The cannabis industry is booming, and we’re rounding up the top stories from around the web for the week of January 21-27.
by Marguerite Arnold, Cannabis Industry Journal
The Greek Parliament is changing the status of the drug to encourage foreign investment in the Greek economy. The vote is expected during the first half of February and is expected to bring $2 billion in capital to the country. Tourism is a big business in Greece, with over 30 million foreign tourists visiting each year. This move could be a game changer for the nation.
by Greg Quinn and Erik Hertzberg, Bloomberg
Canada is set to legalize recreational marijuana in mid-2018. It’s causing supplies to rise and plunging prices. Statistics Canada, an Ottawa-based agency, found the average price per gram has fallen 7.7 percent from 2016-2017. Canadians are now paying an average of C$7.43 for a gram, the lowest price since 1981.
by Ab Hanna, High Times
Researchers at the University of Cincinnati College of Medicine are receiving a $726,000 grant to fund research on blunt use among African Americans between the ages of 18-25. They plan to use Twitter to recruit study participants. They believe using tobacco paper in conjunction with marijuana may cause detrimental health effects. The goal of the study is to reduce blunt smoking rates.
by Chris Roberts, Cannabis Now
Attorney General Jeff Sessions revoked the Cole Memo on January 4, which provided federal acceptance of state and local cannabis laws. While DEA raids have not yet occurred, cannabis banking has taken a hit. Banking has always been an issue with the marijuana industry, but the latest announcement caused many private banks who historically offered accounts to legal businesses to stop taking new accounts.
by John Schroyer, Marijuana Business Daily
Privateer Holdings, a Seattle-based private equity firm, announced Thursday that it completed a $100 million Series C funding, the largest single raise in the U.S. cannabis industry. This brings its total investment raises to $200 million. It invests in a variety of cannabis-based businesses, including Leafly. It represents the first major cannabis sector funding since Jeff Sessions rescinding the Cole Memo protections.
by Steven M, Marijuana Stocks
Cook County Circuit Judge Raymond Mitchell overturned an Illinois Department of Public Health decision to exclude intractable pain from medical conditions qualifying for medical marijuana. The judge cited two medical journals containing over 40 clinical studies in his decision. The ruling was generated by a lawsuit from Ann Mednick, who pleaded with the state to let her use marijuana over opioids for her osteoarthritis.
by Shaun King, The Intercept
The Trump administration has reignited the war on drugs, but it’s always been a problem. In 2016, 574,641 people were arrested in the U.S. for marijuana possession, representing 89 percent of all marijuana-related arrests. From 2000-2010, 7,216,000 marijuana possession arrests were made. The rate of African Americans arrested was 375% higher than Caucasians.