Illinois pulls in $52 million in first 6 months of marijuana legalization

The legalization of marijuana in Illinois brought in $52 million during the first six months of 2020, the governor’s office said Tuesday.

Illinois Gov. JB Pritzker said the $52 million makes up the industry’s tax revenue for the first half of the year, and he promised to reinvest that money in local communities.

“Illinois has done more to put justice and equity at the forefront of this industry than any other state in the nation, and we’re ensuring that communities that have been hurt by the war on drugs have the opportunity to participate,” Pritzker said.

The sale and usage of marijuana in Illinois was legalized effective Jan. 1, though both remain heavily regulated.

Read more at Stl Today.

Biden-Sanders task force comes short of calling to legalize marijuana

The camps of presumed 2020 Democratic Party nominee Joe Biden and former rival Sen. Bernie Sanders have come together to hammer out joint policy recommendations to unite the moderate and progressive wings of the party — but marijuana was one issue they could not agree on.

Sanders vowed to legalize marijuana via executive order on his first day in office. Biden, however, has been reluctant to call for legalizing pot.

As a compromise, the “Unity Task Force” instead calls for rescheduling the drug and decriminalizing its use, legalizing it at the federal level only for medical use.

The difference is this: Decriminalization would only relax penalties for marijuana use and possession. Full legalization would open the doors for marijuana to be regulated and taxed on the federal level.

Continue reading here…

New York looked poised to legalize marijuana in 2020. Then COVID struck. Here’s what is next

Count legal marijuana in New York among the victims of COVID-19, along with the hundreds of millions in tax dollars and thousands of jobs legalization might have generated.

Gov. Andrew Cuomo said on the last day of March that the state’s spring legislative session was “effectively over” after several state lawmakers tested positive for the coronavirus.

They came back in June to address COVID-related issues, but didn’t address other outstanding issues.

Among the unfinished items Cuomo said would have to wait until next year was the legalization of marijuana for adult recreational use. Of the eight other states that were poised to legalize pot this year, only three appeared on track for legal weed in 2020.

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CDC flooded with comments on marijuana and kratom as alternative painkillers ahead of deadline

Federal regulators looking into pain management options at the Centers for Disease Control and Prevention have received hundreds of comments related to medical marijuana and more than 1,000 about kratom.

The federal agency’s National Center for Injury Prevention and Control is looking for input on “individual stakeholder’s values and preferences related to pain and pain management options,” it said in an e-mail last week.

“Through this opportunity, CDC is seeking stakeholders’ perspectives on and experiences with pain and pain management, including, but not limited to, the benefits and harms of opioid use,” it said. “CDC invites input specifically on topics focused on using or prescribing opioid pain medications, non-opioid medications, or non-pharmacological treatments (e.g., exercise therapy or cognitive behavioral therapy).”

Read more at MSN.

Meet the Vermont marijuana legalization advocate running for the office of ‘high bailiff’

The irony is not lost on Dave Silberman. The Vermont-based drug policy advocate and lawyer who has been working for years to reform the state’s marijuana laws is running for the office of … high bailiff.

No, really. In Vermont, each county elects a high bailiff whose singular responsibility is to arrest the sheriff if they engage in unlawful conduct. Silberman wants to occupy that position in Addison County — and he plans to use it as a platform to advance bold reforms, including legalizing all drugs.

The candidate recently spoke to Marijuana Moment about the need to have a person challenging the status quo — rather than someone in law enforcement, as is typically the case for high bailiffs — assume the role.

Read more at the Boston Globe

Cannabis and COVID-19: Pandemic’s Impact on Legalization and Legislation

By early 2020, marijuana had made tremendous strides toward legalization—for either medicinal or recreational purposes—in most states and even implicit federal recognition in the form of safe-harbor legislation for insurers and banks conducting business with the cannabis sector. But then COVID-19 struck, and progress predictably slowed. Nonetheless, unintended effects of the global pandemic may ultimately usher in a new wave of legalization and protection for marijuana businesses and the insurers and banks who work with them.

Jan. 1 marked the first day of adult-use marijuana sales in Illinois, the latest state to legalize marijuana for adults and the first to provide a comprehensive legal blueprint in the form of legislation that addresses everything from taxation to social justice. In all, at the beginning of 2020, medical marijuana was legal in 33 states, and another 11 had legalized recreational adult use, with several other states—most notably, New York and New Jersey—making a big push to do the same, despite marijuana’s continued illegal status at the federal level.

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Most People In Recreational Marijuana States Believe Legalization Is A Success, Poll Finds

People who live in states that have legalized marijuana for adult use broadly feel that the policy has been a success, according to a new poll.

A majority of people from eight states that were surveyed said the programs are working well. And in Maine, which legalized cannabis in 2016 but still doesn’t have any adult-use retail shops open, people still said the law is more of a success than a failure by a greater than two-to-one plurality.

YouGov asked more than 32,000 people the following question: “In the states that have decided to allow recreational marijuana use, do you think the legislation has been a success or a failure?”

They were given five options: “Success only, more of a success than a failure, more of a failure than a success, failure only or don’t know.”

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New Virginia law recognizes hemp extracts as food

The State of Virginia has passed a law defining hemp extracts as an approved food. The law also allows a more liberal amount of THC in these products during the growth phase than does the federal description of industrial hemp.

The new definition is part of a law passed by the state to set up a fund to promote industrial hemp production within Virginia.

There are a number of states in which medical marijuana products have been approved, and a smaller number in which full recreational cannabis use is allowed. The market for hemp/CBD extracts is thriving in these locations, and CBD products marketed as dietary supplements, while technically illegal on the federal level, seem to be available throughout the country, either online or in brick and mortar outlets.

Read more here…

Why is Marijuana Legalization Not Covered in Mainstream Media?

One of the things I have said often in speeches and written about is that the best two-word explanation for marijuana prohibition is bad journalism. You’ll hear that again, and again.

There are so many examples of that. Don’t get me started.

I remember, for example, when I was at NORML, there was a really terrible article in The Washington Times which tends to specialize in articles about marijuana in particular. So I called up the reporter and said, “Could I send you some material that contradicts the party line?” She said, “Oh, I’d love to see it, but that, you know, there’s really no point in it. I was just given this assignment. I probably will be writing about it again.” But what I had to do was to call the drug czars office and get them to say something. And that was journalism dealing with marijuana. You know, it doesn’t matter whether it’s true or not. And this went on for decades.

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COVID-19 Will Now Derail New York Marijuana Legalization

New York lawmakers will prioritize response to the novel coronavirus pandemic and likely delay marijuana legalization.

New York Gov. Andrew Cuomo intended to legalize adult-use marijuana through the state budget this session, but the novel coronavirus outbreak may force the issue on the back burner. The state budget is due in two weeks and key lawmakers now believe issues around legalization, including how the state will spend tax revenue created by marijuana sales, will not be negotiated in time.

State Sen. Liz Krueger sponsored a recently revised legalization bill, but the state’s reaction to the ongoing pandemic takes precedence.

“I don’t believe marijuana is going to be negotiated in this budget in the next few days,” Krueger told WMHT. “I just don’t see it as realistic.”

Read more at The Fresh Toast

Marijuana Legalization Measure Officially Qualifies For South Dakota 2020 Ballotv

“The proposed constitutional amendment, which was submitted by a former federal prosecutor in September, would allow adults 21 and older to possess and distribute up to one ounce of marijuana. Individuals would also be allowed to cultivate up to three cannabis plants.

Under the broader recreational legalization proposal, the South Dakota Department of Revenue would be responsible for issuing licenses for manufacturers, testing facilities and retailers. And sales on cannabis products would be taxed at 15 percent, with revenue earmarked to cover the program’s implementation, public education, and the state general fund.

“As outlined in South Dakota Codified Law § 2-1-16, our office conducted a random sample of the petition signatures and found 68.74 percent to be valid,” Secretary of State Steven Barnett (R) said in a press release. Based on the results of the random sample, 36,707 signatures were deemed valid, his office projected.

“At this point, it appears increasingly unlikely that Congress will pass legislation this year to fix our nation’s broken federal marijuana laws,” Schweich, who played a central role in overseeing the signature-gathering drives for both South Dakota initiatives, said. “Therefore it is crucial that our movement win as many ballot initiative campaigns as possible this November and increase the pressure on Congress to take action. That is how we will ensure success at the federal level in 2021.”

Read the complete article at MARIJUANA MOMENT.

Is Marijuana Use Associated With A Higher Risk Of Cancer?

“As the use of marijuana is increasing in the United States, researchers are asking whether the use of this substance — particularly smoking joints — is associated with an increased risk of any form of cancer, and, if so, which.

Marijuana is one of the most widely used drugs in the United States, with more than one in seven adults reporting that they used marijuana in 2017.

Statistical reports project that sales of cannabis for recreational purposes in the U.S. will amount to $11,670 million between 2014 and 2020.

According to recent research trusted Source, smoking a joint remains one of the main ways in which individuals use marijuana recreationally.

While specialists already know that smoking tobacco cigarettes is a top risk factor for many forms of cancer, it remains unclear whether smoking marijuana can increase cancer risk in a similar way.

To try to find out whether there is a link between recreational marijuana use and cancer, researchers from the Northern California Institute of Research and Education in San Francisco and other collaborating institutions recently conducted a systematic review and meta-analysis of studies assessing this potential association.

In their paper — which appears in JAMA Network OpenTrusted Source — the team notes that marijuana joints and tobacco cigarettes share many of the same potentially carcinogenic substances.

“Marijuana smoke and tobacco smoke share carcinogens, including toxic gases, reactive oxygen species, and polycyclic aromatic hydrocarbons, such as benzo[alpha]pyrene and phenols, which are 20 times higher in unfiltered marijuana than in cigarette smoke,” write first author Dr. Mehrnaz Ghasemiesfe and colleagues.

‘Misinformation — a threat to public health’

Dr. Ghasemiesfe and the team identified 25 studies assessing the link between marijuana use and the risk of developing different forms of cancer. More specifically, eight of these studies focused on lung cancer, nine looked at head and neck cancers, seven examined urogenital cancers, and four covered various other forms of cancer.

The studies found associations of different strengths between long-term marijuana use and various forms of cancer.

The researchers note that the study results regarding the link between marijuana lung cancer risk were mixed — so much so that they were unable to pool the data.

For head and neck cancer, the researchers concluded that “ever use,” which they define as exposure equivalent to smoking one joint a day for 1 year, did not appear to increase the risk, although the strength of the evidence was low. However, the studies produced mixed findings for heavier users.

Read the full article at Medical News Today

Why It’s Still So Hard to Sell Medical Marijuana in Asia

“Marijuana legalization seems to be making strides across the globe, but there are still plenty of pockets where the idea faces fierce resistance, namely in Asia.

Recreational cannabis has been legal in Uruguay since 2013—the first full legalization of the modern era—and in Canada since 2018. In the U.S., recreational pot is legal in the District of Columbia and 11 states, starting in 2012 with Colorado and Washington and most recently with Michigan this week. Medical marijuana is legal in several more U.S. states and many more countries.

Australia, New Zealand, and various countries in Europe are either looking to legalize or have already legalized medical marijuana. But in Asia, cannabis is illegal almost everywhere. In Singapore and Malaysia, possession can lead to the death penalty.

Two countries, South Korea and Thailand, broke from Asia’s anti-marijuana stance by legalizing the product for medical purposes in 2018. The move opened the door to medical marijuana companies looking for new markets.

Nicole Godresse, director of emerging markets in the Asia Pacific for Canadian medical cannabis firm Tilray, also spoke at the Infinity Ventures Summit and described Tilray’s strategy in Australia and New Zealand, which the company hopes to replicate in Thailand.

Tilray—which became the first cannabis company to list on NASDAQ when it went public in 2018—is currently the number one medical cannabis company by market share in Australia and New Zealand.

Sachdev said he is “very proud” that medical cannabis was legalized in Thailand, and hopes other Asian nations will follow suit.

Read the complete article at Fortune

Reasons Marijuana Legalization Seems To Be Failing

“When it was first proposed, the concept of marijuana legalization seemed solid enough. Take the world’s most popular illicit substance, establish a taxed and regulated marketplace and watch all of the evil associated with the herb – the criminal activity, the youth consumption –fade away into a footnote of American history. And by all accounts, it was a plan that should have worked.

One of the biggest arguments made by cannabis advocates when trying to sell their spiel to politicians and voters was that legal weed would eliminate the black market. This, they said, would make it more difficult for children to get their hands on pot than in decades past while also generating significant tax revenue for the states. But the underground pot trade hasn’t really gone anywhere. In fact, it is only growing stronger now that criminal organizations have the luxury of being domestically based instead of running distribution from Mexico.

All one needs to do is take a look at California, which legalized the leaf a couple of years ago, to see that this is true.

There is simply no shortage of illicit operations (large and small) trying to capitalize on pot’s forward momentum. It’s a development that continues to benefit the average cannabis consumer, so they’re not really complaining. As I pointed out in a previous column for Forbes, “marijuana legalization breeds a better black market.” It’s a statement that seems to be more accurate with each passing day.

But once again, this is another fail.

Diehard cannabis advocates might argue that all of the black market madness exists because of conflicting federal and state law. There was even a point where I would have been inclined to agree that federal prohibition is the real monster behind all of this ruckus. But I’m not convinced at this juncture, at least not 100 percent. Why? Well, just take a look to the north in Canada, where marijuana has been legal nationwide for the past year. Its black market pot trade is still way stronger than the legal sector.

It could even be said that the push to convince the world that pot users are something they are not might be leading the cannabis trade to ruins. While the growing and selling of marijuana was once touted as a great job creator, many leading cannabis firms have been laying off hundreds of employees as of late. Canadian-based producer Hexo is slashing 200 jobs, while CannaTrust is cutting 140. In the United States, Eaze recently announced that it was eliminating 36 positions. The popular Weedmaps is also trimming the fat. The company says it will get rid of 100 employees.

Read more at Forbes

Texas Officials Suddenly Shut Down Medical Marijuana Dispensary Licensing Process

“A week into opening the application process for medical cannabis dispensaries to apply for permits in Texas, the Texas Department of Public Safety — without warning — suspended the process.

“The Department’s Compassionate Use Program is not accepting applications at this time,” it says on the department’s website. The sudden announcement comes nearly a month after the state said it would keep the application process open for a month, from Oct. 1 through Nov. 1.

The move by the state agency came as a shock to advocacy groups who were eager for the state to move forward on medical cannabis expansion months after the Legislature expanded the list of conditions that qualify for the medicine under the Compassionate Use Program to include seizure disorders; amyotrophic lateral sclerosis, or ALS; terminal cancer and autism. Previously, the medicine was only available to people with intractable epilepsy who met certain requirements.

The move by the state agency came as a shock to advocacy groups who were eager for the state to move forward on medical cannabis expansion months after the Legislature expanded the list of conditions that qualify for the medicine under the Compassionate Use Program to include seizure disorders; amyotrophic lateral sclerosis, or ALS; terminal cancer and autism. Previously, the medicine was only available to people with intractable epilepsy who met certain requirements.

In September, the Texas Department of State Health Services held a public hearing to help determine which incurable neurodegenerative disorders would qualify for the medicine under the new bill. Until those conditions are officially determined — a process that could take months, she said — and the state has an accurate patient count, the DPS might have to stop accepting applications for new dispensaries.

Marijuana Moment

Many Teens Are Using Ultra-Potent ‘Marijuana Concentrates’

A striking proportion of teens are using highly potent forms of marijuana known as marijuana concentrates, at least in one state, a new study suggests.

The study, published today (Aug. 26) in the journal Pediatrics, analyzed data from nearly 50,000 eighth, 10th and 12th graders in Arizona. The researchers found that one-third of participants said they had used marijuana, and nearly a quarter said they had used marijuana concentrates at least once in their lives.

Marijuana concentrates are substances with very high levels of THC (tetrahydrocannabinol), the active ingredient in marijuana responsible for the drug’s intoxicating effects. Sometimes known as “butane hash oil,” “dab,” “wax,” “crumble” or “shatter,” these concentrates typically contain three times more THC than does the dried marijuana flower.

It’s important to note that the new study only included teens in Arizona, and the percentage of teens who use marijuana concentrates in other states is unknown. More studies will be needed to understand if the trend is confined to Arizona, or whether it’s happening in other states as well.

The usage rates could be similar in other states that have legalized medical cannabis, as Arizona has, Meier said. However, some states have legalized medical cannabis but not marijuana concentrates, so their use might be lower in those ones, she added. It’s also unclear whether states that allow recreational marijuana in addition to medical marijuana have higher rates of teen marijuana-concentrate use.

A yearly national survey known as Monitoring the Future, which looks at drug use among teens across the U.S., has also examined rates of marijuana-concentrate use to some extent. However, that survey classifies “concentrated THC” as a hallucinogen, and so only teens who report the use of hallucinogens are asked about the use of concentrated THC. As a result, this type of questioning tends to underestimate use, Meier said. In 2018, the Monitoring the Future survey found that just 1.1% of 12th graders reported the use of concentrated THC.

The new study also found that teens who used marijuana concentrates had much higher rates of electronic cigarette use. Indeed, teens who used marijuana concentrates were three times more likely to report using e-cigarettes, compared to those who used other forms of marijuana. (Teens are probably using e-cigarettes to vape marijuana.)

Read the full article at Live Science

How Legal Marijuana Is Helping the Black Market

“When the new marijuana shop opened up just down the street from his own marijuana shop, Greg Meguerian, owner of The Refinery in Los Angeles, kept an eye on it. When that shop stayed open past the legal closing time of 10 p.m. and sold customers over a quarter-pound of cannabis at once, four times more than the legal limit, Meguerian knew he wasn’t competing with a licensed dispensary.

The 15 Spot—as the tarp sign hung in front says doesn’t appear on Los Angeles’ list of authorized retail businesses. Meguerian and his lawyer reported the dispensary, but it’s still open—and Meguerian is paying a price. He said his sales are down noticeably since his illicit competitor moved in. Calls to the 15 Spot went unanswered because its phone is disconnected.

“I told the state, ‘If I lose 20 percent, you just lost 20 percent in taxes,’” he told POLITICO Magazine. “You feel like your words are falling on deaf ears.”

Though each state has its own issues, the problems have similar outlines: Underfunded law enforcement officers and slow-moving regulators are having trouble building a legal regime fast enough to contain a high-demand product that already has a large existing criminal network to supply it. And at the national level, advocates also point to another, even bigger structural issue: Problems are inevitable in a nation where legalization is so piecemeal.

“You’re never going to eliminate [the illicit market] until most of the states are legal,” says Adam Smith of the Craft Cannabis Alliance, a group in Oregon advocating for small cannabis farmers. “As long as half the country still can’t get it legally, there’s a market for it illegally.”

With Oregon growers producing three times more marijuana than consumers inside the state can handle, neighboring Idaho has reported a 665 percent increase in the number of illicit marijuana officers has seized. In 2016, the year before Oregon’s adult-use laws took effect, troopers confiscated 508 pounds of marijuana. Oregon’s new recreational market went into full effect on January 1, 2017, and the number of licensed dispensaries jumped from 99 to 260. That same year, the amount of cannabis confiscated by Idaho state troopers skyrocketed to 1,376 pounds and kept climbing. Last year, seizures totaled nearly a ton.

Read the full article at Politico

Better Buy: Medical Marijuana vs. Canopy Growth

“The global cannabis market is no doubt an exciting one, and there are many companies auditioning for your investment dollars. Cannabis stocks range from penny stocks to multi-billion-dollar global companies, so there’s quite a lot to choose from when thinking about how to play the space.

Two companies on opposite ends of the cannabis spectrum are Canopy Growth Company (NYSE: CGC) and Medical Marijuana, Inc. (NASDAQOTH: MJNA). Canopy, based in Canada, is the largest cannabis company in the world by market capitalization, and has Constellation Brands (NYSE: STZ), the owner of beer brands such as Corona and Modelo, as its largest strategic investor. Constellation invested $4 billion in Canopy last August for a 38% stake, along with warrants that give it the option to potentially purchase a controlling stake in the company.

Meanwhile, Medical Marijuana is a very small stock that trades over-the-counter in the United States at a market capitalization of just $200 million. Unlike Canopy, which focuses on medical and recreational marijuana sales in non-U.S. countries where cannabis has been legalized, Medical Marijuana decided to focus on the cannabidiol (CBD) market in the U.S. Though THC products, which contain the psychoactive agent in cannabis, remain federally illegal, the 2018 Farm Bill, passed in December, legalized the cultivation of hemp in order to produce CBD without THC, the psychoactive agent in cannabis. Medical Marijuana did have about $20 million in sales last quarter, which means there is a real potential business there.

Comparing operating results
Canopy currently generates much more revenue than Medical Marijuana, but it’s not as much as you might think. Last quarter Canopy made just over CA$106 million in revenue, more than 400% growth over the prior-year quarter, while Medical Marijuana made just over $20 million in revenue, nearly double the amount in the prior-year quarter.

Canopy is certainly larger and growing faster than Medical Marijuana, but considering Canopy’s stock is valued at roughly 68 times that of Medical Marijuana’s it’s not a stretch to think the scrappy upstart could be the better bet.

Compare that with Canopy, which posted a staggering CA$335 million net loss just last quarter, and a loss of CA$670 million for the year. The losses were due to Canopy’s heavy spending on expansion in Canada and 15 countries around the world. Even after the end of the last quarter Canopy continued its spending spree, buying Germany’s C3 Cannabinoid Compound Company, the UK’s This Works Products, a CBD company, then paying $300 million for the right to purchase Acreage Holdings (NASDAQOTH: ACRGF) for $3.4 billion should the U.S. legalize cannabis at the federal level.

Read the full article at Yahoo Finance

Does the Legalization of Marijuana Make It Safe?

“Alcohol, tobacco and prescription drugs, though legal, are often abused. People can get these substances whether they are of age or not, and the same thing is happening with marijuana. Walking through almost any neighborhood, one can smell marijuana everywhere. Dena Gorkin, educator, founder, and principal of Bnos Chomesh Academy high school for girls recalls walking down the street with her twelve-year-old daughter and her daughter said, “Smell that, Mom? That’s marijuana.”

There was a time when twelve-year-olds did not know what marijuana was, but now they know what it is and how to recognize it. With any substance that is potentially addictive, it is important that adults give children information. Adults must teach children about real dangers.

At the same time, it is very important to not give them exaggerated information. If a child or teenager is warned, “One marijuana joint will melt your brains and you’ll never be able to concentrate in school again,” they may try it anyway to see what happens. When what they were told inevitably does not happen, the adult loses all credibility and from that point on, any information that adult tells a child about other drugs or substances is potentially ignored because it is deemed unreliable. False information is not an effective way of keeping children away from drugs and other harmful substances.

Different people react in different ways just as they do with alcohol. Not everybody has the same reaction. However, some common reactions have been observed. One common reaction is people becoming very desensitized. Clinically, this is called “Amotivational syndrome.” Amotivational syndrome means a person has little or no desire to do anything – whether it is working, socializing or even completing simple tasks.

Family therapist Dr. Miriam Gross explains that when we combine this syndrome with a teenager’s developing brain, serious developmental issues arise. Teenage marijuana use affects memory, learning, and interpersonal relationships. Teenagers are still learning how to perform in life as they are discovering what they are good at. They need to put significant effort into their studies. They are learning how friendships work and are beginning to understand the dynamics of healthy friendships. These are the building blocks for a successful life. When a person becomes unmotivated, life becomes difficult, and this is particularly true for a teenager.

Marijuana use that begins in the teenage years has been associated with lower career success and income, as well as an increase in problems with interpersonal relationships. When teenagers use marijuana, it permanently affects their developing brain, which, in turn, impacts the rest of their lives.

Read the full article at BK Reader

Is CBD Really the Marijuana Molecule That Cures All?

Wonder drug or modern-day snake oil? Appearing in stores and online in the form of body lotions, capsules, tinctures, edible gummies, and bottled water, CBD has exploded in popularity as a way to reap the supposed health benefits of marijuana without the high that comes with it. All this is in spite of the paucity of evidence of its merits so far.

1. What is CBD?

CBD, or cannabidiol, is one of more than 100 molecules called cannabinoids that are found in cannabis. Unlike the nearly identical THC (tetrahydrocannabinol), which is the main active ingredient in pot, CBD doesn’t produce a buzz. According to a report by the World Health Organization, it hasn’t exhibited any potential for abuse or dependence, and there is no evidence of any public health-related problems associated with its use.

2. What does it do?

CBD has been touted as a potential treatment for any number of ailments, among them depression, insomnia, brain injury, opioid addiction, diabetes, arthritis, and graft versus host disease. Pre-clinical trials suggest CBD may have anti-inflammatory and analgesic properties, but there have been few human trials to substantiate the claims. Several clinical trials are in the works, including one testing its use to combat nausea during chemotherapy, and another on how it affects mood. For now, its only approved medical use in the U.S. is as a treatment of two rare forms of childhood epilepsy.

3. How many people are using it?

Almost 7% of Americans polled in January by investment bank Cowen & Co. reported using CBD as a supplement. Big chains such as CVS, Walgreens, and Kroger are now selling CBD lotions and other products. Cowen estimated that U.S. retail sales were as high as $2 billion in 2018, and analysts at Piper Jaffray & Co. estimated that the U.S. CBD market could be worth as much as $15 billion in five years. The research firm Brightfield Group estimated that CBD was a $318 million market in Europe in 2018.

Read the full article at Bloomberg