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:
Grocery Giant Loblaws Advocates for Cannabis Sales
#cannabisindustry – “Loblaws, a major grocery store chain in Canada, has been actively pursuing regulatory changes in Ontario’s cannabis market. This effort, leaked by documents reviewed by Global News, highlights the company’s multi-year advocacy to modify existing cannabis regulations in the province. The focus of Loblaws lobbying is to integrate cannabis sales into their existing retail operations, a move that aligns with the recent adjustments in Ontario’s cannabis laws under the Ford government….”
Officer Tuan Le murder suspects plead not guilty
#californiacannabis – “The three defendants charged with the murder of Oakland police Officer Tuan Le pleaded not guilty on Thursday.
The suspects, 27-year-old Mark Sanders, 28-year-old Allen Brown, and 34-year-old Marquise Cooper, appeared in an Alameda County courtroom to enter not guilty pleas for the shooting death of Le, who was the first Oakland police officer killed in the line of duty in 15 years…”
New Jersey Regulators Approve Framework for Onsite Cannabis Consumption
#cannabisindustry – “In a significant move for the New Jersey cannabis market, the state has now opened the doors for the operation of cannabis consumption lounges at dispensaries, according to a report from news outlet NJBiz. During a meeting on January 17, the New Jersey Cannabis Regulatory Commission (CRC) unanimously passed a regulatory framework that permits both medical dispensaries and recreational-use retailers to establish on-site consumption spaces.
This development, initially proposed in December 2022, introduces a set of rules that detail the qualifications, application process, and operational guidelines necessary for businesses interested in offering these consumption areas. The regulations specify that a cannabis business can operate only one consumption area, irrespective of the number of Class 5 Retailer licenses or Alternative Treatment Center (ATC) dispensary permits it holds. Furthermore, these lounges are prohibited from selling food, but customers have the liberty to bring their own or have it delivered.
Another critical aspect of these regulations is the allowance for medicinal cannabis patients to bring cannabis items from other retailers for personal use in these consumption areas, according to the report. The sale of tobacco products and alcohol within these areas is strictly prohibited, and the rules stipulate that patrons must be at least 21 years old and must present photo identification for entry….”
African Psychedelic Ibogaine Reduces Veterans’ Brain Injury Symptoms in Small Trial
#psychedelics – “A traditional African psychedelic drug reduced symptoms of veterans’ brain injury in a small clinical study published in Nature Medicine.
The trial paired the drug, ibogaine, with magnesium to reduce the risk of cardiac side effects. Authors say the drug has a much broader treatment range than other psychedelics, but the trial’s limited size and lack of control group mean more research will be required to guarantee ibogaine’s efficacy and safety….”
Investing in Distressed Assets
#cannabisindustry – “New investment in the cannabis industry has slowed due to a combination of stifling regulations, economic uncertainty, lack of access to capital, and restrictive banking options. Nevertheless, skilled investors still can capitalize on opportunities arising from this uncommon convergence of market conditions.
While eager players who entered the space early struggle to save their distressed businesses, investors in the rapidly maturing sector want to focus on business fundamentals and financial performance. By taking a “back to basics” approach that puts a company’s day-to-day operations, management, and profitability under heavy scrutiny, savvy investors will keep their distance from companies that don’t have the revenue and structure in place to support operations, scaling, and growth…”
Ohio Governor Wants Action On Intoxicating Hemp
#hempproducts – “Governor of Ohio Mike DeWine has urged the state’s General Assembly to regulate intoxicating hemp sooner rather than later in order to prevent these products winding up in the hands of children.
Ohioans voted in favour of adult-use (recreational) marijuana in November last year, which took effect on December 7th, 2023. The state also has a medical cannabis program. But a loophole in federal and state laws still allow for the sale of Delta 8 THC products from just about anywhere without having to adhere to either program. Delta 8 THC can be created by manipulating a legal cannabinoid – cannabidiol.
“The intoxicating hemp is being marketed in stores across Ohio as candy, cereal, gummy candy, and other products that are attractive to children,” says the Governor. “Because intoxicating hemp products are not currently regulated, Ohio law does not prevent its sale to children.””