Category: Cannabis/CBD

Investors in Canadian medical marijuana producers are betting that Ottawa will deliver on its plan to legalize the sale of recreational pot and open a massive new market.

Is the plan at risk?

Canadians are generally perceived as having open minds when it comes to giving people the option to legally use cannabis for recreational purposes. Whether or not they are comfortable having dispensaries set up in their communities is another question.

While the discussion surrounding the legalization of marijuana continues, a surge in the use of opioids by Canadian teens is once again bringing the entire drug problem out into the open.

Reports continue to emerge of young teens overdosing and sometimes dying due to the use of drugs containing fentanyl, a potent synthetic opioid. The death of a 14-year-old girl in an Ottawa suburb recently made national headlines.

Should you own cannabis stocks?

Medical marijuana suppliers, such as Canopy Growth Corp. (TSX: WEED) are trading at extreme valuations right now based on investor expectations that a legal recreational marijuana market is coming soon.

The government may well see the plan through, but there is a risk that Ottawa could drag its feet, especially if MPs start to take heat from voters who think the Liberals should focus on stamping out the opioid problem first.

If Ottawa decides to backtrack on the marijuana file, cannabis stocks could get hit hard.

As such, I would avoid the sector today.

The Motley Fool

The vote is another step toward increasing access to cannabidiol, also known as CBD oil, by making changes to the state law that governs it. CBD-oil has been used to treat medical conditions including seizure disorders in children.

The state Senate voted 31-1 in support of the bill, which would make it legal for individuals to possess the oil in Wisconsin, as long as a doctor has signed off on it. Sen. Duey Stroebel, R-Saukville, was the only dissenting vote.

In 2014, lawmakers passed a bill called Lydia’s Law, which made the oil available to certain populations. However, some patients have said it’s difficult to access the oil because that law requires the U.S. Food and Drug Administration to approve prescriptions.

A similar bill passed the state Assembly during the last legislative session but failed to pass the state Senate after opponents expressed concern about the oil being a gateway to marijuana legalization in the state.

The bill would not legalize the manufacture or sale of CBD oil in Wisconsin. Users would need to travel to adjacent states to procure it.

The bill now goes to the state Assembly, where Assembly Speaker Robin Vos, R-Rochester, has shown support.

Wisconsin Public Radio

Alongside announcing the cannabis oil provisions, Pamboridis said that legislation has been drafted to legalize medical cannabis more broadly. According to Greek-language newspaper Politis, the draft bill will be open for public consultation prior to being entered into parliament for debate and approval.

These announcements come two months after Pamboridis tweeted that he wanted to have a frank and open public conversation about the potential benefits of medical cannabis use.

Although these plans are groundbreaking for Cyprus, medical cannabis provisions for cancer patients are well-established in certain other countries.

Cannabis use, sale, and cultivation have been prohibited in Cyprus since 1977 when the Narcotic Drugs and Psychotropic Substances Law was introduced. This legislation, which deems cannabis to be a Class B drug, offers harsh penalties for related offenses.

According to the European Centre for Monitoring Drugs and Drug Addiction (EMCDDA), possession of fewer than 30 grams of cannabis can garner a prison sentence of up to eight years. Possession of more than 30 grams is presumed to be a supply offense and can be punished by up to life in prison.

In December 2016, the Irish parliament’s lower house passed a bill to legalize and regulate cannabis products for medical use. One month later, the lower house of the German parliament passed a bill to legalize cannabis for medical use “in very limited exceptional cases”.

Both bills are expected to pass their respective parliaments’ upper houses without obstruction.

Talking Drugs