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Connecticut Marijuana Legalization Bill Heads To Governor’s Desk
https://www.marijuanamoment.net/connecticut-marijuana-legalization-bill-heads-to-governors-desk/
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Connecticut Senate Approves Marijuana Legalization Bill In Special Session, But Governor Threatens Veto
https://www.marijuanamoment.net/connecticut-senate-approves-marijuana-legalization-bill-in-special-session/
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High-Priority State Hemp and CBD Bills
https://hempsupporter.com/news/high-priority-state-hemp-and-cbd-bills
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Rhode Island may become the next example of geographic contagion in 2021 when it comes to Rec MJ Legalization
NY, NJ, CT… RI?
With VT and ME already on board, the Northeast is set to become the new epicenter for Adult Use MJ, following in the footsteps of the west coast
Wall Street is now becoming surrounded by weed
The passage of SAFE Banking has become more and more likely over the past few months
If Chuck’s bill is a Decriminalization Bill (and based on what he’s said, it probably will be), things could get interesting again pretty quickly
https://www.marijuanamoment.net/rhode-island-marijuana-legalization-bill-could-be-taken-up-in-summer-or-fall-house-speaker-says/
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Chuck’s MJ Legalization legislation is the main holdup at this point
SAFE Banking and CBD Legalization have already been filed in the Senate
Everybody is antsy for some action in the cannabis sector
If there is any blessing to the delay (“early part of this year”) in unveiling the legislation, it’s that sellers have been purged and the sector has had several months to reset itself, which sets the stage for the next cannabis rally
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Connecticut looks like it’s going to deliver
Geographic contagion is the mechanism through which MJ legalization spreads across America
NY, NJ and CT all passing legislation within the past several months is no coincidence
States don’t like the idea of neighboring states collecting taxes from their own citizens
The biggest impetus for MJ legalization has always been the money
Now Chuck needs to deliver his bill so we can find out whether the financial ramifications of decriminalizing/legalizing MJ are strong enough to free the weed
We already know they are for Amazon as they’ve thrown their support behind the House’s bill, which is a very liberal legalization bill
Would like to see other conglomerate titans step up and get behind this push moving forward
The Senate’s version is likely to be more middle of the road, more of a decriminalization approach
If so, corporate America will have 2 separate options to support
https://www.marijuanamoment.net/connecticut-senate-approves-marijuana-legalization-bill-days-before-session-ends/
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New Connecticut Marijuana Legalization Bill Released, With Votes Expected This Week
https://www.marijuanamoment.net/new-connecticut-marijuana-legalization-bill-released-with-votes-expected-this-week/
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Would be nice to see the House pass the MORE Act in June
https://www.marijuanamoment.net/civil-rights-groups-demand-congress-pass-federal-marijuana-legalization-bill-this-month/
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Amazon Supports House MJ Legalization Bill
https://www.marijuanamoment.net/amazon-to-stop-testing-many-workers-for-marijuana-and-will-lobby-congress-for-federal-legalization/
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Amazon backs legislation to legalize marijuana
https://thehill.com/policy/technology/556408-amazon-backs-legislation-to-legalize-marijuana
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The introduction of the House’s MJ Legalization Bill in 2021 is great to see, but we already know it will pass based on it passing in 2020
So the real action will take place in the Senate with Chuck’s MJ Legalization Bill
The Senate is a more conservative body than the House and the Democratic margin is obviously even slimmer, so the Senate’s version of MJ Legalization will probably look a bit different
Based on Chuck using the term decriminalization interchangeably with legalization over the past month or so when he has spoken to the media about his bill, one might expect to see something more akin to The STATES Act in the Senate, which is definitely more likely to pass than The House’s more liberal MORE Act
Something to watch for moving forward is whether Chuck will attempt to pass his MJ Legalization Bill by reconciliation, which is one way to avoid any possibility of the filibuster, thus requiring only 51 votes — if this is the case, the odds of passage will increase considerably
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Bill To Federally Legalize Marijuana Reintroduced In Congress As Senate Prepares Separate Measure
https://www.marijuanamoment.net/bill-to-federally-legalize-marijuana-reintroduced-in-congress-as-senate-prepares-separate-measure/
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Youth Marijuana Use Remained Stable After States Started Enacting Legalization, Federal Report Finds
https://www.marijuanamoment.net/youth-marijuana-use-remained-stable-after-states-started-enacting-legalization-federal-report-finds/
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MJ Legalization
Latest update 5/21:
Key Chairman Plans To File Revised Federal Marijuana Legalization Bill In House As Early As Next Week
https://www.marijuanamoment.net/key-chairman-plans-to-file-revised-federal-marijuana-legalization-bill-in-house-as-early-as-next-week/
So Nadler’s House MJ Legalization Bill will likely be filed between 5/25-5/28, followed by Chuck’s Senate MJ Legalization Bill
It looks like they are in coordination with each other in terms of timing, just as we saw with The 2021 SAFE Banking Act, when the Senate filed its version a few days after the House
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Sector commentary as of 5/20/21:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=163937642
Sector commentary on 2021 thus far and outlook as of 4/19/21:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=163294479
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Schumer Says Federal Marijuana Legalization Bill Will Hit Senate Floor ‘Soon’
https://www.marijuanamoment.net/schumer-says-federal-marijuana-legalization-bill-will-hit-senate-floor-soon/
Democratic Senate Leaders Announce Steps To Federally Legalize Marijuana In 2021
https://www.marijuanamoment.net/democratic-senate-leaders-announce-steps-to-federally-legalize-marijuana-in-2021/
Top Senate Democrats: We’ll Legalize Marijuana
https://www.forbes.com/sites/chrisroberts/2021/02/01/top-senate-democrats-well-legalize-marijuana/?sh=444db8ba215e
Schumer Provides Some Specifics About His Upcoming Marijuana Bill
The videos are worth watching as well:
https://www.marijuanamoment.net/schumer-marijuana-bill-will-stop-big-alcohol-and-tobacco-from-dominating-market-he-says/
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CBD Legalization
Latest Update 5/19/21:
Senate Bill Would Allow CBD-Infused Foods, Drinks And Dietary Supplements
So Miller has delivered on his word of CBD Foods and Beverages in the Senate’s version of CBD Legalization
https://www.marijuanamoment.net/senate-bill-would-allow-cbd-infused-foods-drinks-and-dietary-supplements/
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In late March 2021, ValidCare issued a press release stating that their CBD Liver Safety Study demonstrated no liver safety issues with CBD taken at typical daily doses — according to many experts in the CBD industry, this appears to be the final step required in order for the FDA to issue their Enforcement Discretion Policy For CBD Products
VALIDCARE’S CLINICAL STUDY REPORTS PRELIMINARY RESULTS OF CBD LIVER SAFETY
Investigators report to FDA no evidence of liver toxicity in the 839 adults consuming oral CBD
https://validcare.com/press/validcares-clinical-study-reports-preliminary-results-of-cbd-liver-safety/
“Hopeful to pass CBD Legalization in early 2021”
HR 8179 is 2020’s version of The CBD Legalization Bill
The 2021 version, HR 841, was filed on 2/4/21 and is virtually the same bill as HR 8179, so when Miller is saying that he is “hopeful to pass HR 8179 sometime in early 2021,” this means that he is hopeful to pass the Legalization of CBD in Dietary Supplements (HR 841) sometime in “early 2021”
Miller also says he expects legislation to “Legalize CBD as a Food and Beverage Additive” in 2021
Watch him go on record here about CBD Legalization in Supplements, Food and Beverages — timestamped so just hit play:
Banking Legalization For MJ, Hemp & CBD
Latest update 5/13:
The Senate’s 2021 SAFE Banking Act has now attracted 8 Repub Co-Sponsors, placing it at a near-tipping point, with Susan Collins from Maine as the latest Repub
https://www.congress.gov/bill/117th-congress/senate-bill/910/cosponsors?searchResultViewType=expanded&pageSort=lastToFirst
GOP Senator Who Trashed Marijuana Banking Amendment Years Ago Is Now Cosponsoring Reform Bill
https://www.marijuanamoment.net/gop-senator-who-trashed-marijuana-banking-amendment-years-ago-is-now-cosponsoring-reform-bill/
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On 4/19/21, the House passed The 2021 SAFE Banking Act, so now all eyes are on the Senate:
U.S. House Approves Marijuana Banking Bill For Fourth Time, Setting Up Senate Consideration
The vote marks the fourth time the House has approved the Secure and Fair Enforcement (SAFE) Banking Act. Lawmakers passed it as a standalone bill in 2019 and then twice more as part of coronavirus relief legislation. At no point did the measure move forward in the Senate under Republican control last session, however.
But this time around, advocates and industry stakeholders are feeling confident that the bill’s path will not end in the House. With Democrats now in control of both chambers and the White House, there are high expectations that the proposal will make its way through the Senate and onto the president’s desk.
https://www.marijuanamoment.net/u-s-house-debates-marijuana-banking-bill-with-final-vote-set-for-this-evening/
In late March 2021, The SAFE Banking Act of 2021 was introduced in the Senate with 6 Republican Co-Sponsors:
Banking Bill Reintroduced In Senate, With Nearly A Third Of The Chamber Signed On
https://www.marijuanamoment.net/marijuana-banking-bill-reintroduced-in-senate-with-nearly-a-third-of-the-chamber-signed-on/
The Senate version is being sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), and it currently has 27 other cosponsors.
Beside the chief sponsors, here’s who’s signed on to this latest version so far: Sens. Kyrsten Sinema (D-AZ), Ed Markey (D-MA), Alex Padilla (D-CA), Patrick Leahy (D-VT), Dick Durbin (D-IL), Ron Wyden (D-OR), Mazie Hirono (D-HI), Tina Smith (D-MN), Angus King (I-ME), Catherine Cortez Masto (D-NV), Michael Bennet (D-CO), Bob Menendez (D-NJ), Jon Tester (D-MT), Jacky Rosen (D-NV), Kevin Cramer (R-ND), Dan Sullivan (R-AK), Kirsten Gillibrand (D-NY), Elizabeth Warren (D-MA), Chris Murphy (D-CT), Gary Peters (D-MI), Bernie Sanders (I-VT), Brian Schatz (D-HI), Patty Murray (D-WA), Amy Klobuchar (D-MN), Rand Paul (R-KY), Bill Cassidy (R-LA) and Cynthia Lummis (R-WY).
In early February 2021, Democrats announced their intention to pass The SAFE Banking Act into law in the new Congress:
Cannabis industry may finally move past cash as Democrats look to loosen banking restrictions
https://www.denverpost.com/2021/02/04/marijuana-banking-colorado-congress-cannabis-restrictions/
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Connecticut Marijuana Legalization Deal Expected This Week, Top Lawmaker Says
https://www.marijuanamoment.net/connecticut-marijuana-legalization-deal-expected-this-week-top-lawmaker-says/
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So Nadler’s House MJ Legalization Bill will likely be filed next week, followed by Chuck’s Senate MJ Legalization Bill
It looks like they are in coordination with each other in terms of timing, just as we saw with The 2021 SAFE Banking Act, when the Senate filed its version a few days after the House
Sleek
Key Chairman Plans To File Revised Federal Marijuana Legalization Bill In House As Early As Next Week
https://www.marijuanamoment.net/key-chairman-plans-to-file-revised-federal-marijuana-legalization-bill-in-house-as-early-as-next-week/
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Right now the market is waiting to see what Chuck’s bill will encompass
We now have The 2021 SAFE Banking Act filed in the Senate
We now have CBD Legalization in Supplements, Foods and Beverages filed in the Senate
MJ Legalization/Decriminalization would complete the trifecta
We’ve never seen a CBD Legalization Bill filed in the Senate until yesterday, we’ve never seen The SAFE Banking Act have this much Republican support in the Senate, and we’ve certainly never seen the Senate Majority Leader pushing so strongly for MJ Legalization/Decriminalization with his very own bill
So the potential for the passage of significant federal cannabis legislation hasn’t been this great since Hemp Legalization was passed into law inside of The 2018 Farm Bill
The only bona fide federal Cannabis Legalization Mania we’ve seen happen thus far is The November/December 2017 Canadian Cannabis Mania, which occurred 8 months before the MJ Legalization bill was actually passed in June 2018 — the mania was triggered by the presumption of passage and FOMO due to Constellation Brands taking a 10% stake in Canopy Growth in late October 2017
So it’s possible we could see a repeat of what happened in Canada, with a cannabis mania occurring well before any federal cannabis bill passes the Senate
The mere expectation of passage, or perhaps a catalytic event like a non-cannabis mainstream corporate conglomerate taking a stake in American cannabis (could very well be an alcohol company in a repeat of Constellation Brands), has the potential to trigger a Canada-like expectation-style FOMO Cannabis Mania in 2021
Or it may actually take the passage of a federal cannabis bill through Senate Committees or the Senate Floor itself to trigger a mania
American cannabis investors have been seen it all and been through it all — multiple manias since 2014 as well as multiple years where nothing of significance transpired
My approach to 2021 is one of cautious optimism — I’m thrilled to see all 3 balls in play in the Senate, so the setup is certainly there, but the ultimate proof is in the mania pudding
2021 does share some striking similarities to 2016, with a big rally early in the year, followed by a big consolidation
In 2016, we were fortunate to have a dated catalyst in the form of the November elections, and we experienced an enormous anticipatory mania that preceded them
In 2021, we don’t have a dated catalyst, but we will have 3 cannabis legalization bills filed in the Senate (Banking, CBD and MJ) with a Senate Majority Leader strongly in favor of passing all 3
Charles is in charge, no doubt about it
It’s Chuck’s game from here
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NEW BILL ALERT: The Hemp Access and Consumer Safety Act
https://hempsupporter.com/news/support-the-hemp-access-and-consumer-safety-act
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Senate Bill Would Allow CBD-Infused Foods, Drinks And Dietary Supplements
So Miller has delivered on his word of CBD Foods and Beverages in the Senate’s version of CBD Legalization
https://www.marijuanamoment.net/senate-bill-would-allow-cbd-infused-foods-drinks-and-dietary-supplements/
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Introduction of Senate hemp market bill expected soon
https://www.nutraingredients-usa.com/Article/2021/05/17/Introduction-of-Senate-hemp-market-bill-expected-soon
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Connecticut MJ Legalization coming down to the wire
If it happens, June would be the month and probably in a special session like we saw with New Mexico:
https://www.marijuanamoment.net/connecticut-lawmakers-hold-marijuana-meeting-with-governors-office-as-new-poll-shows-majority-support-for-legalization/
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2 New Cosponsors for House’s CBD Legalization Bill
Now 25 in total, nice bipartisan support
Really would like to see the Senate’s version per Jonathan Miller’s and Charlotte’s Web CEO’s recent remarks on conference call
https://www.congress.gov/bill/117th-congress/house-bill/841/cosponsors?searchResultViewType=expanded
Here’s the Charlotte’s Web CEO:
“We understand that soon, the Senate will also be putting forward a bill in addition to and similar to H.R. 841. This illustrates the support of both House and Senate to establish a legislative framework within which the FDA would regulate hemp and its derivatives.”
This is Miller’s latest:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=163817777
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DEA under Biden finally moves on expanding MJ research cultivation facilities
Well it’s about damn time...
https://www.marijuanamoment.net/dea-finally-ready-to-end-federal-marijuana-research-monopoly-agency-notifies-grower-applicants/
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It’s really time for the Senate to step up now
The House has already passed SAFE Banking in 2021 and MJ Legalization in 2020
The House has already introduced HR 841 to legalize CBD as a dietary supplement
Miller now says they are working to introduce a Senate bill to legalize CBD as a beverage and food additive — well, let’s see it
Chuck needs to deliver on his MJ Legalization/Decriminalization Bill, which he stated on April 26th was coming in “a few weeks”
Monday May 17th will mark 3 weeks since that declaration
Talk is better than silence, but in the end, what we really need to see to inject excitement back into the cannabis sector is some action
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Miller mentioned a new Senate bill that would legalize CBD as a food & beverage additive in this video clip:
It’s been a busy week for the @hemproundtable on Capitol Hill!
— US Hemp Roundtable (@HempRoundtable) May 13, 2021
Hear from our General Counsel @recoveringpol about conversations we’ve been having with key legislators and policy makers about #hemp and #CBD + take action at https://t.co/EdCwj6ywee 🌿🟠 pic.twitter.com/gHJFrWXTFm
SAFE Banking now has 8 Repub Co-Sponsors
Susan Collins from Maine just signed on:
https://www.congress.gov/bill/117th-congress/senate-bill/910/cosponsors?searchResultViewType=expanded&pageSort=lastToFirst
GOP Senator Who Trashed Marijuana Banking Amendment Years Ago Is Now Cosponsoring Reform Bill
https://www.marijuanamoment.net/gop-senator-who-trashed-marijuana-banking-amendment-years-ago-is-now-cosponsoring-reform-bill/
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Nothing is ever a lock when it comes to cannabis and Congress, but it looks like The 2021 SAFE Banking Act (opens up banking, payment processing and investment for MJ/Hemp/CBD) is just about at a tipping point right now, so I’m adjusting odds for passage from 70% to 75%
If all Dems vote in support of it, only 9 Repubs are needed to be in favor of it to overcome any filibuster, and that’s assuming that Dems don’t attempt to pass it via reconciliation, which would only require 51 votes in favor, making SAFE Banking an absolute lock to pass the Senate
With the vast majority of bills, there are ordinarily Senators who don’t feel strongly enough to sign on as a cosponsor but do vote in favor of it when it hits the floor, so the likelihood that right now there are 9-15 Republicans in favor of it is pretty strong
What I’m looking for moving forward is how quickly Chuck’s MJ Legalization/Decriminalization Bill can gain Democratic cosponsors after it is introduced, and comparing that number to the SAFE Banking Act
If there is strong support amongst Dems in Senate for Chuck’s bill, then SAFE Banking + MJ Legalization/Decriminalization looks like a package deal, particularly if Chuck is looking to pass it via reconciliation (51 votes needed)
If Senate Dems aren’t lining up behind Chuck’s bill, then we could see Chuck pivot and decide to pass The 2021 SAFE Banking Act without MJ Legalization/Decriminalization, and make a run at passing MJ Legalization/Decriminalization in 2022 when the MJ industry will have significantly more financial momentum due to the passage of SAFE Banking
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Congressional Bill To Federally Legalize Marijuana Filed By Republican Lawmakers
This is similar to the MORE Act (which passed the House during the last Congress) without any social justice provisions
https://www.marijuanamoment.net/congressional-bill-to-federally-legalize-marijuana-filed-by-republican-lawmakers/
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Connecticut is probably the next state to legalize in 2021 for adult use, but it will likely require a special session like we recently saw in New Mexico
https://www.marijuanamoment.net/top-connecticut-lawmaker-says-marijuana-legalization-bill-could-get-bumped-to-special-session/
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Minnesota would be a big win given its Republican Senate, but it looks like an uphill battle just in terms of getting a vote in the Senate, not to mention the odds of passage:
https://www.marijuanamoment.net/minnesota-marijuana-legalization-bill-could-absolutely-pass-full-legislature-if-gop-senate-allows-a-vote-sponsor-says/
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Chuck sounds like he believes SAFE Banking can likely pass the Senate right now but is worried that doing so will lessen the chances for MJ Legalization/Decriminalization
So it seems like he is really going for the whole enchilada with SAFE Banking as the fallback plan if he can’t get enough support to pass MJ Legalization/Decriminalization
In the end, Chuck knows better than anybody what is most likely to work legislatively to legalize/decriminalize MJ in this Senate
https://www.marijuanamoment.net/schumer-reiterates-that-marijuana-legalization-must-pass-before-cannabis-banking-reform/
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Interesting appeal, but really it’s up to Congress to Legalize CBD
https://www.marijuanamoment.net/cbd-companys-appeal-could-let-marijuana-and-psychedelics-companies-trademark-businesses-pre-legalization/
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Head Of Top Federal Drug Agency Says It’s Time To Consider Decriminalization
Nora Volkow has been a notorious anti-MJ force for a long time, so it’s really interesting to see her penning an Op-Ed on decriminalizing it using the same language as the Democratic Party (racial and social justice) ahead of the release of Chuck’s MJ Bill
https://www.marijuanamoment.net/head-of-top-federal-drug-agency-says-its-time-to-consider-decriminalization/
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C’mon Chuck, let’s see your MJ Legalization/Decriminalization Bill already — all signs so far point to something resembling the STATES Act + SAFE Banking
Federally Legalize/Decriminalize MJ (for all states, it becomes exempt from being on the Schedule of Controlled Substances) so every state is free to legalize MJ without breaking any federal laws + open up national banking for MJ/Hemp/CBD
Jonathan Miller and Mitch have talked the talk with respect to CBD Legalization, and Chuck fully supports that as well, so now it’s also time to walk the walk and pass legislation removing Hemp-derived CBD from the drug exclusion clause in the Food, Drug and Cosmetics Act (FDCA), which would federally legalize CBD Products to be sold as Dietary Supplements, Beverages and Foods
Exactly how the FDA wants to regulate these products is a separate issue entirely
We already know that Enforcement Discretion is the FDA’s 1st step in regulating CBD products and giving them the federal green light to be sold nationally in major chain stores
But FDA doesn’t have the authority to pass legislation and fix the legal problem that the drug exclusion clause in the FDCA presents (Epidiolex being approved as a prescription drug makes OTC CBD Products illegal)
Congress needs to carve out an exemption for OTC CBD products, just as Congress needs to carve out an exemption in the Controlled Substances Act in order to decriminalize/legalize MJ by making it exempt from the Schedule of Controlled Substances (which is what the STATES Act does)
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Feds Announce New Standard THC Dose To Be Used In Marijuana Research, Effective Immediately
5 mg THC
https://www.marijuanamoment.net/feds-announce-new-standard-thc-dose-to-be-used-in-marijuana-research-effective-immediately/
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Very nice find, thank you for sharing
California would be the last of the 4 largest states to legalize CBD Products
NY, TX and FL have already legalized CBD Products
If TX and FL had already legalized Rec MJ, federal legalization of MJ in some form would be a foregone conclusion
That’s why the federal legalization of CBD Products is overdue now, as the largest states by population, including the more conservative southern states, are already on board
The liver safety question, which had been the apparent holdup to this point, has now been put to bed by the ValidCare study
It’s probably up to Chuck, Mitch, Rand or Wyden to file the Senate version of CBD Legalization
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Minnesota Marijuana Legalization Bill Clears 11th House Committee On Path To The Floor
Apparently there’s 1 more committee to go before a floor vote
https://www.marijuanamoment.net/minnesota-marijuana-legalization-bill-clears-11th-house-committee-on-path-to-the-floor/
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