Weed Week: California legalises hemp and Aussie medicinal cannabis use hits all-time high
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Last week California Governor Gavin Newsom signed Assembly Bill (AB-45), formally permitting the sales of hemp-derived CBD products in the state.
Hemp has been legalised at the US federal level since 2018, but state agencies have been slow to clarify the kinds of CBD products that may be added – but that’s all about to change.
With the new standards, dietary supplements, food, beverages, cosmetics, and pet food won’t be considered adulterated solely because of the inclusion of hemp in its ingredients.
Staying in the states, TILT Holdings Inc. (OTCQX:TLLTF) has formed a new partnership with the Shinnecock Indian Nation to establish vertical cannabis operations for their wholly owned business – Little Beach Harvest – in the Hamptons.
“As the wealth gap in the U.S. has grown wider and wider, it is economic development opportunities like this that will help our tribe bridge the gap,” Little Beach Harvest MD and member of the Shinnecock Nation Chenae Bullock said.
“Through our partnership with TILT, we will not only create dozens of jobs and jump-start careers, but will also cultivate business relationships with other tribal business owners, generating growth for Indigenous communities.”
In New York, a weed museum dubbed the Stoneage is open for tours – both high and in your normal state of mind.
And New York native and billionaire Jay-Z (aka Shawn Carter) has invested in Flowhub – company that helps marijuana dispensaries process payments.
On our side of the fence, the Therapeutic Goods Administration (TGA) says almost 2,500 chronically suffering seniors are using medicinal cannabis to ease their arthritis pain.
And medical cannabis prescriptions are at an all-time high, with 13,666 Australian patients approved last month alone – up from 6126 in January this year.
Then there’s scientists at the University of Sydney who say they have found the ‘mother of all cannabinoids’ which has been shown to reduce seizures in a mouse model of intractable epilepsy.
Althea Group (ASX:AGH) was leader of the pot stocks, up 17% on no news.
Followed by Cann Global (ASX:CGB), up 13% off the back of its annual report where outgoing executive chair Pnina Feldman noted that on 24 June 2021 the Federal Government assented to the Narcotic Drugs Act amendments, reaffirming the Australian government’s commitment to patient access of medical cannabis products.
“These regulatory changes reinforce the recognition of the medicinal properties of cannabis by academics, researchers and policy makers globally,” they said.
“Cann Global is expected to benefit from this through attitudinal changes towards the use of cannabis and cannabis related products.”
The company is progressing towards commencing three additional revenue streams, from Canntab’s CBD products, the premium hemp-based skincare range, and the plant-funding business model operated by Cann Global Thailand and the Canntab CBD products in Australia which are now available for prescription through the Special Access Scheme B and Authorised Prescriber schemes.
And Roots Sustainable Agriculture (ASX:ROO) rose 13% after receiving a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for the its heat exchange probe technology.
The tech is designed to heat or cool plants substrates in pots, grow bags and soil.
The company this week also launched a new mid-size Root Zone Temperature Optimisation (RZTO) system offering.
The ‘Super Mini’ format has been designed to service up to 200 pots of plants and is aimed at nurseries and small commercial grow operations, as well as to provide proof of concept in advance of other large orders.
“We expect that our new products will significantly decrease the barriers of uptake and unlock a number of new markets for the company,” Roots CEO Boaz Wachtel said.
“Roots is already witnessing significant interest in our offering, with first sales secured in Singapore. The company has built a strong business development pipeline and expects additional orders, across a number of countries to materialise in the coming months.”