In the Weeds: Highlights in the Budding Cannabis, Hemp and CBD Industries

McGuireWoods LLP

Newsworthy Highlights

  • The National Institute of Standards and Technology published a 196-page report from the Cannabis Quality Assurance Program analyzing cannabis testing labs quantification of CBD and THC. The report found most labs correctly quantify THC and CBD.
  • Aurum Labs obtained certification by the Colorado Department of Public Health and Environment (CDPHE) to conduct hemp compliance testing for manufactured industrial hemp products and is in the final stages of Drug Enforcement Agency (DEA) registration. According to a press release, Aurum is expected to be the first testing lab to be both DEA registered and Colorado state certified.

Grassroots Federal/State Legislative Highlights

  • The New Jersey Cannabis Regulatory Commission has published rules for the recreational cannabis market on its adult-use cannabis program that outline the licensing categories, license fees and other requirements for cannabis products.
  • The Pennsylvania State Medical Marijuana Board rejected requests to add to the list of conditions that qualify people for medical marijuana. The board rejected bids to allow medical marijuana for traumatic brain injury, hepatitis, hepatitis C and chronic insomnia that isn’t responding to other treatments. The state’s medical cannabis law currently has 23 qualifying conditions. According to The Daily Item, board members were concerned the conditions were overly broad and may have allowed people to obtain medical marijuana cards in cases that were inappropriate.
  • The Ohio Coalition to Regulate Marijuana Like Alcohol resubmitted to the Ohio attorney general its previously rejected petition proposing a new chapter to the Ohio Revised Code to legalize adult-use marijuana. The initial petition was rejected by the AG based on several enumerated deficiencies. The petition now has additional signatures. If approved, additional procedural processes are triggered, including a requirement to obtain more signatures to move forward.

Investments and Transactions

  • Eaze will acquire multistate retail leader Green Dragon, creating the nation’s largest MSO delivery operation and the biggest California-headquartered MSO. On Aug. 18, 2021, Eaze and Green Dragon announced they reached an agreement to provide service to customers and patients in California, Colorado, Michigan and Florida. The transaction is pending local and state regulatory approval. According to the announcement, the combined company will operate 42 delivery and storefront retail locations.
  • SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF), a global cannabis consumer packaged-goods company, announced it closed its acquisition of HI-FI, Vermont’s largest medical cannabis company, expanding SLANG’s core markets of Colorado and Oregon into Vermont.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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