Legal cannabis in Canada, U.S. hemp production, and a booming CBD industry lead the news this past week.
Once again, Medical Marijuana, Inc. and our family of companies were included in national and international coverage of the cannabis and hemp industries. As an innovator of the CBD market, Medical Marijuana, Inc. continues to lead the way with our mission of bringing access to safe and reliable CBD oil products to the world.
Medical Marijuana, Inc. and Our Efforts in Canada in Forbes
Forbes published the first of a five part series this week exploring the legal cannabis industry in Canada. One of the points raised in this first article was the shortage of cannabis products available to consumers. This is due to a regulatory bottleneck tied to the licensing process for cannabis producers and testing labs.
“The cultivation and processing capacity exists, but the lack of licensing is keeping that production off the shelves,” said Rob McIntyre, CFO of Salvation Botanicals Ltd, Medical Marijuana, Inc.’s Canadian manufacturing and distribution partner.
“Health Canada has added significant resources to attempt to shorten the approval process, but the backlog is significant,” McIntyre continued. “In the coming months, we expect to see this supply shortage ease.”
The Forbes article also looked at the patchwork of laws of individual provinces and territories in Canada. Each region in Canada was empowered either to follow Health Canada’s lead in their regulations or to create their own specific cannabis regulations.
You can learn more about Medical Marijuana, Inc.’s role in the Canadian cannabis market here.
Domestic Hemp Industry Halted by Government Shutdown
Almost immediately after signing the 2018 Farm Bill at the end of the year, a shutdown of the U.S. government has prevented domestic farmers from taking the regulatory steps necessary to begin growing hemp on their farms.
According to an article in the Norfolk Daily News, “Before farmers can take advantage of the bill they have to submit to the U.S. Department of Agriculture and pass an FBI background check.”
In the article, CEO of Medical Marijuana, Inc. Dr. Stuart Titus is quoted saying, “At this time with the slowdown and the shutdown of the government, this isn’t exactly helping matters for farmers but hopefully this is just be a very quick, little temporary glitch in the road and back to standard practices before too long here.”
However, hope for the 2019 hemp crop isn’t lost yet. Dr. Titus continued, “If farmers can’t get through the process as quickly as they would like, I still think there is a reasonable amount of time between April and May when they would be planting their seed but obviously if they can get through the process quickly they will be able to order their seed, etc. and be well prepared.”
This news was picked up by the following media outlets:
Medical Marijuana, Inc. Listed as Top Player in the Hemp Industry
Despite the federal government shutdown presenting a roadblock to the start of domestic hemp cultivation, the hemp and CBD industry itself is still booming and is expected to continue this trend of growth, hitting $22 billion by 2022.
MMJ Reporter recently looked at Medical Marijuana, Inc.’s incredible revenue growth in 2018 and our potential in 2019. According to the article, “Commenting on the developments, Dr. Stuart Titus, CEO of Medical Marijuana, said that the significant progress is industry-wide. Notably, Titus assures that there is a significant change in the industry since the 2018 Medical Farm Bill.”
Yahoo Finance also took a close look at the CBD industry this past week and how the 2018 Farm Bill removes roadblocks to the industry’s growth. In the article, Yahoo Finance included a list of the top 5 CBD producers by market share. Medical Marijuana, Inc. was 3rd on the list with just under 10 percent of the total market share. The article referred to the passing of the 2018 Farm Bill as an “exploding point” for the CBD industry.
Kannaway Products Featured at Vermont Wellness Event
At the recent Body, Mind & Soul Expo held in Pittsfield, Vermont, over 40 health and wellness companies presented their products and services to hundreds of attendees. News of this event was featured in the Berkshire Eagle, a cosponsor of the event along with Berkshire Health Systems.
According to the article, “Men and women lined up at the table for Kannaway, a company that sells CBD products, where representatives debunked myths about cannabidiol and its uses.” Kannaway is a direct selling subsidiary of Medical Marijuana, Inc. The company distributes its products through a worldwide team of brand ambassadors.
More Medical Marijuana, Inc. News
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