Cannabis News Update February 26, 2021
Today in the world of cannabis: A Black-owned medical cannabis business applies for licenses in Georgia and Virginia, new technology connects cannabis real estate agents with property and licensing opportunities, and the Alabama Senate approves a medical cannabis bill while advocates remain cautiously optimistic.
The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what’s happening within the cannabis industry.
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** First up: In a report by Business Wire, the minority owned medical cannabis company TheraTrue, Inc. has submitted applications for medical cannabis licenses in Georgia and Virginia.
TheraTrue founder Dr. Paul Judge said that Black representation in the cannabis industry is a focus of the company’s mission.
“The TheraTrue team is driven by a focus on science and innovation to develop world-class medical products and treatments for the qualified patients,,” said TheraTrue’s founder Dr. Judge.
“As the company’s founder, I am keenly aware of the history of cannabis and how it has disproportionately impacted black Americans. We believe that it is important for the African American community to be represented in the cannabis industry and that we embrace diversity in ownership, leadership, and those we intend to treat.”
The company also announced that it has received million in funding commitments.
** And next: PR.com reports that Cannabis Real Estate Consultants, a San Diego, California-based specialized real estate services company, has launched a “digital mapping system to help its agents find available properties and licensing opportunities, filtered by region and regulations instantly, with real-time data.” This marks the first of its kind in the cannabis zoning and real estate sector.
“With CREC Maps, agents get access to real-time data on Green Zones, Sensitive Use & Setbacks, Viable Parcels, Viable Property Information, For Sale, For Lease, Leases Expiring, Off Market and Property Reports,” a press release reads. “The CREC Network & Portal is built to remove the complexities of navigating the cannabis industry, introduce agents to the industry, and get them up to speed with how real estate, licenses and cannabis deals are completed.”
Since 2017, CREC has worked in the cannabis real estate sector to connect real estate agents across the U.S. with tools to see the most “viable properties available for commercial cannabis in the area they choose.”
** Last up: In a report by Marijuana Moment, following a quick 15-minute deliberation, the Alabama Senate voted in favor of a bill to legalize medical cannabis statewide. The bill now heads to the state House of Representatives for consideration.
The bill, sponsored by Senator Tim Melson (R), is similar to a bill approved by the state Senate last year, which ended up dying without a House vote due to the coronavirus pandemic.
If made law, about 20 qualifying conditions would be included in the medical cannabis program, including: anxiety, sleep disorders, post-traumatic stress disorder and intractable pain.
Advocates have cautious optimism about the bill and have raised several concerns.
For one, the bill states that patients with intractable pain would only qualify for medical cannabis if “conventional therapeutic intervention and opiate therapy is contraindicated or has proved ineffective.”
In addition, the bill outlaws the consumption of raw cannabis for smoking, vaping, or edibles. Rather, patients would be limited to cannabis capsules, lozenges, oils, topicals, and suppositories.