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Don’t worry about international treaties, industry group says

Plus, a brewing battle between hemp and cannabis

Happy Valentine’s Day and good morning.

If you missed it, our Editor-in-Chief Jeremy Berke spoke on a webinar hosted by the American Cannabis Bankers Association discussing the prospects for federal reform in the US, and how the industry is thinking through regulatory issues. 

We’ll circulate some notes from the webinar if you missed it. 

Today’s Cultivated Daily is 6.5-minute read

💡What’s the big deal?

Rescheduling would not violate international treaties

What’s happening: The advocacy group leading the push for rescheduling in DC – The Coalition for Cannabis Scheduling Reform – commissioned a legal opinion about how rescheduling would not violate any international treaties.

Why not: It’s all about treaty signatories doing what’s right by their own country, and what’s right by emerging/new evidence. 

According to the opinion, “the Treaties provide Parties with the flexibility to reevaluate the scheduling of substances under their respective domestic laws based on the emergence of new scientific and medical evidence…” 

Best offense is: As they say in sports, the best offense is a great defense. As Adam Goers, the Coalition’s spokesperson, told Marijuana Moment: “We’re releasing it [the legal opinion] publicly to debunk arguments being made by prohibitionists…”

What’s next: All indications are that a rescheduling decision is coming, at some point, from the DEA. 

So, all that’s left is for the DEA to make an announcement. We’re all ears. 

Quick hits

Yesterday, we wrote about Virginia’s push for legalization and the Governor’s opposition. Today, four law enforcement groups in Virginia voiced their opposition to legalization. 

New Hampshire’s House Commerce and Consumer Affairs Committee is set to vote on an amended legalization bill on Wednesday.

Major cannabis brands face class action lawsuit

Driving the news: A class action lawsuit against major cannabis brands Cookies, STIIZY, and others, claims that these companies sold (and conspired to sell) cannabis products under the guise of legal hemp products.

Why it matters: The suit gets to the heart of a brewing conflict over hemp producers and cannabis producers — and how the latter say the former are deliberately flouting federal law by selling products containing Delta-8 THC, an intoxicating cannabinoid, and passing it off as hemp.

Back up: The 2018 Farm Bill legalized hemp in the US, defined as the cannabis plant containing less than 0.3% Delta-9 THC, the main intoxicating compound. But some hemp companies have found a workaround, by using Delta-8 THC and calling it hemp. 

Federal and state agencies are struggling to wrap their heads around how to regulate this. 

What they’re saying: “In essence, (customers of the defendants) are paying for legal hemp-derived THC but are receiving illegal marijuana, which has created millions of dollars of fraudulent profit,” the suit says, per Green Market Report.  

🎒 What we’re reading

📈 Deals, launches, partnerships

Mike Tyson’s cannabis brand, TYSON 2.0, is partnering with Royal Queen Seeds, a cannabis seed bank. 

California cannabis company Blum Holdings will acquire three dispensaries in the state for $14 million, including Cookies’ flagship store in Sacramento. 

💰 Earnings

Canadian cannabis company Organigram reports a $15.3 million (CAD) net loss on $36.5 million net revenue for the first-quarter of ‘24.

📊 Chart of the day

As we said on Monday, cannabis and the Super Bowl go hand-in-hand. 

New data from LeafLink backs that up: During the week of January 21, Nevada cannabis dispensaries purchased 67% more cannabis than the week prior to stock up ahead of the big game.

Source: LeafLink

😎 One cool thing

We would in no way call this one “cool” — but it does make you chuckle a bit. Legislators in Idaho are recommending a fine for misdemeanor cannabis possession of $420. While these prohibitionists seem to have a sense of humor at least, it’d be a lot cooler if there were no fines at all. 

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