New Innovative Tech Is Changing Cannabis Finance

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New, Innovative Tech Is Changing Cannabis Finance by Patricia Miller

The Emerging Markets Coalition (EMC) is a member-driven advocacy and educational organization for financial services in highly cash-based and underserved markets. Our first targets are the cannabis-related industries (hemp, CBD, cannabis).

EMC advocates and drives for the normalization of financial services — enabling these businesses to operate as do other legal businesses in a growing, regulated, emerging market.

Why was EMC founded and why did we choose to drive innovation in one of the toughest markets to bank?

Because the EMC co-founders have done this before — in an industry that was where cannabis is today — highly cash-based, with much misinformation driving unfair vilification of the industry and businesses.

Through a coalition like EMC, we went proactively to legislators, regulators, law enforcement, the IRS, consumer groups, and media to share the facts.

This proactive transparency fueled the passing of federal legislation, regulation, and tax treatment that was workable for all, and media coverage that focused on facts vs fallacy.

That industry now has normalized financial services and we’re seeking to collaborate with  cannabis industry leaders to do the same here.

Financial Innovation in a Partially Legal Industry

Until federally legal, financial institutions will be wary of serving cannabis-related business (CRBs). State chartered banks and credit unions that do serve CRBs are making a risk-based decision that regulators will show leniency given that, while legal in their state, they are conducting business with federally illegal product.

In the current regulatory environment, cash is the primary payment method. It is the only payment method unencumbered by the federal and state disconnect on the legality of cannabis.

It is not, however, without constraints brought on by the alphabet soup of AML, BSA, KYC (Anti-Money Laundering, Bank Secrecy Act, Know Your Customer) with which banks and credit unions must comply.

The compliance burden created by the trifecta of acronyms drives high incremental costs that financial institutions must pass on to their cannabis customers.

To address these costs, financial institutions and FinTechs are seeking technology solutions.  CRBs are also seeking technology solutions to track and trace all aspects of financial flows from seed to sale. 

EMC has members offering industry leading services to both sides of the market to meet compliance requirements in holding and moving money without having to add an army of compliance experts. 

There are risks and costs of running a cash-based business, many of which  can be addressed by enabling electronic payments.

Federally, EMC is driving electronic payments, gaining buy-in from even the most conservative legislators that this will make cannabis transactions “transparent, traceable, taxable.” Legislators especially like that last point, even when we point out this means fairly taxable.  

Allowing credit, debit card, and contactless payments drives costs down, provides an audit trail, and significantly reduces risks of theft.  

The best-known payments alternatives/innovations for CRBs include:

• Cash dispensers/ATMs

• Cashless ATMs (more to come on
this hot topic…)

• Payments via the Automated Clearing House (ACH) network

• Crypto

EMC founders have worked with Washington, D.C. regulators in innovation for years. During after-hours discussions, they would share that their biggest fear is that we would “innovate faster than they could regulate.”

Cannabis is similar in that the existing conflicted state and federal legislative and regulatory environments have placed compliance in front of innovation.

Payments Options for Cannabis

EMC is developing national standards and best practices for all things involving cannabis money. The first to be released is cash management, the next is payments. 

Cash Dispensers or ATMs

ATMs are placed in the CRB so customers can access cash to pay for product. The legal rationale is that the transaction is between the customer and the bank — the CRB is not in the primary transaction.

Cashless ATMs

Cashless ATM or Point-of-Sale: a merchant takes an order, rounds up the total to an even number, and then runs a transaction, coded as an ATM withdrawal.

The difference between the amount of the purchase and the ATM transaction is handed to the customer as change. VISA has put these businesses on notice in a memo that states:

“Acquirers will be subject to non-compliance assessments and/or penalties, when they — or their third-party agents — are found in material non-compliance with the Visa Rules,” the memo continues. “When found to have willfully violated the Visa Rules, adversely affecting the goodwill associated with Visa and/or the Plus system, brand, products and services, an acquirer may be subject to further compliance enforcement.”

Translation — cashless ATMs are not permitted by the rules of the major card brands.

Automated Clearing House (ACH)

ACH refers to the process of transferring money between banks without checks, wire transfers, or cards. These transfers are electronic, the funds go directly from the customer account to the CRBs bank account. 

To accept ACH from your customers requires a third-party solution. Customers first register through the third-party system, download the mobile app, and then check in at the dispensary through the app and pay at the POS. There are a few good solutions available, the most agile and compliant of whom are EMC members.  

Crypto

A Motley Fool article shares that crypto can offer cannabis companies:

Non-cash transactions. Accepting crypto/digital currencies as payment avoids cash.

Lower money fees. Some banking services in this space have higher fees. Crypto comes with relatively low fees, without a cannabis premium.

Transparency. Blockchain technology supports a secure and tamper-proof ledger, to help CRBs  track each step in the supply chain.

International. Cannabis companies working overseas can make payments fast/lower cost using digital currencies.

Cryptocurrency may enable  CRBs to minimize their reliance on cash, but this isn’t without challenges. For example, the way cryptocurrencies are taxed is different from regular business income and carries high compliance costs. Volatility is also important to consider as the prices of cryptocurrencies can fluctuate wildly. 

EMC is collaborating with many organizations and companies to drive the normalization of financial services for this market. Learn how you can join in fueling this success at EMCoalition.org

This article was first published in the winter 2021 issue of Cannabis & Tech Today. Read the full issue here for free.

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How One Company Created a New Standard for National CBD Testing

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How One Company Created a New Standard for National CBD Testing by Jessica McKeil

According to current predictions from market research firm BDSA, the U.S. hemp and CBD market could hit $20.5 billion by 2025. But, the highly variable landscape from state to state threatens this potential growth. This regulatory fragmentation must be resolved before the market reaches the forecasted 40% compound annual growth rate. 

Now, however, the dispersed regulatory puzzle pieces of the U.S. consumer hemp market may be coming together, thanks to the team of scientists at SC Laboratories, Inc. (SC Labs). Inspired by a request from an international retailer, SC Labs has pioneered the first-ever national hemp testing panel. 

With more than a decade of expertise in Oregon, California, and Colorado (pending), SC Labs is an industry leader in education, testing methodology, and consumer safety.

In a recent interview, Alec Dixon, co-founder and director of client relations, and Josh Wurzer, president and co-founder, discussed how these foundational principles formed the basis of the hemp and CBD testing panel — solving the fragmented nature of the American CBD market for the first time.

Josh Wurzer

Very few states are exactly the same. There is no broad consensus.

As many hemp and CBD manufacturers have discovered, the regulations governing CBD in one state don’t easily translate to another. Dixon explained how “each state has its own really unique take on how to regulate cannabis and hemp.” 

From Dixon’s experience, with the increasing acceptance of these products, “we’ve seen this growing interest, especially on the hemp side of various sized clients, who are really interested in selling products that can meet and exceed state-established guidelines in all 50 states.” 

Alex Dixon

Wurzer confirmed that “it’s generally not the state’s responsibility to regulate on such a granular level the specifications for every type of nutraceutical sold within the state.”

However, in other consumer sectors, like cosmetics or nutraceuticals, direction comes via a national regulatory body. With federal CBD regulations slow to roll out, states have largely been left to their own devices for hemp consumer goods.

To complicate matters further, it’s not as simple as adopting a regulatory framework from another sector — say cosmetics or the food industry — and applying it to hemp.

Hemp is already formulated within a wide range of consumer products, from nutraceuticals to beauty products to foodstuffs. The regulations governing the safety of one doesn’t always work across the board.

No Shortcuts: A Methodical Approach to a Nationally Applicable Testing Panel

SC Labs began working on a comprehensive list for the first truly national hemp panel in the spring of 2021, after a request from a large multinational supermarket.

Aiming to bring a line of CBD products online across all 50 states, the retailer needed guidance on current testing standards. How could they bring a hemp-derived product to market and ensure it would meet all available consumer safety standards?

On the surface, this seemed like a simple task: identify which states even had requirements for hemp-based products.

But, as SC Labs quickly found out, it was a massive undertaking, requiring a dedicated, full-time researcher since its inception. The initial phase of the research process uncovered the fact that nearly 50% of states had relevant guidelines. 

The second step proved significantly more complex.

SC Labs then began the process of systematically reviewing each state’s requirements for the specifics. For example, what were the detailed regulations, what tests were required, and what were the requirements for those tests? 

Finally, layered on top of each state’s hemp and CBD testing protocols are the state-level laboratory licensing and accreditations, which also vary from state to state.

A lab working in Maine may not meet the accreditation and licensing standards of one in Colorado — meaning the test results also wouldn’t translate well. 

Every state may have started from the same place, but as SC Labs discovered, each tended to add a bit of local emphasis, a different layer of administration. Researching, compiling, and analyzing a puzzle of regulations was no small feat. 

Dixon spoke to several notable curve balls. He detailed that California “took a really progressive approach in how they were going to be regulating microbiology in cannabis testing.”

On the flip side, Colorado was the strictest for pesticides in hemp, while Connecticut focused on mycotoxins. In Wurzer’s words, “Very few states are exactly the same. There is no broad consensus.”

The Comprehensive Quality Assurance Test Package for Hemp

SC Labs worked with this vast accumulation of data to distill it into a set of requirements that would work across the country. The end result? The Comprehensive Quality Assurance Test Package. The panel covers five distinct categories, plus a final foreign material inspection. 

How SC Labs displays test results for Whole Foods’ products.

Cannabinoids:

The detailed panel tests for 15 cannabinoids, including the main active ingredients: CBD and THC. Minor cannabinoids and manufactured cannabinoids, like Delta-8, are also covered. 

Chemical Contaminants:

The panel tests for 104 chemicals, including pesticides, miticides, fungicides, herbicides, insecticides, plant growth regulators, and other chemical residues. 

Microbiological:

The microbiological requirements include testing for mold, yeast, and other living pathogens, including specific species of microorganisms linked to adverse health outcomes. Mycotoxins are also included here.

Water Activity:

An in-depth water activity component measures water content in relation to the risk of mold. Specific formulations can lead to greater risk, depending on ingredients. 

Heavy Metals:

The heavy metals panels cover the big four: lead, arsenic, mercury, and cadmium. 

Finally, A National Solution for CBD and Hemp

This single panel meets the hemp and CBD testing requirements for all 50 states.

In addition, it has received ISO accreditation and meets quality testing standards from organizations like United States Pharmacopeia (U.S.P), American Herbal Products Association (AHPA), and American Herbal Pharmacopoeia (AHP).

It has also passed necessary state-level certifications (required in Colorado). 

Will SC Labs comprehensive testing panel finally nationalize the American CBD market?

With consumer safety and product quality top of mind, this is genuinely the first-ever nationally applicable hemp testing panel, designed to work across all markets. 

As products start hitting shelves across the country — proven via the robust panel developed by SC Labs — the next evolution of the U.S. hemp and CBD market may well be upon us. ϖ

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New Law Releases Thailands Cannabis Criminals and Allows Home Grow

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New Law Releases Thailand’s Cannabis Criminals and Allows Home Grow by Johnny Green

Thailand is implementing a very unique and bold approach to cannabis policy. On June 9th a new law goes into effect that will, among other things, legalize home cultivation for every household in the nation.

Thailand will launch a registration program in which households can sign up to cultivate low-THC cannabis and make use of harvests in various ways, including eventually selling it to the government.

To assist in helping households participate, the government is offering extremely low-interest loans to aspiring cultivators and distributing over one million cannabis seeds to households across the country.

Additionally, as announced this week, Thailand will also be releasing thousands of people currently serving time for cannabis offenses. Per Bangkok Post:

Ongoing trials and detention in connection with cannabis-related offences will be cancelled once revised restrictions take effect on Thursday, according to the Office of the Judiciary.

The production, import, export, distribution, consumption and possession of cannabis — except for its psychoactive substances — will be formally legalised on June 9 when a Ministry of Public Health announcement published in the Royal Gazette on Feb 9 takes effect, said Sorawit Limparangsri, a spokesman for the Office.

Cannabis-related offences that resulted in court cases and detention prior to June 9 will be cancelled, with any bond payments to be returned. People incarcerated in related trials serving jail time due to an inability to pay fines will also be released, according to the agency.

In addition to people being freed from prison and current prosecutions being abandoned, people previously convicted of some cannabis offenses will have those prosecutions removed from their records.

People awaiting trial will still have to show up to court as a procedural requirement, however, it’s only so that a judicial review can be performed to ensure that the case is eligible for dismissal.

It’s worth noting that not every case involving cannabis will be eligible for release, dismissal, and/or expungement. Some cases that involve cannabis also involve other offenses, so obviously in those instances, the case will remain in the criminal justice system. The same is true for cannabis cases that are beyond the parameters permitted by the new cannabis law.

Still, it’s estimated that over 4,000 cannabis prisoners will be released next week in Thailand, and that doesn’t seem to include pending cases, expungements for people that already served their sentences, and the prevention of future cases. It’s a significant move by Thailand, and hopefully other countries will work to do the same.

This article first appeared on Internationalcbc.com and is syndicated here with special permission.

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Announcing The Third Annual Portugal Medical Cannabis Conference

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Announcing The Third Annual Portugal Medical Cannabis Conference by Sponsored

Can cannabis help children with autism, cancer, epilepsy or even psychosis? Doctors and researchers say yes and they will explain how next week, at Portugal Medical Cannabis Conference in Lisbon, Portugal.

The growing trend towards the legalization of cannabis worldwide leaves no room for doubt: cannabis does, indeed, have the potential to treat various pathologies and more and more countries are opting for its regulation.

However, the lack of information and training, particularly among health professionals, still prevents a broad use of this therapy, which can make all the difference in the quality of life of thousands of people.

This year, the 3rd International Conference on Medicinal Cannabis, PTMC, that takes place in Lisbon, on June 16th and 17th, will address the myths and facts associated with cannabis and psychosis, the therapeutic potential of cannabinoids in Pediatrics, especially in childhood diseases such as autism, cancer, or epilepsy.

Bonni Goldstein, Pediatrician in Los Angeles, Dani Gordon, Physician in London or Carl Hart, Professor of Psychology in Psychiatry at Columbia University, in New York, are just some of the more than 20 speakers who will talk about their experiences and show successful cases of treatment with cannabinoids.

Aiming to promote the access for health professionals and students to this information, PTMC will grant a 75% discount to health professionals or students who send a valid professional card to info@ptmc.pt.

Portugal has established itself in recent years as the center of excellence for medical cannabis in Europe, with 18 companies already licensed and more than 80 with a pre-license granted by Infarmed, being one of the largest cannabis producers in the world and having exported more than 30 tonnes of cannabis flowers in 2021, an increase of 566% over the previous year.

The two day’s event will finish with a business networking sunset party aboard a catamaran on the Tagus River, with a saxophone-DJ duo and an open bar with hemp-infused drinks and dinner.

Portugal Medical Cannabis, organized by CannaReporter, a non-profit organization dedicated to disseminating more and better information about cannabis, has brought to Portugal, since 2018, the most renowned doctors, scientists and researchers, who discussed and demonstrated the latest advances in science regarding medical cannabis.

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What Is the Motivation Behind Unregulated Cannabis Purchases?

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What Is the Motivation Behind Unregulated Cannabis Purchases? by Johnny Green

Legal cannabis is spreading across the planet, and with it, purchasing freedoms for some consumers. Yet, the unregulated market still exists even where cannabis can be purchased legally.

Researchers at the University of Waterloo in Ontario recently examined the factors that motivate a consumer or patient to purchase unregulated cannabis and why the illicit market still exists in Canada despite legalization, and to a lesser extent, the United States.

By human history standards, cannabis prohibition is a relatively new thing. After all, cannabis is not a new plant and humans have used it for medical and recreational purposes for centuries.

It wasn’t until the last century that political forces prohibited it. Fortunately, three countries have now legalized cannabis for adult use – Uruguay, Canada, and Malta.

Cannabis can be legally acquired in some form in Uruguay and Canada, and soon, Malta.

Out of the three countries, Canada has the most robust industry model.

Cannabis consumers of legal age from anywhere around the planet can come to Canada and make a legal purchase through a storefront dispensary, through the mail, and/or through delivery services.

Similar options have existed in the U.S. at the state level for many years. Researchers have kept a close eye on North America as the “cannabis experiment” has continued to roll out, including researchers at the University of Waterloo in Ontario.

Motivating Factors

The average cannabis consumer is more sophisticated now than arguably any other time in human history, and that is largely due to the options available to them, particularly in Canada.

Some consumers want to smoke cannabis flower, some want to vaporize it, and still, many others prefer smokeless forms of cannabis such as edibles and topicals.

Regulated industries boost the options for patients and consumers.

I live in a legal jurisdiction, and the different types of cannabis products and consumption methods are exponentially greater now compared to when there was no regulated market With that being said, the unregulated market still exists where I live, albeit at a much lower level than before legalization.

Researchers at the University of Waterloo in Ontario looked at consumer data from 2019 and 2020. The data was compiled as part of the annual International Cannabis Policy Study.

Survey data asked consumers about their purchasing habits over the past 12 months, and when they indicated that they purchased cannabis from an unregulated source they were provided a list of reasons to select from regarding what motivated the unregulated purchase.

“‘Legal sources had higher prices’ was the number-one answer in Canada in both years (35.9% in 2019, 34.6% in 2020) as well as in the United States (27.3% in 2019, 26.7% in 2020).

Convenience (both ‘legal sources were less convenient’ and ‘legal stores were too far away/there are none where I live’) was high on the list as well, with the percentage of respondents who named these as reasons ranging from 10.6% to 19.8%.” researchers stated in their press release.

Sensible Regulations To Help Boost Legal Sales

On average, the cost of legal cannabis will always be greater than unregulated cannabis. A legal cannabis company has to pay ongoing licensing and compliance fees, rent on their commercial facilities, and a number of other operational costs that do not exist in the unregulated market. All of those added layers contribute to the overall cost of legal cannabis.

Speaking anecdotally, I am willing to pay extra for legal cannabis being that it is tested and regulated. However, there is a point to how much more I am willing to pay, and I assume many consumers are the same as me in that regard. Paying 10% more is reasonable, however, if legal cannabis costs 2-4 times as much as unregulated cannabis, clearly many people will choose to go the unregulated route.

The second motivating factor identified by the researchers, convenience, is much easier to address from a public policy standpoint.

Boosting the ways in which consumers and patients can legally acquire cannabis helps a considerable amount. Conversely, the fewer ways people can legally acquire cannabis the more it creates opportunities for unregulated sources to fill the void and meet the demand.

Jurisdictions that choose to cling to prohibition or hinder safe access do so at their own peril.

Lawmakers around the world need to do everything that they can to strike the right balance between regulating cannabis, generating public revenue, and implementing sensible regulations that help keep the cost of legal cannabis down as much as reasonably possible.

Everyone needs to temper their expectations when it comes to getting rid of the unregulated market. Just as there will always be a market for unregulated alcohol, so too will there always be an unregulated market for cannabis, at least to some degree.

This article first appeared on Internationalcbc.com and is syndicated here with special permission.

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The Home Grow Just Became More Sophisticated

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The Home Grow Just Became More Sophisticated by Ebby Stone

As more states legalize cannabis across the nation, a new hobby is on the rise. In-home cultivation is more accessible than ever. States from New York to New Mexico have legalized personal cultivation and thanks to advances in technology, anyone (of legal age) can give it a try. 

In New York state, adults 21 and over can grow up to six plants in their residence (12 if there are multiple adults in the home). For many, the biggest question is not if they’ll grow, but how to do it.

Many metropolitan residents have the will but not the space to cultivate. Closets in New York City are seldom walk-ins and yards are virtually non-existent. Plus, in a small space, discretion is crucial.

Nobody wants their home to smell like a grow room. 

Innovations in in-door growing technology are making these concerns obsolete.

The Armoire by Green Goddess Supply was designed to be odorless, elegant, and to blend seamlessly into the home. CEO Eric Robichaud said The Armoire was created to help people become self-sufficient. 

“We’re a small, scrappy start-up, and the founders have spent millions of dollars and over 6 years of our lives inventing, patenting, and bringing The Armoire to the market. We use them ourselves and are incredibly passionate about helping our customers and teaching them how to grow at home,” Robichaud said.

This discrete system blends into the user’s interior design and is available in several finishes. 

“Our furniture-inspired looks make this an attractive, stealthy option that doesn’t have to be hidden,” Robichaud said.

“The product isn’t built from wood or metal, but a special synthetic material that is anti-mold, anti-mildew, won’t rust, and has the highest possible rating for fire retardancy. It was built with ergonomics in mind and our unique, proprietary grow protocol makes it incredibly easy for the beginner to master right out of the box.”

That’s not a promise most grow machines will make. You can plant a seed, but you can’t force it to grow. Every Armoire purchase includes ninety days of Concierge Service. Customers are encouraged to call, ask questions, and participate in video walkthroughs with techniques and tips. 

“We’re on a mission to empower the average home user to take control and grow their own clean, organic flower at home — quickly, easily, and inexpensively,” Robichaud said.

Each state is developing their own protocols for safety and quality. While those regulations are refined, growing at home can offer a quality-controlled alternative to dispensary cannabis. 

“For those who are health conscious or health-challenged, being able to ensure clean, organic flower with no mold or pesticides is important,” Robichaud added.

Innovations like these are creating an entry point for people across the country to grow their own sustainable, high-quality cannabis.

As Robichaud emphasized, “We’re making it more accessible to the casual home consumer who doesn’t want to get a PhD in botany to figure it all out.”

This article was first published in the winter 2021 issue of Cannabis & Tech Today. Read the full issue here for free. Images courtesy of Green Goddess Supply.

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Changing the Trajectory of the Medical Cannabis Revolution

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Changing the Trajectory of the Medical Cannabis Revolution by Andrea Morhardt

Medical cannabis is gaining traction and acceptance. Studies show it can ease physical ailments like chronic pain and muscle spasms. It can also help relieve emotional and mental health problems like anxiety, depression, and sleep disorders.

The benefits of medical cannabis are being proven, with more studies emerging every day.

Plus, according to the National Library of Medicine, patients undergoing chemotherapy find relief and see remarkable results when using cannabis as an anticancer agent.

Despite this progress, many obstacles to medical cannabis access remain in the way. 

In addition to legal and legislative barriers, many physicians are not yet convinced that the health benefits of medical cannabis outweigh the risks.

According to one study, “Colorado Family Physicians’ Attitudes Toward Medical Marijuana,” nearly all physicians agreed on the need for further medical education about medical cannabis.

Patients will have to overcome these obstacles to gain full access to medical cannabis and the relief it can provide. That day will come, but progress is slow going. That’s why medical cannabis advocates are creating a movement to accelerate that progress. 

What is a medical cannabis advocate?

A medical cannabis advocate works to ensure safe and legal patient access to cannabis for therapeutic use and research. Advocates work to overcome various barriers to access by creating momentum in multiple ways:  

• Developing policies to open up access to medical cannabis for more patients and researchers

• Facilitating legislation, education, and research

• Breaking down political, social, and legal barriers 

• Firing up grassroots movements

• Partnering with medical cannabis providers and insurance agencies to
create innovative solutions

Drivers of the Medical Advocacy Movement

Every day, notable new developments pop up in the medical cannabis revolution. Patients are demanding alternatives to traditional pharmaceutical remedies. Federal approval is on the horizon.

Plus, insurers are seeing the benefits of medical cannabis — both in costs and outcomes. 

Medical cannabis advocates see the writing on the wall. They feel that patients today deserve the same options that patients a decade or two in the future will enjoy.

These advocates sense the gravity of the situation for so many patients today. And they realize there is no time to waste.

Patients Want Access

Anne Davis is a successful attorney, mother, and community leader in New Jersey.

She is also a national expert on medical cannabis and a sought-after presenter for healthcare law and advocacy initiatives.

She was diagnosed with relapsing-remitting multiple sclerosis (MS).

Shocked by the diagnosis, Davis conducted thorough due diligence about treatment options.

Many of the traditional medications offered to her would result in unfortunate side effects and harm vital organs.

As a result, frequent lab testing was recommended to monitor those organs. 

To avoid both scenarios, Davis decided to use her professional knowledge about medical cannabis.

The decision to ignore the traditional pharmaceutical treatments, however, was not supported by her physician. 

“I knew from my years in the industry cannabis was effective and had zero side effects.

I was well aware of the research that indicates cannabis has neuroprotective qualities, in addition to symptom relief. For that reason, I decided to use it every day as part of my treatment plan,” Davis said. 

Studies indicate that Davis’ story is more common than you might think.

A survey of MS patients conducted in 2019 showed that more than 40% of patients said they used medical cannabis in the past three months. Of course, MS patients are not alone.

According to Statista, 51% of cancer patients report that medical cannabis manages their symptoms very well.

Medical Cannabis Is Likely to Receive Federal Approval

Although the federal government continues to label cannabis an illegal substance and employers and insurance companies don’t cover cannabis like other medicines, all signs indicate change is coming. 

The SAFE Banking Act now allows banks and other financial institutions to provide support services to cannabis companies without the risk of violating the law. The Act will help cannabis companies more easily operate their businesses.

In September of 2021, the U.S. House Judiciary Committee voted to advance the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act. This bill would federally legalize cannabis. The bill would also remove cannabis from the Controlled Substances Act.

According to the latest Gallup poll, 68% of Americans support marijuana legalization.

Medical cannabis advocates realize there are still hurdles to overcome and they are working to bridge the gap. Until cannabis becomes legal at the federal level, patients who can afford it are paying out-of-pocket to get their hands on medical cannabis.

That’s how badly they want to avoid traditional medicine and its side effects. For patients who can’t afford to pay out of pocket, insurance agencies may soon be coming to the rescue.

Insurance Coverage Is on the Horizon

Bennabis Health is the first health care plan in the nation that covers medical marijuana. The company has been marketing its proposal to workers’ compensation carriers.

Wondering why they think they have a chance? We’d all like to think that insurance companies put patients first. But demutualization has driven insurance companies to become laser-focused on the bottom line. 

However, the good news for medical cannabis is that it makes sense from a profitability perspective. A recent study from the National Bureau of Economic Research shows that cannabis enables employees to return to work sooner.

Claims data shows that employees who used cannabis for pain management filed 20% fewer medical claims.

Of course, the efficacy of medical cannabis is just as important. The results of various new studies are emerging and they continue to be quite encouraging.

Consider a new study reported in Frontiers in Psychiatry about medical marijuana and depression. The study found an increasing number of patients who failed to respond to traditional anti-depressants are now using medical cannabis to find relief.

Medical cannabis users experience less severe symptoms of depression than non-users. Further, medical cannabis users reported improved quality of life, better sleep, and less pain.  

Medical Cannabis Advocates: Moving Public Policy Forward

For decades, young people have been advocating for cannabis — both recreational and medical. Since the 1990s, groups like Students for Sensible Drug Policy have been developing strategies and solutions to overcome challenges facing the medical cannabis market. 

Other advocacy groups like the Americans for Safe Access, Veterans Cannabis Project, and The Cannabis Patient Advocacy Association are fighting for cannabis patients. 

These groups are creating forward momentum every day. They now have a seat at the table when it comes to decisions that will impact the future of the cannabis market. Their voices are growing louder and they are being heard. 

This article was first published in the winter 2021 issue of Cannabis & Tech Today. Read it here for free.

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