Could Pennsylvania be the next state to legalize medical cannabis?

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Last Wednesday the Pennsylvania House of Representatives went ahead with a bill by a 149-43 vote that if enacted into law would allow medical doctors in the state to prescribe marijuana creams, gels, oils, ointments and pills, as well as cannabis in liquid form.

Although the Senate passed a previous version of the legislation by a 40-7 vote last May, it has since then been amended to limit the qualifying conditions.

Democratic Gov Tom Wolf said that if the measure reaches the governor’s office he would sign it into law.  Wolf has long been supporter of legalizing medical cannabis and before the House voted, the governor encouraged lawmakers to approve the bill. “It is time to legalize medical marijuana because we should not deny doctor-recommended treatment that could help people suffering from seizures or cancer patients affected by chemotherapy,” “I urge quick action by the Legislature to legalize medical marijuana” he said last Tuesday.

The list of ailments that medical practitioners will be able to prescribe marijuana for include conditions such as AIDS, cancer, epilepsy, glaucoma and multiple sclerosis, as well as chronic or intractable pain. It would also allow the state to regulate cannabis dispensaries and growing facilities.

This initiative would make Pennsylvania the 24th to legalized medical marijuana with another 10 states on the ballot for 2016.

Cannabis Industry projected to top $40 billion by 2020

45ab60a0-ea0a-11e5-8f99-cf5ffbf339aa_Marijuana-econ-impactIt’s no surprise that the legal weed business is blooming (no pun intended).

Marijuana Business Daily recently published its annual report on the U.S. cannabis industry and predicts up to $44 billion in economic impact by 2020. They have been producing this publication since 2012 and they predicted $14 billion to $17 billion in impact for 2016. This very comprehensive report accounts for all the fringe benefits the industry produces from light manufacturers, grow properties and transport, just to name a few. Their rough estimate is that for every dollar spent directly on the marijuana economy that it adds $3 for all the support services.

All this positive economic impact though hinges on many varying factors and most notably the next federal election.  While most Republican leaders mostly oppose the legal cannabis industry, front runner Donald Trump though commenting about his pro stance to medical marijuana, there is still potential to see all this progress come to a screeching halt.

However should we be fortunate to see another Democratic president things are looking good.  While Hilary Clinton isn’t pro to completely legalizing cannabis, she isn’t against it either.  Bernie Sanders though is an industry advocate and leading the charge for a completely legal and federally regulated industry and finally putting and end to the enormous failure that is the “War on Drugs.”

With the momentum on the side of legalization, 24 states and DC now having legal cannabis industry, things are looking good.  More regulation will bring more certainty and more safety. President Obama has given financial institutions the go ahead to start accepting deposits from the legal weed industry. As the industry moves forward the financial benefit to the country will be huge and we look forward to welcoming all this progress and the projected $40 billion it will add to the economy.

Prescription drug deaths drop by 25% in states with legalized medical marijuana

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The title is no shock to anyone who follows the medical marijuana industry at all.  Prescription drug use in America is at an all time high, but states that have approved medical marijuana as an alternative to opioids have a 25% reduction in overdose deaths.

This is partially due to patients that are experiencing chronic pain can substitute or supplement marijuana for their pain pills and are able to take smaller (or no) doses of the pills and are less likely to experience an overdose.  Since there has; as far as we know no known overdoes on marijuana it suggests the substitution is the most likely reason for the reduction in deaths.

As always though there are skeptics. Dr. Andrew Kolodny, chief medical officer at Phoenix House believes this has less to do with cannabis as a substitute for prescription pain pills and more to do with a proactive approach to treatment of addiction.

This theory though doesn’t hold much weight as opiate pain pills are the drug of choice for the 21st century and these painkillers are tearing apart the fabric of American society. More people are addicted to these pills than to cocaine, heroin and crystal meth combined, and they’re second only to traffic accidents as the leading cause of accidental death.

As more and more states warm up to the idea of marijuana as a medical (or recreational) drug with huge health benefits, the more it will enable the study of it’s medicinal qualities.  If any case cannabis looks to be a better option than pain pills.

Could Cannabis Become California’s Next Big Ag Crop?

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California currently produces more food than any other state in the country.  What if legally cultivated cannabis was one of those crops?

The possibility has many farmers seriously considering adding it to their list of crops.  At today’s market price 1 acre could potentially net a farmer $19 million; albeit that price would drop considerably if enough supply came onto the market.  Even then though the crop is far more lucrative than the usual tomatoes, cotton, corn, etc.

This whole concept hinges on the states upcoming vote on November 8th, on Initiative #15-0103 to legalize marijuana and hemp under state law. This initiative would enact a sales tax of 15% and a cultivation tax of $9.25 per ounce for flowers and $2.75 per ounce for leaves, with exceptions for qualifying medical marijuana sales and cultivation.

The initiative does however have measures in place to keep big Ag out of the market for the first 5 years.  This is to protect the little guy for now, but there is one role big farms can play: growing hemp, which has lower THC levels and can be used to make paper, cloth and soap.

Although there have been a number of proposed initiates in the past this one seems to have the right things and people behind it to make it all the way to the ballot box.  It’s already received backing from former Facebook president Sean Parker, the Drug Policy Action and NORML.

Details of the upcoming initiative can be found at https://ballotpedia.org/California_Control,_Regulate_and_Tax_Adult_Use_of_Marijuana_Initiative_(2016)