Week in Review 5.6 to 5.10

HempWood Facility Coming to Kentucky; Harvard and MIT To Study Health Effects of Cannabis; Colorado Approves Medical Cannabis as Opioid Alternative

This Week in Review

Hemp Cultivation Wins Approval In CT Senate

Connecticut farmers are one step closer to joining the burgeoning hemp industry after the Senate approved a bill to regulate the crop’s cultivation Thursday. “Over 40 states in the United States have passed industrial hemp laws,” said Sen. Christine Cohen, D-Guilford. “I am looking forward to Connecticut doing the same.” Read more 

U.S. Firm Plans $5.8 Million Factory To Produce ‘HempWood’

A Maryland, USA company says it will invest $5.8 million in a factory in Kentucky to produce HempWood, an “eco-friendly timber” that uses hemp fiber to create a wood-like material. The company, Fibonacci LLC, said it has secured a lease on an 11,000 sq. ft. facility in western Kentucky and plans to begin production this summer. Read more 

TerrAscend Receives EU GMP Certification, Starts German Distribution

The company said the EU Good Manufacturing Practice certificate was awarded to its Mississauga, Ontario facility in accordance with the rules related to medicinal products in the European Union. In addition, Terrascend Corp. announced a distribution agreement with German pharmaceutical wholesaler iuvo Therapeutics GmbH. Read more

Harvard, MIT Share $9 Million Gift To Study Marijuana’s Health Effects

An investor in the cannabis industry has donated $9 million to Harvard and MIT to study the drug’s health effects, in what the institutions describe as the largest private gift to support marijuana research in the United States. Read more 

Illinois Could Become 11th State to Legalize Marijuana Under New Measure

Illinois Gov JB. Pritzker and several state lawmakers have proposed a long-awaited bill that would legalize and regulate the use and sale of recreational marijuana in the state next year. Under the measure, which was announced by Pritzker on Saturday and was expected to be introduced Monday, adults 21 and over could legally purchase marijuana for recreational use from licensed retailers. Read more 

Jefferson Launched A $2M Fund Aimed At Industrial Hemp Research

A $2 million gift from Australian philanthropist Barry Lambert, a former banker who’s currently the chairman of hemp tech company Ecofibre, will help Thomas Jefferson University establish an investment fund aimed at industrial hemp. Read more 

Florida Is the Nation's Fastest-Growing Medical Marijuana Market

Despite ongoing efforts by the Florida Legislature to thwart the will of the people, Florida likely has the fastest- growing medical marijuana program in the nation. More than 213,000 people are enrolled, with 10,000-plus signing up every month. Read more

Colorado Legislators OK Medical Cannabis As Opioid Alternative

Colorado lawmakers approved a measure that is likely to boost medical marijuana sales in the state by allowing physicians to recommend MMJ as an alternative to opioids. At the same time, the state Senate gave final passage to the so-called sunset bill that extends Colorado’s regulated marijuana programs. Read more

Cannabis, Waste and Cash: Revenue, Investment and M&A Opportunities From the Imminent Accelerated Growth of the Marijuana Industry

Last year was a turning point for the maturing and growing marijuana market. Cannabis-related companies raised nearly $14 billion in capital in 2018, compared to just $3.5 billion in 2017, according to Viridian Capital Advisors, a financial and strategic advisory firm for the cannabis industry. Read more 

Nikki Fried: Florida Hemp Program Would Create An 'Industrial Revolution'

Florida Commissioner of Agriculture Nikki Fried ran on a platform of what she called 'the three W’s': weapons, water and weed. Within months of her swearing in, it’s that last W that’s already generating a buzz around the state. Read more

Applications For Hemp Licenses Continue To Balloon Across US

The number of applications to grow hemp received by states has continued to increase rapidly in the wake of the 2018 passage of the Farm Bill. The West Virginia Agriculture Department reported that the number of licenses issued so far this year has more than tripled to 158, compared with 46 in 2018. Read more