Tag Archives: Marijuana Industry

“…any Canadian working in the marijuana industry would not be permitted to enter the US. "

Canadian cannabis companies are whipping around after report says workers may face lifetime travel ban to US (TLRY, CGC, CRON)

Jonathan Garber   Sep. 14, 2018, 08:06 AM

Canopy Growth marijuana weed

  • A report out Thursday suggests workers in the Canadian cannabis industry could face a lifetime ban on travel to the US.
  • Shares of Canadian cannabis companies were down as much as 15% on the news before paring their losses.
  • Ballooning valuations have caused these companies to come under more scrutiny of late.
  • Watch Tilray, Canopy Growth, and Cronos trade in real time.

Canadian cannabis companies are whipping around Friday morning, tumbling as much as 15% before paring their losses, following a report suggesting workers may face a lifetime ban on travel to the US.

A Politico report published after markets closed on Thursday, citing a senior official overseeing US border operations, said any Canadian working in the marijuana industry would not be permitted to enter the US. “If you work for the industry, that is grounds for inadmissibility,” Todd Owen, the executive assistant commissioner for the US Customs and Border Protection’s Office of Field Operations, told Politico.

Here’s a look at the scoreboard as of 2:35 p.m. ET:

Canada’s marijuana industry has seen valuations balloon in recent months. Tilray, for example, has seen its share price skyrocket by more than 600% since it went public in July.

The huge growth in the industry has sparked the interest of institutional and retail investors alike and has led to investments from the competing alcoholic-beverage industry. Back in August, Constellation Brands, the company behind Corona beer and Svedka vodka, announced it was investing another $4 billion in Canopy Growth, which raised its stake to 38%.

The recent interest in the space has caught the attention of the US Securities and Exchange Commission. Just last week, the SEC warned investors to watch out for promises of guaranteed returns, unregistered sellers, or unsolicited offers in marijuana names.

“If you are thinking about investing in a marijuana-related company, you should beware of the risks of investment fraud and market manipulation,” the SEC said.

“Fraudsters may try to use media coverage about the legalization of marijuana to promote an investment scam.”

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Trump argued that marijuana legalization should be decided on a state-by-state basis, without being more specific.

stock-photo-24602271-marijuana-leaf-with-stipe-in-black-background

 

By Jonathan Berr MoneyWatch November 11, 2016, 5:30 AM

Will Team Trump bust the marijuana business?

Supporters of the marijuana industry should be celebrating this week’s passage of eight state ballot measures to permit its use by adults. That promises to triple the industry’s size in coming years. 

But harshing their buzz are several key allies of President-elect Donald Trump, such as his running mate Mike Pence, who are skeptical about the benefits of marijuana legalization.

Not surprisingly, many in the cannabis industry had expected Democrat Hillary Clinton to cruise to victory and were stunned when it didn’t happen. Now, they’re awaiting signals of how Trump will approach cannabis, even as the industry is set to expand significantly.

“If Hillary Clinton had won, this would have been the grand slam that everyone in the industry had been hoping and praying for for years,” said Chris Walsh, editorial director of Marijuana Business Daily. “With Trump coming in, no one knows what’s going to happen. There are a lot of fears that he might crack down on the industry.”

Recreational marijuana measures pass in four states

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Recreational marijuana measures pass in four states

During the campaign, Trump argued that marijuana legalization should be decided on a state-by-state basis, without being more specific. But in addition to the vice president-elect, some of Trump’s closest advisers, such as New Jersey Governor Chris Christie and former New York City Mayor Rudolph Giuliani, are no “friends of marijuana reform,” according to the Drug Policy Alliance.

Lawmakers in Indiana failed to reach an agreement on a medical marijuana bill during their 2016 session, and according to the Marijuana Policy Project, the state has among the most draconian cannabis laws in the country.

In New Jersey, Christie signed a law allowing medical use of pot last year, but activists have criticized it for being overly restrictive. The governor is adamantly opposed to allowing recreational pot use. Giuliani reportedly has argued that marijuana is a gateway drug that could lead to abuse of more harmful substances like heroin, a view that many experts dispute.

Hope Hicks, a spokeswoman for the Trump campaign, didn’t respond to a request seeking comment.

Voters in California, Maine, Massachusetts and Nevada agreed to allow recreational use of marijuana, doubling the states where that use is allowed. Arkansas, Florida, Montana and North Dakota joined the more than two dozen that allows medical cannabis use. According to Marijuana Business Daily, sales of legal marijuana in the states that just legalized it may reach as high as $8 billion over the next five years, compared with $4.5 billion for the entire industry in the U.S. currently. 

How Calif. vote for recreational pot could change national debate

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How Calif. vote for recreational pot could change national debate

“I don’t think we are going to move federal legalization along at the same speed that a Democratic administration would,” said Nick Kovacevich, the CEO of Kush Bottles (KSHB), which provides child-proof packaging to the cannabis industry. “But that’s OK in my opinion because we got the states on board.”

It would be difficult for the Trump administration to get rid of legal marijuana given the windfall the states have earned in tax revenue, according to Kovacevich.

The industry also faces some unique challenges. Since marijuana is technically illegal under federal law, businesses that produce it can’t take common corporate tax dedications, such as the cost of equipment and advertising. As a result, they have heavy tax burdens that hurt profitability.

Indeed, two of the industry’s biggest operators, Colorado-based LivWell Enlightened Health and California’s Harborside Health Center, are facing tax issues. LivWell is being audited by the IRS, and Harborside is challenging an IRS audit in tax court. Some tax experts think the IRS is targeting the industry. An agency spokesperson declined to comment.

But as the marijuana industry grows, so do questions about its potential harm. A recent report by  CBSN, a sister network to CBSNews.com, noted that some supporters of legalization are concerned that the industry may grow too dependent on heavy users and kids. Marijuana advocates argue that it causes far fewer health problems than tobacco and alcohol.

Mark Kleiman, a professor of public policy at New York University who advocates less strict marijuana laws, told CBSN: “We’re lurching from prohibition to the most wide-open kind of legalization. Probably a bad idea.”

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6 Stories That Prove You Can Still Be Arrested For Growing Marijuana In Colorado

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By TNM News on October 9, 2015 Latest Headlines, Legal, News Feed

Although it may be “Legal” in some way, some operations for making your own marijuana are being targeted by both the Federal and State governments. Much like the law that you cannot make and distribute your own alcohol without the proper licensing and adhering to certain guidelines, the Marijuana industry follows suit.

Fox31 Denver Reports:

DENVER — 20,000 marijuana plants, 700 pounds of dried weed and more than 30 guns, all found right out in the open.

“You see a group of people who are actually actively engaged, farming the marijuana. So that means there are tents, cookhouses. There are irrigation systems in place. There’s a lot of pesticides,” said United States Attorney for the District of Colorado John Walsh.

The busts started Aug. 19 and spanned the state of Colorado as listed below. Six of them took place through Thursday.

Pike National Forest, Aug. 19 in the Green Mountain Area in Jefferson County. Investigation is ongoing.

Law Enforcement Officers from the U.S. Forest Service, Department of Homeland Security Investigations (HSI), Jefferson County Sheriff’s Office and the Colorado National Guard Joint Counter Drug Task Force joined together to complete an eradication of an illegal marijuana grow site in the Pike National Forest. The eradication team collected more than 3,900 plants and over 3,000 pounds of irrigation pipe, pesticides, flammable liquids, camping gear and trash.

Routt National Forest, Aug. 28, Buffalo Pass Area in Routt County, two arrested.

Law Enforcement Officers from the U.S. Forest Service, U.S. Immigration and Customs Enforcement (ICE), Homeland Security Investigations (HSI) and the Routt County Sheriff’s Office joined together to eradicate an illegal marijuana grow site located in the Buffalo Pass area, northeast of Steamboat Springs. The eradication team collected approximately 1,000 plants and removed camping gear from the site. Further, a handgun was found. Additional site clean-up of trash and other items will be ongoing by the U.S. Forest Service. Two Mexican Nationals in the country illegally were arrested.

Private Land, Sept. 1, Cotopaxi and Westcliffe in Freemont and Custer County. 20 people arrested.

A DEA-led task force executed eight search warrants in Cotopaxi and Westcliffe as part of a major drug trafficking organization investigation. Agents and officers found well over 1,000 marijuana plants, 50 pounds of dried marijuana, 28 firearms, and $25,000 in cash. The investigation and seizures resulted ultimately in the arrest of 20 individuals, many from Cuba, acting in an organized manner according to investigators. Those arrested were growing the marijuana in Cotopaxi and Westcliffe, and then either driving or using UPS to get it to Florida.

San Isabel National Forest, Sept. 7, Cordova Pass Area northwest of Trinidad in Huerfano County, two arrested.

Hunters discovered an illegal marijuana grow site located in the Cordova Pass area approximately 40 miles northwest of Trinidad. The eradication team collected more than 11,700 plants as well as irrigation pipe, pesticides, flammable liquids, camping gear and trash. The U.S. Forest Service and Huerfano County Sheriff’s Office are working together to identify the individuals. The cultivation site spread across 10 acres with some of the growing areas above 10,000 feet in elevation. The overall grow area included a kitchen structure, three sleeping areas and a rifle. Two men were arrested at one of the campsites within the cultivation area.

Bureau of Land Management land, Sept. 15, along the Dolores River corridor between Gateway and Naturita in Montrose County, four arrested.

BLM Rangers discovered more than 1,200 fully mature marijuana plants, many exceeding six feet tall, along with 211 kilograms of dried marijuana and a rifle. Because of the size of the operation, officers spent two-and-a-half days eradicating and removing the plants. The rangers arrested four Mexican nationals who were on-scene and believed to be working the grow site.

Bureau of Land Management land, September 30, also along the Dolores River corridor between Gateway and Naturita in Montrose County, six arrested.

Law enforcement officers identified a marijuana grow site, also along the Dolores River. Evidence of at least 1,000 marijuana plants appeared recently harvested with approximately 69.6 kilograms of processed marijuana still on site. The rangers arrested one Honduran and five Mexican nationals at or near the site.

“We think this is being grown in Colorado to be shipped all around the United States to states where it’s not legal,” said Walsh.

Some grows discovered by hikers and hunters, others uncovered by law enforcement. Walsh calls operations like these a multifaceted problem.

“A major concern is this marijuana is worth a lot of money and there may be violence in connection with protecting it. It’s causing Colorado to be a source state for marijuana for other states that don`t want our marijuana. Its creating environmental damage in our mountains. Its creating safety problems in our mountains,” Walsh said.

32 people are now in custody in connection with these illegal operations

Some face up to life in prison.

Walsh has one message for anyone who thinks because weed is now legal in the state, they can just come in and grow it.

“You are not going to stay long in Colorado because you are going to be in a Federal prison somewhere,” he said.

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Loretta Lynch’s hard-line stance on marijuana is making Colorado sweat

Attorney general nominee veers from Obama’s no-big-deal rhetoric

 

Attorney General nominee breaks with President Obama's no-big-deal on marijuana.   (AP Photo/J. Scott Applewhite)

 

By Valerie Richardson – The Washington Times – Sunday, February 1, 2015

DENVER — Nobody in the Colorado marijuana industry is panicking, but those involved are sweating a little over the hard line taken by Loretta Lynch, President Obama’s pick to be the next attorney general, on legalization during this week’s Senate confirmation hearing.

“Quite a few of my members were expressing concern and nervousness,” said Michael Elliott, executive director of the Colorado Marijuana Industry Group. “But I’m not sure we could have expected much more than we just heard. Even the president, who came out saying that marijuana is no more dangerous as alcohol, is also on the record as being against legalization.”

States that have legalized or are considering legalizing recreational marijuana use butted heads continually with Attorney General Eric H. Holder Jr., who refused to relax stricter federal laws against pot use. Judging from this week’s performance, the fight won’t end when Mr. Holder leaves.

A federal prosecutor in New York, Ms. Lynch told the Senate Committee on the Judiciary she disagreed with the president’s no-big-deal take on pot, saying, “I certainly don’t hold that view and don’t agree with that view of marijuana as a substance.”

“I think the president was speaking from his personal experience and personal opinion, neither of which I’m able to share,” Ms. Lynch said. “But I can tell you that not only do I not support the legalization of marijuana, it is not the position of the Department of Justice currently to support the legalization. Nor would it be the position should I become confirmed as attorney general.”

Her stance buoyed legalization foes such as Kevin Sabet, president of Smart Approaches to Marijuana, who said in a statement, “We are breathing a sigh of relief.”

“For her to come out so adamantly against legalization is extremely encouraging,” said Mr. Sabet, a former official in the White House drug czar’s office. “It will give our efforts a shot in the arm.”

Marijuana advocates downplayed her responses, pointing out that she was testifying before the Republican-controlled Senate Judiciary Committee and that its chairman, Iowa Sen. Chuck Grassley, opposes recent state moves to legalize recreational marijuana.

In fact, the day before Wednesday’s hearing, Mr. Grassley took to the Senate floor to condemn the Obama administration’s decision to allow states that have legalized recreational pot for adults to proceed within certain parameters with regulated retail markets. Federal laws banning pot, he said, should trump state statutes.

Colorado and Washington launched retail marijuana markets last year, while voters in Alaska and Oregon passed ballot measures in November allowing recreational pot use and sales for adults 21 and over. The District of Columbia has approved adult pot use but not sales.

Mason Tvert, who led the successful 2012 ballot campaign in Colorado, argued that marijuana is less harmful than alcohol and cracked, “Fortunately, [Ms. Lynch] has been nominated for attorney general, not surgeon general.”

“We can only hope she was telling some lawmakers what they need to hear in order to get through the confirmation process,” Mr. Tvert said in an email. “It would be shocking if she is actually unaware that marijuana is far less harmful than alcohol.”

The Department of Justice issued a guidance in 2013 that essentially allows states to proceed with adult marijuana use and sales while warning that prosecutors would still enforce eight priorities, including keeping marijuana away from children and avoiding pot diversion to other states.

Tom Angell, who heads Marijuana Majority, said in an email that Ms. Lynch also appeared to indicate that she would follow the Justice Department guidance.

“While it’d be ideal to have an attorney general who agrees with the majority of Americans that it is time to end marijuana prohibition, we really don’t need federal officials to personally support legalization,” Mr. Angell. “We only need them to respect the will of voters who have implemented legalization in their own states.”

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Read more: http://www.washingtontimes.com/news/2015/feb/1/loretta-lynchs-stance-on-pot-may-be-problematic-fo/#ixzz3Qc8CBoXS
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