Celebrities are making cannabis their new niche!
Many states this past week saw more ‘maintenance’ legislation added to current markets. As some areas have had recreational cannabis for quite some time, the market and its needs have changed accordingly. On other fronts, Hemp and CBD saw more movement in the medical research realm. Hemp is being primed for legal industrial production while cannabis is being lobbied to be recommended by medical professionals.
Mike Tyson’s Ranch Launch Party
Marking the end of the month the right way, former heavyweight champ Mike Tyson opened his cannabis resort, Tyson Ranch. A launch party in West Hollywood took place on May 31 to introduce the fighter’s new business venture.
The 40-acre resort aims to produce some of the highest quality THC and CBD strains. In addition, they wish to forward medical cannabis research with their work. The resort will be 60 miles southwest of Death Valley National Park in California city
Tyson, a long-time MMJ user, wishes to cultivate and educate on the benefits of cannabis. After an astonishing 20 year fighting career, Tyson has admitted cannabis helped with the numerous injuries that came along. Tyson called the new experience of joining the cannabis industry as “pretty exciting”.
“You know, I’ve been fighting for over 20 years and I have so many aches and pains. If I didn’t have cannabis I don’t know what would have happened.”
-Mike Tyson, Civilized.
Oregon Temporarily Suspends Applications
Two other states actually saw the denial of new ventures instead this past week. Colorado and Oregon have been finding ways to maintain their senior markets.
In lieu of the overflow of cannabis in Oregon, they are temporarily suspending license applications until next year. At the end of May, Oregon had 1900 licensed cannabis cultivators and another 3432 on the Oregon Liquor Control Commission’s desk awaiting approval.
Last year, state residents consumed 350,000 pounds of cannabis throughout the course of the year. As a February of 2018, state tracking systems have logged 1.1 million pounds of Cannabis. That is nearly triple the amount from the previous year.
The state now has pound prices near $50.
Are Denver’s Laws Too “Stringent”?
The state will focus primarily on renewals. Though the tensions played a huge role, the decision was made the state U.S. Attorney expressed concern over the surplus of cannabis filtering into the black market.
Denver saw a smaller scale suspending of construction. A cannabis spa and lounge was denied because the property would be 19 feet too close to a child care facility. Though the proposed business received letters of approval from the surrounding businesses and the child care center in question.
The spa’s owner, Cindy Sovine didn’t argue the decision but felt that the city restrictions were preventing businesses from growing. At the moment, Denver requires cannabis companies to be 1000 feet in distance away from certain establishments, including child care facilities.
Kush Moves to Las Vegas
Kush Bottles Inc, a leading California packing and supply distributor, will be coming to the Vegas valley. Kush bottles currently stocks cannabis businesses with exit bags, pre-roll tubes, and other accessories.
The company plans to open a 13,000 sq ft. facility in mid-June to service the packaging needs of the city. Kush is the nation’s largest distributor of packaging needs and supplies. They currently operate in California, Colorado, and Washington.
Kush Bottles CEO, Nick Kovacevich, shared this statement with PR Newswire:
“The fluctuating demand from the tourism and organic growth in the cannabis market means that a lot of our partners are having a difficult time forecasting their packaging and supply needs. By having a local facility, we give our clients the added flexibility of faster delivery as well as offering on-site pick up if that’s what their business dictates.”
Colorado Vetos Autism as Qualifying MMJ
CBD and Cannabis are known for their medicinal benefits but, convincing legislators that they exist is one the communities biggest pitfalls. Governor, Hickenlooper vetoed the bill as he cited, “overwhelming concern for the medical community. He told reporters:
“If we sign that bill we end up, without question, in some way encouraging more young people to look at this as an antidote for their problems,”
Though the state senator, one of the sponsors of the bill, believes the bill could’ve helped a lot of families, citing the science behind it. The bill however, cannot be revived as law makers are no longer in session.
After the veto, Hickenlooper did request health officials look into MMJ’s effectiveness in autism.
New Jersey’s Push to Recommend MMJ
As one state vetoes MMJ’s growth, another is advocating for it’s recommendation. New Jersey currently serves around 22,000 medical patients but only have around 600 medical professionals recommending the plant for medical use.
In a recent speech, health commissioner, Shereef Elnahal, urged doctors to recommend vaping and consuming non-smokable cannabis options opposed to pharmaceuticals.
“I want this to be in physicians’ and other providers’ heads as a therapeutic option — not something separate, not sort of in a different category like alternative medicine. This really is reaching a level of relevance and importance to patients,” said Elnahal.
Industrial Hemp Gains Unanimous Support
The US has yet to fully legalize the industrial production of Hemp but makes constant strides to recognize the value in it. On tuesday the Senate unanimously passed a resolution acknowledging the economical potential of hemp. The US is the largest producer of hemp but still restricts it’s farming.
Mitch McConnell used the resolution to introduce is Hemp Farming bill, allowing for the industrialized growth of the plant. The Kentucky Senator has been in constant support of Hemp but is still against the legalization of cannabis.
With our Hemp Farming Act of 2018, I believe that hemp can also be an important part of our future. Removing hemp from the federal list of controlled substances will give our farm communities the opportunity to explore the potential of this versatile crop.
-Mitch McConnell, Tom Angell – Forbes Report
