Global Ganja Report

From the "Tulip Mania" in 15th century Holland to the Bitcoin bubble of 2017, high hopes for a commodity's market performance can lead to unsustainable overvaluation inevitably followed by a painful correction. Many observers believe that cannabis fell prey to this phenomenon in 2018—but are hoping for growth in a more rational and realistic market in the coming year.

It has long been established that cannabis can effectively treat glaucoma, a condition that damages the optic nerve and can lead to blindness. However, new research indicates that while THC helps fight glaucoma, its cousin cannabinoid CBD has the opposite effect—and could actually counteract the efficacy of THC.

The newly enacted Farm Bill contains language implicitly removing hemp-derived CBD from the controlled substances list, along with industrial hemp. A CBD industry that has been growing fast in a legal grey zone stands to grow faster in the light of legal clarity. Conflicting state laws and even federal regulations, however, could prove an obstacle to unfettered expansion.

Terpenes, the chemical compounds that give your herb its distinctive smell and flavor, are increasingly recognized as a vital part of the overall cannabis experience. But with the growing popularity of vape pens and concentrates, industry is now adding terpenes to products in an effort to recreate that whole-flower feel. These may come from plants other than cannabis—and some may even be synthetic.

The name most associated with cannabis science in the minds of aficionados is that of Israeli scientist Raphael Mechoulam—who is credited with first isolating and identifying THC. But given the current craze for CBD, there is another figure who should receive his due. The American chemist Roger Adams is the man who first isolated cannabidiol. And, by some accounts, he even has a claim to being the one who first identified its pyschoactive cousin THC.

In addition to this, he played a little-recognized role in the great world political upheavals of his time, as he grappled with the role of science—and its misuses—in war and totalitarianism.

As evidence mounts for the efficacy of cannabis in treating PTSD, medical marijuana is fast being normalized in the veterans' community. But many have been "exiled" from their home states that have no medical marijuana programs—and the federal Department of Veterans Affairs is only beginning to demonstrate any tolerance on the question.

With general legalization in Oregon, the number of people enrolled in the state medical marijuana program is plummeting, and there is talk of actually ending it. Authorities have already dramatically slashed the limit for daily sales, supposedly in a crackdown on diversion to the black market—which continues to thrive, even amid the notorious over-supply.

The push to legalize cannabis in the Empire State got a significant boost on Election Day as Democrats took control of the state Senate—long controlled by Republicans. A re-elected Gov. Cuomo played to a progressive base on the campaign trail, and will no longer be able to blame GOP intransigence for lack of progress. Will New York become the 11th state to legalize in 2019?