In the days of the Armada, a fleet of warships, the scuttlebutt was the rumor or gossip that would spread throughout the ship. Today, Armada Law Corp presents The Scuttlebutt, a daily summery of news articles that people within the cannabis, hemp and plant medicine industries are chatting about along with links to the full articles.
In today’s news:
#psychedelics – “Yet there’s a thriving market for the fungi and other psychedelics in L.A. Entrepreneurs have long taken advantage of the relative scarcity and high demand by selling them illegally, in gleaming storefronts and in parking lots.
The L.A. County Sheriff’s Department served about 50 search warrants at dispensaries selling magic mushrooms in the last six months alone. Meanwhile, there’s growing support for legalizing or decriminalizing psilocybin and other hallucinogens among psychologists, researchers, veterans’ advocates and others who’ve witnessed mental health turnarounds after psychedelic treatment.”
#californiacannabis – “A coalition of cannabis firms, representing about 45% sales volume in California, on Tuesday started an effort to address credit issues that have plagued the state’s legal cannabis market.
Cannabis operators including Kiva Sales & Service, Lowell Farms, Nabis, Sunderstorm launched Financial Stability for California Cannabis (FSCC) and issued a public letter in support of Assembly Bill 766.
The bill, dubbed “The Cannabis Credit Protection Act”, seeks to establish regulatory safeguards around cannabis sales made on credit.”
#californiacannabis – “A joint venture (or “JV”) occurs when two or more parties agree to join together for a commercial objective for a set period of time. A JV can take several forms but generally involves a joint venture agreement (and, most often, the formation of a business entity to most efficiently govern the parties) between multiple parties that involves some level of profit sharing for joint activities.
Unfortunately, many cannabis companies think a JV is the answer to pretty much every relationship. Not the case. JVs require highly specific circumstances to work, including a stated purpose or goal that’s limited in time. Other run-of-the-mill business arrangements like distribution agreements or IP licensing do not require a JV relationship.”
#psychedelics – “Whether they were developed in a lab in the 20th century, like MDMA or LSD, or derived from nature thousands of years ago, like psilocybin and DMT, the psychedelics driving a surge in pharmaceutical interest also happen to be known quantities that nobody can put a patent on.
“When the natural substance itself is not patentable, then I think people get very creative about what they can try and protect,” said Kimberly Chew, one of the attorneys leading Husch Blackwell LLP’s psychedelics practice group, which launched last year.”
#cannabisindustry – “The proposed rules advanced by the Cannabis Control Board on Thursday would allow medical cannabis operators — so-called registered organizations — to convert up to three of their dispensaries to perform recreational sales for a “one time special licensing fee” of $20 million.
In a statement originally issued Friday and republished with amendments on Tuesday, the New York Medical Cannabis Industry Association (NYMCIA), representing the large vertically integrated companies that make up the Empire State’s medical cannabis industry, said the rules “are a significant improvement but remain disappointing.”
The amended statement removes language that questioned the legality of and the intentions behind the proposed fee structure.”
#cannabislicensing – “The complaints allege that Wise Health, the vendor contracted to perform application assessments by Missouri’s Department of Health and Senior Services, is a joint effort launched by Veracious and Oaksterdam to secure the state’s contract.
In the complaints, the plaintiffs allege that they would have qualified for a medical marijuana commercial license but for various acts of negligence, malfeasance, conflicts of interests or improper scoring of their applications.
Each complaint alleges a similar pattern of impropriety by the defendant organizations, which state regulators tapped to grade medical marijuana business license applications.”