capitalism

Medical marijuana advocates welcome banking policy change

Posted on February 14th, 2014 by Global Ganja Report and tagged , , , .

Shadow WatchMedical marijuana advocates are applauding a new memorandum (PDF) issued Feb. 14 by the US departments of Treasury and Justice giving long-awaited guidance to financial institutions to provide services to cannabis-related businesses in states where such commerce is legal. The memo "clarifies customer due diligence expectations and reporting requirements for financial institutions seeking to provide services to marijuana businesses," said a press release issued by the Treasury Department's Financial Crimes Enforcement Network (FinCEN). The memo also includes clarity for credit card service companies, such as VISA and MasterCard, whose services for cannabis-related businesses had also been suspended for years.

Congress calls on Obama to reclassify cannabis

Posted on February 13th, 2014 by Global Ganja Report and tagged , , , , , .

medical marijuanaEighteen members of Congress joined together Feb. 12 in calling on President Barack Obama to use his authority to reclassify cannabis from its current position as a dangerous drug with no medical value, alongside heroin and LSD. The letter (PDF) says that cannabis' current status "makes no sense," and requests that Obama "instruct Attorney General Holder to delist or classify marijuana in a more appropriate way." The Congressional letter comes just days after Obama told The New Yorker magazine that marijuana was less dangerous than alcohol.

Uruguay to releive Israel's cannabis drought?

Posted on February 4th, 2014 by Global Ganja Report and tagged , , , , , , .

Middle EastUruguay is still developing its nascent cannabis economy following the Christmas Eve signing of the new legalization law, but its leaders have already broached international exports. Diego Cánepa, media spokesman for President José Mujica, said that while development of the domestic market is the priority, representatives from countries including Israel, Canada and Chile have contacted Uruguay to inquire on importing prospects.  "It was not the law’s intention to regulate international trade of marijuana, but Uruguay is open and enthusiastic at the possibility," said Cánepa to Montevideo newspaper La Red 21 in comments picked up by International Business Times. Several private companies have even expressed interest in opening cannabis laboratories in Uruguay, he said. "It would be a challenge, if labs were to open installations in Uruguay," admitted Cánepa. "It goes beyond what the law previewed, but it would turn Uruguay into a biotechnology center. That is a huge step forward."

Blood avocados: Michoacán cartels co-opt ag-biz

Posted on January 22nd, 2014 by Bill Weinberg and tagged , , , .

MexicoMexico's violence-torn state of Michoacán produces millions of kilos each year of its famous specialty crop, highly prized in US markets... Yes, avocados. Michoacán accounts for 72% of total Mexican production of this rich, green fruit, and over 80% of the state's output is exported to the United States. The trade amounts to nearly a billion dollars a year—even ahead of the state's notorious (and prohibition-inflated) marijuana. But now the two industries are experiencing a grim synergy, as narco lords acquire avocado plantations to launder money, facilitate smuggling and maintain a cover of "legitimate" income. According to a recent exposé in Mexico's Vanguardia newspaper, the Knights Templar cartel has in recent years been running an extortion racket on avocado farmers, seizing their lands if they can't pay up (on pain of family members being abducted and threatened with death), building a "legal" agrarian empire in the state. The local agribusiness association, with the clunky name of the Michoacán State Committee on Vegetable Health, has been co-opted by the Templarios through threats and bribes, according to the report.

CBD derivative gets 'orphan drug' status

Posted on November 18th, 2013 by Global Ganja Report and tagged , , , , , , , , .

THCBritish firm GW Pharmaceuticals has won "orphan drug status"—a special category for agents developed to treat rare diseases—from the US Food and Drug Administration (FDA) for Epidiolex, a derivative of cannabidiol (CBD), to treat Dravet syndrome, a severe form epilepsy. In Utah, parents who are lobbying to import CBD-rich cannabis strains from Colorado, say they will keep up their campaign. "This changes nothing" in regard to children being able to access CBD, said Jennifer May, mother of 11-year-old Stockton, who suffers from Dravet syndrome. "On the other hand, it does lend credibility to the potential of CBD as a treatment."  Like many Dravet patients, Stockton has tried dozens of pharmaceutical fixes, and run out of options. He can no longer use the toilet and has to be fed from a tube. "Orphan drug" designation qualifies GW for tax credits and exclusive rights to the drug if approved. But FDA approval for Epidiolex could take a year or more. (Salt Lake Tribune, Nov. 18)

Will New Amsterdam be the new Amsterdam?

Posted on August 14th, 2013 by Global Ganja Report and tagged , , , , , .

New York cannabisCannabis is a $1.65 billion industry in New York City, according to a report released Aug. 14 by comptroller and mayoral hopeful John Liu, with the potential to become a $1.7 billion industry if it were made legal in the Big Apple. The report is the first official estimate of the city's cannabis market, and the first study to consider the idea of legalization at the municipal level in the nation's biggest city.

Fox: Mexico could legalize cannabis within five years

Posted on July 25th, 2013 by Global Ganja Report and tagged , , , .

MexicoFormer Mexican president Vicente Fox last week presided over an international conference in his home state of Guanajuato, hosted by his private think-tank Centro Fox and dubbed the US-Mexico Symposium on Legalization and Medical Use of Cannabis. Joining Fox at the confab were ex-Microsoft executive James Shively, who plans to create the first US national marijuana brand, as well as a wide range of activists and academics that included former Mexican health minister Julio Frenk. Asked by Reuters whether Mexico could legalize cannabis by the time current president Enrique Peña Nieto's term ends in 2018, Fox said: "I think it's going to happen much sooner. Once California gets into this, Mexico is going to be obligated to speed up its decision process." (Reuters, July 24; Correo, Guanajuato, Latino Daily News, July 21; Reuters, El Universal, July 20)

Legal battles over Dutch coffee house crackdown

Posted on June 22nd, 2013 by Global Ganja Report and tagged , , , .

EuropeDutch prosecutors are seeking up to one-month suspended prison terms for owners and staff of cannabis cafes in Maastricht for selling pot to foreigners in defiance of the new law. But meanwhile the Netherlands government was ordered to pay damages to owners of cannabis cafes after a court in The Hague said new measures turning the coffee-houses into members-only clubs were too harsh. The amount the state must pay is still to be determined. (The Age, June 13; BBC News, June 5)

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