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Canadian Banks Sued By The Cannabis Industry Over ‘Financial Discrimination’

One of the most hotly-debated topics in the cannabis industry relates to banking access for companies. Many companies over the years have experienced banking issues related to cannabis prohibition around the world, and yet, many other countries have had no issues.

Understandably, there are people in the cannabis industry that think banking reform is a top priority, while others don’t seem as concerned about it for one reason or another. Many advocates are not necessarily opposed to banking reform, but rather, do not want to see it tied to social justice and equity efforts and simply decided on its own merits. Conversely, there are also others that do wish to tie the two together.

Certain members of Canada’s cannabis industry are apparently no longer interested in debating in the ‘public square’ and have taken their fight to the court system. Below is more information about it via a news release from Groupe SGF:

Groupe SGF (Cannabis Legal Advisors and Consultants) announces the launch of a class action lawsuit on behalf of Mr. Gabriel Bélanger (Founder of Origami Extraction Inc.) against the Desjardins Federation, National Bank, Royal Bank, Bank of Montreal, TD Bank, and CIBC. The lawsuit alleges that the named banks have engaged in financial discrimination against actors in the legal cannabis industry in Canada.

The legal cannabis industry in Canada faces financial discrimination

The plaintiff, Gabriel Bélanger, is determined to expose to the Superior Court all he has suffered as an actor of the legal cannabis industry in relation with the defendants. The main allegations involve denials of opening bank accounts, sudden closures of current bank accounts, and denials of access to various financial tools such as mortgage loans and credit lines for legal cannabis industry businesses.

Class Action: Justice for industry actors

The class action includes all individuals or corporations that, directly or indirectly, do business with the major defendant banks and who are involved in the legal cannabis industry since October 17th, 2018.

For more information on the class action, please visit Groupe SGF’s website at https://groupesgf.ca/action-collectives-banques.

Quote

“For far too long, Canadian banks have treated the cannabis industry like pariahs, as if it was still completely illegal. By doing so, they are depriving the Canadian, but especially the local economy of developing a promising market.”

Me Maxime Guérin, Lawyer, Groupe SGF – Cannabis Legal Advisors and Consultants

About Groupe SGF – Cannabis Legal Advisors and Consultants and the Plaintiff

Groupe SGF is a Quebec law firm specializing in the cannabis industry. The company represents the interests of industry actors facing legal and financial challenges.

The plaintiff, Gabriel Bélanger, engineer, is the founder and main shareholder of Origami Extraction Inc., a cannabis micro-processing company located in Beauce.

SOURCE Groupe SGF – Conseillers juridiques et consultants en cannabis

For further information: Maxime Guérin, Lawyer, 418-476-2906 (dedicated line), 1-866-782-5910 (toll-free), max@groupesgf.ca

UK Study Finds PTSD Symptoms Improved After Cannabis Use

Post-traumatic stress disorder is a major public health issue all over the world. The prevalence of post-traumatic stress disorder (PTSD) is estimated to be 3.9% in the general population, and a much higher rate for those that have lived in countries where war and conflict has occurred.

According to the Mayo Clinic, “Post-traumatic stress disorder (PTSD) is a mental health condition that’s triggered by a terrifying event — either experiencing it or witnessing it.”

As with most health conditions, there are varying degrees of severity when it comes to PTSD, ranging from mild anxiety all the way to full blown panic attacks occurring regularly to the point that the patient can’t function. Flashbacks and regular nightmares are also symptoms of PTSD.

Fortunately, the cannabis plant has been found by a growing list of studies to help people that suffer from PTSD. A recent study in the United Kingdom found that cannabis use is associated with improved symptoms among patients suffering from PTSD. Below is more information about it via a news release from NORML:

London, United Kingdom: Patients with post-traumatic stress experience symptom improvements following the use of cannabis products, according to data published in the journal Expert Review of Neurotherapeutics.

British investigators assessed the safety and efficacy of cannabis products in 162 PTSD patients with a physician’s authorization. Study subjects were participants in the UK Medical Cannabis Registry. Study participants consumed either cannabis extracts or THC-dominant flowers for a period of six-months.

Authors reported that patients showed “statistically significant improvements” in a variety of domains, including sleep, anxiety, and stress. Self-reported adverse events were typically mild in severity.

“This observational study suggests an association between CBMP [cannabis-based medicinal products] treatment and improvement in PTSD-specific, HRQoL [health-related quality of life], sleep, and anxiety outcomes at up to 6-month follow-up,” they concluded. “CBMPs were well-tolerated and adverse events manageable. … [T]his study can serve to inform future randomized placebo-controlled trials with the aim of confirming these promising effects, whilst informing current clinical practice.”

Observational studies assessing the role of cannabinoids in mitigating symptoms of PTSD have generally yielded mixed results. A 2021 clinical trial reported that the inhalation of marijuana flowers provided limited benefits compared to placebo in treating symptoms of PTSD.

Full text of the study, “Assessment of clinical outcomes in patients with post-traumatic stress disorder: Analysis from the UK Medical Cannabis Registry,” appears in the journal Expert Review of Neurotherapeutics. Additional information on cannabis and post-traumatic stress is available from NORML’s publication, Clinical Applications for Cannabis & Cannabinoids.

Why Is Cannabis Content Being Blocked In Singapore?

Recently Netflix revealed the instances in which it removed or blocked content due to government demand. In the 23 years that Netflix has offered its services, the company has only removed or blocked content as part of a government demand in 9 instances. One of those instances involved cannabis content.

Singapore reportedly demanded that Netflix block cannabis content to users located in the country back in 2018. Specifically, the country demanded that Netflix block ‘a California-based cannabis cooking sitcom,’ citing cannabis prohibition in Singapore as justification for the demand. According to the report, Singapore has made three demands in total, involving 5 pieces of content. New Zealand, Vietnam, Germany, and Saudi Arabia all made one demand each.

Entertainment is a common source for people’s first exposure to cannabis. In decades past that was a very bad thing because of the way that cannabis was portrayed in the media at the time. At the very birth of cannabis prohibition in the United States, the media was manipulated to help form negative opinions about cannabis among the population. Consumers were literally shown taking one hit from a joint, then jumping out of windows or harming those around them. Because the media can reach such a wide audience, propaganda born in the United States was spread far and wide and greatly influenced perceptions about cannabis around the world.

In more recent decades cannabis consumption was portrayed in the media as being the cause of laziness and contributing to lower IQ scores. It was a less extreme portrayal of cannabis consumers, yet it was still very inaccurate and unfair. Cannabis consumers were portrayed as deadbeats that were incapable of contributing to society, which is obviously ridiculous. Fortunately, that has started to change in recent years.

Platforms like Netflix have allowed producers to create content that is much more realistic and accurately reflects what cannabis consumers look and act like, with cannabis consumers coming from all walks of life and socioeconomic backgrounds. People at all levels of society consume cannabis, and it’s important that people know the truth about cannabis (the good and the bad).

Cannabis consumers in many areas don’t know what the best practices are when it comes to consuming cannabis responsibly. What is a good starting dosage? What is the difference between smoking cannabis versus eating food infused with cannabis? Those are great questions for a cannabis cooking show to tackle in a comprehensive way, which is why Singapore’s approach to blocking cannabis content is ridiculous (among many other reasons).

Prohibiting cannabis while working to prevent objective cannabis media coverage and blocking educational cannabis content falsely assumes that such a strategy will result in people completely refraining from consuming cannabis and/or seeking out cannabis information. Obviously, history has clearly demonstrated that people are going to obtain cannabis regardless of if it’s legal or not, and some will consume cannabis in an irresponsible way because they simply don’t know any better.

Government officials in Singapore likely know that if they can keep a stranglehold on cannabis content, they can control the narrative, a narrative that is largely built on fear and intimidation. Singapore is home to some of the harshest cannabis laws on the planet, with come offenses carrying the death penalty. Even personal possession can result in a decade in prison, and can even result in the offender being caned, so it’s not entirely surprising that Netflix cannabis content is blocked in Singapore, although it is still a very sad situation.

Dana Rohrabacher Talks Cannabis and Trump’s Support for Legalization

Politics can make strange bedfellows. It is a cliche, but it is simply the truth, especially in the United States. There aren’t many political issues that progressive Oregon Senators Ron Wyden and Jeff Merkley have in common with conservative Kentucky Senators Randy Paul and Mitch McConnell, yet they combined forces to (re-)legalize hemp across the nation. Portland’s liberal icon, Representative Earl Blumenauer didn’t agree with his Orange County Republican counterpart, Dana Rohrabacher, very often, but when they did, it was because they both were congressional leaders working to end cannabis prohibition.

Rohrabacher is no longer in Congress, but his political achievements live on while he takes his post-political message across the globe, starting tomorrow at the International Cannabis Business Conference in Zurich, Switzerland. The Swiss weekly Die Weltwoche asked Rohrabacher about his history, legalization, and Donald Trump in a wide-ranging, extensive interview:

Does the president agree with you on marijuana legalization?

Yes. And, in fact, after we talked at several stops during his campaign (his first campaign), he reconfirmed that position. His position is medical marijuana should be legal. After that, cannabis for adult consumption should be left up to the states.

You even said, “Trump is the greatest hope for future cannabis reforms.”

Absolutely right. A large segment of the Republican Party has opposed any legalization of cannabis laws. I’ve been at this for about 15 or 20 years, now. The roadblock has always been my fellow Republicans. They have been afraid to legalize cannabis, even for medical purposes. Basically, they are afraid their constituency would vote them out.

I know a lot of people who think that Big Pharma has been the evil source nixing cannabis liberalization. It wasn’t Big Pharma that kept it illegal, it was Republican Congress members who were afraid that a majority of their voters would not approve this and they wouldn’t be reelected.

What I did is I found the one way to reach those congressional Republicans so they could defend themselves against political attacks from within their own party. The winning approach was focused on states rights. After years of trying, I finally managed to get a vote on the House floor on restricting the federal government to supersede those laws in the states that legalize the use of medical marijuana. It’s called the Rohrabacher-Farr amendment. [It passed by a 219-189 vote in May of 2014 and was signed into law by President Obama in December, that year.]

(Definitely check out the entire interview with Die Weltwoche.)

Regardless of one’s political leanings on other issues, it takes a bipartisan approach to end cannabis prohibition, just as it did with hemp. Thanks to Dana Rohrabacher, the U.S. is in a much better position today to capture the Republican votes needed to soon end the failed war on cannabis. Hopefully, more politicians will soon get on the right side of history.

There is still time to hear Dana Rohrabacher and a whole host of experts at the International Cannabis Business Conference in Zurich. After our conference, stick around for CannaTrade, Europe’s oldest hemp fair. All Zurich attendees also get admitted to Cannatrade, so get your tickets today!

Die Welt, One of Germany’s Most Influential Newspapers, Touts the International Cannabis Business Conference

Germany’s medical cannabis program has grown by leaps and bounds and you don’t have to be too knowledgeable about Europe to know the influence that the German economy has on the region.  The International Cannabis Business Conference has grown right along with Germany’s cannabis market, and the Berlin event has become the conferences flagship with more than 1,200 people from 60 nations in attendance. The recent conference in Berlin was an epic success, setting up Zurich with CannaTrade on May 15-16, and Die Welt, one of Germany’s most influential newspapers (third in circulation), took notice, covering the International Cannabis Business Conference in Berlin:

A scent of marijuana is in the air on Friedrichstrasse in Berlin. A whole crowd of participants of the “International Cannabis Business Conference” produces a cloud of smoke with the typical grass smell in front of the entrance to the Maritim Hotel.

1200 business people have paid hundreds of euros for their ticket, have traveled from Portugal, Canada, the US, Israel and other countries – just to attend this conference. ”The market is booming,” says its founder Alex Rogers in early April in Berlin.

Since 2017, there is medical cannabis in Germany on prescription. In the industry, it is estimated that the market potential in Germany is 800,000 patients, currently there are only 40,000. Overall, the statutory health insurance companies took over about 185,000 prescriptions in 2018, gross sales: about 74 million euros. In addition, the cultivation in this country should begin in 2019.

The young market is creating a craze – with consultancies, technology companies, importers, and investors promoting Roger’s conference. But what about the boom? Will not rapeseed and hop fields soon shape the German landscape, but greenhouses with cannabis plants? ”Berlin is the biggest of our conferences this year. Bigger even than the events in Canada and the US, “says Rogers. As some of the participants hope for legalization worldwide, others focus on medical cannabis.

(Unfortunately, the full Die Welt article is behind a paywall, but you can sign up for a free 30 day subscription.)

As legalization, both for medical purposes and adult use, continues to gain momentum across the globe, we will certainly see even more mainstream coverage from major publications like Die Welt. The International Cannabis Business Conference looks forward to connecting investors, entrepreneurs, and advocates together to create more revenue, jobs, and freedom around the world. Next up: Zurich, Switzerland! (Discounted early-bird ticket sales available until April 24th.)

 

First German Cannabis Cultivation Bids Announced!

The German medical cannabis system has been an innovative pioneer in a few respects, helping thousands of patients get access to tested medicinal cannabis that is covered by their insurance programs. However, regulatory burdens and the lack of domestic cultivation have hindered the program, increasing prices and decreasing the availability of strains and products. The German government has been accepting domestic cultivation applications in a process that has been complicated and shrouded in secrecy. Applicants could not even speak about applying or their bid would be hindered, as was discussed at the recent International Cannabis Business Conference in Berlin. Last week, Germany took a big step forward announcing three companies that have been selected for licenses, pending some issues still left to be worked out.

Our good friends at the German Cannabis Association (DHV) informed their supporters of this historic news in a newsletter (slight editing done due to Google translation issues):

One day after the International Cannabis Business Conference a message came in, with the judge not before 10:04. had expected. On Wednesday, the Federal Institute for Drugs and Medical Devices (BfArM) informed the 79 candidates who had applied for the cultivation of medicinal purposes in Germany. Accordingly, three companies, including the Canadian producer Aurora and Aphria and the German company Demecan should, (produce) the first medical cannabis in Germany grow(n). Originally, the Düsseldorf Higher Regional Court should adjudicate on an application that ran against the second licensing round on 04.10.2019. Given the ever-increasing numbers of patients but also advertised by the Cannabis Agency amount will not be enough and Germany will continue to be dependent on imports of medicinal purposes. Other licensing agreements are inevitable to meet as a medicine the increasing demand for cannabis from the perspective of the German Cannabis Association.

The sooner that domestic cultivation can occur, the better it will be for patients. The competition should be good for patients as Marguerite Arnold wrote for the Cannabis Industry Journal, importing into the country is also increasing, so prices should drop:

Several weeks ago, a Frankfurt-based distribution start-up announced that they had successfully imported cannabis into the country from Macedonian-based Nysk Holdings via Poland.

At the International Cannabis Business Conference in Berlin last weekend, Australian producers (for one) were also reporting a German demand for their product that was greater than they could fill. And there were many Israelis present for what is expected to be an official opening of their import ability by the third quarter of this year.

The bid itself is going to have a powerful impact on pricing in both the German and European market beyond that. It represents the first time in any country that a government has attempted to pre-negotiate prices for the drug as a narcotic beyond Israel and in this case, it will have at least regional implications.

While there are gonna be some more ups and downs, including lawsuits and bureaucratic wrangling, but Germany moving forward with domestic cultivation licenses is a great step forward for patients and the German cannabis industry. What happens in Germany ripples across the European continent and beyond, and you can learn the latest about these bids and the greater European industry at the next International Cannabis Business Conference in Zurich, Switzerland, this May 15th-16th, in collaboration with CannaTrade (taking place the 17th-19th), get your early-bird tickets by April 24th to save.