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New Jersey legalizes recreational mj
https://www.yahoo.com/news/jersey-officially-legalizes-recreational-marijuana-185512830.html
Go Edible Gardens !
https://www.facebook.com/ediblefarms/
Watch New Jersey lawmakers debating MJ legalization
Watch New Jersey Lawmakers Debate Marijuana Legalization Ahead Of Critical Vote
Published 11 mins ago on November 26, 2018 By Kyle Jaeger
Massachusetts mayor first in line for recreational sales
Massachusetts mayor first in line as recreational marijuana sales begin
CBS NEWS November 20, 2018, 7:44 AM
Massachusetts became the first state on the East Coast Tuesday to allow recreational marijuana sales, meaning tens of millions of adult consumers, including those in New York City, are now within a three-hour drive from a pot shop.
CBS News correspondent Tony Dokoupil reports from Northampton, Massachusetts, where one of two stores opening in the state is located and where David Narkewicz will welcome legal recreational marijuana as both the ceremonial first customer and the town's mayor.
"I think there's a lot going on here in trying to bring marijuana out of the shadows," Narkewicz said.
But when asked whether the purchase is simply ceremonial or it will be consumed, Narkewicz said, "I am actually going to probably preserve it and display it…because it is historically significant."
Massachusetts is the seventh state to open retail marijuana shops, but the first to open them east of the Mississippi. The milestone comes as the cannabis industry celebrates a series of new highs.
Earlier this month, Michigan became the first Midwestern state to approve recreational cannabis– joining 10 other states and Washington, D.C. In October, Canada became the first major world economy to legalize recreational marijuana.
But the steady march of marijuana legalization has Dr. Sharon Levy concerned. She runs the adolescent substance use and addiction program at Boston Children's Hospital.
"Instead of saying, 'Well, we'll assume these things are safe until they're proven harmful,' maybe we should be saying 'These things might be harmful until they're proven safe.' I don't think that's something we've done a very good job with," Levy said.
Amanda Rositano is the director of operational compliance for New England Treatment Access – or NETA – which, as of today, sells a range of cannabis products including pre-rolled joints, loose buds, oils and edibles to anyone over the age of 21.
"I think dependence can be an issue just like dependence can be an issue when it comes to ice cream. We will advocate using moderation, educate people about cannabis," Rositano said.
Under Massachusetts law, retail shops can sell each customer no more than an ounce of flower or 20 servings of edibles – both in child-resistant packaging. For now, those restrictions and others are good enough for Mayor Narkewizc.
"There has been marijuana use going on in the Commonwealth of Massachusetts for a long, long time. What's changing is it's now being regulated. It's now being tested. It's now being strictly monitored. That's really the major change that's happening," Narkewizc said.
Massachusetts legalized recreational marijuana more than two years ago, but retail stores had to meet a number of rigorous conditions laid out by the state before opening. The initial small rollout is intentional. Lawmakers are hoping to avoid problems other states, like Colorado, have faced such as increases in crime.
https://www.cbsnews.com/news/massachusetts-recreational-marijuana-sales-begin-mayor-ceremonial-first-customer/
IRS overwhelmed with MJ business cash payments
The IRS is Reportedly Overwhelmed by Cash Payments from Marijuana Businesses
Federal prohibition means virtually no access to basic financial services, forcing legal weed companies to pay their taxes in cash.
Published 7 hours ago on November 16, 2018 By Adam Drury
While all other business in the United States pay their federal taxes by check or electronically, state-legal cannabis businesses pay their taxes in a rather old-timey way. The company schedules an in-person appointment with their local IRS office. When the company representative arrives, they’re shown to a secure space where, in front of two IRS agents who never leave the room, they count out tens or hundreds of thousands of dollars in cash. The yearly, nerve-rattling ritual is well-known to cannabis businesses. And it’s a symptom of the industry’s ongoing cash problem, its inability to access basic banking services due to the federal cannabis prohibition.
The well-documented cash problem facing the cannabis industry hurts companies and consumers in many ways. But according to the IRS, the cash issue is also causing major headaches for the federal government. With cannabis businesses paying billions in taxes with cash, the IRS is reportedly facing a cash problem of its own.
The IRS Is Spending $1.7 Million to Count Cash from Cannabis Industry Taxes
Despite state and local efforts to provide financial services to cannabis businesses, a recent McClatchy report estimates 70 percent of all companies do not work with a bank. Instead, they collect customer payments in cash and pay their employees and their taxes in cash. Meanwhile, companies have to find a way to keep all that cash secure. It’s no easy task when companies are handling hundreds of thousands and millions in revenue. As a result, employees in the cannabis industry, especially retail and transport, are extremely vulnerable to theft. Just this week, for example, an L.A. County sheriff’s deputy appeared in court on armed robbery charges. The target was a cannabis warehouse where the company kept several safes.
In 2017, legal cannabis companies paid roughly $4.7 billion in taxes, nearly all of it in cash. But how does the IRS handle all of it? According to federal data, a Virginia company called the Mitre Corporation secured a $1.7 million contract to process large cash payments from federal cannabis taxes. The invoice has raised a few eyebrows among cannabis industry accountants. Jordan Cornelius, who works with cannabis companies in Denver, thinks the $1.7 million isn’t just for counting the cash. He says the company is likely working with the IRS to streamline how it processes cash payments of that volume.
IRS Wants Electronic Filings, Not Bags of Cash That Smell Like Weed
Until 2014, when a cannabis company finally sued and won, the IRS levied a 10 percent penalty on weed businesses that paid in cash. In 2015, the IRS eliminated the fee but said they would prefer businesses make the effort to find a bank and pay taxes by check, credit card, or electronically. According to the IRS, processing paper tax filings cost nine times more than processing electronic filings.
Likewise, bank accounts for cannabis companies cost much more than they do for other businesses. And for the additional “cannabis tax,” companies get less: no credit lines, mortgages, or merchant services. As a result, many companies choose not to bank, accepting the risks of the cash economy. In other words, lack of banking services incentivizes legal companies to stay, at least partially, “underground.”
https://hightimes.com/news/irs-reportedly-overwhelmed-cash-payments-marijuana-businesses/
Texas Medical Marijuana Advocates Send Pete Sessions Packing
“Marijuana advocates across North Texas worked very hard to defeat Pete Sessions,” said Mark Zartler. “We all really put our hearts into this election. It feels good when it works out.”
BY MAUREEN MEEHAN ON NOVEMBER 12TH, 2018 AT 4:50 PM | UPDATED: NOVEMBER 13TH, 2018 AT 12:19 PM
Something remarkable for the future of cannabis is happening in the Lone Star state. Texas Republicans and Democrats moved together in unusual harmony to put cannabis reform in a place it’s never been before: on the table.
The Nov. 6, 2018, election put the change in real terms: 19 female African-American judges were elected in Harris County, which includes Houston. And in North Texas, one of the most consistent obstacles to cannabis reform was ousted after nearly two decades in office. Civil-rights attorney Colin Allred defeated 11-term Republican U.S. Rep. Pete Sessions, who had routinely obstructed dozens of cannabis reform bills as chair of the House Rules Committee.
“We’re not just counting on Democrats…we’re getting everyone on board. And don’t forget, Texas is a big state,” said Heather Fazio, Director of Austin-based Texans for Responsible Marijuana Policy. “We’re having an adult conversation about cannabis and we’re finding common ground among all groups and political persuasions.”
Fazio told Marijuana.com that it’s all about talking to legislators because the only way to get an amendment moving in Texas is to pass a bill with a super-majority, which is not always easy. But they have other effective means, Fazio said. Texans like to talk.
“There is nothing more persuasive than a mom coming into a meeting or into a legislative office and explaining how medical marijuana helps her child,” Fazio said.
Thalia Michelle has done just that on numerous occasions.
Michelle co-founded Mothers Advocating for Medical Marijuana for Autism (MAMMA) in 2014 to expand access to therapeutic cannabis for the millions affected by the disorder, which the Centers for Disease Control counts as 1 out of every 59 persons. The group grew out of an evangelical Bible study group in Texas. Michelle has a 13-year-old son whose autism is accompanied by aggressive, self-injurious tantrums that can last for hours.
“I have always thought the future of medical cannabis looks bright. I believe it’s inevitable for medical cannabis to become a mainstream treatment option,” Michelle told Marijuana.com. “I think we are simply waiting for science to catch up.”
Suzanne Josey, who is MAMMA’s board secretary, agreed that science and education are the keys to convincing Texas legislators.
“We’re showing our lawmakers new research that supports the need for the whole cannabis plant to treat autism,” Josey said. “We want them to understand that the side effects of cannabis are a lot safer than having your teenager smash his or her arm through a glass window.”
Texas’s medical marijuana program, the Compassionate Use Act, requires that a patient’s cannabis oil contain no more than 0.5 percent THC by weight, and the program covers only intractable epilepsy.
Many of the Texas parents or family members of children with autism choose not to discuss the particulars of their administration of medicinal cannabis.
Then there are Christy and Mark Zartler, who posted their story on Facebook.
Kara, their 19-year-old daughter, has cerebral palsy and a severe form of autism that includes self-injurious behavior.
The Zartlers are pleased that they, and a majority of their 740,000 neighbors in Texas’ 32nd District, helped Allred oust longtime incumbent Sessions. They’re also happy with their new state Rep.-elect, Ana-Maria Ramos.
“Both of them defeated unsupportive incumbents. It feels good to finally have representatives who publicly support reform,” Christy Zartler told Marijuana.com. “They have both reassured me that they support medical cannabis for patients like my daughter Kara Zartler in Texas.”
Kara’s father, Mark, added that it was a first to have lawmakers who want to help them.
“Marijuana advocates across North Texas worked very hard to defeat Pete Sessions,” said Mark Zartler. “We all really put our hearts into this election. It feels good when it works out.”
Zartler noted that Sessions’ downfall had a cascading effect on lower ballot candidates as Democrats gained ground in both chambers of the Statehouse.
“We hope to use this momentum to convince our lawmakers to do the right thing, pass reform. We’re optimistic these elections will help grease the wheels,” said Mark Zartler.
“It’s hard to see why lawmakers think it’s politically wise to continue to balk at reform. It’s the opposite,” he said. “It’s costing them votes.”
https://www.marijuana.com/news/2018/11/texas-medical-marijuana-advocates-send-pete-sessions-packing/
Farewell reefer madness
Marijuana Industry Bids Sweet Farewell to Jeff Sessions
http://gfarma.news/headline-news/marijuana-industry-bids-sweet-farewell-to-jeff-sessions/
Jeff Sessions (Kate McKinnon) packs up his office as Sarah Huckabee Sanders (Aidy Bryant), Mike Pence (Beck Bennett), Eric Trump (Alex Moffat), Donald Trump Jr. (Mikey Day) and Robert Mueller (Robert De Niro) stop by.
Marijuana legislation to be treated fairly
As Representative Jim McGovern (D-MA) takes over as chair, the House Rules Committee may no longer be the place cannabis reform goes to die.
"Unlike my predecessor, I'm not going to block amendments for marijuana," McGovern told The Boston Globe. He was of course speaking of the former Rules Committee chair Representative Pete Sessions (R-TX), who lost his seat in Congress in this week's midterm elections. Sessions was well-known for his rigid, anti-marijuana stance, blocking most of the bills that came his way, something McGovern said was out of step with voters' opinions.
"Citizens are passing ballot initiatives, legislatures are passing laws, and we need to respect that. Federal laws and statutes are way behind."
McGovern says he understands full cannabis reform on a federal level would be challenging, but he is committing himself providing protections from federal interference for individual states that do decide to legalize the substance. Additionally, he plans to focus on opening up banking services to cannabis businesses, a problem that has long held back smaller companies that don't have access to wealthy investors from getting off the ground. And to tie things off, McGovern says he hopes to push Veterans Affairs to provide medical marijuana to vets in states where the substance is otherwise legal.
"This just seems like common-sense stuff," McGovern said. "Especially on the issue of medical marijuana—people who are opposed to that are just on the wrong side of public opinion, overwhelmingly. It'd be nice if, every once in a while, Congress acted in a way that people wanted. I know that may seem like a radical idea, but come on."
It has yet to be seen where McGovern's effort will lead given the unpredictable nature of the Trump administration. However, one thing is clear: Now that both of the anti-marijuana Sessions are out of the way, feds may actually rise to the call of cannabis policy reform.
https://www.civilized.life/articles/head-of-the-house-rules-committee-says-federal-cannabis-laws-are-way-behind-public-opinion/
No more blockade on marijuana legislation.
McGovern: I’ll let House debate marijuana reform
By Dan Adams GLOBE STAFF NOVEMBER 09, 2018
For years, the US House’s powerful Rules Committee has been the place proposed marijuana laws go to die.
Pete Sessions, a Texas Republican, made sure of that. Since becoming chairman of the committee in 2013, and despite strong public support for reforming marijuana laws, he has stopped dozens of cannabis-related amendments and bills from reaching the House floor — including at least 34 since January 2017, according to one analysis.
Among the bills blocked by Sessions were proposals that would have allowed state-legal marijuana firms to access banking services, bolstered protections against federal prosecution for medical marijuana patients and workers, and prevented the VA from discriminating against veterans who consume cannabis for medical reasons.
While he is an outspoken critic of marijuana, Sessions has insisted the measures were shot down under a broader Republican policy of killing “controversial” add-ons that imperiled the passage of the critical spending bills to which they were attached.
Whatever his reasons, the pot-law logjam created by Sessions is about to break. Not only did Sessions lose his seat on Election Day to Democrat and former NFL player Colin Allred, but following the Democratic takeover of the House, Representative Jim McGovern of Massachusetts will soon assume control of the Rules Committee.
And in an exclusive interview with TWIW, McGovern pledged big changes.
“Unlike my predecessor, I’m not going to block amendments for marijuana,” the Democrat said. “Citizens are passing ballot initiatives, legislatures are passing laws, and we need to respect that. Federal laws and statutes are way behind.”
According to McGovern, this isn’t just about his support for marijuana reform. It’s part of a bigger effort to make the House more democratic. He blasted Sessions for rarely allowing amendments to be made “in order,” essentially allowing GOP legislative leaders to decide behind closed doors which measures are considered by the full House.
“I don’t want to be known as the chairman of the Rules Committee who presided over the most closed Congress in history — that’s what we have right now,” McGovern said. “I want to be more accommodating and basically empower rank-and-file members. I don’t like this idea where it’s ‘my way or the highway.’ We need a more deliberative process.”
To be fair, Congress did pass a handful of marijuana reforms while Sessions chaired the Rules Committee, including the landmark “Rohrabacher-Farr” budget rider, which keeps the US Department of Justice from spending money on cases against state-law-compliant medical
marijuana patients and operators.
But McGovern’s more open approach should suit marijuana reformers just fine, including even some Republicans who favor loosening the federal prohibition on pot.
Currently, federal law classifies cannabis alongside heroin as one of the most dangerous drugs — those with no accepted medical use and a “high potential for abuse.” That designation is widely derided by medical experts (and cannabis consumers) as inaccurate. In fact, the FDA recently approved a seizure-preventing drug manufactured by a UK pharmaceutical firm that is comprised of cannabidiol, or CBD, one of the primary compounds in cannabis.
Nationally, there is overwhelming public support for legalizing medical marijuana (a policy favored by 94 percent of Americans), while polls show that roughly two-thirds of Americans support legalizing the drug for recreational purposes. Following the passage of several marijuana initiatives on Election Day, 33 states have now legalized medical cannabis, while 10 (plus Washington, D.C.) have legalized the drug for recreational consumption.
The GOP-controlled Senate and unpredictable Trump White House could, of course, spike any reforms passed by the Democrat-run House. But McGovern said he would nonetheless work to advance his biggest marijuana-related priority: allowing states to legalize and regulate cannabis without interference by the federal government.
Also on his list: letting marijuana businesses access the same banking services as other companies.
That would alleviate the present lack of institutional lending and other restrictions on capital in the cannabis space, which is especially holding back smaller, locally-owned companies that lack connections to wealthy individual investors or publicly-traded Canadian firms. It would also mean fewer all-cash marijuana companies, which present obvious security risks to the communities in which they’re located.
Finally, McGovern said military veterans should be permitted to receive recommendations for marijuana from physicians at the VA in states with medical marijuana programs.
“This just seems like common-sense stuff,” McGovern said. “Especially on the issue of medical marijuana — people who are opposed to that are just on the wrong side of public opinion, overwhelmingly. It’d be nice if, every once in a while, Congress acted in a way that people wanted. I know that may seem like a radical idea, but come on.”
McGovern even said that supporting marijuana reform is a “must” for any Democrat seeking the country’s highest office, given the criminal justice and healthcare implications of federal prohibition.
“If you’re running for president in 2020, you should be prepared to be asked about it and you should have an answer,” McGovern said. “And I think that answer, at a minimum, should be that federal laws shouldn’t frustrate what the states are doing.”
https://www.bostonglobe.com/news/marijuana/2018/11/09/mcgovern-let-house-debate-marijuana-reform/lUSNre3BQfWVQhoIPQXqeO/story.html
4Q revenue is off to $6.25 million start
Terra Tech Corp. Announces Sale of Western Avenue, Nevada Retail Dispensary for $6.25 million
July 12, 2018
https://ir.terratechcorp.com/press-releases/detail/225/terra-tech-corp-announces-sale-of-western-avenue-nevada
Western Ave $6 million sale closed 4Q
So 4Q revenue is off to a good start
Too bad they could't close the sale in 3Q it sure could have helped.
Terra Tech Corp. Announces Sale of Western Avenue, Nevada Retail Dispensary for $6.25 million
July 12, 2018
IRVINE, Calif., July 12, 2018 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX:TRTC), (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, is pleased to announce it has agreed to sell 100% of the assets of its cannabis dispensary located at 1921 Western Avenue in Las Vegas, to Exhale Brands Nevada, for a total consideration of $6,250,000.
Located adjacent to the Las Vegas Strip, the 3,900 square foot facility for the Western Avenue dispensary was initially opened by Terra Tech in April of 2015. Terra Tech is confident that a sale is the best way to realize value for shareholders, given the significant increase in value the property has seen since it was purchased by the Company.
Terra Tech retains a significant, focused presence in the Nevada market, to which it remains committed. The Company operates its Blüm, Desert Inn Road and Blüm, Decatur Boulevard dispensaries, both of which are located in Las Vegas, as well as its Blüm Reno dispensary, in Northwest Nevada. The Company also recently opened a new, 30,000 square foot cultivation facility in Sparks, Nevada and is awaiting State approval for a 15,000 square foot extraction lab in Reno, Nevada, both of which it owns 50%, which is expected to drive a ramp in production of its premium quality cannabis for the medical and adult-use markets.
As owners of medical and adult-use cannabis business licenses in Las Vegas associated with these dispensaries, the Company has the ability to apply for additional licenses based on its grandfather status. The company will be pursuing additional permits in new locations with better proximity to major tourist attractions in Las Vegas.
Derek Peterson, CEO of Terra Tech, commented, “The valuation of the Blüm Western Avenue location has increased significantly since the store opened, driven primarily by our ability to secure a business license that enables it to operate as a cannabis dispensary. We are pleased to monetize this asset and lock in these gains as the revenues generated from this property are immaterial to our overall business. Since Nevada’s legislations state that only existing medical cannabis establishment certificate holders can apply for a retail cannabis licenses, we have the option to apply for the further business licenses in Nevada if we want. Furthermore, this transaction provides the company with additional resources to continue to fund and scale the business as it enters its next phase of growth. Terra Tech is well positioned to build on its strong momentum through increased brand recognition and our investments in infrastructure. Our other dispensaries continue to perform well and, as we ramp our cultivation and production capabilities, we also expect to see strengthening sales of our wholesale IVXX™ branded cannabis products.”
We anticipate the closing of the transaction within 90 days, pending all state and local jurisdictional approvals.
https://ir.terratechcorp.com/press-releases/detail/225/terra-tech-corp-announces-sale-of-western-avenue-nevada
Hopefully, the merger will improve earnings
TRTC is building an international conglomerate
GLDFF had over $5 million revenue for the 3rd quarter.
The CEO for Tahoe Hydroponics says they earn around $1 million a month
See video
Golden Leaf Holdings Reports Fiscal Third Quarter 2018 Results
Record quarterly revenues of US$5.1 million for Q3 2018, compared to US$3.1 million for Q3 2017
Acquired Canadian Sales License from Health Canada via Medical Marijuana Group (“MMG”), its Canadian Subsidiary
Hired Jeff Yapp as Chief Marketing and Sales Officer
https://globenewswire.com/news-release/2018/11/05/1645203/0/en/Golden-Leaf-Holdings-Reports-Fiscal-Third-Quarter-2018-Results.html
TAHOE HYDROPONICS COMPANY
Tahoe Hydroponics Company, or “Tahoe Hydro” is an award-winning cannabis cultivation located in Carson City, Nevada owned and operated by two families who have been cultivating world-class cannabis for generations. As a company, we take pride in dreaming up flavor combinations that are delicious and potent which led us to our sweep of the 2016 & 2017 Jack Herer Cup, taking home 1st place for best indica, sativa, and hybrid flower. Through years of pheno-hunting and crossbreeding development Tahoe Hydro leads the way when it comes to advancing strain variety in the Nevada market.
Both reefer madness advocates gone for good
Jeff Sessions out as attorney general
https://www.cnn.com/2018/11/07/politics/sessions-resign/index.html
“Reefer Madness” advocate Pete Sessions ousted from Congress by cannabis-friendly candidate Colin Allred
https://www.potnetwork.com/news/%E2%80%9Creefer-madness%E2%80%9D-advocate-pete-sessions-ousted-congress-cannabis-friendly-candidate-colin
Golden Leaf CEO William Simpson knows the business
Marijuana firms Terra Tech, Golden Leaf sign intent to merge in $125 million deal
https://mjbizdaily.com/terra-tech-golden-leaf-intent-merge-125-million-deal/
William Simpson for President !
Golden Leaf Holdings Ltd. (GLDFF) CEO William Simpson on Q3 2018 Results - Earnings Call Transcript
Nov. 5, 2018 7:05 PM ET | About: Golden Leaf Hldgs Ltd (GLDFF)
William Simpson
Thanks, Craig, and thank you to everyone who is participating on today’s call.
We have several exciting developments to discuss, the first of which is our announcement earlier this morning to merge with Terra Tech Corporation. Terra Tech’s CEO, Derek Peterson and I met several months ago. As we learned more about each other’s organizations and how we can participate in this industry, we realized how similar our companies are in terms of mission, vision and values, and our business models. Joining forces make our two companies stronger with complementary demographics.
They operate in Nevada and California, which are markets that Golden Leaf is entering, and we operate in Oregon and Canada, markets which Terra Tech has not yet expanded into. Derek’s entrepreneurial spirit resonates well with me and we both a passion to enhance people’s lives through cannabis.
Terra Tech and GLH have several projects in process and under construction, and as they come on line, they will further bolster our collective strength. As a combined company, we will have a stronger footing in an industry that is undergoing rapid consolidation. I’m extremely excited for the future and what we can accomplish together. Today’s announcement to merge is predicated on a signed non-binding letter of intent. And the LOI provides that Golden Leaf shareholders will be entitled to receive 0.1203 common shares of Terra Tech for each common share of Golden Leaf held.
The transaction is subject to several regulatory approvals and our teams are already collaborating in anticipation of joining forces. More to come on this exciting development as we proceed on things in the coming months.
On to the next most exciting part of the call, Golden Leaf’s third quarter earnings. We recorded record-breaking revenues of $5.1 million for the third quarter of 2018, an increase of 39% over the second quarter of 2018, driven by the shipment of our backlog of flower from our Canadian operations and seasonal strength in retail. I’m incredibly pleased with the performance of my team to accomplish this significant milestone.
https://seekingalpha.com/article/4218432-golden-leaf-holdings-ltd-gldff-ceo-william-simpson-q3-2018-results-earnings-call-transcript
Tahoe Hydroponics and Golden Leaf
The Tahoe CEO said they make around $1 million a month revenue
This is going to be a great company !
TAHOE HYDROPONICS COMPANY
Tahoe Hydroponics Company, or “Tahoe Hydro” is an award-winning cannabis cultivation located in Carson City, Nevada owned and operated by two families who have been cultivating world-class cannabis for generations. As a company, we take pride in dreaming up flavor combinations that are delicious and potent which led us to our sweep of the 2016 & 2017 Jack Herer Cup, taking home 1st place for best indica, sativa, and hybrid flower. Through years of pheno-hunting and crossbreeding development Tahoe Hydro leads the way when it comes to advancing strain variety in the Nevada market.
https://tahoehydro.com/
https://midasletter.com/2018/09/video-tahoe-hydroponics-company-ceo-on-golden-leaf-holdings-cnsxglh-deal/
Hear, Hear Go William Simpson !
"Simpson will be the President of the combined company"
Terra Tech Corp. and Golden Leaf Holdings Ltd. Sign Non-Binding Letter of Intent to Merge
Combined Company to Control 41 Permits Across Cultivation, Manufacturing, Distribution and Retail Spanning Oregon, California and Nevada, in Addition to 21 Pending Permit Applications in Multiple Jurisdictions Throughout the U.S.
William Simpson, CEO of Golden Leaf, commented, “Golden Leaf is dedicated to building shareholder value and we are pleased to have this opportunity to combine forces with Terra Tech, an established, vertically-integrated cannabis operator with a presence in multiple states and, most importantly, a proven reputation and loyal customer base. We are excited at the prospect of significantly expanding our size and reach through this merger and believe that the combined company will improve our growth trajectory and enable us to benefit from several operational synergies that will improve the running of our business.”
https://globenewswire.com/news-release/2018/11/05/1645087/0/en/Terra-Tech-Corp-and-Golden-Leaf-Holdings-Ltd-Sign-Non-Binding-Letter-of-Intent-to-Merge.html
TRTC gains market share in Oregon and Canada
Derek Peterson, CEO of Terra Tech, commented,
As new participants enter the cannabis industry the market is undergoing rapid consolidation. The companies that are vertically integrated with strong brands and multi-jurisdictional operations are best situated to achieve scale and retain market-leading positions. We are planning to merge with Golden Leaf’s operations because its seed-to-sale business model is complementary to ours, encompassing both the Oregon and Canadian market which represent new markets for us, and touching Nevada where we are focused on gaining market share. Its ‘Chalice Farms’ retail dispensaries are well known and have an excellent reputation in Oregon, and the wholesale side of the business offers diverse, high quality cannabis products for all demographics, which are complementary to our existing wholesale product lines. This transaction, if completed, will create a combined company that will control 41 permits across cultivation, manufacturing, distribution and retail spanning Oregon, California and Nevada, in addition to 21 pending permit applications in multiple jurisdictions throughout the U.S
William Simpson, CEO of Golden Leaf, commented,
Golden Leaf is dedicated to building shareholder value and we are pleased to have this opportunity to combine forces with Terra Tech, an established, vertically-integrated cannabis operator with a presence in multiple states and, most importantly, a proven reputation and loyal customer base. We are excited at the prospect of significantly expanding our size and reach through this merger and believe that the combined company will improve our growth trajectory and enable us to benefit from several operational synergies that will improve the running of our business
http://chalicefarms.com/
https://www.ftmig.com/cannabis/terra-tech-corp-and-golden-leaf-holdings-ltd-sign-non-binding-letter-of-intent-to-merge/
$20.1 million assets and a Canadian sales license
This is huge !
As of September 30, 2018, the Company had approximately US$20.1 million in current assets
Golden Leaf Holdings Reports 3Q 2018 Results
TORONTO, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd.(GLDFF) (“Golden Leaf” or the “Company”) (CSE:GLH) , a cannabis company with cultivation, production and retail operations built around recognized brands, today announced financial results for the fiscal third quarter ended September 30, 2018.
Recent Business and Financial Highlights
Record quarterly revenues of US$5.1 million for Q3 2018, compared to US$3.1 million for Q3 2017
Acquired Canadian Sales License from Health Canada via Medical Marijuana Group (“MMG”), its Canadian Subsidiary
Hired Jeff Yapp as Chief Marketing and Sales Officer
Subsequent Events:
Announced non-binding letter of intent to merge with Terra Tech Corp.
Announced launch of Golden Fruit Chews into the Nevada market
Acquired cultivation license for its Bald Peak, Oregon facility from the Oregon Liquor Control Commission
Introduced new Green Apple Flavor CBD Infused Fruit Chews into the Oregon market
Mr. William Simpson, Chief Executive Officer of Golden Leaf Holdings(GLDFF), commented, “Our third quarter revenue reached yet another record, achieving US$5.1 million, primarily driven by sale of flower in Canada after we received our Canadian Sales license from Health Canada, and seasonal improvements in our Oregon Retail revenue and the addition of two new Retail stores in Oregon when compared to the third quarter 2017. Adjusted EBITDA for the third quarter of 2018 was a loss of US$2.9 million primarily driven by production costs and operating expenses.
“Combined with the recent legalization of cannabis in Canada and our ever expanding North American footprint in cultivation, wholesale and retail, we have set the stage for a stronger 2019. We continue our efforts to build our wholesale and retail brands, enhancing trust with our customers, and expanding market share. We are also investing in people and processes as we recognize the importance of a strong, dedicated workforce to support the market growth in the jurisdictions in which we operate,” said Mr. Simpson.
Fiscal Third Quarter Ended September 30, 2018 Financial Results
For the quarter ended September 30, 2018 (“Q3 2018”), net revenue was US$5.1 million as compared to US$3.1 million for the same three-month period in 2017 (“Q3 2017”). The 63% year-over-year increase largely reflects the sale of flower from our Canadian operations, seasonal improvements in Oregon retail, and the addition of two new Chalice Farms stores in Oregon, when compared to the same period in 2017.
Gross profit was US$0.4 million or 9% of net revenue for Q3 2018, compared with US$0.7 million or 23% of net revenue for Q3 2017. Q3 2018 gross margins decreased primarily due to non-cash valuation of biological assets. As of September 30, 2018, biological assets were newly planted and on average 13% complete.
Operating expenses were US$4.7 million USD for Q3 2018, consistent with US$4.7 million in Q3 2017.
Adjusted EBITDA loss was US$2.9 million for Q3 2018, a slight improvement compared with a loss of US$3.0 million for Q3 2017, primarily as a result of an increase in product sales volume. Adjusted EBITDA is defined by the Company as earnings before taxes, depreciation and amortization, less certain non-cash equity compensation expenses, including impairments, one-time transaction fees and all other non-cash items. The Company considers Adjusted EBITDA an important operational measure for the business.
Net loss for Q3 2018 was US$5.5 million or US$0.01 per share loss, compared with a net loss of US$3.2 million or US$0.01 per share loss, for Q3 2017. Net loss for Q3 2018 increased primarily attributed to the effect of the changes in fair value of non-cash assets and debt, specifically, biological assets and warrant liability.
As of September 30, 2018, the Company had approximately US$20.1 million in current assets, compared with US$11.6 million in current assets at December 31, 2017. The increase is largely because of the bought deal financing which was completed on January 31, 2018, in addition to proceeds from warrant exercises. Total assets increased to US$84.2 million at September 30, 2018, compared to US$75.8 million at December 31, 2017, also due primarily to the bought deal financing completed in January.
Investor Conference Call
Golden Leaf (GLDFF), led by William Simpson, Chief Executive Officer, will hold a conference call at 4:30 PM ET today, Monday, November 5th, 2018, to report its financial results for the third quarter ended September 30, 2018.
The dial-in information for the conference call is as follows:
Program Title: Golden Leaf Holdings Third Quarter 2018 Financial Results Call
Canada & U.S.: (877) 423-9813
International: (201) 689-8573
Participants must request the Golden Leaf Holdings Call.
A live audio webcast will be available online on Golden Leaf's(GLDFF) website at goldenleafholdings.com, where it will be archived for two weeks.
An audio replay of the conference call will be available through midnight November 19, 2018 by dialing +1 (844) 512-2921 from the U.S. or Canada, or +1 (412) 317-6671 from international locations, Conference ID: 13684932
To be added to the Golden Leaf(GLDFF) email distribution list, please email IR@goldenxtrx.com with "GLH" in the subject line.
About Golden Leaf Holdings(GLDFF)
Golden Leaf Holdings Ltd. (GLDFF) is a Canadian company with operations in multiple jurisdictions including Oregon, Nevada and Canada, with cultivation, production and retail operations built around recognized brands. Golden Leaf(GLDFF) distributes its products through its branded Chalice Farms retail dispensaries, as well as through third-party dispensaries. Golden Leaf’s cannabis retail operations and products are designed with the customer in mind, focused on superlative in-store experience and quality products. Visit goldenleafholdings.com to learn more.
Investor Relations:
Craig Eastwood
Chief Financial Officer
Golden Leaf Holdings Ltd.(GLDFF)
503-201-0659
ir@goldenxtrx.com Media Relations:
Anne Donohoe / Nick Opich
KCSA Strategic Communications
adonohoe@kcsa.com/nopich@kcsa.com
212-896-1265 / 212-896-1206
Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF)
Stock Info: (CSE: GLH) (OTCQB: GLDFF) | (503) 201-0659|info@goldenleafholdings.com
Welcome to Golden Leaf Holdings
Golden Leaf Holdings is one of the largest cannabis oil and solution providers in North America and is a leading cannabis company in Oregon. With a product portfolio built around recognized brands, the Company strives to provide cannabis users with superior value and experience.
We leverage a strong management team and advanced research techniques that complement our expertise in extracting, refining, marketing, and selling cannabis oil.
Firmly committed to operational transparency and tight controls, Golden Leaf Holdings demonstrates its resolve to be an industry leader and a partner to communities and regulators.
Our Vision
Revolutionizing health and well-being, improving lives with cannabis.
Our Mission
To be the leading, consumer-driven company focused on wellness solutions grounded in science and research that leverages our differentiated brand portfolio to deliver superior customer value.
Our Values
We embody these core values with our products, partners, and customers.
INTEGRITY: Demonstrate integrity, transparency, respect for diversity, and a commitment to the highest standards of ethical conduct.
LEADERSHIP: Promote effective servant leadership focused on the growth and well-being of employees inspired by a purpose beyond themselves.
RESPONSIBILITY: Eliminate negative stigmas of the cannabis industry by positively contributing to society and economies. Promote stewardship and well-being of the planet, the employees, and the communities that we support.
INNOVATION: Challenge the status quo by exploring and creating innovative products grounded in science that revolutionize health and well-being.
EXCELLENCE: Deliver the best results in all aspects of our business, stand accountable, and approach every challenge determined to succeed.
Our Strategy
Golden Leaf Holdings is focused on first mover advantage and developing the lowest cost production of highest quality oils, an achievement made possible by a competitive advantage rooted in economies of scale and attainment of intellectual property rights. Through core strengths that leverage a value-added manufacturing model, we aim to create a differentiated brand portfolio of superior consumer value.
http://goldenleafholdings.com/
Cookie sales soar after legalization
Canadian Girl Guide Capitalizes on Cannabis Legalization With Cookie Sales
Now that Canada has legalized weed, everyone wants to get in on the action.
By A.J. Herrington
A Canadian Girl Guide capitalized on the legalization of cannabis in her country by selling cookies to consumers waiting in line for legal pot. Elina Childs, a 9-year-old girl from Edmonton, Alberta, sold a wagonload of Girl Guide cookies outside a cannabis dispensary in just 45 minutes.
Elina’s father, Seann Childs, said the family had been trying to come up with a new way to sell the confections.
“We’ve sold cookies in the neighborhood before with her and it’s door to door. People aren’t home. There’s dogs and everything else,” said Childs. “We thought, ‘Where can we go to sell them?’ It just so happens that legalization was coming up in a couple of days.”
So on Wednesday, the day recreational cannabis sales became legal in Canada, Elina filled her wagon with three cases of cookies and headed to one of Alberta’s six cannabis dispensaries.
“It was well received,” said Childs. “People thought it was awesome. There were people telling her she was doing a great thing, that it was very innovative. There were cars stopping on the street to buy cookies from her. It was really something else. I’d never seen anything quite like that.”
After only 45 minutes of selling to those queueing up outside the dispensary, the cookies were gone.
“We were sold out in no time,” Childs said.
Childs said that Girl Guides activities are a way to help keep Elina healthy.
“She actually has cystic fibrosis, so we encourage her to get out there and do things and be active,” Childs said. “Girl Guides is one part of that.”
A Teachable Moment About Cannabis
Elina’s father said he used the sales outing as a chance to teach her that there are medicinal uses of cannabis she might want to explore when she is older, noting that smoking is usually not good for her.
“This was one day she could benefit from smoking,” said Childs. “We saw that as an opportunity to get out there and teach her a little about what cannabis is.”
Childs added that he didn’t think that Elina is ready for cannabis yet.
“Obviously she’s not going to be using it before she’s 18, I hope, but we like to have frank discussions with her, so she understands what it is and take away that mystery behind it—just to show her people of all ages and all walks of life are doing this and it’s legal in Canada now, just demystify it for her so it’s not a big deal for her,” he said.
Girl Guides Leadership Praises Sales Savvy
Heather Monahan, the commissioner of the Edmonton Girl Guides, applauded Elina’s ingenuity and efforts to sell the cookies.
“Good on her and her family for thinking of it,” said Monahan. “It’s fun and it’s different and what better way to get rid of cookies.”
But after Elina’s success was shared on social media, Monahan began receiving inquiries wondering if the girl’s sales tactics were permitted.
“Why wouldn’t it be?” she said. “It wasn’t like she was in the store—that would be a whole different ball game.”
“I think it’s wonderful,” Monahan added.
https://hightimes.com/news/canadian-girl-guide-capitalizes-cannabis-legalization-cookie-sales/
Good interview Documented national coverage
https://www.msnbc.com/ali-velshi/watch/cannabis-company-ceo-congress-needs-to-change-the-laws-1347539523574?v=railb&
Canadian Customers Swarm Shops for Now-Legal Marijuana
By, Rob Gillies, Gene Johnson and Tracey Lindeman
MONTREAL (AP) — Jubilant customers stood in long lines for hours, then lit up and celebrated on sidewalks Wednesday, Oct. 17, 2018, as Canada became the world’s largest legal marijuana marketplace.In Toronto, people smoked joints as soon as they rolled out of bed in a big “wake and bake” celebration. In Alberta, a government website that sells pot crashed when too many people tried to place orders.
A line outside of a Canadian government-run cannabis shop stretches along a city block in Montreal on Oct. 17, 2018, the first day of recreational marijuana sales across the nation. Canada becomes the second nation in the world, after Uruguay, to legalize marijuana. (The Canadian Press/Ryan Remiorz)
And in Montreal, Graeme Campbell welcomed the day he could easily buy all the pot he wanted.
“It’s hard to find people to sell to me because I look like a cop,” the clean-cut, 43-year-old computer programmer said outside a newly opened cannabis store.
He and his friend Alex Lacrosse were smoking a joint when two police officers walked by. “I passed you a joint right in front of them and they didn’t even bat an eye,” Lacrosse told his friend.
Festivities erupted throughout the nation as Canada became the largest country on the planet with legal cannabis sales. At least 111 pot shops were expected to open Oct. 17, 2018, across the nation of 37 million people — with many more to come, according to an Associated Press survey of the provinces. Uruguay was the first country to legalize marijuana.
Ian Power was first in line at a store in St. John’s, the capital city of Newfoundland and Labrador, but didn’t plan to smoke the gram he bought after midnight.
Canopy Growth CEO Bruce Linton, left, fulfills the first legal cannabis purchase at Tweed in St. John’s, Newfoundland and Labrador, to Nikki Rose and Ian Power shortly after midnight Oct. 17, 2018. Power said he didn’t plan to consume the gram of marijuana he had bought; he plans to frame it. (The Canadian Press/Paul Daly)
Going legit
Tom Clarke, an illegal marijuana dealer for three decades, opened a pot store in Portugal Cove, Newfoundland, and made his first sale to his dad. He was cheered by the crowd waiting in line.
“This is awesome. I’ve been waiting my whole life for this,” Clarke said. “I am so happy to be living in Canada right now instead of south of the border.”
The start of legal sales wasn’t the only good news for pot aficionados: Canada said it intends to pardon everyone with convictions for possessing up to 30 grams, or 1.06 ounces, of marijuana, the newly legal threshold.
“I don’t need to be a criminal anymore, and that’s a great feeling,” Canadian singer Ashley MacIsaac said outside a government-run shop in Nova Scotia. “And my new dealer is the prime minister!
Medical marijuana has been legal since 2001 in Canada, and Liberal Prime Minister Justin Trudeau’s government has spent the past two years working toward legalizing recreational pot to better reflect society’s changing opinion about marijuana and bring black-market operators into a regulated system.
‘It’s a Once in a Lifetime Thing’
Matthew Dahl was excited to be the first purchaser of legal adult-use cannabis Oct. 17, 2018, at a store in Winnipeg, Manitoba, Canada. (The Canadian Press/John Woods)
Corey Stone and a friend got to one of the 12 stores that opened in Quebec at 3:45 a.m. to be among the first to buy cannabis. Hundreds later lined up.
“It’s a once-in-a-lifetime thing — you’re never ever going to be one of the first people able to buy legal recreational cannabis in Canada ever again,” said Stone, a 32-year restaurant and bar manager.
The stores have a sterile look, like a modern clinic, with a security desk to check identification. The products are displayed in plastic or cardboard packages behind counters. Buyers can’t touch or smell the products before they buy. A small team of employees answer questions but don’t make recommendations.
“It’s a candy store, I like the experience,” said Vincent Desjardins, a 20-year-old-student who plans to apply for a job at the Montreal shop.
Canadians can also order marijuana products through websites run by provinces or private retailers and have it delivered to their home by Canada Post.
At 12:07 a.m., the Alberta Liquor and Gaming Commission tweeted: “You like us! Our website is experiencing some heavy traffic. We are working hard to get it up and running.”
Alberta and Quebec have set the minimum age for purchase at 18, while all other provinces and territories have made it 19, the age established by the national government.
Canadian cannabis activist Steven Stairs camped overnight to purchase marijuana legally Oct. 17, 2018, the first day of sales throughout Canada. He smelled a sample of buds at a shop in Winnipeg, Manitoba. (The Canadian Press/John Woods)
No stores will open in Ontario, which includes Toronto. The nation’s most populous province is working on its regulations and doesn’t expect stores to operate until spring.
Federalism at Work
A patchwork of regulations has spread in Canada as each province and territory takes its own approach within the framework established by the federal government. Some provinces have government-run stores, others allow private retailers, and some have both.
Canada’s national approach allows unfettered banking for the cannabis industry, inter-province shipments of cannabis and billions of dollars in investment — a sharp contrast with prohibitions in the United States, where nine states and Washington, D.C. have legalized recreational sales of marijuana, and an additional 22 have approved medical marijuana.
Bruce Linton, CEO of marijuana producer and retailer Canopy Growth, claims he made the first sale in Canada — less than a second after midnight in Newfoundland.
“It was extremely emotional,” he said. “Several people who work for us have been working on this for their entire adult life and several of them were in tears.”
At cannabis brand Tweed’s store in St. John’s, Newfoundland and Labrador, about 400 people lined up in the early hours of Oct. 17, 2018, to be among the first to purchase marijuana on the first day of adult-use legalization in Canada. Canopy Growth CEO Bruce Linton was on hand to complete the first legal transaction. (The Canadian Press/Paul Daly)
Linton is proud that Canada is now at the forefront of the burgeoning industry.
“The last time Canada was this far ahead in anything, Alexander Graham Bell made a phone call,” said Linton, whose company received an investment of $4 billion from Victor, New York-based alcoholic beverages giant Constellation Brands, whose holdings include Corona beer and Robert Mondavi wines.
Cam Battley, chief corporate officer of Aurora Cannabis, also one of Canada’s largest cannabis companies, said it’s not every day you get to be involved in the start of a new industry.
“The world trusts Canada to be a leader in this,” he said. “We’re not known as wild and crazy. We’re known for good public policy and I think they will follow our lead.”
https://www.marijuana.com/news/2018/10/cannada-day-customers-swarm-shops-for-now-legal-marijuana/
Wednesday is Canada's legal mj celebration day
Everything's better with a bag of weed
Blum was represented well on ESPN last nite
The ESPN camera focused on poker champ Michael Mizrachi most of the show
He was wearing a Blum logo cap
The ESPN World Series of Poker is a popular event
Vegas casinos and bars are watching !
https://en.wikipedia.org/wiki/World_Series_of_Poker
It was awesome advertising for Blum
Michael Mizrachi
Michael David Mizrachi is an American professional poker player who won the 2010, 2012 and 2018 World Series of Poker $50,000 Players Championship.
https://en.wikipedia.org/wiki/Michael_Mizrachi
Senate Passes Bill to Legalize Hemp
United States Senate Passes Bill to Legalize Hemp
By Anthony Martinelli in News June 28, 2018
The full United State Senate just overwhelmingly passed a farm bill that includes a provision to legalize hemp.
The Senate voted 86 to 11 to pass a farm bill which includes a provision to legalize industrial hemp across the United States. Championed by Majority Leader Mitch McConnell (R), the proposal would end a decades-long prohibition on a plant that congressional research shows can be used to make over 25,000 various products.
The same research shows that the U.S. imports over half a billion dollars each year in hemp products, yet retains a law that makes it illegal for farmers to grow it.
During a speech on the Senate floor, McConnell said that “Consumers across America buy hundreds of millions in retail products every year that contain hemp. But due to outdated federal regulations that do not sufficiently distinguish this industrial crop from its illicit cousin, American farmers have been mostly unable to meet that demand themselves.” McConnels says that this has “left consumers with little choice but to buy imported hemp products from foreign-produced hemp.”
The farm bill must now be passed by the House of Representatives before it can be sent to President Donald Trump.
https://thejointblog.com/united-states-senate-passes-bill-to-legalize-hemp/
CBD was ruled schedule 1 again in May
On Monday, May 6th, a federal appeals court – along with the Drug Enforcement Agency (DEA) – ruled that CBD will officially be classified as a Schedule 1 controlled substance.
The decision was made by a three-judge panel of the 9th Circuit in San Francisco, right on the heels of FDA officials’ announcement to endorse the federal approval of Epidiolex, a cannabidiol-based drug used to treat childhood Dravet syndrome; and will be a huge setback for the CBD industry in the United States.
The DEA categorizes drugs through a series of guidelines they use to determine its medical value and potential for abuse. A Schedule 1 drug – which CBD is not classified as – is considered to have the MOST potential for abuse and addiction, and no accepted medical purpose. It’s now considered on the same level as heroin, which takes over 42,000 American lives annually from overdose.
CBD producers and company owners are committed to overturning this decision. “We will be appealing, and we will be funding that appeal,” said Michael Brubeck, plaintiff of this case CEO of Nevada-based Centuria Natural Foods. “CBD can be extracted from legal hemp flowers, and there is no way to tell whether extracted CBD came from marijuana or from hemp,” he continued. “Plus, the DEA is attempting to add a new substance to the Controlled Substances Act, which is something it cannot do.”
https://cbdtesters.co/2018/05/09/new-ruling-classifies-cbd-as-a-schedule-1-controlled-substance/
DEA made CBD a schedule 1 drug like heroin
Now the epilepsy patients have to wait for them to reschedule it
DEA Quietly Classifies CBD Oil as Schedule 1 Drug
Published 2 years ago on December 16, 2016
By Maureen Meehan
On Wednesday, the DEA took yet another swipe at marijuana by amending its already bizarre classification of pot as a Schedule I drug. Now, all extracts, including cannabidiol (CBD), will be listed right up there with heroin as a “drug with no medical use.”
Tell that to the thousands of epilepsy sufferers, who are mercifully enjoying relief from intractable epilepsy and polymorphic seizures.
Under their new drug code, entitled “Establishment of a New Drug Code for Marihuana Extract,” the DEA announced it was “creating a separate code number for marihuana extract with the following definition: ‘Meaning an extract containing one or more cannabinoids that has been derived from any plant of the genus Cannabis, other than the separated resin (whether crude or purified) obtained from the plant.’ Extracts of marihuana will continue to be treated as Schedule I controlled substances.”
The DEA is essentially giving itself license to better track which scientists are studying marijuana and which ones are researching CBD and other extracts. At the moment, when researchers apply to the DEA for permission to study weed, there’s no way for them to specify whether they intend to only work on extracts.
“It’s an internal accounting mechanism for us,” DEA spokesperson Russell Baer told VICE News. “The purpose is to drill down and get more accurate information about research that’s being conducted with CBD in particular.”
Yeah, right.
In addition to the fact that this move is likely illegal, it is clearly backward and could obstruct medical research efforts that have already produced effective CBD-derived medications. One such medication is Epidiolex, developed by GW Pharmaceuticals for the treatment of Dravet’s Syndrome, which recently came one step closer to FDA approval.
“This action is beyond the DEA’s authority,” Robert Hoban, a Colorado cannabis attorney and adjunct professor of law at the University of Denver, told the International Business Times. “The DEA can only carry out the law, they cannot create it. Here, they’re purporting to create an entirely new category called ‘marijuana extracts,’ and by doing so wrest control over all cannabinoids. They want to call all cannabinoids illegal. But they don’t have the authority to do that.”
The idea of classifying weed and now CBD, as well as cannabis extracts (psychoactive or not), as a Schedule 1 drug, along with heroin is nothing less than an outrage.
https://hightimes.com/news/dea-quietly-classifies-cbd-oil-as-schedule-1-drug/
FDA Green Lights Marijuana-Based Pharmaceutical Drug
A drug made from a derivative of marijuana has been approved for patients with certain forms of epilepsy.
June 25, 20185:33 PM ET
ALLISON AUBREY
The U.S. Food and Drug Administration has approved a marijuana-derived drug for the treatment of two rare and serious forms of epilepsy, Lennox-Gastaut syndrome and Dravet syndrome, that begin in childhood but can persist in adulthood.
The drug is made from purified cannabidiol, or CBD, a compound found in the cannabis plant. The drug will be marketed under the brand name Epidiolex.
CBD has medicinal effects, but it does not cause the mind-altering high that comes from THC, the primary psychoactive component of marijuana.
The FDA says this is the first drug approved in the U.S. that contains a purified substance derived from marijuana. The agency has previously approved drugs made from synthetic versions of THC and other marijuana constituents.
"This approval serves as a reminder that advancing sound development programs that properly evaluate active ingredients contained in marijuana can lead to important medical therapies," said FDA Commissioner Scott Gottlieb during a call with reporters about the approval.
Several states have legalized CBD oil specifically for the treatment of intractable epilepsy or seizure disorders. And, as NPR has reported, CBD supplements are available widely online and in dispensaries in the form of oils or tinctures. CBD oil has gained popularity with consumers as a remedy for a variety of other ailments. However, the legal status of these products is uncertain, as is their quality. They're not regulated the way pharmaceutical drugs are, so the consistency and dose can vary widely.
Having an FDA-approved, pharmaceutical-grade CBD drug will open up a new treatment option for epilepsy patients by delivering a high-quality, consistent dose of CBD, says Robert Carson a pediatric neurologist at Vanderbilt University who treats patients with epilepsy.
"Our biggest concerns with the artisanal [or supplement] versions of CBD were related to the consistency," Carson says. "We can't guarantee the consistency."
Carson says he will likely prescribe Epidiolex going forward. "I'm always excited about the potential for a new therapy that has been well-studied and has a great potential for benefit," he says.
Several researchers are studying the potential of CBD to treat psychiatric conditions. For instance, a clinical trial is underway to test whether CBD can be an effective treatment for people with post-traumatic stress disorder and alcohol use disorder. Another clinical trial will determine whether CBD could help prevent relapse in opioid abusers.
The approval of Epidiolex may help open the door to more CBD research, as it helps to lift one regulatory hurdle. Until now, the Drug Enforcement Administration has classified CBD as a Schedule 1 substance. Like other drugs in this category, which include heroin and cocaine, these drugs are considered to have no medical use and a high potential for abuse.
But now, with the approval of a CBD drug, the DEA will change this, according to Dr. Douglas Throckmorton, deputy director of regulatory programs at the FDA's Center for Drug Evaluation and Research,
"The DEA will need to make a different scheduling decision for CBD...because it now has an accepted medical use," he said during a conference call with reporters.
He says the reclassification is underway now.
https://npr.org/sections/health-shots/2018/06/25/623236189/fda-green-lights-marijuana-based-pharmaceutical-drug
Could be legal challenges if they don't reschedule
They're using mj plants to make this medicine not hemp.
How can part of a plant be legal while the rest of the plant is illegal ?
If the plants are illegal then the drug manufacturer could be busted while making this FDA approved medicine for the epilepsy patients.
FDA approves marijuana medicine
Will our federal govt admit they have been wrong about mj since 1937 ?
Will they reschedule MJ now ?
FDA News Release
FDA approves first drug comprised of an active ingredient derived from marijuana to treat rare, severe forms of epilepsy
For Immediate Release
June 25, 2018
The U.S. Food and Drug Administration today approved Epidiolex (cannabidiol) [CBD] oral solution for the treatment of seizures associated with two rare and severe forms of epilepsy, Lennox-Gastaut syndrome and Dravet syndrome, in patients two years of age and older. This is the first FDA-approved drug that contains a purified drug substance derived from marijuana. It is also the first FDA approval of a drug for the treatment of patients with Dravet syndrome.
CBD is a chemical component of the Cannabis sativa plant, more commonly known as marijuana. However, CBD does not cause intoxication or euphoria (the “high”) that comes from tetrahydrocannabinol (THC).
It is THC (and not CBD) that is the primary psychoactive component of marijuana.
“This approval serves as a reminder that advancing sound development programs that properly evaluate active ingredients contained in marijuana can lead to important medical therapies. And, the FDA is committed to this kind of careful scientific research and drug development,” said FDA Commissioner Scott Gottlieb, M.D. “Controlled clinical trials testing the safety and efficacy of a drug, along with careful review through the FDA’s drug approval process, is the most appropriate way to bring marijuana-derived treatments to patients. Because of the adequate and well-controlled clinical studies that supported this approval, prescribers can have confidence in the drug’s uniform strength and consistent delivery that support appropriate dosing needed for treating patients with these complex and serious epilepsy syndromes. We’ll continue to support rigorous scientific research on the potential medical uses of marijuana-derived products and work with product developers who are interested in bringing patients safe and effective, high quality products. But, at the same time, we are prepared to take action when we see the illegal marketing of CBD-containing products with serious, unproven medical claims. Marketing unapproved products, with uncertain dosages and formulations can keep patients from accessing appropriate, recognized therapies to treat serious and even fatal diseases.”
Dravet syndrome is a rare genetic condition that appears during the first year of life with frequent fever-related seizures (febrile seizures). Later, other types of seizures typically arise, including myoclonic seizures (involuntary muscle spasms). Additionally, status epilepticus, a potentially life-threatening state of continuous seizure activity requiring emergency medical care, may occur. Children with Dravet syndrome typically experience poor development of language and motor skills, hyperactivity and difficulty relating to others.
Lennox-Gastaut syndrome begins in childhood. It is characterized by multiple types of seizures. People with Lennox-Gastaut syndrome begin having frequent seizures in early childhood, usually between ages 3 and 5. More than three-quarters of affected individuals have tonic seizures, which cause the muscles to contract uncontrollably. Almost all children with Lennox-Gastaut syndrome develop learning problems and intellectual disability. Many also have delayed development of motor skills such as sitting and crawling. Most people with Lennox-Gastaut syndrome require help with usual activities of daily living.
“The difficult-to-control seizures that patients with Dravet syndrome and Lennox-Gastaut syndrome experience have a profound impact on these patients’ quality of life,” said Billy Dunn, M.D., director of the Division of Neurology Products in the FDA’s Center for Drug Evaluation and Research. “In addition to another important treatment option for Lennox-Gastaut patients, this first-ever approval of a drug specifically for Dravet patients will provide a significant and needed improvement in the therapeutic approach to caring for people with this condition.”
Epidiolex’s effectiveness was studied in three randomized, double-blind, placebo-controlled clinical trials involving 516 patients with either Lennox-Gastaut syndrome or Dravet syndrome. Epidiolex, taken along with other medications, was shown to be effective in reducing the frequency of seizures when compared with placebo.
The most common side effects that occurred in Epidiolex-treated patients in the clinical trials were: sleepiness, sedation and lethargy; elevated liver enzymes; decreased appetite; diarrhea; rash; fatigue, malaise and weakness; insomnia, sleep disorder and poor quality sleep; and infections.
Epidiolex must be dispensed with a patient Medication Guide that describes important information about the drug’s uses and risks. As is true for all drugs that treat epilepsy, the most serious risks include thoughts about suicide, attempts to commit suicide, feelings of agitation, new or worsening depression, aggression and panic attacks. Epidiolex also caused liver injury, generally mild, but raising the possibility of rare, but more severe injury. More severe liver injury can cause nausea, vomiting, abdominal pain, fatigue, anorexia, jaundice and/or dark urine.
Under the Controlled Substances Act (CSA), CBD is currently a Schedule I substance because it is a chemical component of the cannabis plant. In support of this application, the company conducted nonclinical and clinical studies to assess the abuse potential of CBD.
The FDA prepares and transmits, through the U.S. Department of Health and Human Services, a medical and scientific analysis of substances subject to scheduling, like CBD, and provides recommendations to the Drug Enforcement Administration (DEA) regarding controls under the CSA. DEA is required to make a scheduling determination.
The FDA granted Priority Review designation for this application. Fast-Track designation was granted for Dravet syndrome. Orphan Drug designation was granted for both the Dravet syndrome and Lennox-Gastaut syndrome indications.
The FDA granted approval of Epidiolex to GW Research Ltd.
The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, products that give off electronic radiation, and for regulating tobacco products.
https://fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm611046.htm
FDA approved EPIDIOLEX First Plant-derived Cannabinoid Prescription
GW Pharmaceuticals plc and its U.S. Subsidiary Greenwich Biosciences Announce FDA Approval of EPIDIOLEX® (cannabidiol) oral solution – the First Plant-derived Cannabinoid Prescription MedicineApproval for seizures associated with Lennox-Gastaut Syndrome or Dravet Syndrome, two rare, severe childhood-onset epilepsies
LONDON and CARLSBAD, Calif., June 25, 2018 (GLOBE NEWSWIRE) -- GW Pharmaceuticals plc(GWPH) (“GW,” “the Company” or “the Group”), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, along with its U.S. subsidiary Greenwich Biosciences, announced today that the U.S. Food and Drug Administration (FDA) has approved EPIDIOLEX® (cannabidiol) oral solution for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome in patients two years of age or older. EPIDIOLEX is the first prescription pharmaceutical formulation of highly-purified, plant-derived cannabidiol (CBD), a cannabinoid lacking the high associated with marijuana, and the first in a new category of anti-epileptic drugs (AEDs). Product availability is pending rescheduling which is expected to occur within 90 days.
“Today’s approval of EPIDIOLEX is a historic milestone, offering patients and their families the first and only FDA-approved CBD medicine to treat two severe, childhood-onset epilepsies,” said Justin Gover, GW’s Chief Executive Officer. “This approval is the culmination of GW’s many years of partnership with patients, their families, and physicians in the epilepsy community to develop a much needed, novel medicine. These patients deserve and will soon have access to a cannabinoid medicine that has been thoroughly studied in clinical trials, manufactured to assure quality and consistency, and available by prescription under a physician’s care.”
LGS and Dravet syndrome, which develop in childhood, are rare, severe forms of epilepsy that are notoriously treatment-resistant.1,2 Most patients with LGS and Dravet syndrome require multiple seizure medications and the majority are resistant to currently approved AEDs.2,3,4 The day-to-day impact of these conditions is significant with high rates of early mortality.5,6
“In my practice, I often see patients with these highly treatment-resistant epilepsies who have tried and failed existing therapies and are asking about CBD,” said Orrin Devinsky, M.D., of NYU Langone Health’s Comprehensive Epilepsy Center and a lead investigator in the EPIDIOLEX clinical program. “I am delighted that my physician colleagues and I will now have the option of a prescription cannabidiol that has undergone the rigor of controlled trials and been approved by the FDA to treat both children and adults.”
“LGS and Dravet syndrome are two of the most severe and difficult-to-treat forms of childhood-onset epilepsy. These children and their families face a long and challenging road and very few achieve adequate seizure control,” said Elizabeth Thiele, M.D., director of the pediatric epilepsy program at Massachusetts General Hospital, professor of neurology at Harvard Medical School and a lead investigator in the EPIDIOLEX clinical program. “Based on numerous clinical trials, this medication may help meet the need for this specific pediatric patient population and is now the first to be approved by the FDA in Dravet syndrome.”
The EPIDIOLEX clinical development program included three randomized, controlled Phase 3 clinical trials and an open-label extension study. In the Phase 3 studies, published in The New England Journal of Medicine7,8 and Lancet9, EPIDIOLEX added to other antiepileptic therapies significantly reduced the frequency of seizures in patients with LGS and Dravet syndrome. The most common adverse reactions that occurred in EPIDIOLEX-treated patients were somnolence; decreased appetite; diarrhea; transaminase elevations; fatigue, malaise, and asthenia; rash; insomnia, sleep disorder and poor quality sleep; and infections. The company’s development program represents the only well-controlled clinical evaluation of a cannabinoid medication for patients with LGS and Dravet syndrome.
“For those living with intractable seizures caused by LGS and Dravet syndrome, EPIDIOLEX represents a true medical advancement,” said Philip Gattone, president and CEO of the Epilepsy Foundation. “Clinical development for these rare and severe conditions is essential, and today’s news brings hope for these patients and their families that a new treatment option may have the potential to help better control their seizures.”
EPIDIOLEX will be marketed in the U.S. by Greenwich Biosciences, the U.S. subsidiary of GW Pharmaceuticals plc(GWPH). As part of the approval process, EPIDIOLEX must be rescheduled from its current Schedule I before it can be made available to patients. Rescheduling is expected to occur within 90 days. Access is expected to be similar to other branded AEDs and EPIDIOLEX is expected to be available to appropriate patients by Fall 2018. More information can be found at Epidiolex.com.
Outside the U.S., this medicine is currently under review by the European Medicines Agency (EMA) for the treatment of seizures associated with LGS and Dravet Syndrome. An EMA decision on whether to recommend approval is expected in the first quarter of 2019.
For more information on Dravet syndrome and Lennox-Gastaut syndrome, including community support, please visit the Dravet Syndrome Foundation at www.dravetfoundation.org and the Lennox-Gastaut Syndrome Foundation at www.lgsfoundation.org.
About EPIDIOLEX® (cannabidiol) oral solution
EPIDIOLEX, the first prescription, plant-derived cannabinoid medicine in the United States and the first in a new class of anti-epileptic medications, is a pharmaceutical formulation of pure cannabidiol (CBD) now FDA-approved for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome in patients two years of age or older, pending DEA rescheduling. GW has submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for EPIDIOLEX with an expected decision date in the first quarter of 2019. GW has received Orphan Drug Designation from the FDA for EPIDIOLEX for the treatment of tuberous sclerosis complex (TSC) and infantile spasms (IS). The Company has also received Orphan Designation from the European Medicines Agency, or EMA, for EPIDIOLEX for the treatment of LGS, Dravet syndrome, West syndrome and TSC. GW is currently evaluating additional clinical development programs in other orphan seizure disorders including a Phase 3 trial in TSC.
About GW Pharmaceuticals plc(GWPH) and Greenwich Biosciences, Inc.
Founded in 1998, GW is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. GW, along with its U.S. subsidiary Greenwich Biosciences, has received U.S. FDA approval for EPIDIOLEX (cannabidiol) oral solution for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome in patients two years of age or older, pending DEA rescheduling. The Company has submitted a regulatory application in Europe for the adjunctive treatment of LGS and Dravet syndrome. The company continues to evaluate EPIDIOLEX in additional rare epilepsy conditions and currently has ongoing clinical trials in tuberous sclerosis complex (TSC) and infantile spasms (IS). GW commercialized the world’s first plant-derived cannabinoid prescription drug, Sativex® (nabiximols), which is approved for the treatment of spasticity due to multiple sclerosis in numerous countries outside the United States and for which the company is now planning a U.S. Phase 3 trial. The Company has a deep pipeline of additional cannabinoid product candidates which includes compounds in Phase 1 and 2 trials for epilepsy, glioblastoma, and schizophrenia. For further information, please visit www.gwpharm.com.