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:
#hempderivedproducts – “Second, practically speaking, claiming that THCA products are legal is a tough sell to law enforcement or a court that is not familiar with the nuances of federal hemp laws. Imagine a truck driver gets pulled over with a car full of THCA products with 25% THCA. Those products, when tested, will have levels of THC in the double digits. That driver is going to jail, and will have to do their best to persuade a court that a gap in testing requirements under the 2018 Farm Bill makes their product lawful. Even assuming that argument is solid, there are just too many possibilities that law enforcement won’t agree. This is an issue that would likely need to be resolved in the appellate courts, which would be expensive, time consuming, and risky.”
#psychedelics – “A new study suggests that the use of certain antidepressants, specifically SSRIs and SNRIs, may weaken the acute subjective effects of psilocybin in some individuals. The findings, which appear in the Journal of Psychopharmacology
, indicate that this dampening effect on psilocybin can last for a significant period of time even after stopping the antidepressant medication.”
#cannabisindustry – “But what really undercuts the California market is the taxes. Early on, everyone saw it as a cash cow and everyone wanted a piece of the action. Local, regional and state governments dove deep into the industry, all demanding a chunk….
But as of Thursday, there are only 13 operational retailers, OCM staff noted, with two more set to open in coming days in the Bronx and Syracuse. Getting even more open as soon as possible is one of the OCM’s top priorities. Chief Equity Officer Damian Fagon told the board his office is sifting through more than 300 dispensary location applications as quickly as possible, with 146 that have already been approved.”
#cannabisindustry – “Just as disputants often prefer the contractual certainty of a settlement agreement to the capriciousness of a jury, debtors and creditors may choose extra-judicial solutions for insolvency. The downward trend in bankruptcies over the last few decades may partially be the product of such out-of-court arrangements, and debtors and creditors are increasingly comfortable with them as an alternative to voluntary or involuntary bankruptcy filing. While the effectiveness of these solutions is, in industries other than cannabis, ultimately evaluated with bankruptcy in mind, these solutions may also be preferable for a creditor of a cannabis company that is defaulting on its obligations.”
#CBD – “The team found CBD in the fruits and flowers of a plant known as Trema micrantha blume
, a shrub which grows across much of the South American country and is often considered a weed, molecular biologist Rodrigo Moura Neto of the Federal University of Rio de Janeiro told AFP.”
#californiacannabis – ” The legal cannabis
industry is accustomed to facing a long list of threats to its business
, from increasingly brash robberies to strict government regulations. But pot shops in California’s largest city are dealing with a profoundly bizarre problem: No one in Los Angeles knows the real tax rate for cannabis.”
The city and the state government are currently fighting over who gets to levy the final tax on pot shops. Neither side is relenting, leaving store owners stuck with no idea how to calculate pot taxes.
Not only does this pose a question of fairness — How is it just for the government to force companies into a situation where there isn’t a clearly stated tax rate? — it could also put cannabis stores out of business.”