One of the various countries that legalized marijuana, is now Uruguay. The marijuana legislation in the South American country allows the use of recreational cannabis. Back in December 2013, Uruguay successfully became the first country to authorize marijuana. The country with a total population of over 3.5 million at the time, released the Uruguay legal cannabis movement which was an incredibly pioneering effort for the legalization. Moreover, this laid the foundation for Canada to follow the footsteps of Uruguay, and become the second country to legalize marijuana in 2018.
However, with the legalization, followed multiple hurdles. Although groundbreaking, after the legislation was passed, the path towards the execution to the general public, was unsteady and was even abruptly paused at many times. The Brookings Institution, in March 2018, examined the challenges and opportunities of the legalization in Uruguay. Ultimately, the researchers discovered the threat of the illegal market. They believed that the framework of the current regulation was insufficient to completely replace and end the illegal market.
The majority of the banks in Uruguay denied the exploration of any business with marijuana organizations in the fear of refusal for prospective businesses emerging from the United Nations members, and the financial institutions in the United States, due to their classification of marijuana as an illegal drug. Four years after the law was passed, in 2017, only 17 out of the 1,000 government pharmacies were offering cannabis, owing to the significant pressure from the banks. Moreover, those 1 pharmacies sold cannabis on a cash basis to avoid any bank transactions or association.
Marijuana consumption in Uruguay
The World Health Organization’s efforts to reclassify marijuana and also acknowledge the medicinal advantages of the plant show great promise of a legal cannabis industry in many countries. However, the National Police and the Ministry f Health have been indecisive over the policies and their enforcement.
According to the Uruguay drug laws, cannabis availability to the citizens and permanent residents of Uruguay, 18 and older, is permitted. However, tourists are not granted permission. Cannabis is legally allowed to be purchased only from pharmacies managed under the government. Any eligible individual may purchase up to 1.4 ounces, or 40 grams, per month.
Moreover, the cannabis laws of Uruguay strictly forbid any use of cannabis in indoor public spaces where tobacco use is not allowed. Any promotion or advertising is also forbidden. Non-medical (recreational users) are instructed to purchase marijuana from one of the 3 legalized forms of cannabis available
- Commercial purchase
After the passing of the law, pharmacies were not initially required to sell cannabis and were given the option to not be involved in the cannabis industry. This initiated more popularity for the few pharmacies that actually do sell marijuana. The government is creating dispensaries designated with a specific form of cannabis.
According to the marijuana law of Uruguay, each citizen is granted permission to cultivate to 6 plants at home. However, the yield was legally limited to 17 ounces (480 grams) of marijuana yearly. Cannabis grower clubs were allowed to have a minimum of 15 workers and a maximum of 45 members. Moreover, they were legally allowed to grow an increasing number of plants, proportional to the marijuana quota (annual) per member. The only 2 commercially grown cannabis strains authorized by the government, both have a 9% THC cap. Commercial growers are instructed o apply individually for the state license for the legal production and sale of cannabis. Up until March 2018, only 2 companies were given the state license, which led to a shortage in supply.
In February 2019, officials began the issuance of applications to authorize producers to legally grow commercial marijuana. The authorized growers would have a production quota of 4400 pounds, or 2000 kilograms, annually, of dried flower. No other products were allowed. Furthermore, every producer would be given 3 hectares of land owned by the government) with the plants grown indoors.
Authorization and testing
The Ministry of Public Health is the regulating authority through the Institute for the Regulation and Control of Cannabis (IRCCA). Currently, no lab testing is required in Uruguay. While the cannabis flower’s availability is legalized, the procedures for the approval of CBD and medical cannabis have had their hurdles. The Cannabis Monitor Uruguay states that 23% of medical cannabis patients, have purchased it from out of Uruguay. However, the ones who do avail of medical cannabis from within the country, have done so either
- with the means of self-cultivation (either with or without any registration in the IRCCA) or
- through the supply given by other individuals, such as producers of extracts, growers, etc.)
An executive order in 2015, directed the IRCCA to legally authorize the medical physicians to only prescribe cannabis in monthly dosages. However, there was the availability of only 1 CBD product, i.e Epifractan, by prescription. It is at either, 2% or 5% extracts, and are imported into the country in 10-millimeter vials.
Synthetic cannabinoids or the cannabinoid oral sprays need prescriptions with restrictions and specifications, directly issued from the Ministry of Public Health, to qualify them for an exception. The validity of the prescriptions is 30 days before a new one would need to be issued. During the period of 30 days, the patients are not permitted to access other forms of legalized cannabis.
The benefits of legalization
3 years after the successful legalization of recreational cannabis, the former president of the country’s national drug agency, Diego Olivera, considered it to be a “tangible” success. Amidst the legalization, the opponents predicted numerous calamities, none of which occurred. Some of the advantages of legalization included
- The consumption of marijuana among teens in high school did not drastically increase.
- The perception regarding the risks associated with marijuana, which was a primary worry for opponents, maintained stability among adolescents.
- There was an increase in the consumption of marijuana among adults. However, the rate of consumption was typically similar to the rate before the elections.
However, according to Olivera, there was no deterioration in the public health indicators, which would be a red flag suggesting the reversal of the legalization. The legalization in Uruguay proved to be a positive step towards the cannabis industry and laid the foundation for cannabis legalizations in other countries and states. While medical cannabis and recreational cannabis have their own advantages, positive ongoing research urges more countries to reconsider the illegality of cannabis.
Are You Planning To Get A Cannabis Business License In Connecticut? Read To Begin Planning
The cannabis business in Connecticut is likely to develop new opportunities for people. It will be beneficial for the state and the public. The business community is excited to begin marijuana involving operations as the state has legalized pot for recreational purposes.
Entrepreneurs, investors, and growers; are developing business plans and gathering information to obtain a license to begin cannabis businesses. Specific licensing criteria and application deadlines have not been established by the authorities yet. However, Connecticut law provides some guidance to entrepreneurs and investors to begin planning about their pot business.
Applicants For Cannabis Business Licenses In Connecticut
According to the law, two groups of applicants can apply to access a pot businesses license. The two groups are the Social Equity Group and general applicants.
A Social Equity Group may consist of an individual or multiple individuals. It must be 65 percent owned and controlled by an individual or individuals of specific qualities. The individual(S) in this group can be from an average household with a revenue of less than 300% of the state median household income and had been taxpayers.
An individual with residency in a disproportionately impacted area for not less than five of ten years immediately preceding the application can apply as a Social Equity Group applicant. An applicant with 65% ownership and who had been a resident of a disproportionately impacted area for not less than nine years before turning 18 can also apply.
The Connecticut Department of Consumer Protection will not award a license to any lottery applicant who has two or more licenses, of the same type at the same time of lottery until June 30, 2025. An applicant may submit as many applications as desire. It is because the legislature has not set any limitations on the number of applications by an applicant.
License Types And Application Expenses
Cannabis business licenses are of seven types. General applicants and Social Equity Group; both can apply for any license type. The retailer and hybrid retailer license, lottery entry fee is $500, the fee for provision license is $5000 and renewing this type of license costs $25000.
The lotter entry fee, provision license fee, and renewal fee of a cultivator license type are $1000, $25000, and $75000, respectively. The third type of license is Micro-cultivator. The entry fee, fee for provision license, and final fee for Micro-cultivator are $250, $500, and $1000, respectively.
Product manufacturer license, entry fee is $750, its provision fee is $5000, and the final charge is $25000. Cannabis food and beverage manufacturer license, entry fee is $250, provision fee is $1000, and renewal or final fee is $5000. The product packager license type, entry fee costs $500, the provision fee costs $5000, and the final fee is $25000.
Are There Any Discounts
Individuals who qualify as Social Equity Group applicants will receive a 50% discount from the Connecticut government for the first three renewal cycles. Moreover, people who meet qualifications will get substantial financial savings. Doing so will allow them to begin operations effectively.
Individuals who have medical cannabis business licenses and desire to transform into another license type can do so after paying some fee.
If an applicant desires to convert their medical cannabis dispensary license into a hybrid retailer license, they must pay $1000000 as a fee. Likewise, an existing medical pot producer can convert their license, to include recreational marijuana production by paying $3000000.
Already established cannabis businesses in Connecticut will not receive a 50% discount even if they belong to the Social Equity Group. However, they can become eligible for discounted license fees if they show dedication to creating equity joint ventures.
Cannabis Giant – Canopy Growth Losses Mega Money And Execs Earns Bonuses
Canopy Growth is a cannabis and cannabinoid-based consumer-product company. The marijuana giant experiences huge losses CA$1.7 billion, and there have been some profits. Ups and downs in sales and profits are part of trade and business activities.
Canopy Growth executives received more than 4 million Canadian dollars (equivalent to $3.2 million) in cash. According to a regulatory filing, executives receive bonuses after making solid progress in the year. The company lose CA$1.7 billion and reduces its labor force by laying off hundreds of workers.
Compensation Packages Of Ontario-based Cannabis Company
According to Smith Falls, the annual general meeting was scheduled for September 14 via webcast. Executive compensation figures were disclosed before the meetings. The compensation packages for executives consist of salaries and bonuses.
ALSO READ: Is Tobacco Industry Shifting To Cannabis
Canopy Growth company also provides long-term and short-term incentives as it is their policy. Five of the executives of the cannabis giant company will be receiving bonuses as short-term incentives. The company grants long-term bonuses annually in March. But in 2021, these were awarded on June 9.
The LTI bonuses were not awarded in the total compensation table. However, they were issued after the end of the fiscal year. The proxy noted that the company is determined to fix the regular timing of annual LTI grants. Moreover, from the beginning of Fiscal 2022, annual LTI grants will occur in June of each year. In Fiscal 2021 no LTI awards were granted by the cannabis company.
Canopy Growth Performance Measures
The world-leading marijuana company uses four measures to evaluate performance. Depending upon performance related to corporate objectives, executives get cash rewards or annual bonuses.
Performance in maintaining free cash flow has the highest weighting in the four performances measures. It weighs 50%. Net revenue weightage is 20%, adjusted EBITDA contributes 20 percent, and an individualized objective contributes 10% in performance measures.
In the fiscal 2021 year, the company could not meet its net revenue and adjusted EBITDA. However, the company was bale to meet goals for free cash flow. Free cash flow was half the shortfall the company predicted.
Adjusted EBITDA is a measure of profitability, and in the 2021 fiscal year, the adjusted EBITDA came in a negative $258 million. The cannabis company had an objective of negative $246 million. There were slight changes in net revenue and other performance measures.
Canopy Growth announces to give David Klein a cash bonus worth CA$2.2 million. David Klein is the CEO of the company. The chief financial officer of the marijuana company Mike Lee will receive a cash bonus of CA$579,000.
ALSO READ: Everyone Wants More Cannabis At Cheap Price
Rade Kovacevic is the president and chief product officer and will receive from the cannabis company a short-term cash bonus worth CA$659000. The chief commercial officer of the pot company is Julious Grant. The company is awarding Julious Grant a bonus of CA$360,000 in cash. Phil Shaer is the legal officer of Canopy Growth and will be receiving a cash bonus of Canadian dollar three hundred and fifty-one thousand.
According to the proxy statement, the executive leadership team put great efforts and performed well in reducing financial losses, maintaining success. Teamwork to help the company revise CPG strategy and improve financially. Dealing with the challenges of the environmental changes caused by the pandemic situation was difficult for everyone. Continuing to work efficiently and perform well in difficult times was a remarkable effort of the company.
Four members of the executive leadership team, received a modest increase in their salary, between CA$14000 to CA$25000. The CEO David Klein will not be receiving any raise in income. He will continue to get CA$1.2 million salaries as the CEO of Canopy Growth cannabis company.
Originally covered on: mjbizdaily
Can Cannabis-based Drug Treat Brain Tumors? UK Trials Designed To Discover More
Brain research studies have occurred previously, but the UK-based trial will analyze cannabis-based drug efficacy in treating brain tumors. Thus, this clinical project is different, and its findings can be life-changing for many patients.
The University of Birmingham is planning to coordinate a UK trial. The aim of organizing this trial is to analyze the efficacy of Sativex in treating the most aggressive brain tumors. Sativex is a marijuana-based drug.
ALSO READ: Is Tobacco Industry Shifting To Cannabis
Within the United Kingdom, the NHS has allowed only limited medical marijuana products. Doing so controls the use of medical pot products. It also makes it difficult for all patients to get access to pot-based treatment programs.
Brian tumors are very aggressive sometimes and may remain silent for multiple years. Treatment of such tumors is complex. But there are possibilities of treating them with the marijuana-based drug. The UK trial will help to determine efficacy, safety, and chances of treating neurological tumors.
The UK Trial On Cannabis-Based Drug
The Brain Tumor Charity is funding the new phase II trial. The trial involving cannabis-based drugs is going to launch at 15 NHS hospitals. The phase I study in 27 patients has shown promising results, and researchers are hopeful about effectiveness in the new phase II trial.
Glioblastoma is an aggressive brain tumor that has an average survival of fewer than ten months. The treatment is not much effective, and its progression occurs at a faster rate. Due to multiple reasons, patients suffering from glioblastoma are unable to continue living a healthy life.
In the UK trial, patients will receive Sativex together with their chemotherapy. The trial will determine whether or not the cannabis-based drug Sativex increases the survival rate of patients with brain tumors.
Phase I Cannabis Involving UK Trial
Sativex is a marijuana-based drug, it is an oral spray that contains cannabinoids THC and CBD. This drug has shown promising results in phase I trial and improves the condition of people fighting with glioblastoma.
The cannabis-based drug has a good efficacy profile in treating patients with multiple sclerosis. During the phase one trial, Sativex was effective when given chemotherapy to patients suffering from a brain tumor.
During the phase, I study the number of patients on Sativex who were observed to live longer than those patients, that were on placebo. However, sufficient data from the phase I study, to show survival impact was not gathered.
Phase II UK Trial To Determine Pot Role In Treating Brain Tumors
The phase II trial is called ARISTOCRAT. This trial will continue to research and investigate by observing patients receiving cannabis-based medicine for three years. A placebo group will also be under observation during this time.
More than 230 patients with brain tumors are to gather from all across the UK nations to conduct the trial. The procedure will begin in early 2022, and the process of funds collection is ongoing.
Due to the pandemic, the income of the Brain Tumour Charity decreases by 25 percent last year. As a result, they had to discontinue their research grant funding program. Today the organization launched an appeal to raise £450,000 to open the trial involving the cannabis-based drug.
Glioblastomas are one of the most common and aggressive forms of brain cancer. Each year in England alone, about 2200 people are diagnosed with it, with the lowest survival rate.
Moreover, glioblastomas are fast-growing, highly diffusive, have poor boundaries, and extend to multiple parts of the brain. After intensive treatments, including surgery, these brain tumors develop again and again in different areas.
Cannabis-based drug effectiveness can give hope and relief in treating and prolonging the life of patients with these aggressive tumors. It is essential to conduct the trial as soon as possible.
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