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Staff, Author at Hemp Market Report

StaffStaffJuly 22, 2020
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3min00

The U.S. House of Representatives has approved a measure from Rep. Tulsi Gabbard, D-Hawaii, as part of an amendment package to the National Defense Authorization Act that passed the House late Monday on a bipartisan vote of 336-71.

The amendment says, “The Secretary of Defense may not prohibit, on the basis of a product containing hemp or any ingredient derived from hemp, the possession, use, or consumption of such product by a member of the Armed Forces” as long as the ingredients meet the federal definition of hemp.

Active service members had been denied the use of products made from hemp, including CBD, regardless of the product’s THC concentration, according to a February memo from the U.S. Department of Defense. the DOD said this was due to the inability of drug testing to differentiate between hemp-derived CBD products and THC marijuana products, which are federally illegal.

“If there are any Americans who most deserve access to wellness products such as CBD, it’s our brave, selfless troops,” the U.S. Hemp Roundtable said in a statement. “Let’s make sure that the men and women who risk their lives for our freedoms have the freedom to use quality, legal hemp products.”

Gabbard is a military veteran and a hemp advocate in Congress. In July 2019, she introduced the Hemp for Victory Act, which called for more research into the applications of hemp. It was referred to the subcommittee on health. That proposed bill was inspired by a World War II-era government film that encouraged farmers to grow hemp for the war effort.

Law360 gives Gabbard an A+ rating when it comes to cannabis. The site wrote, ” Since assuming office in the U.S. House of Representatives in 2013, Gabbard has introduced, signed and voted for numerous bills related to marijuana. In 2017, Gabbard co-sponsored the Ending Federal Marijuana Prohibition Act, a bipartisan bill which, if passed, would remove marijuana from the controlled substances list. The following year, Gabbard introduced the Marijuana Data Collection Act, a bill that would direct the U.S. Department of Justice to research the effects of marijuana legalization. Gabbard hoped that this research to “dispel myths and stigma” surrounding marijuana.

This year, Gabbard has co-sponsored The Marijuana Justice Act, which would deschedule marijuana if passed, and the VA Medicinal Cannabis Research Act, which would direct the Department of Veterans Affairs to research the therapeutic benefits of marijuana.


StaffStaffJuly 21, 2020
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9min00

Charlotte’s Web Holdings Inc. (OTC:CWBHF) unveiled “part three” of its groundbreaking “Trust The Earth” campaign. Originally launched in October 2019, the “Trust The Earth” campaign was created to break down barriers by opening up doors of access to the power of hemp for health.

Now, Charlotte’s Web  is continuing to use its voice, public art, the country’s landscape and its collaboration with Studio Number One, the creative agency founded by legendary artist Shepard Fairey,

Created in McPherson, Kansas, the 76-acre farm art installation features a massive rendering of a hand holding a hemp stalk and the call-to-action “Trust the Earth.” This ‘Trust The Earth’ farm field art will be ‘unveiled’ online officially on July 21, 2020. Studio Number One and Fairey’s original art was ‘grown’ and mown on   3,049, 200 square feet of farmland and the installation required one solo farmer mowing for one week using a GPS to guide the process. The final field art, installed by Precision Mazes, is so large that it required a local farmer’s plane to achieve enough height to photograph the entire Trust The Earth field art installation.

“This art is the visual and naturally living embodiment of Charlotte’s Web’s mission to unleash the healing powers of botanicals,” said Deanie Elsner, CEO for Charlotte’s Web. “And, we hope this inspires many to join us in fighting for sound federal and state regulations.”

“A farmer’s field is a place to cultivate life-changing ideas and grow a voice for those still seeking hemp-based wellness. Through this powerful artwork, we experience a coalition between earth and humanity, and our journey to create sustainable, natural wellness. In the case of hemp, revolutionary wellness. Our purpose is to ignite conversations that open access to hemp in all states that have yet to provide this choice,” said Jared Stanley, Chief Cultivation Officer and a co-founder of Charlotte’s Web.

“Whether it’s a mural in Brooklyn, a poster in your home, or a field in Kansas, Studio Number One understands the power of art to compel change. SNO worked with Charlotte’s Web to call on citizens to Trust the Earth,” Shepard Fairey.

The “Trust The Earth” campaign supports Charlotte’s Web’s on-going mission to open up access to hemp CBD, especially for those who depend on it for quality of life. Its purpose is to raise awareness of the need for improved and equal access to hemp-derived CBD products for everyone in every U.S. state.  Founded in 2014, the Stanley Brothers set out to change perceptions about the health potential of hemp, forwarded laws, and inspired vital research.

The origin of the CBD movement was ignited by families, veterans, and farmers, desperate for a better way that solutions in nature. Now, the exploding CBD industry is inspiring the mainstream to consider hemp CBD, the life-changing compound that has been misunderstood for over one hundred years.

 “This glorious field art celebrates everyone on Earth whose lives have been improved by hemp-derived CBD wellness products,” said Elsner. “Charlotte’s Web continues to lead the revolution and will continue to advocate.”

The Charlotte’s Web website is www.charlottesweb.com. The campaign platform is www.TrustTheEarth.com .


StaffStaffJuly 15, 2020
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12min00

Studies have shown CBD to target and affect cancer cells differently than normal healthy cells. Cannabis has been shown to prevent tumor growth, trigger cell death, prevent the formation of blood vessels that feed the tumor, and inhibit the metastasis of cancer from one part of the body to another. 

Angela Ardolino is a holistic pet expert who has been caring for animals for over 20 years and operates a rescue farm, Fire Flake Farm, in Florida. She is also the owner of Beautify the Beast, a natural pet salon and shop. After getting her certificate in Medical Cannabis Biology and Therapeutic use from the University of Vermont School of Medicine, she founded CBD Dog Health to provide high quality, all-natural medical cannabis products designed specifically for pets.

Ardolino believes that Full Spectrum CBD will help the quality of life of the animal, especially while going through chemotherapy. Whether it’s nausea, pain, or insomnia, she suggests using this natural medicine will help your pet live comfortably. 

She cites a study published in 2018 that found that CBD inhibits the growth of cancerous cells in mice with pancreatic and bladder cancer. Not only did CBD inhibit cancer cell growth, but it also proved to prevent future cancerous growths in the mice treated with CBD. The conclusion of this study noted that CBD could be a viable option to treat cancer in both humans and animals. Additional research concluded that “The antiproliferative and apoptotic effects produced by some of these pharmacological probes [CBD] reveal that the endocannabinoid system is a promising new target for the development of novel chemotherapeutics to treat cancer.

Anxiety

“Whether it’s general anxiety, noise anxiety, or separation anxiety, Full Spectrum CBD is an incredible way to keep your pet anxiety-free, as opposed to something like Benadryl, which can put a strain on a dog’s liver and kidneys,” said Ardolino. “Unfortunately, anxiety due to things like thunderstorms and fireworks can lead to much more serious issues. In recent years, multiple reports have surfaced of older dogs and even puppies suffering heart attacks which lead to their death during fireworks displays. Additionally, during these noisy celebrations, there are increased incidents of dogs running through sliding glass doors or running away. In fact, more dogs are lost on July 4 and January 1 than any other days of the year.”

Dosing

Since many CBD companies are limited in what they can say on websites and labels, dosing causes great confusion with pet owners. “I suggest starting with 9-12mg and increase if needed. For situational anxiety like storms, you should see a difference within 15 minutes,” said Ardolino. “If you’re not seeing results, give more. For general anxiety, it should be given daily. Adjust the dose as needed until you find what works.”

Ardolino went on to explain that research shows that CBD works by interacting with the body’s naturally occurring Endocannabinoid System which is responsible for maintaining homeostasis in the body. CBD binds to one of your brain’s receptors called CB1. Within the brain, CBD can mimic serotonin by binding and activating your body’s 5-HT1A serotonin receptors. Often called the ‘happy’ chemical, these serotonin receptors are responsible for emotional balance. 

Allergies

She added, “CBD and the other compounds found in a full-spectrum hemp extract are best known for their ability to bring the body’s systems into homeostasis. That’s just a fancy way of describing a state of balance. 

There are tons of cannabinoid receptors throughout the organs that control our pet’s immune systems. Instead of completely turning off the immune responses, like Apoquel does, CBD increases communication between cells in the immune system, encouraging a more moderate and targeted response to allergy symptoms. “

Seizures

“If your dog is prone to seizures, your veterinarian may prescribe phenobarbital (PB) and potassium bromide (KBr or K-BroVet Potassium Bromide). However, these medications may have negative side effects and can cause further liver damage, which is why many pet parents are turning to full spectrum hemp extract (CBD oil),” she said.

CBD has been used by humans to treat seizures for years. In fact, in 2003, the U.S. government patented CBD as a neuroprotectant (despite the U.S. prohibition on cannabis). Because of the rise of hemp-derived CBD for pets, studies focusing on the effects of CBD on seizures in dogs is being studied now more than ever.

She suggested these blogs for ailments that she sees a lot of dogs suffering from and benefiting from the medicine most.

 

Cushings- https://cbddoghealth.com/can-cbd-help-a-dog-with-cushings-disease/

 

IVDD- https://cbddoghealth.com/can-cbd-help-ivdd-in-dogs/

 


StaffStaffJuly 7, 2020
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3min00

The Financial Crimes Enforcement Network (FinCEN) issued new guidance for banking requirements for hemp-related business customers. Fin CEN said that the clarification was intended to enhance the availability of financial services for, and the financial transparency of, hemp-related businesses in compliance with federal law. The new guidance supplements the December issued rules.

Nothing To See Here

Basically, the banks are to treat hemp businesses like any other since the 2018 Farm Bill legalized the growing of industrial hemp. Financial institutions are told to conduct customer due diligence (CDD) for all customers, including hemp-related businesses. Financial institutions should obtain basic identifying information about hemp-related businesses through the application of the financial institutions’ customer identification programs and risk-based CDD processes, including beneficial ownership
collection and verification, as they would for all customers. Financial institutions must also establish appropriate risk-based procedures for conducting ongoing CDD.

The banks are no longer required to file a Suspicious Activity Report (SAR) on customers solely because they are engaged in the
growth or cultivation of hemp in accordance with applicable laws and regulations. If the business is co-mingled with regular marijuana, then the company has to keep them separate and the banks would still need to file a SARS report on the marijuana business.

For customers who are hemp growers, financial institutions may confirm the hemp grower’s compliance with state, tribal government, or the USDA licensing requirements, as applicable, by either obtaining (1) a written attestation by the hemp grower that they are validly licensed, or (2) a copy of such license. The extent to which a financial institution will seek additional information beyond the steps outlined above will depend on the financial institution’s assessment of the level of risk posed by each customer.

Additional information might include crop inspection or testing reports, license renewals, updated attestations from the business, or correspondence with the state, tribal government, or USDA. In order to identify the risks posed, financial institutions must understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile, and conduct
ongoing monitoring to identify and report suspicious transactions, including, on a risk basis, to maintain and update customer information.

As with any customer, FinCEN expects financial institutions to tailor their BSA/AML programs to reflect the risks associated with
the customer’s particular risk profile and file reports required under the BSA.

Any cash transactions over $10,000 still have to be reported as usual.


StaffStaffJune 30, 2020
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9min00

Editors Note: This is a guest post.

Marijuana, also known as Cannabis, is a psychoactive drug derived from the Cannabis plant. As you probably already know, Marijuana is mostly used recreationally but is being researched on more and more every day to be used as medicine. The effects of marijuana can be felt from smoking it, vaporizing it, putting it in food, or using it as an extract. 

In almost all countries, it is considered an illegal substance. In fact, it is actually only legal within four countries and 11 states of the U.S with 33 states allowing it for medicinal use.Cannabis can provide medical uses which lies within the chemicals found in it, these chemicals are called cannabinoids. There are two main cannabinoids, which are THC and CBD. The focus will be on CBD but it’s good to know the differences between the two cannabinoids and what the benefits are.

THC and CBD

On the molecular level, THC and CBD have the exact same structure but the difference is how the atoms themselves are laid out. The differing arrangements have vastly different effects on your body while also being chemically similar to your body’s endocannabinoids. The chemical similarity allows interaction between the cannabinoids and your cannabinoid receptors.

The main difference between THC and CBD is psychoactivity or how much the chemical affects the mind. THC is very psychoactive and therefore gives the “high” that THC is known for. CBD is the opposite of this as it is not at all psychoactive. It can actually even disrupt the connection of THC to the cannabinoid receptors in the brain which ends up weakening how much THC affects the brain.

 As for use in medicine goes, THC and CBD offer many of the same benefits. But the main difference between the two is that THC offers a sense of euphoria while CBD does not. As for side-effects, CBD has minimal effects, even in large doses. The same cannot be said for THC but its side-effects are still mild. It also should be noted that neither compound is fatal. However, THC can affect the growth of the mind in children and teenagers.

CBD and CBD Oil

CBD stands for cannabidiol and as mentioned, is the second most prevalent component of marijuana. Despite that, it is also directly derived from the hemp plant, which is a cousin of cannabis. And to reiterate, CBD is not a psychoactive chemical and therefore will not cause a “high.” According to the World Health Organization, it shows no indication of having abuse or dependency potential.

In the United States, its exact legal status isn’t definite, all 50 states have legalized CBD under certain restrictions while the federal government carries CBD in the same class as marijuana. In 2015, the FDA eased restrictions on it allowing researchers to conduct trials on it. The government’s position on CBD is confusing but CBD is readily available online without the need for a license.

One form that CBD can be acquired in is as an extract known as CBD oil. This oil is said to have wide-ranging medical benefits from aiding in seizures to helping with anxiety. And while there certainly is not enough evidence to say without a doubt this is all true, there still is some truth in the claims. 

Anxiety

A promising benefit found in early research of CBD is its capacity to aid in mental health such as reducing the effects of both anxiety and depression. It’s unclear how CBD directly affects the brain by interacting with the cannabinoid receptors but it is generally thought to alter serotonin signals. This is important because serotonin is an important neurotransmitter that plays a role in mental health.

Serotonin is a chemical naturally produced in the body and has a wide range of functions. Serotonin can be referred to as the happy chemical due to how it contributes to your wellbeing and general happiness. In addition to that, it also helps to regulate the body’s sleep cycle and the body’s circadian rhythm.

Having low levels of serotonin is associated with those who have depression and having low enough serotonin can lead to anxiety. However, the association between serotonin levels and depression is unclear. The question being whether serotonin levels cause depression or if depression causes serotonin levels to drop.

Despite that, anxiety is generally treated with SSRIs or selective serotonin reuptake inhibitors but SSRIs are only available by prescription. It’s possible that CBD can do what SSRIs can without the nasty side-effects of prescription medicine. However, since the research in the field isn’t thorough enough, nothing is definitive. 

As just mentioned, there isn’t enough research in the field to make any definitive statements. What is definitive, however, is that there is some correlation to CBD usage and the reduction of anxiety. This is shown by a study that stated those with a social anxiety disorder who received CBD had overall reduced anxiety levels as compared to those who received a placebo.

The more research that is done on CBD, the more benefits and side-effects that can be found from it. And the more research that is done can also fine-tune the benefits that are already known. Essentially making it possible to decide the dosage specific to a particular patient with more accuracy in turn making CBD more effective without the need to deal with severe side-effects. 

CBD and Medicine

While CBD has the potential to treat a wide range of illnesses and ailments, one concerning aspect of it is how it interacts with other medications. An epilepsy study observed heightened blood levels of those on anti-epileptic drugs while also being on CBD. What this means is that changes in dosage will need to be made if both medications are used in tandem. It also raises the question of if CBD is safe to use with other medications no matter the dosage.

CBD and Anxiety

Overall, CBD is a new medicine that is being researched on more and more with each passing day. The effects that CBD has will be more understood as well as how to properly utilize it. Currently, there is a correlation between CBD usage and a reduction in anxiety. It’s probable that CBD affects serotonin levels thus reducing the effects of anxiety without having severe side-effects, consequently, potentially it is better than current SSRIs.


StaffStaffJune 26, 2020
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29min00

n August 2019, the NCUA issued NCUA Regulatory Alert, 19-RA-02, Serving Hemp Businesses, to provide interim guidance related to the passage of the Agriculture Improvement Act of 2018 (2018 Farm Bill). This letter’s purpose is to provide additional information for credit unions that are serving, or considering serving, legal hemp-related businesses, as they, too, have been affected by the COVID-19 pandemic. Like 19-RA-02, this letter is advisory and provides no new expectations or requirements for credit unions.

The 2018 Farm Bill removed hemp from Schedule I of the Controlled Substances Act and directed the U.S. Department of Agriculture (USDA) to establish a national regulatory framework for hemp production in the United States. In response, USDA established the U.S. Domestic Hemp Production Program through an interim final rule,1 which outlines provisions for the USDA to approve plans submitted by states and Native American tribes for the domestic production of hemp, and outlines minimum requirements that all hemp producers must meet, including:

  • licensing requirements;
  • maintaining information on the land on which hemp is produced;
  • procedures for testing delta-9 tetrahydrocannabinol (THC) concentration levels;
  • procedures for disposing of non-compliant plants;
  • compliance provisions, and
  • procedures for how to handle violations of the production requirements.

While USDA must approve state or tribal plans before they are implemented, the interim final rule does not preempt or limit any law of a state or Native American tribe that regulates the production of hemp and is more stringent than the 2018 Farm Bill. The rule also establishes a federal plan to license, monitor, and regulate hemp production in states or territories of Native American tribes that do not prohibit hemp production and do not have their own USDA-approved plan.

It is important that credit unions stay current with the federal, state and Native American tribal laws and regulations that apply to any hemp-related businesses they serve. The information in this letter is not an interpretation of the USDA’s interim final rule or other applicable federal or state laws, and does not provide definitive guidance related to the various legal requirements applicable to credit unions that want to provide financial services to hemp-related businesses. The inclusion or exclusion of various matters does not signify their importance.

If you have legal questions about a hemp-related business, we encourage you to consult qualified counsel and the appropriate federal and state authorities. To stay current on the latest from the USDA, you can subscribe to the USDA mailing list for updates.

The following are responses to some frequently asked questions.

  1. What is the status of the USDA’s interim final rule on hemp production?On October 31, 2019, the USDA issued its interim final rule on hemp production and it went into effect immediately. In the preamble to the interim final rule, the USDA stated that it will publish a final rule within two years.2

    A portion of the USDA’s website is dedicated to hemp-related resources. The USDA also has a webpage dedicated to rulemaking documents, including the interim rule and a legal opinion on hemp production and transportation authorities.

  2. Does the interim rule mean that hemp can be legally produced in every state?No. The 2018 Farm Bill did not preempt state or tribal laws regarding the production of hemp that are more stringent than federal law. Further, hemp may be produced only under the 2018 Farm Bill with a valid USDA-issued license or under a USDA-approved state or tribal plan.

    Besides production authorized by licenses granted under the 2018 Farm Bill for the 2020 growing season, hemp may also be produced pursuant to research and development initiatives authorized by the Agricultural Act of 2014 (2014 Farm Bill). This authority expires one year after the effective date of the USDA interim final rule (November 1, 2020). A number of states have opted to permit hemp production under the 2014 Farm Bill authorities for the 2020 growing season.

  3. How can I determine if a state or Native American tribe has submitted a hemp production plan to the USDA for approval?The USDA provides detailed information on the status of state and tribal hemp production plans submitted for approval, including notes about plans that are in development, states and Native American tribes that plan to operate under the 2014 Farm Bill for the 2020 growing season, and a list of approved plans. Copies of approved plans can be downloaded from the USDA site.3
  4. What if the state or tribal territory we serve has not had a hemp production plan approved by the USDA?A hemp producer that does not have a license pursuant to a USDA state or tribe approved plan has two options to receive authorization to produce hemp.
    1. Until November 1, 2020, states may allow hemp production under the research and development initiatives permitted by the 2014 Farm Bill.
    2. Hemp producers in states and tribal territories that do not prohibit hemp and that do not intend to develop and submit a plan to the USDA can also apply for a hemp production license under the USDA’s hemp production program.4
  5. Who is responsible for ensuring that hemp producers comply with a state, Native American tribe, or USDA-approved hemp production plan?According to USDA, for the states and tribal territories with approved plans, the state and tribal governments will be responsible for ensuring that hemp producers abide by the approved plans regulating hemp production. Producers licensed by USDA in states and tribal areas without a USDA-approved production plan will be subject to regulation and licensure by the USDA (provided the state or tribal government has not prohibited hemp production) and may also be subject to additional, stricter state regulatory restrictions around production that are not otherwise codified in a USDA-approved plan.

    In developing the compliance requirements of state and tribal plans, USDA recognized that there may be significant differences in how states and Native American tribes administer their respective hemp programs. Accordingly, as long as the requirements of the 2018 Farm Bill are met (at a minimum), states and Native American tribes are free to determine if a licensee under their applicable plan has taken reasonable steps to comply with plan requirements. As noted previously, USDA will be regulating and overseeing hemp producers licensed by the USDA in states and tribal areas without a USDA-approved state or tribal production plan.

  6. Aside from hemp production, does the USDA interim final rule cover other hemp-related businesses such as manufacturing, processing, distribution, shipping, and retail?No. The USDA rule only sets forth the requirements for engaging in hemp production as authorized by the 2018 Farm Bill. While the USDA notes that the rule “…will also provide sorely needed guidance to the many stakeholders whose coordinated efforts are critical to the success of the domestic hemp production economy…” there is no uniform state or federal system of regulations, plans, or licenses that applies to other hemp-related businesses at this time.

    While states do impose requirements on certain other types of hemp-related businesses, absent a uniform system, credit unions must be aware of the rules that apply in the individual states or tribal territories in which they serve other hemp-related businesses.

    In addition, as noted in NCUA’s August 2019 Regulatory Alert, other hemp-related businesses may now, or in the future, be subject to other federal and state laws and regulations that govern the production, distribution, sale, and use of hemp products. In particular, the 2018 Farm Bill did not affect or modify the Federal Food, Drug, and Cosmetic Act (FD&C Act) and the Public Health Service Act. It also did not affect or modify the authority of the Secretary of Health and Human Services or the Commissioner of Food and Drugs to promulgate Federal regulations and guidelines that relate to hemp under the Federal Food, Drug, and Cosmetic Act or the Public Health Service Act. The U.S. Food and Drug Administration (FDA) has published substantial resources addressing hemp.

  7. Where can I learn more about FDA requirements applicable to cannabis-derived products, including cannabidiol (CBD)?The FDA has noted that it is aware of the significant interest in cannabis-derived products and has published a number of resources that address cannabis and cannabis-derived products, such as CBD.

    Despite the passage of the 2018 Farm Bill and despite the fact that certain states permit and regulate businesses that manufacture and sell cannabis-derived products, including CBD, the FDA has reaffirmed that the legality of the sale of CBD products “depends, among other things, on the intended use of the product and how it is labeled and marketed.”5 The FDA has also reiterated that “[e]ven if a CBD product meets the definition of ‘hemp’ under the 2018 Farm Bill…, it still must comply with all other applicable laws, including the FD&C Act.”6

    Further, depending on the type of CBD product at issue, the nature of claims made about CBD products by businesses (including medical claims) and whether businesses infuse CBD into food and beverages or dietary supplements will determine whether or not the subject businesses are violating the FD&C Act and other applicable federal regulations around consumer products and consumer safety.

  8. Has the Financial Crimes Enforcement Network (FinCEN) provided any guidance related to hemp?Yes. FinCEN, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, in consultation with the Conference of State Bank Supervisors, issued a joint statement on the provision of financial services to customers engaged in hemp-related businesses. The statement was issued “to provide clarity regarding the legal status of commercial growth and production of hemp and relevant requirements for banks under the Bank Secrecy Act (BSA) and its implementing regulations.”

    The joint statement aligns with the information the NCUA provided in its 2019 Regulatory Alert. It also confirmed that FinCEN will issue additional guidance after further reviewing the USDA interim rule.

  9. Will NCUA examinations conducted in 2020 cover hemp?In 2020, NCUA examiners will be collecting data through the examination process concerning the types of services credit unions are providing to hemp-related businesses. This data collection is intended only to help the agency better understand how it can assist credit unions serving hemp-related businesses.
  10. Does the NCUA prohibit credit unions from providing services to hemp-related businesses?No. Many credit unions have a long and successful history of providing services to the agriculture sector. Credit unions may provide the customary range of financial services for business accounts, including loans, to lawfully operating hemp-related businesses within their fields of membership. Hemp provides new opportunities for communities with an economic base involving agriculture. The NCUA encourages credit unions to thoughtfully consider whether they are able to safely and properly serve hemp-related businesses.
  11. What should a credit union board consider when evaluating whether to provide services to a hemp business?Credit unions need to be aware of the federal, state, and Native American tribal laws and regulations that apply to any hemp-related businesses they serve. Credit unions that choose to serve hemp-related businesses in their fields of membership need to understand the complexities and risks involved, and ensure they have the necessary expertise and resources to conduct this activity safely and soundly and in compliance with applicable laws and regulations.
  12. Can a credit union provide loans to a hemp-related business?Lending to a lawfully operating hemp-related business is permissible. Any such lending credit unions engage in must be done in accordance with all applicable federal and state laws and regulations for lending (in particular, part 723, Member Business Loans; Commercial Lending, or the state equivalent).

    Credit unions must also ensure such lending is conducted safely and soundly, consistent with sound commercial lending practices. This includes appropriate underwriting standards that consider the borrower’s management ability and experience with this line of business, the financial condition of the borrower, and the borrower’s ability to meet all obligations and service the debt.

  13. What is the credit union expected to do to ensure the hemp business is operating lawfully?As with any account, credit unions need to maintain appropriate due diligence procedures for hemp-related accounts. The needed level of due diligence is a business decision credit unions must make individually and can vary depending on the product. For example, the level of due diligence needed for a large business loan would likely be higher than what is needed for a deposit received from a hemp-related business. Credit unions may want to consult with legal counsel when determining the appropriate level of due diligence.

    As part of a credit union’s overall BSA/AML compliance program, the NCUA expects each credit union to employ sufficient customer due diligence procedures to reasonably ensure that credit union member businesses producing or selling hemp-related products are compliant with applicable laws and regulations. Credit unions should verify that hemp growers possess a valid state or USDA license to grow hemp. However, credit unions are not expected to serve as the enforcement authority tasked with policing the hemp industry for illegal activity.

    The NCUA expects credit unions to remain alert to any indication an account owner is involved in any illicit or unusual activities. Credit unions must comply with BSA and AML requirements to file a Suspicious Activity Report (SAR) for any activity that appears to involve potential money laundering or illegal or suspicious activity.

  14. Can a credit union decide not to serve hemp-related businesses?While the NCUA encourages credit unions to thoughtfully consider whether they are able to safely and properly serve lawfully operating hemp-related businesses within their fields of membership, the decision to serve any business is made by each individual credit union.
  15. Is there a list of credit unions that serve hemp-related businesses?The NCUA does not maintain a list of credit unions serving hemp-related businesses at this time.
  16. Do credit unions need to file marijuana related SARs on legally operating hemp businesses, provided the activity is not unusual for that business?No. Provided the credit union reasonably believes they are operating lawfully and the activity is not unusual for that business, marijuana-related SARs are not required to be filed for the activity associated with a hemp-related business. Credit unions must remain alert to any indication an account owner is engaging in illicit or unusual activities and should follow current FinCEN guidance for filing regular SARs when they suspect the business is engaging in illicit, suspicious or unusual activity.
  17. Where can I learn more?The USDA has published numerous resources dedicated to providing further guidance related to hemp.

    Credit unions with questions regarding state or Native American tribal laws and regulations should contact the state or Native American tribe government. The USDA has provided a resource page that contains relevant state and Native American tribe contact information.

    Credit unions with hemp-related food, drug, and cosmetic questions should contact the FDA and relevant parties within state and tribal governments.

Lawful hemp businesses provide exciting new opportunities for rural communities, and credit unions should carefully consider whether they can safely and properly serve lawfully operating hemp-related businesses within their fields of membership. To that end, and as described in this letter, credit unions must be aware of the federal, state, and Native American tribal laws and regulations that apply to any hemp-related businesses they serve, as well as the complexities and risks involved.

The NCUA encourages credit unions that are serving, or considering serving, hemp-related businesses to review all available information related to this evolving industry. As more information becomes available, the NCUA will continue to provide additional guidance.


StaffStaffJune 25, 2020
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31min00

Reprinted with permission from AmericanMarijuana.org.

Should you consider CBD for pain relief? Studies upon studies on CBD’s effectiveness against pain relief has been put on the tables. Even though most of them came up with positive results, there still are a few studies that concluded otherwise, claiming that studies still ARE NOT enough.

In this study, AmericanMarijuana looks at 1,453 Americans that use CBD for pain relief to see how well it performed compared to opioid. Specifically, we’ll look at its effectiveness, advantages, potential downsides, and practitioner’s perception towards the application of CBD for pain relief.

Demographics

How is CBD Used in Pain Management?

  • 60% of CBD consumers use it to treat Chronic pain, followed by Migraine pain (34%), Arthritis pain (28%), and Cancer treatment pain (3%).
  • Smoking/Vaping is the most common CBD administration method with 41%, followed by Topical (32%), Tincture/Oil (31%), Edibles (27%), Capsules (26%), Sublingual (9%).
  • 55% of participants don’t use THC for pain relief.

CBD Efficiency in Pain Relief

  • 53% CBD consumers use it as their ONLY pain relief medication.
  • 32% don’t feel any tolerance to CBD despite long-time consumption.
  • 44% NEVER experience any side effects.

CBD vs Opioids

Among 259 participants who regularly used opioids before CBD:

Opioids Usage Changes after Using CBD

opioids-usage-changes-after-using-cbd

Major takeaways:

97% use fewer opioids after using CBD. Among them:

  • 15% entirely quit opioids to use ONLY CBD for pain relief.
  • 70% has tried other medications to replace opioids but ending up rely mostly on CBD to treat pain.

Opioids Withdrawal Symptoms after Using CBD

They ended/eased before using CBD

15%
They eased, but it has nothing to do with CBD use

37%
They eased. Thanks to CBD

36%
They didn’t ease after CBD use

3%
Didn’t have any opioid withdrawal symptoms

7%

Major takeaways:

  • 73% said that their opioid withdrawal symptoms eased after they used CBD. Half of them believe it thanks to CBD effects.
  • Only 3% didn’t see opioids withdrawal symptoms relieved after using CBD.

Can CBD Replace Opioids?

can-cbd-replace-opioids

Marjor takeaways:

  • 84% believe CBD can replace opioid.

The biggest advantage of CBD compared to opioids

the-biggest-advantage-of-cbd-compared-to-opioids

Marjor takeaways:

The two biggest advantages of CBD compared to opioids are:

  • CBD has fewer/less dangerous side effects (36%).
  • CBD is not addictive (35%).

Perception of Practitioners on CBD for Pain Relief

Major takeaways:

  • 44% of CBD consumers’ practitioner support using CBD for pain relief while only 9% are against it.
  • Surprisingly, 31% of CBD consumers don’t tell their practitioners about their CBD use for pain.

Experts’ comments:

One potentially concerning finding from the study was that ” 31% of CBD consumers don’t tell their practitioners about their CBD use for pain.” I would stress to anyone who is interested in using CBD that they need to disclose it to their physicians. Many people do not realize that there is a high potential for drug-drug interactions with CBD and many common prescription and OTC medications.

Tory R. Spindle, Ph.D

Experts’ comments

I would say that overall, these findings are consistent with other recent surveys that have also shown people are commonly using CBD to treat pain and that they report it is effective. This study suggests that what we now need is controlled research to understand CBD’s pain-relieving effects (there is surprisingly very little research published in this area on humans). Without controlled studies, it is difficult to know whether some people experience benefits from CBD due to expectancy effects. For example, they may have heard from a friend that CBD helps with pain and they then have an expectation it will help them (this is often referred to as the placebo effect). Controlled research will also help to determine if there are certain CBD doses that are more effective than others, routes of administration, etc.

Tory R. Spindle, Ph.D – Postdoctoral Research Fellow, Johns Hopkins University School of Medicine

Our lab has been doing research on cannabinoids for over 20 years. Our studies on CBD have shown that it is highly effective against autoimmune and inflammatory diseases. In fact, based on our studies, FDA has approved the use of CBD to treat autoimmune hepatitis as an orphan drug. Because inflammation also causes pain, it is likely that CBD-mediated suppression of pain may result from its anti-inflammatory properties

Prakash Nagarkatti, Ph.D – Vice President for Research, University of South Carolina

It is important for readers to understand the limitations of observational, cross-sectional, survey-based research such as this — particularly when the survey is only distributed to people who fit a certain pre-set criteria (here, people who already use CBD for pain relief). An individual’s belief that a drug treats certain symptoms is different from clinical, placebo-controlled evidence that the drug is actually effective. While these results may tell readers what a certain group of survey-takers thin about CBD, readers should not accept these results as evidence that CBD is effective as pain relief or will help them replace opioids — at least until more robust evidence is available.

Theodore L. Caputi, BS – Department of Epidemiology and Public Health, University College Cork, Cork, Republic of Ireland

The relationship between cannabis use and opioid use/mortality is still somewhat debated in the scientific literature, with most research focused on comparing states where marijuana is legal, with those where it’s not. Most of those comparisons seem to show a positive effect; that states with more relaxed marijuana laws have lower rates of opioid abuse. There’s also some debate around exactly which components of cannabis are most useful for pain relief, with different reports suggesting that both THC and CBD may help relieve pain. That your survey respondents clearly find CBD helpful for managing their pain helps to fill in another piece of this puzzle, and as a whole it’s a very encouraging set of results.

Matthew Wall, Ph.D – Senior Imaging Scientist, Imperial College London

This study demonstrates some of the benefit that consumers are finding with with CBD for pain. In our work, we found benefit for anxiety that was prompt and without significant side effects. We need more studies to clarify all of these findings, but the basic science and early clinical findings support a strong signal that echoes the relief indicated in this survey.

Scott Shannon, MD – American Holistic Medical Association

Information is vital. Heightened by the breadth of the opioid crisis, it strictly benefits us to learn about the efficacy and drawbacks of alternative forms of pain management. With additional information and evidence, we can make better choices in treatment.

Rhet Smith – Assistant Professor of Economics, University of Arkansas at Little Rock

Methodology

We launched the survey on MTurk. To make sure the participants are U.S weed smokers, we do two things:

  1. Set qualifications to ensure that participants are located only in the U.S.
  2. Set a qualifying question at the beginning of the survey. In this case, the qualifying question is “Do you use CBD for pain relief?”, those who answered “No” will be disqualified and can not complete the survey.
We also have an attention-check question in the middle of the survey to ensure participants do not randomly answer the survey.

Because the survey relies on self-reporting, issues such as telescoping and exaggeration can influence responses. Please also be advised that this survey’s results do not reflect our opinions.

Fair Use Statement

If you know someone who could benefit from our findings, feel free to share this project with them. The graphics and content are available for noncommercial reuse. All we ask is that you link back to this page so that readers get all the necessary information and we receive proper credit.

For Repost Purpose

Here is the document version of this study’s results. You can freely use it to repost the study on your site, as long as you respect our fair use statement: https://docs.google.com/document/d/1cN-jE2F5nrlmqQGLjyt8cay3QpUdXqSihG4A98z4Hx4/edit?usp=sharing
Dwight K. BlakeWritten by:Dwight K. Blake

Dwight was a Mental Health counselor at Long Island Psychotherapy & Counseling in Westbury, New York for more than 15 years. He believes that CBD is the prime solution to this mental illness and more– with proper research, medical acknowledgment, and application.

Through his work at AmericanMarijuana, together with the rest of the team, he wishes to provide everyone with genuine results and high-quality product reviews for everyone to enjoy for free.

 


StaffStaffJune 23, 2020
hemp-farmer.jpg

3min00

Hemp oil producer Entoura, whose legal name is AVF CBD, LLC is buying Kentucky-based Atalo Holdings, an agriculture, and biotechnology firm specializing in research, development, and production of industrial hemp. The value of the deal was not disclosed.

“Entoura is committed to sustainable and trustworthy products that leverage the benefits of the renowned hemp plant. Bringing Atalo onboard, with its rich history of innovation in hemp, brings us closer to achieving that goal,” said Kevin Murray, Founder and Chief Executive Officer of Entoura. “Atalo’s incredible legacy in hemp cultivation, innovation and advocacy is truly inspirational, and we look forward to continuing that story.”

Entoura is a vertically integrated, high-quality USDA certified organic and cGMP-certified hemp oil producer. The company was started after its founder discovered the potential for CBD and the hemp plant in assisting with his son’s autism symptoms. The team has grown to 15+ members, comprising decades of combined genetic, agronomic, processing & financial experience. The company said that team members include the Former National Cultivation Manager for Canopy Growth, an Agronomist with 38 years experience (24 years in crop production), and the Former Director of Cultivation for Kiona THC and horticulturist from Acreage Holdings.

Atalo is located in the heart of Kentucky’s hemp region and boasts a rich history in hemp cultivation and genetics, dating back to the 1800s. The company’s ability to produce farmer-focused food-grade hemp products further augments Entoura’s robust supply chain. Entoura said it plans to leverage Atalo’s existing brands and product scope to enhance its product suite and to offer private label services, including industrial hemp genetics, flower, and hemp oil extraction. Entoura plans to combine its advanced genetics and distillation capability with Atalo’s hemp seed oil for integrated and differentiated product development.

Entoura has the following processing capabilities:
• 40,000 sqft of facility space with an additional 30,000 by 2021
• 15,000 lbs of biomass/day with addition 10,000 by 2021
• CO2 Cryo Ethanol Extraction
Farming Capacity:
>1000 Acres Organic Capacity
>50,000 Acres Total Capacity

 

 


StaffStaffJune 10, 2020
CBD-2.jpg

9min00

A recent study by the peer-reviewed CBD educational platform LeafReport.com found that a majority of CBD products tested had CBD levels within 10 percent of what was stated on the label. Of the 37 CBD products tested, 27 (73 percent) contained a CBD amount that was within 90–110 percent of the amount advertised by the company, according to the independent investigation by LeafReport. However, the report’s analysts warn that 13 percent of products failed containing more or less than 30 percent of labeled CBD amounts.

“These findings suggest that the CBD industry is becoming more mature and transparent, resulting in accurate, higher quality products,” explained Noa Gans, Head of Product at LeafReport.com. This level of accuracy is consistent with emerging standards suggested by medical cannabis industry specialists. Meanwhile, only five products had CBD levels that were vastly different (40 percent higher or lower) than the label, one of which contained only six percent of the CBD indicated on the label.

The LeafReport study, conducted by Canalysis Laboratories, an independent cannabis testing lab in Las Vegas, Nevada, also found that most CBD products (84 percent) contained more CBD rather than less, suggesting that companies are taking care to ensure that customers get their money’s worth. Tests also showed that many of the products had notable levels of minor cannabinoids, which contribute to the beneficial effects of CBD.

The results of the study found that:

  • 73 percent of products received an A rating, indicating that CBD levels were within 10 percent of the labeled amount;

  • 11 percent received a B rating within 20 percent of the labeled amount;

  • 3 percent received a C rating within 30 percent of the labeled amount;

  • 13 percent received an F rating, indicating that the tested amount varied by more or less than 30 percent of the labeled claim.

Products made by popular, reputable brands had the best results, whereas those offered by lesser-known companies performed worse. “Our findings also confirm that it’s a smart choice to buy from reputable, leading CBD brands rather than cheaper, unverified companies,” according to Gans.

The complete report can be viewed on the LeafReport website.


StaffStaffJune 9, 2020
E.l.f.-scaled.jpg

3min00

e.l.f. Beauty (NYSE: ELF) has expanded its innovative skincare portfolio with the launch of a Full Spectrum CBD collection to refresh, revive, and re-center the mind and body.

“I think there’s a real desire at this time from consumers for wellness. And we’re extremely proud to provide consumers with this Full Spectrum CBD line that delivers prestige quality in mass at extraordinary value.”

 

The collection, launched on May 15, 2020, features face and body care products infused with Full Spectrum CBD. It awakens the senses with notes of invigorating Japanese citrus and calming chamomile, and its rich formula helps soothe, moisturize, and restore skin. Since its launch on the brand’s website, the collection has been among the top twenty selling products within skincare on the site with a high percentage of return customers.

“The skincare category has been outperforming cosmetics during the crisis, and CBD, in particular, is projected to be a 22-billion-dollar industry by 2022. It’s a category our customers have shown great interest in and we’re excited to be able to build based on this demand, all at e.l.f. speed,” said Kory Marchisotto, Chief Marketing Officer.

Last fall, e.l.f. Cosmetics introduced a Cannabis Sativa Hemp Seed Oil collection, which helped to fuel its growth in the skincare category with sales up 27 percent in fiscal year 2020.

Marchisotto continued, “I think there’s a real desire at this time from consumers for wellness. And we’re extremely proud to provide consumers with this Full Spectrum CBD line that delivers prestige quality in mass at extraordinary value.”

e.l.f. Cosmetic’s Full Spectrum CBD collection includes a 100 MG CBD Facial Oil, 50 MG CBD Moisturizer, 50 MG CBD Eye Cream and 50 MG Body Cream, as well as a 5 MG CBD Lip Oil. The collection is made from the flowers and leaves of the purest form of CBD. This proprietary blend of formulas delivers amazing textures and leaves skin revived.

Products from the collection are currently available for purchase on e.l.f.’s website (www.elfcosmetics.com) where customers can learn more information about the Full Spectrum CBD line, and will also be available through wholesale partner ULTA later this year.



About Us

The Hemp Market Report will target news from the fast growing worlds of cannabidiol (CBD) and hemp. As a sister site to the Green Market Report, HMR will cover financial stories, but also take a look at lifestyle news as well. The Hemp Market Report will also publish sponsored content as we seek to expand our content offerings.


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