Marijuana News Roundup July 13, 2016

Here are some of the top trending marijuana stories from around the web this week.

City in California Turning a Jail into a Cannabis Farm

The Coalinga City Council voted 4-1 in California on Thursday to allow commercial cannabis growth within the city’s limits. Councilman Ron Lander was the one person to vote against the idea, but unluckily for him, the measure needed at least four yes votes in order for the measure to become law. In addition to that, the council approved the transaction of the city’s vacant prison, Claremont Custody Center, to Ocean Grown Extracts for $4.1 million.

Ocean Growth would like to turn the prison into a medical marijuana oil extraction plant. This sale is going to immediately bring Coalinga’s general fund down into the black.

Continue Reading at MarijuanaStocks.com

Marijuana Could Shed ‘Most Dangerous Drug’ Status This Month

According to the Orange County Register Saturday, a spokesperson for the DEA said officials there “clearly anticipate something happening in the next month.”

The United States government considers marijuana the most dangerous drug on the planet — a so-called “schedule 1” drug alongside LSD and street heroin deemed to have no medical use and a high potential for abuse. By contrast, the DEA deems opioids like OxyContin — which have driven America’s prescription pill overdose epidemic — safer and allows their widespread distribution.

Read more on CannabisNow.com

REPUBLICANS REJECT MEDICAL MARIJUANA, AGREE ON BUILDING TRUMP’S WALL IN 2016 CAMPAIGN PLATFORM

The Republican National Committee (RNC) has officially decided that the party will not support medical marijuana or ending the drug war as part of it official 2016 campaign platform. But it plans to get behind some rather ridiculous ideals ranging from Trump’s wall dividing the United States and Mexico to declaring pornography a “public health crisis.”

With less than a week to go before the Republican Party gathers for its national convention, the RNC has voted against endorsing the legalization of marijuana for medicinal purposes and putting an end to the failed war on drugs.

Read more on HighTimes.com

New IRS Audits in Colorado Worry Cannabis Companies

The Internal Revenue Service has begun probing the large cash transactions of dozens of Colorado marijuana companies, sparking uncertainty and unease among cannabis entrepreneurs.

The audits – focusing on Form 8300 – have raised the specter of money laundering charges. But legal experts are divided over whether such fears are overblown.

Read more on MJBizDaily.com

Hemp-Derived Products with a Contract Manufacturer

Based in Santa Monica, California, Sagely Naturals was founded in the summer of 2015, with the goal to produce a sustainably sourced, topical CBD cream with no psychoactive effects to treat daily aches and pains.

The co-founders, Kerrigan Hanna and Kaley Nichol, have extensive backgrounds in the food service industry, and as a result they pride themselves in quality controls and proper safety procedures. Since the launch of Sagely Naturals, they have been selling their Relief & Recovery Cream online and in a wide variety of retail outlets beyond just cannabis dispensaries.

Their ability to distribute outside of dispensaries is due to the fact that the product’s active ingredient, Cannabidiol (CBD), is derived from hemp, instead of cannabis with higher levels of Tetrahydrocannabinol (THC).

Read More at CannabisIndustryJournal.com

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Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

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