said Michael Sampson, a partner with Leech Tishman and a member of the firm’s Litigation Practice Group. “We are seeing cases start to get filed. We have seen a number of vape related injury cases filed. But it’s still early and we have not yet seen a lot of reported decisions out of the courts, giving us any sense of how the courts are going to react to these product liability lawsuits, let alone to the coverage actions.”

    Sampson also leads the firm’s insurance coverage group, and co-leads the cannabis industry group.

    He said we’re not seeing many product liability or other cannabis claims as many had anticipated to this point in the evolution of the legal marijuana industry, but we are seeing more and more product recalls.

    Jodi Green

    “And those are the type of events that could give rise to a claim. And so we’ve seen recalls for bad testing data. We’ve seen fail compliance recalls. We’ve seen recalls that relate to contamination to pesticides,” Sampson said. “And so, one, those types of recalls are instructive in and of themselves and may have implications for insurance coverage. But two, they also give you the sense of the types of events that could lead to a third-party claim against a cannabis business in addition to, as Judy said, exploding vape pens and the like.”

    Appearing opposite Sampson was Jodi Green, a partner in Nicolaides, Fink, Thorpe, Michaelides, Sullivan LLP. She represents and counsels insurance companies and speaks regularly on cannabis and legal matters.

    The pair of lawyers talked about cases like Leon Steele v. Passion Care, which claims that “KushyPunch Hybrid, Tropical Punch” gummies took Bre’Aun Steele’s life after she ingested them and experienced acute severe symptoms. And United Specialty Insurance Company v. Gaia’s Garden. That involves an insurance coverage dispute over marijuana edibles.

    The Gaia’s Garden case “sent shock waves through the industry,” Green said. The Colorado case involved man ingested a high THC dose of edibles and then killing his wife.

    Green also talked about a number of exploding vape battery cases that have been filed. In one, Evanston Insurance Co. v. C9SS Inc., Evanston Insurance Co. argued it had no duty to defend or indemnify a North Carolina vape store against a personal injury suit brought by a woman who says the shop sold her defective batteries that exploded in her lap. Green handled that case, and she won.

    She said the case falls in a line of case law now that is developing involving exploding vape batteries.

    “Many of them are in the tobacco area, but we’ve seen a couple of them in the cannabis space as well,” she said.

    In Evanston, the insurance policy that was sold to the retail store had a wholesale products completed operations exclusion.

    “It was a CGL policy and it just simply didn’t provide products coverage,” Green said, adding that in the cannabis space, many CGL policies expressly exclude this coverage.

    “And so companies need to go out and purchase separate products, liability coverage,” Green said. “Unfortunately, it’s very expensive, the premiums are high, but it’s also 100% worth getting. Because this is the type of case that can end your business. If a person is seriously injured by a product you sell, and unfortunately everyone in the supply chain can be sued, even if you didn’t know anything about the product being defective.”

    Related:

    Topics Lawsuits Cannabis

    “There are plaintiff’s attorneys out there that are actively trolling for cases involving injuries allegedly caused by cannabis,” said Michael Sampson, a partner with Leech Tishman and a member of the firm’s Litigation Practice Group. “We are seeing cases start to get filed. We have seen a number of vape related injury cases filed. But it’s still early and we have not yet seen a lot of reported decisions out of the courts, giving us any sense of how the courts are going to react to these product liability lawsuits, let alone to the coverage actions.”

    Source: https://www.insurancejournal.com/news/west/2021/08/16/627219.htm

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