Federal authorities in the US are set to begin approving more companies that want to grow marijuana for research purposes.
On Monday (August 26), the US Department of Justice issued a statement confirming the country’s Drug Enforcement Administration (DEA) will be moving forward with its campaign to allow federally licensed marijuana growers to produce cannabis for research studies.
The federal ruler launched an initiative in August 2016 to allow companies to become federally approved growers of cannabis, with the material then being used for federal research.
In Monday’s announcement, Attorney General William Barr said he is pleased with the DEA’s decision to review these applications.
However, the DEA said that before approving any of the applications it will propose new policies to oversee the entire research-based cannabis growers program.
“The new rules will help ensure DEA can evaluate the applications under the applicable legal standard and conform the program to relevant laws,” the federal agency said.
As of this writing, only one facility at the University of Mississippi has been designated as a federally sanctioned cannabis cultivation site.
“DEA is making progress in the program to register additional marijuana growers for federally authorized research, and will work with other relevant federal agencies to expedite the necessary next steps,” Uttam Dhillon, the DEA’s acting administrator, said in Monday’s release.
In recent weeks, a variety of companies that have applied have voiced complaints about the slow turnaround with applications and the entire process seen from the DEA
One such applicant, Biopharmaceutical Research Company, issued a statement expressing its frustration with the DEA’s approach to the review process. Fellow hopeful marijuana research grower, the Scottsdale Research Institute, filed a court complaint requesting the DEA to process these applications this year.
According to a report from the Associated Press, the DEA was given a deadline of Wednesday (August 28) to respond to the court filing.
“We support additional research into marijuana and its components, and we believe registering more growers will result in researchers having access to a wider variety for study,” Dhillon said.
One of the critical needs for additional marijuana growers for research use relates to increasing complaints about the disparity in quality between the product grown at the University of Mississippi site compared product from existing state-based legal industries.
Another factor pushing the DEA — according to the Associated Press — is significant interest from Republican and Democratic lawmakers in Congress about the status of these applications.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
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The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”). The Company announces that further to its press release dated March 2, 2021, it has obtained TSX Venture Exchange approval to extend the closing date of its previously announced private placement of units (“Units”) until April 7, 2021. Each Unit is comprised of one (1) common share and one (1) warrant, exercisable for one common share at price of $0.11 per share, for a period of three (3) years from the date of Closing. The Company applied to extend the date of closing to allow a greater number of interested investors to participate.
For more information regarding the Company or the offering, please contact firstname.lastname@example.org, or