Weed Week: Belushi and Aykroyd get the band back together to promote cannabis

Actor Jim Belushi has partnered with – you guessed it – Dan Aykroyd on a tour through Oklahoma’s cannabis industry ahead of a Blues Brothers performance.

“We believe that cannabis is one of the great, great medicines that can lead to a pathway of healing. We’re on a mission from God,” Belushi said.

“The cannabis and the music together is a natural blend.”

Aykroyd and Belushi are partnering with Oklahoma’s Glazed Edibles and Red-Bird Bioscience to create their own line of cannabis products.

In other parts of the US, the New Mexico Finance Authority has floated a plan where craft growers in the state’s newly approved recreational marijuana industry could potentially access loans up to $250,000 (as part of a $5 million line of credit) to provide public financing for microbusinesses.

And in Buffalo NY, the Planning Board has green lit a $200 million plan for a cannabis campus which could bring revenue to the state and around 800 jobs.

The Buffalo Planning Board is hearing a proposal for cannabis production in Buffalo. Development would consist of 8 total buildings over time, 3 are being discussed today. 2 of the 3 buildings being proposed today would be used for cultivation of marijuana. @WKBW pic.twitter.com/uE24hA364x

— Natalie Fahmy (@NatalieFahmy) October 25, 2021

Luxemburg passes recreational use legislation

In Europe, Luxemburg has passed legislation allowing people aged 18 and over to legally grow up to four cannabis plants per household for personal use.

This makes it the first country in Europe to legalise production and consumption of the drug, with trade in seeds also permitted without any limit on the quantity or levels of THC.

“The idea is that a consumer is not in an illegal situation if he consumes cannabis and that we don’t support the whole illegal chain from production to transportation to selling where there is a lot of misery attached,” Justice Minister Sam Tanson said.

“We want to do everything we can to get more and more away from the illegal black market.”

ASX Winners

Leader of the pot stocks was AusCann Group (ASX:AC8) up 19% after submitting a pre-submission conference (PSC) meeting request with the Centre for Veterinary Medicine, which is part of the US FDA.

The proposed meeting is to discuss a possible Phase 2 study for CPAT-01, AusCann’s lead drug candidate made from CBD and THC to manage pain in dogs with osteoarthritis.

“This is a significant milestone for AusCann as we believe we are the first company globally to request a PSC with the FDA for a cannabinoid-based veterinary drug candidate,” CEO Layton Mills said.

“AusCann has taken the global leadership position in animal health with its research, development and regulatory progress for CPAT-01 and we look forward to working with the FDA to determine the regulatory framework within which a predictable pathway to approval in the US can be defined.”

The company says the veterinary pain and inflammation market is worth over US$1 billion globally and there’s an unmet need for safe and viable long-term treatment options for dogs suffering from painful conditions.

Live Verdure (ASX:LV1) was up 18% and Palla Pharma (ASX:PAL) was up 15% – both on no news.

Creso Pharma (ASX:CPH) rose 6% after bolstering its North American presence with the acquisition of Canadian company ImpACTIVE whose assets include CBD-based products that provide anti-inflammatory relief to professional and amateur athletes suffering from chronic muscle and joint pain, as well as joint and limb recovery.