This week in the cannabis industry, Canadian medical marijuana producer Aurora Cannabis struck a $2.5-billion deal to buy rival MedReleaf; the U.S. House Appropriations Committee passed a provision known as the Joyce amendment to prevent the Department of Justice from spending federal funds on prosecuting state-legal medical marijuana businesses; Congress prepared to vote on cannabis research and treatment for veterans after a congressional committee approved a bill May 8 that would allow cannabis to be used to treat veterans suffering from chronic pain and post-traumatic stress disorder (PTSD); and more.
- Canada: Canadian medical marijuana producer Aurora Cannabis has struck a $2.5-billion deal to buy rival MedReleaf, a move that will give it a larger production footprint as it plots its expansion. “Our complementary assets, strategic synergies and strong market positioning will provide us with critical mass and an excellent product portfolio in preparation for the adult consumer use market in Canada,” said Terry Booth, chief executive of Aurora. “Equally, the combination strengthens our capacity to service the rapidly expanding global medical cannabis markets.” Read more
- Federal: The House Appropriations Committee has passed a provision known as the Joyce amendment, which prevents the U.S. Department of Justice from spending federal funds on prosecuting state-legal medical cannabis businesses. The amendment will move to the House floor, where it will be read into the record as part of the full Commerce, Justice, Science (CJS) spending bill. Read more
- A congressional committee approved a bill May 8 that would allow cannabis to be used to treat veterans suffering from chronic pain and PTSD. Colorado U.S. Rep. Mike Coffman said the bill could create a better alternative to the highly addictive opioids commonly used by Veterans Administration doctors. Read more
- Michigan: In an advisory bulletin released last week by the Michigan Department of Licensing and Regulatory affairs, cannabidiol (CBD) oil falls under Michigan’s existing medical marijuana laws. The purchase, sale or possession of CBD oil must therefore be in compliance with marijuana licensing laws, the bulletin concluded. Read more
- California: Despite disappointing first-quarter cannabis tax revenue numbers, California Gov. Jerry Brown’s revised state budget proposal increases the amount of money the state is expected to make from the first six months of legal marijuana and allocates $133 million to regulate the massive industry. In his January draft budget, Brown predicted California would take in $175 million in cannabis cultivation and retail taxes by June 30, and his May budget revision upgrades that anticipated tax revenue to $185 million. Read more
- Pennsylvania: Pennsylvania’s medical marijuana advisory board has put forth new regulations regarding medical marijuana use and treatment. The rules include the implementation of the flower form of medical marijuana, which will be available in state dispensaries this summer and can be consumed in vapor form. Read more
- Pennsylvania has awarded eight applicants, including the University of Pittsburgh School of Medicine, approval to research cannabis to learn more about the plant’s ability to treat various conditions. “It is important to note that Pennsylvania is the first and only state in the country to institute such a program, and we believe that the research that will be conducted by the School of Medicine in collaboration with UPMC will be of great importance in determining the safety, efficacy and effectiveness of medical cannabis products in treating specific diseases,” Pitt officials said. Read more
- Georgia: Georgia Gov. Nathan Deal signed a bill May 7 legalizing the use of medical marijuana for those suffering from PTSD and intractable pain. The state first passed a medical marijuana bill in 2015 and the program now covers more than a dozen conditions. Read more
- Massachusetts: Massachusetts’ Cannabis Control Commission accidentally gave out priority status to 10 recreational marijuana businesses, blaming the error on faulty transcription. The commission has voted to withdraw the priority status approval of the 10 applicants, pending further review, saying the applicants did not meet the commission’s criteria. Read more
- Rhode Island: Rhode Island State Sen. Joshua Miller introduced a bill May 16 that would legalize marijuana by following the framework set by neighboring Massachusetts. The proposal would create a system to tax and regulate marijuana in Rhode Island. Read more
Top Image: © Iarygin Andrii | Adobe Stock
