The Drug Enforcement Administration (DEA) published its formal proposal for cannabis rescheduling, officially putting what is set to be the most meaningful overhaul of cannabis regulation in 50-years into motion. Tuesday’s (May 21, 2024) publication of the proposal means that the 60-day comment period is now open, giving commenters until July 22 to submit their comments electronically. Interested parties may also file a request for a hearing on or before June 20. In its proposal, the DEA says that the Attorney General has determined that cannabis does not appear to meet the elements of a Sched ..read more

Cannabis rescheduling in the US, a landmark legislative move that has held the attention of the global cannabis industry since it was first proposed in August last year, was officially backed by the Biden administration last week for the first time. With the full weight of the US government now seemingly behind what it views as a vote winning initiative, the prospect of cannabis being reclassified as a Schedule III alongside codeine and testosterone now seems more likely than ever. While the move has been hailed as a major win for the country’s leading cannabis operators thanks to the tax brea ..read more

Canada’s medical cannabis market has continued to decline post-legalization, new figures from Health Canada have shown. In the final quarter of 2023, the number of registrations for medical clients with federally licensed sellers fell by 2%, dropping from 188,301 in September 2023 to 183,909 in December 2023. This decline continues a trend that started in 2019, with year-on-year registrations falling nearly 20% from 224,474 in December 2022. The vast majority of individuals access cannabis for medical purposes from quality-controlled federally licensed sellers, and the average daily amount aut ..read more

Written for Business of Cannabis by Prohibition Partners Senior Analyst Alex Khourdaji   In the late evening of 16th May 2024, the Bundestag held its first reading of the first draft law to amend the Consumer Cannabis Act and the Medical Cannabis Act in the Bundestag as well as amendments to the Road Traffic Act. The Bundestag draft amendments by the Traffic Light Coalition cover cannabis-related traffic regulations, flexibility for the states regarding controls and large cultivation areas of cannabis associations, restrictions on commercial providers, and the implementation of ..read more

Cannabis rescheduling is ‘likely’ to take place before the upcoming presidential election, according to new analysis from the Bank of America. Last week President Joe Biden has officially confirmed that cannabis is set to be rescheduled from a Schedule I substance to a Schedule III. This ‘tectonic shift’ in policy has been widely expected since April 30 when reports from the Associated Press suggested that sources within the Drug Enforcement Administration (DEA) confirmed they would support the move, with later confirmation coming from the Justice Department. While the White House has refused ..read more

President Joe Biden has officially confirmed that cannabis is set to be rescheduled from a Schedule I substance to a Schedule III. This ‘tectonic shift’ in policy has been widely expected since April 30 when reports from the Associated Press suggested that sources within the Drug Enforcement Administration (DEA) confirmed they would support the move, with later confirmation coming from the Justice Department. While the White House has refused to engage with questions on the topic ever since, statements from Biden, Vice President Kamala Harris, and White House Press Secretary Karine Jean-Pierre ..read more

Germany’s Federal Minister of Food and Agriculture has suggested that the country’s controversial ‘intoxication clause’ could soon be scrapped. During a parliamentary event earlier this week, hosted by the German Cannabis Business Association (BvCW), Cem Özdemir signalled that work is underway to delete the clause, in what will come as long-awaited and welcome news for the country’s hemp industry. This ‘incomprehensible clause’, which was not scrapped in the recent Cannabis Act despite continued calls from across the industry, means that farmers are only able to produce industrial hemp with a ..read more

Cresco Labs, one of the largest medical cannabis producers in Ohio, has planted its first crop of nearly 1000 cannabis plants specifically meant for the recreational market, which could potentially open up in the coming weeks. Despite sprinting into action just a day after it was announced that the political deadlock on adult-use cannabis licensing had finally been broken, Cresco has cautioned that, given the abrupt announcement, supply chain issues could still be on the horizon. Earlier this week, Business of Cannabis reported that the Joint Committee on Agency Rule Review gave final approval ..read more

New York’s beleaguered cannabis regulators have been hit with another lawsuit that seeks to invalidate hundreds of licenses in the already underserved state. According to Law 360, the suit is taking aim at the state’s CAURD programme, which was designed to give social equity applicants a head start in New York’s fledgling adult-use cannabis market. A state New York Supreme Court judge has been called on to invalidate 463 cannabis retail permits issued to CAURD applicants last year amid allegations that the authorities overlooked a step in the licensing process. Although only 122 of those busin ..read more

SOMAÍ Group (“SOMAÍ”) and its subsidiary, RPK Biopharma expanded their existing partnership with Cookies Creative Consulting & Promotions, Inc., a California corporation (“CCC&P”) to include additional territories for the dried flower portfolio and manufacture different extract products. The amendment enables SOMAÍ to exclusively cultivate, manufacture, and distribute Cookies branded products through its distribution partners in UK, Germany, Portugal, Poland, Malta, and the Czech Republic. Cookies is globally recognized as the most sought-after and top-selling ..read more