MMJ Business Daily

Medical Cannabis Research Growing But Hurdles Remain

By Omar Sacirbey

Scientific researchers are increasingly interested in studying the medicinal properties of cannabis, and breakthroughs have been achieved that could lead to additional uses for medical marijuana.

The moves could bolster the MMJ industry and boost sales. But marijuana’s status as a federally prohibited Schedule 1 drug remains a serious obstacle to research.

That status undermines the medical community’s acceptance of marijuana, which is crucial for the MMJ industry to thrive. Dispensaries depend on doctors to write recommendations for patients. But few researchers have a so-called Schedule 1 license that allows them to conduct research on cannabis.

“It

…

Medical Cannabis Research Growing But Hurdles Remain is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Pro-MMJ Lawmaker Tied to Maryland License Applicant

A state lawmaker in Maryland who has long pushed pro-medical marijuana policies never disclosed he has professional ties to a firm that has applied for a business license under the state’s MMJ program.

Del. Dan Morhaim, a Baltimore County Democrat emergency room doctor and 21-year lawmaker, was a “driving force” behind the 2014 law that legalized MMJ in Maryland, the Washington Post reported. And he’s also the clinical director for Doctor’s Orders, a private company that has applied for a MMJ dispensary license in Maryland, which may reveal its license winners next month.

The revelation raises

…

Pro-MMJ Lawmaker Tied to Maryland License Applicant is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Florida Nursery Still Fighting for License + First CBD Harvest

Florida’s haphazard CBD industry is technically up and running now that its first-ever harvest has taken place, but in the meantime a legal battle remains underway over a potential new licensee that wants the right to grow cannabis.

The harvest, completed at a facility run by Surterra Therapeutics, is the first of many to come from the six currently licensed companies allowed to produce CBD in the state, the Associated Press reported. Surterra and its colleagues are all poised to expand rapidly if Amendment 2, a pro-medical marijuana ballot initiative, succeeds in the November general election.

…

Florida Nursery Still Fighting for License + First CBD Harvest is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Australian MMJ Company Aims To Raise $4M for Human Trials

A publicly-traded Australian pharmaceutical and biotech company which recently entered the medical marijuana sector aims to raise about US $4.1 million (AUS $5.4 million) to support MMJ trials on human subjects.

If successful, Medlab Clinical plans to spend the money to accelerate a program of human trials of cannabis-based pain management therapy for cancer patients at one of Australia’s top oncology research hospitals, Business Insider Australia reported.

According to Medlab’s filing with the Australian Securities Exchange, the company hopes to raise the amount by selling 17.87 million shares at 30 Australian cents per share, or about

…

Australian MMJ Company Aims To Raise $4M for Human Trials is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Chart of the Week: Most Common Medical Conditions of Registered MMJ Patients

By Eli McVey

Adding chronic or severe pain to the list of qualifying conditions for medical marijuana has a huge impact on the size of a given market, as evidenced by the overwhelming percentage of registered patients using MMJ to treat the condition.

A combined 64.2% of patients in Arizona, Colorado, Minnesota, Montana, Nevada, New Jersey, New Mexico and Oregon – the only states that publicly release patient counts by condition – list chronic/severe pain as a reason for using medical cannabis, according to an analysis of publicly available data.

Taken together, these eight markets represent approximately 400,000

…

Chart of the Week: Most Common Medical Conditions of Registered MMJ Patients is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Rhode Island Adds PTSD to Medical Cannabis List

Rhode Island Governor Gina Raimondo signed into law legislation adding post-traumatic stress disorder to the list of conditions that are treatable with medical cannabis.

It’s not clear how many new patients this will mean for the state’s three licensed dispensaries.

Through July 5, there were 14,693 patients with approved medical-marijuana cards in Rhode Island, according to the Providence Journal.

The Department of Veterans Affairs reported that nearly 30 percent of veterans who served in the Iraq and Afghanistan wars suffer from PTSD.

Existing diseases that the state allows to be treated with medical marijuana include cancer, glaucoma,

…

Rhode Island Adds PTSD to Medical Cannabis List is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Denver Edibles Business Looks to Grow Own Marijuana

About four years after starting BlueKudu, Andrew Schrot is about to make a major change to the business model of his Denver chocolate edibles company – and he’s spending about $2.5 million to do so.

Last summer, BlueKudu bought a 20,000 square-foot warehouse in northeastern Denver for $975,000, and is now investing $1.5 million to renovate the site, according to BusinessDen.com. When complete, the facility will include a commercial kitchen and a greenhouse where the company can grow its own cannabis.

Why not just keep buying oils from other producers?

Growing your own cannabis, Schrot told BusinessDen.com, is

…

Denver Edibles Business Looks to Grow Own Marijuana is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Week in Review: Banking Scare, Marijuana Ballot Roundup & Water Rules in California

By Omar Sacirbey and John Schroyer

An Illinois bank sparks fresh concerns about cannabis and financial institutions, the number of states with certified pro-marijuana ballot measures hits an all-time high, and California MJ growers face new water-use rules.

Here’s a closer look at some notable developments in the marijuana industry over the past week.

Banking Scare?

Don’t panic! Just keep good track of your business.

That’s the message a prominent Illinois attorney and former regulatory czar is telling cannabis business and banking leaders following a report that a small bank had landed in legal hot water for violations

…

Week in Review: Banking Scare, Marijuana Ballot Roundup & Water Rules in California is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Oregon MJ Company CEO Focus of Sexual Harassment Suit

A co-founder and former employee of one of Oregon’s largest wholesale cannabis distribution firms has filed a lawsuit against the company’s CEO, alleging the executive “groped and smelled her” and that complaining about the harassment led to her dismissal.

Whitney Hobbs, a co-founder of Highly Distributed, filed the suit in Multnomah County Circuit Court on Monday, the Willamette Week reported. Hobbs alleges that CEO Christopher Malott tried to push her into a sexual relationship, and that for months she endured “physical and sexual advances, back rubbing, groping, smelling, and staring,” the paper reported.

Although Highly Distributed declined to comment on the

…

Oregon MJ Company CEO Focus of Sexual Harassment Suit is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Illinois Bank Facing Fed, State Heat Over MJ Clients

A community bank in Illinois has reportedly landed in legal hot water with the federal and state governments for violations allegedly relating to cannabis.

The news highlights financial industry fears that the federal government will go after banks with cannabis clients, despite a February 2014 letter from the U.S. Treasury Department’s Financial Crimes Enforcement Network essentially stating that banks with marijuana business accounts would be left alone as long as they meet certain compliance standards outlined in the letter.

According to The American Banker, Millennium Bank, a $75 million-asset institution with a single branch in Des Plaines,

…

Illinois Bank Facing Fed, State Heat Over MJ Clients is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs