Apr 012014

420RADIO News for 2014-04-01 (Tuesday)

Kentucky’s legislature has passed a bill legalizing in the use of CBD oil by university research hospitals for the treatment of childhood epilepsy.  The measure awaits the signature of Governor Steve Beshear, who is expected to sign it today.  The bill passed unanimously through both the House and Senate, with two House members abstaining.  Senate Bill 124 will allow the Universities of Kentucky and Louisville to treat anyone enrolled in an FDA-approved trial of cannabidiol oil.  While parents applauded the passage of the bill with tears in their eyes for their sick children, it remains to be seen whether the FDA and other federal authorities will cooperate or render the law unworkable.  Advocates also point out the restriction on low THC levels may make it impossible for some patients to attain maximum relief.  A similar CBD-only bill has already been signed into law in Utah, and another awaits the governor’s signature in Alabama.  Georgia’s legislature failed to pass their CBD-only bill and South Carolina is currently working on its CBD-only bill.

In more CBD-only news, Florida lawmakers participating in a panel discussion extolled the virtues of the “Charlotte’s Web” medical marijuana.  Rep. Matt Gaetz, a Republican, was joined by Democrats Rep. Katie Edwards and Sen. Jeff Clemens, who said, “This `50 and `60s era reefer madness attitude caused us to turn away from a plant as form of medicine and move to these synthetic drugs that are often a lot worse for our bodies.”  Reps. Gaetz & Edwards are co-sponsoring a bill that would legalize just the high-CBD oil used on epileptic children, but other bills in the legislature would establish a broader, whole-plant medical marijuana system.  Regardless, all three legislators agreed that anything they pursue now is just a framework the whole-plant medical marijuana Clemens “fully expects… to pass this fall.”  Rep. Edwards also pointed out the economic benefits, saying “Why can’t I have a Duke University research triangle that brings high paying jobs in the research sector here to work with an already existing population of Florida families?”

The Oregon Health Authority issued rules today for medicated edibles that back off of earlier threats to ban all candy, gum, and cookies made with cannabis.  Today’s rules, which went into effect immediately, now only prohibits dispensaries from offering products that are “attractive to minors” or shaped like “an animal or any other commercially recognizable toy or candy.”  Packaging of the products must not be in “a container that is brightly colored, depicts cartoons or images other than the logo of the facility, unless the logo of the facility depicts cartoons, in which case only the name of the facility is permitted.”  OHA’s dispensary head Tom Burns said the agency received up to 300 emails from patients complaining that a ban on sweet edibles would be counter harm reduction and some patients’ need to ingest rather than inhale cannabinoids.

Medical marijuana sales are now legal in the state of Nevada.  The state’s dispensary law goes into effect today, but it will likely take ten months to a year before local and state governments have finalized regulations and processed applications for the dispensary industry.  The state is hiring 12 full-time and 15 part-time clerks to process the applications for producers and retailers.  Once hired and trained by sometime around May or June, the state will issue a 45-day notice prior to the two-week period in which they will accept applications.  The state predicts around 400 applicants for the 66 potential dispensaries statewide, for which applicants must show a quarter million dollars in liquid assets.  Nevada will also reap 2% tax on the retail and wholesale sales of marijuana.

The Securities and Exchange Commission, or SEC, has suspended the trading Advanced Cannabis Solutions’ stock.  In a statement, the SEC wrote, “It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Advanced Cannabis Solutions, Inc. (“Advanced Cannabis”), a Colorado corporation headquartered in Colorado Springs, Colorado.  … There are questions regarding whether certain undisclosed affiliates and shareholders of Advanced Cannabis common stock engaged in an unlawful distribution of securities… The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the [Advanced Cannabis Solutions, Inc].”  Advanced Cannabis refutes the allegations, which come at a bad time for the company.  On February 20, they had announced an agreement with investors in a large start-up to provide cannabis for the Canadian medical marijuana market, and the stock price had been rising steadily.