Everybody knows that because marijuana is a Schedule 1 drug under the Controlled Substances Act, it is illegal to sell under federal law. Last year, the FDA again reviewed the published scientific literature on medical cannabis and recommended that marijuana stay in Schedule 1. The DEA relied upon this finding in its August 2016 ruling upholding the cannabis ban.
What everybody doesn’t know is that the FDA’s website says that it “actively supports the development of drugs from marijuana.”
Some statements are even more emphatic: “FDA needs to do all it can to support the needed scientific research with marijuana to characterize its therapeutic promise.” What? Is the FDA suffering from cannabis cognitive dissonance? Not at all. Under the Food, Drug & Cosmetic Act (FDCA), the FDA has the power to approve drugs, based on scientific evidence.
The reason cannabis hasn’t been rescheduled is because, according to the FDA, there is not sufficient evidence to show a currently accepted medical use.
Where does the FDA get off saying there is no medical use? A look at the FDA’s history is instructive. Modern drug regulation started in the beginning of the last century, when the market was filled with unregulated patent medicines claiming to cure everything from constipation to cancer. Many of these medicines, e.g., Johnson’s Mild Combination Treatment …
A concern among many parents is that their child will experiment with drugs. In particular, they wonder if their child will ever engage in cannabis consumption. These concerns were heightened with the passage of recreational marijuana legalization in several states. Washington State experienced a lot of apprehension from concerned parents after Initiative 502 was passed in 2012. But, were their concerns realized? Have teens actually seen an increase in marijuana usage?
A Look Back at Teen Cannabis Use
Before diving into the discussion, let’s remember back to when we were in those angsty teenage years. If you had any social life, even if it was occasional, you have probably been in a situation where a friend, or maybe a friend of a friend, pulled out a joint and asked if you wanted to get high.
Maybe you partook, maybe you didn’t, and maybe you thought of what your parents would think? Maybe you didn’t give a second thought to what they might think because, hey, it’s your life and you can do whatever you want. Or, maybe you were the friend of a friend offering the cannabis in the first place.
These scenarios are playing out all across America, in legal cannabis states and otherwise, right this very moment.
Because of this, it can be tough to speculate if legalization
In April of 2016, we covered the basics of marijuana business valuation on this blog. At that time, we were aware of just one accounting firm–or, more accurately, one accountant at one accounting firm–who claimed to have any interest in marijuana business appraisals. This was likely due to a couple of factors: 1) CPA firms were slower than attorneys to offer services to cannabis businesses historically, due to complications with CPA ethics rules (there were no CPA firms in Oregon or Washington with cannabis clients when we started, seven years ago); and 2) business valuation is a uniquely specialized and accredited field, even among accountants.
But things are changing fast. Recently, we were excited to see Cogence Group PC, one of Oregon’s best financial forensics and valuation firms, publish a no-paywall series of excellent articles on cannabis business valuation. The first article, “How to Perform a Business Valuation of a Marijuana Business,” gives a high-level overview of the three approaches appraisers commonly take: the asset approach, the market approach and the income approach. Each of those approaches, in turn, comes with a dedicated article of its own. Those links are here, here and here.
In our 2016 blog post, we briefly described each of the three valuation approaches as follows:
As Canada prepares to make marijuana legal by July 1, 2018, many dispensaries and medical cannabis “clinics” are popping up—and disappearing—all across the GTA. For the most part, these are still technically illegal operations (hence why they seem to disappear overnight), which makes procuring marijuana for a doctor-prescribed treatment plan difficult. Many patients cannot afford to wait for their medicine to come through the mail; they’re in need of immediate relief from their symptoms.
The Washington State Liquor and Cannabis Board recently issued a report on recreational cannabis home grows to the Washington State Legislature without making a specific recommendation as to whether the state should legalize recreational home cultivation. Instead, the LCB analyzed the following three proposed option (which options we discussed here):
Tightly Regulated Recreational Marijuana Home Grows. This option would impose a strict regulatory framework. Home cultivators would need a permit to grow legally. Permit holders could then purchase plants from licensed producers. Each household would be allowed four plants and all plants would be tracked in the same traceability system used to monitor commercially grown cannabis. The LCB would impose requirements to ensure security and to prevent youth access and diversion. Both the LCB and local authorities would monitor home grows. Cannabis processing would be subject to the same restrictions as apply to medical cannabis (e.g., no combustible processing).
Local Control of Recreational Marijuana Home Grows. Like Option One, this option would require a permit, require safeguards to prevent diversion, limit each household to four plants, and allow permit holders to purchase plants from producers. Option Two would not require home cultivators to use the State’s traceability system. It also would give greater authority to local jurisdictions to create more restrictions and to authorize, control, and
While the U.S. trudges along in regards to cannabis legalization, Canada has introduced legislation to legalize and regulate medicinal and recreational cannabis across the country starting as early as July 2018. Applications are piling up for Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) program to obtain a coveted license to legally produce […]
In a growing number of states, medical marijuana consumers can have cannabis flower and products delivered right to their doors with cannabis delivery services. Much like a delivery from a CVS drug store, medical (and recreational in some places) cannabis consumers can receive their customized packages in as little as an hour or less, or they can subscribe for recurring delivery to receive a fresh batch of sticky-icky on their own schedule.
Products like pre-filled vaporizer pens, edibles, topicals, flower and concentrates can all be ordered and delivered to the consumer’s home, office or hotel room to save time, improve customer satisfaction and reach a wider client base than ever before.
But are these delivery services legal?
While many have operated in a sort of grey area to get past legal restrictions by offering cannabis as “gifts” or requesting “donations”, the changing scope of cannabis legalization is finally making it easier for cannabis delivery services to run legit operations which helps protect employees, consumers and the industry as a whole.
Why Marijuana Delivery Services are Important
As important as it is to allow medical patients to consume cannabis legally, it does not necessarily make it easier for them to do so. Even dispensaries that provide the cannabis face restrictions when it comes to getting the product to the patient. …
Any Portland, Oregon cannabis licensees that have recently received an email from the OLCC about license renewal have a unique opportunity to expedite the renewal process in the next two weeks. The OLCC will be holding renewal clinics at their headquarters on McLoughlin Blvd on December 6-7 and December 14-15. You will have an opportunity to meet with an OLCC representative in person and renew your license and presumably to discuss any other issues facing your business. The OLCC is using the Eventbrite website to manage appointments and you will need to register in advance here.
To renew in person you will need the following, quoting the OLCC’s Eventbrite site:
A Business Entity Questionnaire and completed and signed Individual Histories for all members and their spouses in the entity to be licensed
Current Boundary Sketch
Renewal Application Packet
Current Premises Floor Plan (with cameras labeled and numbered)
What Might Be Required:
Premises access documents (lease, deed) only if there has been a change to it since the previous licensing (examples: change to the lease terms; listed individuals no longer involved with the business)
New Land Use Compatibility Statement (LUCS) only if requesting a
Choosing the right strain for your ailment as a patient who’s new to the world of medicinal marijuana can be overwhelming. While there are only two types of marijuana plants, namely sativa and indica, there are many hybrids of the two that focus on specific medicinal cannabinoids. Cannabinoids are the compounds found in marijuana that can produce a variety of benefits for patients, including better chronic pain management and improved sleep.