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U.S. Patent on Cannabis to Earn Millions for Government and Big Pharma

U.S. Patent on Cannabis to Earn Millions for Government and Big Pharma

Fun fact: the U.S. Government held a patent on certain cannabinoids for 16 years. The National Institute of Health (NIH) licensed certain pharmaceutical companies to use some of these patented materials. In the event those companies develop a successful drug from those materials, the NIH receives a percentage of sales. To put it simply, the federal government profits from the sale of drugs derived from certain cannabinoids. For example, GW Pharmaceutical created the epilepsy medication Epidiolex from cannabinoids patented by the NIH. Once approved, the drug could generate revenues upward of $2 billion a year. The NIH will receive royalties from each sale. The NIH currently holds more than 4,000 patents. Of those, 93 contributed to the successful development of 34 FDA-approved drugs. Those licenses have generated nearly $2 billion in royalty revenue for the NIH since 1991 according to the U.S Government Accountability Office. Patent No. 6,630,507 and Intellectual Property Rights Receiving royalties for intellectual property is usually a positive thing.

Cannabis & Tech Today, 05/18/2022 12:20:00

Open article: https://cannatechtoday.com/patent-on-cannabis-makes-billions-for-pharma/

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Miami finally approves first medical cannabis dispensary

Miami finally approves first medical cannabis dispensary

Los Angeles investors can open up shop as Miami City ends a years-long silent ban on medical marijuana providers There are over 425 dispensaries spread across the state of Florida. Somehow, Miami has none. That should change soon. Last week, a 3-2 vote from Miami City Commissioners granted a certificate of land use to Los Angeles investors. Investment group MRC44 now has plans to open the city’s first medical cannabis dispensary after years of delays. The policy change will allow the LA group to start the permitting process required to open a new dispensary. Their location will be located downtown near Space and E11even nightclubs at 90 NE 11 Street, in the historic Overtown neighborhood. City Attorney Victoria Mendéz blamed the conflict between state and federal cannabis laws for the lack of decision-making on the matter. What took so long? When the statewide referendum to legalize Florida’s medical marijuana industry went into effect in 2016, the city of Miami did not make a move to ban or regulate medical marijuana dispensaries. But surrounding municipalities Coral Gables, Aventura, unincorporated Miami-Dade County, and South Miami all welcomed the opportunity to participate in Florida’s sprouting cannabis economy.

Lyneisha Watson, Leafly, 05/18/2022 12:12:00

Open article: https://www.leafly.com/news/politics/miami-finally-approves-first-medical-cannabis-dispensary

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4 New Jersey weed laws that need to change now

4 New Jersey weed laws that need to change now

The tri-state weed race is shaping up to be a marathon. New Jersey beat neighbors in New York and Pennsylvania out of the gate by starting adult-use cannabis sales in April. But many smokers in The Garden State still face ridiculous hurdles to safe access and consumption, thanks to a few restrictions. Over the Hudson River in New York City, millions are free to consume anywhere they can smoke tobacco. They just can’t buy it legally quite yet. And across the Delaware River in Pennsylvania, Gov. Tom Wolf is urging PA lawmakers to present a legal framework for a recreational market so he can sign adult use into law. With 420-friendly Lt. Gov. John Fetterman leading primary polls, help should be on the way soon. This NJ dispensary is booming thanks to Pennsylvania’s bad weed laws. That’s why New Jersey could see its early lead in the tri-state race evaporate, especially if lawmakers and regulators don’t address major holes in the state’s current cannabis policy. It’s nice that NJ police officers are ready to escort you across the street to one of the state’s 13 (and counting) dispensaries. But that same officer might also bust you for smoking your taxed weed in a local park, in a parked car, or even your rented home or apartment.

Calvin Stovall, Leafly, 05/17/2022 07:20:00

Open article: https://www.leafly.com/news/politics/new-jersey-weed-laws-that-need-to-change

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New York Lawmakers Just Introduced a Bunch of Cannabis Bills

New York Lawmakers Just Introduced a Bunch of Cannabis Bills

As New York’s regulators work on the rules that will guide the launch of the state’s adult-use cannabis industry sometime later in 2022, lawmakers are already introducing bills that could reshape it. Nearly a dozen bills introduced in May cover everything from underage use to a solution for consumers who can’t grow cannabis at home. There are some noteworthy broader bills, too, like one that would create the “adult-use substances authority,” which would oversee cannabis regulators and another that would bring oral fluid testing to New York’s roadways for testing related to cannabis impairment. This comes as the initial phase of adult-use sales is beginning to come into focus. At its May 5 meeting, the Cannabis Control Board, within the Office of Cannabis Management, awarded 36 conditional adult-use cultivator licenses, bringing its total to 88, as Cannabis Wire reported. These farmers will harvest the first crop of cannabis to be sold to New York’s adult-use consumers. First sales, Board Chair Tremaine Wright said during the meeting, are expected to take place “later this year.”

Alyson Martin, Cannabis Wire, 05/16/2022 20:00:00

Open article: https://cannabiswire.com/2022/05/17/new-york-lawmakers-just-introduced-a-bunch-of-cannabis-bills/

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In Seattle Area, Local Legislation Creates Cannabis Safety Task Force

In Seattle Area, Local Legislation Creates Cannabis Safety Task Force

King County, home to Seattle, will create a Cannabis Safety Task Force in the wake of recent dispensary robberies and violence. The goal is “to develop strategies to prevent criminal activity targeting cannabis businesses and address security concerns at cannabis businesses and to provide a report” to the county, according to council documents.  That report is due no later than Aug. 31. As KOMO News reports, the King County Sheriff’s Office and Prosecutor’s Office will work with local cannabis dispensary owners and community members to identify and distribute resources to help officers prevent robberies to any extent possible. Part of the intent of this task force is to expand on any cross-jurisdictional capabilities. This county legislation includes an immediate review of cannabis business tax revenue allocations. Some $4.6 million in cannabis tax revenue was diverted from the sheriff’s office’s budget this year, as KOMO reports. The task force will investigate the matter to determine where, exactly, those previously budgeted dollars have gone.

Posted Melissa Schiller, Cannabis Business Times, 05/18/2022 11:49:00

Open article: http://www.cannabisbusinesstimes.com/article/king-county-seattle-cannabis-safety-task-force

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Vermont Cannabis Control Board issues 1st retail marijuana cultivation license

Vermont Cannabis Control Board issues 1st retail marijuana cultivation license

The Cannabis Control Board issued its first license on Monday for retail marijuana cultivation in Vermont. Officials say more licenses are in the pipeline but frustration is growing for some who are trying to plant their roots in the industry. Despite a slight delay in the cannabis licensing process, businesses looking to get into the retail cannabis space are moving forward with plans. “I’m doing everything in my power to be ready to open on October first,” said Scott Sparks of the Vermont Hempicurean. Sparks has been selling CBD in Brattleboro for four years. But next door to the Vermont Hempicurean, he has big plans– a retail shop for marijuana. Sparks is still waiting to hear back on his retail preapproval but is going ahead with the needed work. “I’ve had multiple security companies come in and review it multiple times apiece,” Sparks said. He also plans to grow cannabis onsite, which he has been preapproved for. But he says rules in this fledgling industry are fluid. “It’s like one step forward two steps back,” he said.

Cannabis Business Executive – Cannabis and Marijuana industry news, 05/17/2022 07:58:00

Open article: https://www.cannabisbusinessexecutive.com/2022/05/vermont-cannabis-control-board-issues-1st-retail-marijuana-cultivation-license/

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