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Vaping Concerns Highlight Ongoing Need For Cannabis Industry Transparency

Written by Johnny Green on . Posted in Business.

The last week has been filled with media coverage regarding recent illnesses associated with vaping. As we previously blogged about, in recent weeks hundreds of illnesses and half a dozen deaths have been reported across the country, with e-cigarette device usage being pointed to as the likely cause.

Some of the cases involve consumers that have reported using cannabis vape pen cartridges and some involve consumers that reported having only used nicotine-based vaping products. Certain cases involve the dilutant additive vitamin E acetate and others do not. A lot of unknowns still exist, and regulators are still looking into the matter.

The deaths and illnesses are tragic, and that can’t be emphasized enough. Calls have been growing for many days for lawmakers and regulators to do something. Regardless of if new laws and/or regulations are passed, the cannabis industry needs to step up in this crucial moment.

Members of the legal cannabis space need to be as transparent as possible. It hasn’t been determined yet whether legal cannabis vaping products were to blame for any of the illnesses, and hopefully legal cannabis products truly had nothing to do any of the cases.

Makers of cannabis products need to always use quality inputs, and always make it extremely easy for consumers to know what goes into products. The burden is not solely on the consumer to know if something is harmful or not. The burden is also (and especially) on cannabis product makers.

The tobacco industry has been notorious for selling products that they knew were harmful. We are learning the same right now about the opioid industry. The cannabis industry has to be better and more responsible than those two industries. If not, the industry has clearly failed, regardless of how much money is ultimately made.

We will all have to wait and see what policymakers and regulators do regarding vaping products. But in the meantime, the cannabis industry needs to be proactive and strive to be good stewards of the cannabis plant and movement.

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Are Prices For U.S. CBD Products About To Drop Significantly?

Written by Johnny Green on . Posted in Business.

The popularity of CBD has increased exponentially in the last few years. For many decades consumers focused on THC, however, that has evolved a great deal in the second half of this decade.

CBD has been billed as possessing a number of wellness qualities, with some claims being well-founded and others not. Unfortunately, there is a great deal of misinformation out there about CBD. That is what happens when an industry is growing at a rapid pace and people are scrambling to try to build their fortune from riding an industry wave.

As far as CBD has come in recent years, it is still a very young industry and savvy entrepreneurs know that the landscape is going to shift a lot in the coming years. 2019 was a record year for hemp licensing in the United States, as recently reported by Vote Hemp:

“Since the passage of the 2018 Farm Bill, hemp cultivation in the U.S. has grown rapidly. The number of acres of hemp licensed across 34 states totaled 511,442 in 2019—more than quadruple the number of acres licensed from the previous year. State licenses to cultivate hemp were issued to 16,877 farmers and researchers, a 476% increase over 2018.”

The acres of hemp that survived are about to be harvested (or already have been) and a significant amount of the hemp is going to end up being sourced to make CBD products. More United States CBD products are about to flood the market than ever before.

It begs the question – what impact, if any, will that have on the prices for CBD products in the United States? In a long-established industry, an influx of supply would lower the price. However, the CBD industry is different because it is so new.

More and more consumers are using CBD products with every passing day. It’s possible that consumer demand in the United States will grow alongside the increase in the number of CBD products in the marketplace and perhaps exceed supply.

It’s also possible that demand could lag compared to how much supply is hitting the market, and market prices could get slashed to calculate for it. Many farmers and entrepreneurs have placed a lot of hopes and resources into this year’s hemp harvest with most eyes on the CBD market. It will be interesting to compare CBD prices from earlier this year to whatever prices are at around the end of the calendar year.

One thing is for sure, the popularity of CBD is going to continue to increase into the foreseeable future, and that’s good news for entrepreneurs that can successfully navigate the shifting landscape.

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Four Reasons Why The Cannabis Industry Could Become Larger Than The Alcohol Industry

Written by Johnny Green on . Posted in Business.

Alcohol sales in the United States topped $250 billion dollars in 2018. By comparison, the legal United States cannabis industry sold roughly $10 billion dollars worth of cannabis in 2018.

Without some context, that might seem like the cannabis industry is small potatoes, however, the numbers are misleading. The alcohol industry is legal in every state in one form or another (regulations vary at the local level), whereas the cannabis industry is still prohibited in many states, particularly when it comes to adult-use cannabis.

The alcohol industry has also been operating legally across the country for many decades after alcohol prohibition was lifted, and even longer prior to alcohol prohibition having been temporarily in effect.

Legal cannabis is still in its infancy and is undergoing a lot of changes on a regular basis. The legal cannabis industry will continue to evolve for the foreseeable future, and we won’t truly know how large the legal cannabis industry will get until a lot of the dust has settled. That will take some time.

However, the unknowns of the legal cannabis industry have not stopped many from speculating that the legal cannabis industry will someday surpass the alcohol industry. Below are four reasons why.

Cannabis is Medicine

The cannabis plant is one of the most versatile plants on earth. It has been used as medicine for thousands of years, and for good reason. Many studies have found that cannabis can treat a number of conditions, from chronic pain to diabetes. Worth noting – no one has ever died from THC toxicity in the history of humanity.

Alcohol, on the other hand, is another story. Alcohol is the third leading preventable cause of death in the United States, with roughly 88,000 people dying from alcohol every year.

Cannabis, like alcohol, can be used as a recreational intoxicant. However, use of cannabis for medical purposes is widespread, and will no doubt increase as the years go by and cannabis stigma continues to fade away. More and more people are realizing the medical benefits of cannabis every year, and that is not something that can be said about alcohol.

Pets

The sector of the cannabis industry that is focused on helping pets is going to grow exponentially in the coming years. Just as the cannabis plant can help humans, it can also help pets. Dosage is obviously different for pets compared to humans and has to be adjusted to match each type of pets’ size and biology.

But the main principle of cannabis being medicine for all types of living creatures is valid. A lot of research needs to be conducted for cannabis products for pets to become more effective. As the demand for cannabis pet products rises, so will research and development for cannabis products for pets.

The pet care market in the United States was valued at over $70 billion dollars in 2018. Not all of that was specifically for pet medications and wellness products, but a good chunk of it was. Cannabis products for pets are going to be a very lucrative sector of the cannabis space in the future, whereas the same is not true for alcohol pet products.

Sports

Sports cannabis is very much in its infancy. The sports cannabis revolution was put into motion by retired NBA All-Star Clifford Robinson when he announced his entrance into the cannabis space in late 2015. Since that time a number of other professional athletes have followed suit, and more amateur athletes are getting on board every year.

Cannabis can absolutely be a part of an active lifestyle and can provide a number of wellness benefits to athletes. It’s no secret that athletes of all backgrounds experience bumps and bruises, and aches and pains. Cannabis is safer and more effective than a lot of wellness products and medicines that are marketed to athletes so it is only logical that many amateur athletes will switch to using cannabis and cannabis products.

Alcohol is popular among athletes for recreational purposes, which is also true of cannabis. However, cannabis has the ability to help treat conditions and help athletes stay healthy, which is a major reason why cannabis will likely be more popular with people that live an active lifestyle than alcohol will be in the future.

Cannabis is a safer alternative

Cannabis has been found to be 114 times safer than alcohol. As previously mentioned, alcohol kills roughly 88,000 people annually in the United States whereas cannabis toxicity has never killed anyone, ever.

Cannabis is a safer alternative to alcohol. It also doesn’t result in a hangover the day after a lot of consumption and is more desirable in a lot of ways compared to alcohol.

People will continue to consume alcohol in the future, and that is their right. However, many millennials have reported substituting cannabis for alcohol, and if that trend continues for millenials and subsequent generations of adults, not only will the legal cannabis industry’s numbers catch up to the current alcohol industry’s numbers, it will also lower the alcohol industry’s numbers in the process.

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How Worried Should Cannabis Consumers Be About Vape Cartridges?

Written by Johnny Green on . Posted in Business, Medical, Science.

The United States has been in the middle of a cannabis vape pen hysteria of sorts for the last week or two. Mainstream media and cannabis opponents seem to be obsessed with the story, insinuating that full blame for the unfortunate deaths that have occurred should be placed completely on cannabis vape pen cartridges.

Every one of the deaths is sad and unfortunate, which is why it has been frustrating for the cannabis community to see many mainstream media outlets and cannabis opponents using the deaths of these individuals to help spread misleading anti-cannabis propaganda.

In recent weeks hundreds of illnesses and half a dozen deaths have been reported across the country, with e-cigarette device usage being pointed to as the likely cause. Some cases involve consumers that have reported using cannabis vape pen cartridges and some involve consumers that reported having only used nicotine-based vaping products.

For whatever reason, THC vape pen cartridges have largely become the focus of mainstream media coverage and accusations from opponents. The fact of the matter is that no one at this point is 100% positive what is causing the illnesses and deaths. Consumers and cannabis companies have to wait for more information to become known.

As previously mentioned, some of the cases involve THC cartridges and some do not. Some cases involve the dilutant additive vitamin E acetate and some do not. Vitamin E acetate and other additives are the most likely suspect, and if that proves to be true, then THC has nothing to do with the situation other than the cannabinoid was also present (in some of the cases).

Illegal, unregulated cannabis cartridges have been flooding the United States, especially in illegal jurisdictions. It’s easy to understand why vape pen cartridges are popular among consumers – they are very convenient, indiscrete, and easy to pack around and use. However, for some consumers, those illegal cartridges have come at a terrible cost to their personal health, and in certain cases, potentially their lives.

When someone purchases a cannabis vape pen cartridge from an unregulated source, there’s no telling what could be contained inside of the cartridge. It’s not the THC that is the issue, it’s whatever else may be in the cartridge. The list of ingredients may or may not even include THC.

Even from regulated sources, there are a lot of compounds that can be used that are not prohibited, including dilutants that are used to make the vape pen oil thinner and therefore easier for devices to turn into vapor.

Consumers should definitely be concerned about vape pen cartridges, and about what they inhale in general. However, that concern needs to be tempered. If you live in an illegal state, you should probably avoid vape pen cartridges altogether since there’s no real way to know what is inside of them.

People may claim to have acquired the cartridges from regulated sources, but that is not always the case, with the most obvious sign being that the packaging has cartoon characters on it. Packaging that could be appealing to children is not allowed in legal markets.

For consumers that purchase vape pen cartridges from legal, regulated dispensaries where they live the best approach is to know where the oil inside of the cartridge came from, what ingredients were used, and specifically if any additives have been put into the cartridge such as ‘natural terpenes’ or dilutants.

Terpenes can be sourced from something natural but that doesn’t necessarily mean that they are safe. After all, you inhale it in vapor form if you are consuming it via a vape pen cartridge, and not eating it in its original form. That’s not to say that every additive is unsafe, but until more research is conducted and definitive scientific conclusions are reached it’s best to err on the side of caution.

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About the International Cannabis Business Conference

International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the globe. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on Twitter, Facebook, and Instagram.

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Luxembourg – The New Home Of Recreational Cannabis Crypto Models?

Written by ICBC Staff on . Posted in Business.

By Marguerite Arnold

Not only did Luxembourg just make some cannabis news lately by setting a two-year timeframe to legalize cannabis for adult-use, but another kind of reform also seems to be on the horizon. The small country of just under half a million people also seems to be looking at cryptocurrency models right now.

In fact, as of October, Price WaterHouse Coopers will begin to accept Bitcoins as payment. Could the Luxembourg market, in fact, become the new center of all things cannabis and crypto in Europe?

The answer – anything is possible.

However, given the more advanced state of regulatory structure around both developing industries, it is likely that if and when crypto and tokenization models are tested in Luxembourg, whether or not they are paired with cannabis in some way, the spectacular flameouts seen in the American crypto cannabis markets several years ago is less likely albeit still possible.

The excitement about recreational cannabis reform in Europe, of any kind, may do silly things to crypto associated with any cannabiz associated with the same.

While the tokenization of cannabis certainly represents one way to deal with many supply chain problems, it is not an automatic fix. The engineering of the blockchain, the specific processing involved, and how it solves not one, but multiple pressing problems are all issues that impact how usable platforms are, what is actually tokenized, what information that token contains, as well as its potential functionality within the ecosystem.

Nevertheless, the proximity of the two reforms leaves the door open for ingenuity, if not creativity to start cooking in Luxembourg’s nascent crypto canna kitchen.

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About the International Cannabis Business Conference

International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the globe. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on Twitter, Facebook, and Instagram.

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Banking Association CEO Makes A Big Prediction About Cannabis Banking Bill

Written by Johnny Green on . Posted in Business.

Lack of access to the nation’s financial system has been an ongoing issue for the cannabis industry for many years. The issue is not as big as it once was, and friendly credit unions have been helping fill the void, however, cannabis banking reform is still greatly needed.

The emerging cannabis industry will never reach its full potential if comprehensive banking reform at the federal level remains elusive. Cannabis advocates were hopeful that banking reform would have been passed by Congress by now, but unfortunately, it hasn’t happened yet.

The CEO of the American Bankers Association (ABA) provided new hope for banking reform recently when he made a significant prediction during an interview about the Secure and Fair Enforcement (SAFE) Banking Act, as reported by Marijuana Moment:

“This is legislation that already passed in the House Financial Services Committee early in this calendar year by a huge bipartisan margin, and this is something that I predict…as early as September—probably no later than than October—will pass the full House of Representatives by a bipartisan majority, which is exciting,” he said.

It is somewhat puzzling that the House of Representatives has thus far failed to pass this sensible measure. The cannabis industry is a multi-billion dollar industry and requiring it to be largely based on a cash-only model creates logistical nightmares for cannabis companies and potential public safety issues for society.

SAFE Banking Act has strong bipartisan support, so hopefully the House passes it soon and the Senate does the same quickly thereafter. Large piles of cash are an obvious target for robbers and thieves.

Anyone in the area of a robbery attempt has their personal safety involuntarily put at risk, and because of that banking reform for the cannabis industry is something that everyone should support, regardless of if they are in the cannabis industry or not.

Many cannabis consumers and cannabis companies would prefer to make cash-less transactions rather than all-cash transactions. A banking system is already in place. It shouldn’t be this difficult and Congress needs to get it in gear.

We will be discussing cannabis banking reform and a number of other important topics at our upcoming event in Vancouver, British Columbia September 15-16. A limited number of tickets are still available. Grab yours before they run out!

About the International Cannabis Business Conference

International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the globe. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on Twitter, Facebook, and Instagram.

How Clean Is The Cannabis Industry?

Written by ICBC Staff on . Posted in Business.

By Marguerite Arnold

As the CannTrust scandal continues to reverberate around Europe, a question is clearly in the room this fall – is this problem just isolated in one country in Europe (Denmark) or is it more widespread?

Specifically, in a mostly import driven business, has Germany, the largest medical cannabis market in the world right now, dodged this bullet?

The answer? Probably not.

The question right is, of course, why not?

GMP Is Still Bein Implemented In The Industry

The production standard for the cannabis industry that is evolving out of the medically focused industry in Europe is called ‘GMP.’ It is a pharmaceutical standard, used far beyond cannabis, that is supposed to set best practices for the cleanliness of the pharmaceutical industry. GMP is the highest and most expensive standard. It requires that production centers are hygienically and biologically “clean.” But it does not stop there.

One of the most common misperceptions on the production end is that the production environment of crops does not have to be EU GMP compliant at the time of growth. Many producers, for example in Canada, still believe that using domestic pesticide-free “green” production is good enough to meet EU-GMP if it is taken to a processing plant.

That is a very expensive mistake to make, and in many cases requires retooling to fix. But even beyond the production and processing of the product, the entire supply chain must be up to snuff, including product packaging and employee backgrounds.

In part what also seems to be happening across Europe is that GMP cert was required by July – namely the date of full implementation of the large pharma trade deal between the US and Europe. However, some companies clearly did not meet the July deadline.

There are also other factors. Widespread misadvice about compliance measures required in both Europe and Germany is widespread.

This issue is not just limited to the medical industry. Novel Food, which so far is only hitting the CBD market, is also a licensing discussion in the room and has so far likely committed violations not only on the product side but also on the labeling front as well.

Who Rings The Alarm Bells?

The CannTrust debacle proves one thing clearly, that the best regulatory structure in the world does not work if the industry itself (including employees) does not comply. In a world where the product itself is still rare and hard to find, this creates disincentives for distributors to report producers.

This is especially true in foreign markets, and even more so in a country like Germany. The regulatory framework is not only present and high in foreign markets, but interaction and communication between federal and state agencies are also difficult to penetrate, particularly for foreigners which are still the majority of those who work in the vertical.

In other words, who sounds the alarm is a fragmented answer, and often impacted by business decisions far beyond consumer safety.

About the International Cannabis Business Conference

International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the globe. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on Twitter, Facebook, and Instagram.

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Hemp Acres Licensed To Grow In The U.S. More Than Quadrupled This Year

Written by Johnny Green on . Posted in Business.

Hemp is making a comeback in the United States in a major way. Favorable reform provisions in the 2014 Farm Bill paved the way for farmers in a number of states to take advantage of research and pilot programs. Since that time the U.S. hemp cultivation industry has grown exponentially, as demonstrated by statistics.

In 2016 U.S. farmers grew 9,770 acres of hemp. By 2017 that number increased to 25,713 acres of hemp. Some hemp opponents claimed at the time that the dramatic year-over-year increase was due to states just starting their programs and that growth would level off quickly. Time has proven those naysayers to be completely wrong.

Farmers in the United States grew an astonishing 78,176 acres of hemp in 2018 – more than triple the number of acres from the previous year. The 2018 Farm Bill included significant reforms specifically for hemp farmers.

Hemp industry observers have been waiting to see statistics for 2019’s licenses to see what impact the 2018 Farm Bill would have. According to a recently released report, the U.S. hemp industry is growing faster than ever. Per Vote Hemp:

Since the passage of the 2018 Farm Bill, hemp cultivation in the U.S. has grown rapidly. The number of acres of hemp licensed across 34 states totaled 511,442 in 2019—more than quadruple the number of acres licensed from the previous year. State licenses to cultivate hemp were issued to 16,877 farmers and researchers, a 476% increase over 2018.

The hemp plant would have likely been a popular crop for U.S. farmers to cultivate regardless of CBD because of the hemp plant’s versatility. However, the explosion in CBD’s popularity in recent years among consumers has definitely contributed to the exponential growth of hemp cultivation in the United States.

It’s worth noting that just because acreage is licensed to cultivate hemp by a state’s Agriculture Department does not mean that the acreage will successfully produce a harvest and make it to the marketplace. A number of factors could prevent the harvest from occurring.

However, no one can deny that the hemp industry in the United States is experiencing significant growth and that there’s no end to that growth in sight currently. It will be very interesting to see what acreage numbers look like a year from now, five years from now, and beyond.

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About the International Cannabis Business Conference

International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the globe. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on Twitter, Facebook, and Instagram.

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Will Colombia Dominate The Legal Cannabis Export Market In The Future?

Written by Johnny Green on . Posted in Business.

The South American nation of Colombia has been a major exporter of cannabis for many decades, albeit in an illegal fashion. The country is more commonly associated with the illicit cocaine industry, however, Colombia has also long been home to a vibrant cannabis cultivation community.

Colombia is now poised to be a major legal exporter of cannabis to countries around the world due to a number of reasons, not the least of which is its climate which is ideal for cultivating cannabis. Per NPR:

Colombia sits near the equator, giving it 12 hours of daily sunlight year-round. By contrast, countries with seasonal variations require the extensive use of artificial lights, which drives up production costs.

As an emerging venture it’s unclear how the medical marijuana business will play out. For example, it remains illegal to import marijuana-based products into the United States. Due to government bureaucracy in Colombia, it can take months or years for startups to secure the proper permits and licenses.

Yet the uncertainty hasn’t stopped companies from betting big on cannabis.

Land and labor are cheap in Colombia compared to other countries that permit the legal production of cannabis. That, combined with the country’s ideal cultivation conditions, makes the nation the perfect place to cultivate an enormous amount of cannabis that can be supplied to other countries around the world.

To get an idea of where Colombia will likely rank in the global cannabis industry in the future, consider the fact that sungrown cannabis can be cultivated at a cost of roughly $7 per pound in Colombia. Virtually no other nation can match that cost of production, especially at a quality level that matches Colombian cannabis.

Colombia is still dealing with a large amount of stigma due to the drug war, and while a lot of that is born out of Colombia’s cocaine trade, the country’s cannabis industry gets caught in the crossfire. That, in turn, makes Colombian lawmakers and regulators hesitant to open up the industry in a more significant fashion.

However, as time goes by Colombia’s leadership will no doubt see the global demand for legal cannabis increasing, the stigma surrounding the cannabis plant diminishing, and will recognize that Colombia is uniquely positioned to take advantage of the opportunities in the global cannabis market.

When that happens Colombia may very well become the top cannabis exporting nation on the planet.

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About the International Cannabis Business Conference

International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the globe. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on Twitter, Facebook, and Instagram.