Federal Marijuana Legalization Vote In Congress | MORE Act 2021
A key House committee votes on the MORE Act. Pennsylvania, Mississippi, and New Hampshire make progress on their legalization bills. And Cali Gov. Newson signs bill to allow severely ill patients to use medical marijuana in hospitals. Today at 2 PM CST!
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Cannabis Legalization News Footnotes:
0:00 – Start of Cannabis Legalization News
0:50 – Federal Marijuana Legalization Vote In Congress, Days After Banking Reform Advances (Marijuana Moment)
18:10 – Tumblr Now Allowing Some Cannabis and CBD Advertisements (Ganjapreneur)
20:33 – California Governor Signs Bill To Allow Medical Marijuana Use In Hospitals For Severely Ill Patients (Marijuana Moment)
29:10 – Britney Spears was ‘scared’ and ‘crying’ after she smelled weed backstage during a tour stop: ‘I will fail a drug test. I won’t see my boys’ (Yahoo! News)
38:24 – Push underway for constitutional amendment to legalize marijuana in New Hampshire (WCVB 5)
41:49 – Lawmakers reach long-awaited medical marijuana deal. Here are the details. (Mississippi Today)
50:25 – Pennsylvania lawmakers consider bill to legalize recreational marijuana (WGLA)
58:40 – Marijuana Arrests Down Due To COVID And Legalization, According To FBI (Benzinga)
LEGAL NOTE ABOUT CANNABIS LEGALIZATION NEWS
Cannabis Legalization News is an educational news and talk show, the very center of many of our discussions is cannabis. Cannabis currently remains federally illegal and YouTube is mandated by federal regulations. We implore you to go to our website “Cannabis Industry Lawyer” and subscribe to our newsletter so you can keep up with all cannabis legalization news. Please always comply with your jurisdiction’s cannabis laws. If they delete our channel, we’re sorry – we tried to comply but they said we did not.
#WeedNews #CannabisNews #MOREAct #Congress
FDA Going After Delta-8 Companies
It was coming. We knew it by Shopify. And whatever happened is probably just the beginning of the story. We know the government isn’t thrilled about the cannabinoid industry, and now its making its first big, direct move, by using the FDA to go after delta-8 THC companies.
The FDA going after delta-8 companies is a predictable move, but who knows how this will end. We specialize in cannabis and psychedelics reporting, which you can follow along with by signing up for the THC Weekly Newsletter. You’ll also get prime access to deals on an array of cannabis products like vapes, edibles, and smoking paraphernalia. Plus, we’ve got tons of cannabinoid compounds like delta-8 THC as well. Please remember, *cannabinoid compounds are not preferred by everyone. We only support people buy products they are comfortable with.
What’s the news?
The CBD industry is already aware of how much the FDA doesn’t like it. The FDA has sent out letters to tons of companies over the years, reminding them about federal laws, and to stop producing and selling products that go against them. For the most part, this hasn’t had the biggest impact, and CBD, which is now cleared for medical use by the UN via updates to the Single Convention, is found pretty much everywhere.
On May 4th, 2022, the FDA made its first big, direct move in the cannabinoid space, by sending out warning letters to delta-8 companies, warning them that the products they are producing and selling, violate federal law. Five companies were targeted thus far, but perhaps more will receive letters in the future. After all, Shopify had to remove a lot of products, and the very same vendors are the targets of such letters.
The companies targeted by the FDA for their delta-8 products, are ATLRx Inc., BioMD Plus LLC, Delta 8 Hemp, Kingdom Harvest LLC, and M Six Labs Inc. These warning letters don’t leave CBD out, making mention of the company violations on that front too. According to Jonathan Havens, co-chair of Saul Ewing Arnstein & Lehr’s Cannabis Law Practice and the Food and Beverage Practice, “the five warning letters represent the first enforcement actions taken by FDA against delta-8 marketers.”
Part of the issue has to do with medical claims. According to the government agency, there are no approved drugs that contain delta-8, and so using delta-8 to make any claim for a medication, means making an unapproved claim, for a drug which is also unapproved. The FDA also attacked the idea of the mis-branding of products, with the complaints of not giving good enough instructions, as well as putting delta-8 in food products.
Said FDA Principal Deputy Commissioner, Janet Woodcock, “The FDA is very concerned about the growing popularity of delta-8 THC products being sold online and in stores nationwide… These products often include claims that they treat or alleviate the side effects related to a wide variety of diseases or medical disorders, such as cancer, multiple sclerosis, chronic pain, nausea and anxiety. It is extremely troubling that some of the food products are packaged and labeled in ways that may appeal to children. We will continue to safeguard Americans’ health and safety by monitoring the marketplace and taking action when companies illegally sell products that pose a risk to public health.”
Of course, delta-8 THC has, indeed, been found useful for all the conditions mentioned, which does beg the question of why the government is trying so hard to protect its population from these compounds, especially in light of the no-death count attached. It has repeatedly been shown that additive products are the real main issue, and that cannabis compounds have yet to be associated with death. This is important because another government agency, the CDC, just requested to lower prescribing guidelines for opioids, which already kill as many as 70,000+ a year, even as other non-addictive, no death-toll measures like ketamine and cannabis, exist.
How did this come about?
This newer issue is a counterpart to the CBD issue, which has been going on for awhile now. The cannabinoid industry, led by delta-8 THC, is based on the idea of extracting cannabinoids from the hemp plant for use in products. But there’s a problem with this. Though some of the compounds can technically be extracted from hemp, like delta-8, they can only be extracted in tiny amounts, so that for product production, synthetic processes must be used. This takes these products out from under the definition of hemp, making them federally illegal.
CBD on the other hand, can be extracted in large enough quantities that the same issue of synthetics isn’t relevant. However, neither is cleared by the US federal government for internal use, and the only reason there’s a conversation, is as a result of the 2018 US Farm Bill. The bill instituted a new definition for hemp, in order to promote the industrial hemp industry. In so doing, it separated high-THC cannabis from low-THC cannabis, and defined ‘hemp’ as only certain parts of the actual plant, without including synthetics. It should be noted, however, that even though the US government says CBD is not legal in this way, it did approve epidiolex, a big-pharma synthetic version of CBD. It has also approved synthetic versions of THC (dronabinol).
Synthetics of any Schedule I substance (which are not big-pharma made and approved), are also Schedule I under the Federal Analogue Act. When compounds are made using synthetic processes, or that don’t exist in nature (delta-10), they are not covered under the definition of hemp. Nor is anything (plant or product) that has over .3% delta-9 THC.
Two of the many issues with the cannabinoid market, are that large amounts of delta-9 THC are often found in products, and that synthetic processing is used to make them. Though the industry uses the term ‘hemp-derived’, this only means that some aspect of it came from the hemp plant, although in reality, even this isn’t necessarily true. As the industry is not regulated, we simply don’t know what we’re buying, and that presents its own problem.
Though regulating the market could settle much of this, the federal government doesn’t want to do that. But it also doesn’t want to lose tax revenue, and that creates a conundrum. The government tends to take money from big pharma, not little mom-and-pop, so anything that can’t be transformed into pharmaceutical profits easily, isn’t desired by the government. It’s just like with Quaaludes, which were too easily made outside of pharma companies, making for a black market that the US couldn’t control.
What else has been done?
The FDA sending warning letters to delta-8 companies is the first big, above-board move by a government agency to try to stop this industry, but it wasn’t the first move made. A couple months ago, the biggest shopping sales platform, Shopify, started sending out its own similar letters, telling vendors they could not sell products with more than .3% delta-9 THC, and that they had to be in general compliance with federal law, which also rules out synthetics. Thus, tons of companies were affected.
Shopify didn’t stop with letters, and immediately forced companies to drop products from their online catalogues, that don’t meet regulation. This most certainly was a hit to the industry, though the lack of overall sales figures in general, makes it hard to know how much. Cannabinoid products are sold all over the place, and show up in a lot of small roadside stores. How much the industry relied on on-line sales, particularly from Shopify, is not clear.
Shopify didn’t make a statement about the US government making it do this. Nor did the US government make a statement about being involved in the Shopify issue. But most companies won’t shoot themselves in the foot if they don’t have to, and it’s hard to believe that Shopify would all of a sudden care about something it never cared about before. This was not an ongoing fight, but a directive that came out of nowhere. It suffices to say there was likely pressure from higher up, and that Shopify itself could have been shut down if it didn’t comply.
Are these products dangerous?
The US government hasn’t legalized cannabis yet, but we already know that that specific legalization is not what determines the safety of the plant. So regardless of whether something is federally illegal or not, whether it’s dangerous or not is an entirely different question. It’s almost joke level funny that Ms. Woodcock would speak about the dangers of compounds with no death toll, while close to 100,000 people die a year from government sanctioned opioids.
On top of that idea, the US government is getting close to passing a bill to legalize cannabis, whether it wants to call it a ‘legalization’, or a ‘decriminalization’. The MORE Act already passed the House and is now up for the Senate. And if that doesn’t make it, Senate Majority leader Chuck Schumer has his own baby, the Cannabis Administration and Opportunity Act, which he’s carefully shopping around for support, and which hasn’t been officially offered, so as not to run out the clock prematurely.
Though a lot of reasons could be given for why the federal government is working hard now to pass something, one of the biggest reasons is that it must play catch-up with its states, so as not to seem powerless. Legalization measures are moving in only one direction, and its away from federal mandate. Soon enough, more and bigger publications, will point out how few people actually live under federal law concerning cannabis at this point. And as the government can no longer stop this train, it must now get on it, and pretend that was always the goal.
How much of an effect these FDA letters will have on the delta-8 industry is not known, and it might take some time to see results. The US government is obviously frustrated, but it’s also not in a position of power considering failed drug wars, and the lack of danger associated with this particular drug.
Maybe the delt-8 market isn’t the most savory. Maybe there are problems associated. But if the government really wanted to protect its people, it would do something substantial about the opioid epidemic, instead of railing against a plant (or its synthetic counterparts) which doesn’t realistically hurt anyone.
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Hemp Keeps Honeybees Young. What About Humans?
There are tons of medical properties housed in the cannabis plant, and it doesn’t matter which kind. Whether its high-THC marijuana, or high-CBD hemp, (or even cannabis ruderalis), there’s a lot these plants can do. One of the newer findings is related to something that appeals to much of the population. A new study shows how hemp keeps honeybees alive for longer. Can it do the same for people?
Hemp has shown to elongate the life of honeybees by changing their antioxidant behavior. What might this mean for the animal kingdom at large, and for us humans? We’ll have to wait a bit longer for more specific answers. Welcome to our independent news publication centered on cannabis and psychedelics. Keep up with everything going on by subscribing to THC Weekly Newsletter, and get front-of-the-line access to deals on tons of cannabis products, including vapes, edibles, and other smoking equipment. You’ll also have access to a range of cannabinoid products including delta-8 THC. As a reminder, *cannabinoid compounds are not for everyone. We promote every consumer buy only the products they are happy with using.
The study setup
Researchers associated with the University of Life Sciences’ Department of Invertebrate Ecophysiology and Experimental Biology in Lublin, Poland, recently put out this study: Impressive Impact of Hemp Extract on Antioxidant System in Honey Bee (Apis mellifera) Organism. The aim of the study was to investigate what happens to the antioxidant system when hemp extract is given to honeybees.
As per the researchers, “We examined the effect of hemp extract on the activity of the antioxidant system (catalase, peroxidase, glutathione, superoxide dismutase, and total antioxidant capacity) in the hemolymph of adult honey bees (Apis mellifera).” In order to do this, the researchers took the bees, and split them into three groups. It should be noted, only worker bees were used (non-reproducing females):
- Experimental group – Given pure syrup (sugar) to eat, and with hemp-soaked cotton strips put in the cage
- Experimental group – Given a syrup with sugar and hemp extract via syringe
- Control group – Given a sugar and water-glycerine mix to eat
The scientists collected the bee hemolymph (essentially bee blood) on the first day of the study, and then weekly until all bees were dead. The dead bees were also examined along with their blood. The results are quite interesting when looking at the ability to simply stay alive longer.
One of the most interesting findings of how hemp effects honeybees, is related to lifespan. The control group, which ate only sugar, lived approximately 35 days. The group given sugar and hemp separately lasted about 49 days, and when hemp was given directly to the honeybees via syringe, they lived on average 52 days, with the longest lifespan at 56 days. To put this in perspective, the standard lifespan of a worker honeybee is 2-6 weeks in hotter weather, and around 20 weeks in cooler weather. For warmer weather, it means the bees almost never live longer than 42 days.
The thought by the researchers, is that this is because “Hemp extract, thanks to its antioxidant properties, increased the activities of key antioxidant enzymes that protect the bee’s organisms against free radicals and thus delay the aging processes.”
They further explained, “The activities of all antioxidant enzymes were higher for the experimental groups, compared to those for the control group. The highest antioxidant activities were noted in the group supplemented with cannabis with the use of syringes.”
Though the scientists could not say what specifically about the hemp extract caused these antioxidant changes in the honeybees, it was postulated that “The increase in the activities of antioxidant enzymes could be caused by the influence of CBD on the permeability of ion channels, i.e., potassium, sodium, and calcium, and therefore change in the cell membrane environment.”
Added onto these findings was data which supported the syringe method as the best way to get the hemp extract to affect the honeybees. This it pretty standard, as we already know that in humans as well, IV injections are usually more useful than other methods, particularly oral ingestion.
Though this study certainly brings up questions of whether hemp has the same life-extending ability in humans, the researchers were more concerned with other factors. They closed the paper by saying, “Thanks to this, we believe that hemp extract can in the future contribute to the improvement of the natural immunity of honey bees and help them with the fight against environmental pollution and the increase of oxidative stress.” Considering the recent issues and concerns around bee populations dying out, this could prove a positive way to keep the flying stingers, healthy and happy.
Where else can we see this?
The honeybee study sheds light on how hemp effects antioxidant enzymes in honeybees, leading to elongated lifespans. Obviously, we as humans are looking for exactly this, as evidenced by a cosmetics industry that brought in huge amounts for anti-aging products in the last few years. It was as high as $58.5 billion the world over in 2020, with an expected $62.65 billion for 2021, and predictions for over $67 billion in 2022.
Unfortunately, the same kind of study performed on the bees, has not been performed on people, so the best we have to show how hemp effects aging, is in animal studies. There are, however, more of those. Like this study from 2021 entitled Effect of Cannabidiol on the Long-Term Toxicity and Lifespan in the Preclinical Model Caenorhabditis elegans. For those unfamiliar with the lingo, Caenorhabditis elegans are roundworms. Beyond the fact that no worms died from exposure to CBD in correct dosages, it was found that CBD helped with resistance to heat stress, increased lifespan by 18%, and promoted a 206% increase in late-stage life activity.
Yet another example isn’t necessarily related to lifespan, but to the abilities of the brain as it ages, and how cannabis can affect this. Entitled A chronic low dose of Δ9-tetrahydrocannabinol (THC) restores cognitive function in old mice, this 2017 study shows how aging mice can regress their brains to as far back as a two-month-old’s, when given a low-dose treatment of delta-9 THC. The researchers “show that a low dose of Δ9-tetrahydrocannabinol (THC) reversed the age-related decline in cognitive performance of mice aged 12 and 18 months.”
The researchers explained that “This behavioral effect was accompanied by enhanced expression of synaptic marker proteins and increased hippocampal spine density.” And that “THC treatment restored hippocampal gene transcription patterns such that the expression profiles of THC-treated mice aged 12 months closely resembled those of THC-free animals aged 2 months.”
What about humans?
The reason there are no human studies about how cannabis might elongate life, is because there are some pretty heavy restrictions on how research must be done when it involves people. Add onto this that we’ve got much longer lifespans than honeybees, roundworms, or mice, and the sheer ability to conduct such a study on healthy humans, is non-existent. This is not true when dealing with studies involving patients with illnesses, but as such studies can’t show the effects on a healthy individual, they are not helpful here.
So, while there is plenty of evidence on the myriad of health benefits associated with cannabis, including how it can help with the aging process, we cannot say through research that it has the capacity to elongate a person’s life. However, this doesn’t mean we can’t do everything possible to treat ourselves right, and attempt lifestyles that are good for us, and keep us going strong. Part of this involves using things around that are good for us, even if they don’t necessarily add years on outside of keeping us healthy. Like honey.
An interesting aspect of honeybees is that they produce honey, and we eat it. The study above doesn’t go into whether the honey created by these bees might be any different than honey created by bees not fed hemp extract, or what that could mean. Unfortunately, very little research is out there on this subject, but it is an interesting concept. One of the only studies about this, was performed by allowing bees to eat from hemp plants, and though the bees produced cannabinoid positive propolis and pollen, it came with the detraction that cannabinoid levels were low, and that not much actual honey was produced.
This doesn’t mean that different and/or better conditions can’t produce different and/or better results. One of the things we already know about honey, is it’s incredibly healthy and beneficial for all kinds of problems. What if eating the byproduct of an animal that has undergone treatment by something like hemp, could pass on a positive attribute to the eater? Perhaps more improved cannabis honey will be a thing in the future, whereby we can access all the great benefits of honey, with all the great benefits of hemp as well. And perhaps we’ll find out that it helps us live longer.
Life-extending honey might not be on the menu yet, but maybe there’ll be an update soon. Either way, that hemp can have such benefits on honeybees, mice, and roundworms in terms of life elongation and brain regression, is certainly an interesting concept, and one that should be explored further for human and animal benefit.
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Cannabinoid Market Sales Data: Where Is It?
It’s odd to have a large and ongoing conversation on a topic, yet not be able to reference information for it. Such is the case right now with the cannabinoid market in the US, which includes the likes of delta-8 THC, HHC, THCO, and delta-10 THC. Writers keep talking about product popularity and market expansion, but in the end, there is no real cannabinoid sales data to elucidate the situation. Where is it?
Finding cannabinoid sales data is quite difficult, which means understanding the size and depth of the market is nearly impossible. Maybe in the future, more companies will release data, but for now we’ll have to wait and see, and speculate only. We cover tons of topics in the emerging cannabis industry, and put out the THC Weekly Newsletter, so you can subscribe and keep up with everything going on. Plus, sign up and you’ll get some sweet deals on products like edibles, vapes, and other cannabis paraphernalia, including cannabinoid compounds. Keep in mind, *cannabinoid products are not everyone’s cup of tea, and we only encourage people to use products they are comfortable with!
What is the cannabinoid market?
The cannabinoid market is a market made up of different naturally occurring, or synthetically-made, cannabinoids, which are sourced from hemp plants. This includes hemp-derived delta-9 THC, and CBD. All the cannabinoids in the cannabinoid market, apart from hemp-derived CBD, either only occur in small amounts that are not enough for product production (delta-8), or simply don’t appear in nature at all (delta-10).
This market came to being with the 2018 US Farm Bill, and the legalization of industrial hemp and industrial hemp products. This was done by way of a new definition for hemp, which separates it from high-THC marijuana. Anything under .3% THC is considered ‘hemp’, while plants with above .3% THC are considered ‘marijuana’. The definition for hemp, however, only includes the plant itself, and does not include synthetic forms – or analogues – of any of the compounds found within hemp.
This is important, because though all cannabinoid products are sold as ‘hemp-derived’, none of them exist for public consumption without synthetization. This discrepancy becomes more profound when considering that some of these compounds don’t exist in nature at all. Though I suppose ‘hemp-derived’ is a loose enough term to fool consumers into thinking what they’re getting is a direct product of the hemp plant, this is 100% false. Since they use synthetic processes, none of these products fall under the definition of hemp, making them prosecutable (in theory) under the Federal Analogue Act.
The idea that they are in fact illegal, despite marketing lines from vendors claiming federal compliance, was backed up when the biggest sales platform, Shopify, banned all items that do not meet federal regulation. While this is often cited as a response to the under .3% THC issue, the much more damning aspect is that these products all necessitate synthetization.
This doesn’t make the compounds dangerous, as none seem to be thus far. But as an unregulated market, and with unscrupulous vendors willing to create lies to sell products – even going as far as using bogus third-party testing facilities to gain user trust, the ability to know what else is added to products, or if they’re cut with something, is impossible. Plus, since all use synthetization methods which the companies are not being open about, we know nothing about these processes, or what dangerous chemicals they might leave behind in a final product.
How does it exist if it’s not legal?
Great question! Why would a country that loves having drug wars, put up with an illegal drug market that’s right under its nose? Drug wars are highly unpopular, have caused extreme damage, and maybe most importantly, have never done anything useful. This means a lot of taxpayer money spent to ruin lives, and not much more. While the federal government sold the idea of these wars more easily in the past, it’s much harder these days.
And especially when the drug in question is weed, or anything related to it. Not only are we talking about a drug with no death count (in great contrast to the current opioid issue), but it’s one where about half the country already live in places where its legal, making it that much sillier to wage wars against it. At least not outwardly. Though Shopify didn’t make a statement about the federal government, it could be assumed that this is why the site did a 180º turn so quickly. The federal government might not be able to get the public onboard with a drug war, but it can enforce its own sales laws.
A last point about the government openly going after these compounds, is that it’s a dicey move if the people catch on. What do I mean? The government itself most certainly pushes synthetic cannabis products in the form of synthetic pharmaceutical cannabinoid medications like epidiolex (CBD) and dronabinol (THC). As in, pretty much exactly what it puts out smear campaigns for (synthetics are dangerous!) are exactly what its pushing.
The more the government outwardly comes down on synthetics, the more it puts itself in the position of needing to answer the question of why pharmaceutical synthetics get a pass, while others do not. To make it even more questionable, many of the illegal synthetics, like THCO, were made by the US government during the 1900’s, and none are attached to a danger profile. The US government would obviously know this since it made them.
Where’s that cannabinoid market sales data?
The problem with an enterprise in an illegal industry reporting any kind of information, is that it makes it known. Though there are plenty of estimations for how much money drug cartels and other criminal organizations bring in, no one knows for sure, because illegal operations don’t report to any government. This goes beyond simply not paying taxes, too. It doesn’t bode well for any black market operation to have private information known by governments.
This is itself a damning notion to the idea of the ‘federal compliance’ that these companies like to advertise. If they were federally compliant, and doing well, they’d be happy to report their earnings, But they’re not doing that. Not directly to government agencies, and not to press or anyone else. For as much as people like to talk about the market, and its size and popularity, no cannabinoid market sales data exists publicly to back any of it up.
Does this mean sales aren’t quite as high as marketing would have us believe? Possibly. Or, they could be higher, and keeping numbers out of the press maintains a level of privacy for these companies. If it was known for sure that they were really making bank, the government might be that much more earnest about getting involved. At least for now, the whole thing is questionable, and under a shield of confusion; meaning no one really knows the size of it, and nothing has been confirmed.
Personally, I’m a bit stumped. While I never meet anyone who knows what these products are, the market does seem to truck along. That it’s a marginalized industry is for sure, but in a country with around 350 million people, even marginalized industries can do okay. From my experience, most people who buy these products don’t understand what they are, or where they’re from. Given the choice between a synthetic, and something actually plant-based, most seem to prefer the real option. This means the industry likely will never fully compete with the real one, whether black market or above board. Having said that, if a product is in every little roadside store, and offers something not otherwise available in certain locations, it can still net a decent profit. It suffices to say that though the cannabinoid industry has not released sales data, that money is coming in.
Does anything exist?
Most companies involved with the cannabinoid market are not large corporations or publicly traded, which is how this information stays hidden. Publicly traded companies must submit information to both the government and shareholders, that private companies do not. It’s through one of these publicly traded companies, that we get anything at all in terms of the cannabinoid market and sales data.
In December 2021, Hemp Bench Marks published a form that was submit to the Securities and Exchange Commission, by the publicly traded company LFTD Partners. This now represents the only situation in the field where such data has been released, and this company is the parent company to brands like Lifted Made which produces URB Finest Flowers.
As per its own description in the S1/A filing, “Our business is primarily engaged in the identification, structuring and seeking to execute on acquisitions of all or a portion of one or more operating businesses involving the manufacture, sale and distribution of products infused with hemp-derived cannabinoids (including but not limited to delta-8-THC, delta-9-THC, delta-10-THC, CBD, CBG and CBN).”
As per Q2 of 2020 filing information, LFTD brought in over $1.26 million for net sales, and “49% of sales were generated from the sale of e-liquid and disposable e-cigarettes, 47% of sales were generated from the sale of hand sanitizer, and 4% of sales were generated from the sale of hemp and hemp-derived products.” By the next year at the same time, “LFTD reported over $6.69 million in net sales, a more than five-fold increase year-over-year. Ballooning sales were driven almost entirely by hemp-derived cannabinoid products” The company further stated, “95% of sales were generated from the sale of hemp and hemp-derived products, and 5% of sales were generated from the sale of e-liquid and disposable e-cigarettes.”
Revenue went up again in Q3 of 2021, with the company bringing in $8.8 million. This can be seen in an accompanying 10Q form LFTD filed to the SEC in which it shows that hemp-derived products brought in nearly all revenue in the most recent quarter: “During the three months ended September 30, 2021, approximately 99% and 1% of sales were generated from the sale of hemp and hemp-derived products and e-liquid and disposable e-cigarettes, respectively.”
LFTD was in the process of acquiring Savage Enterprises at the time this information was released. Savage Enterprises is a similar company which is not publicly traded. However, because of the business deal, Savage did have to release some info as well. According to filed documents, Savage’s sales nearly doubled between Q3 of 2020 to Q1 of 2021, going from just over $2.77 million to over $5.26 million. It then pretty much doubled in each following quarter, rising to over $10 million by Q2 of 2021, and then to over $20 million in the most recently accounted for quarter. Savage says its rise in revenue is “primarily driven by the growth of its award-winning hemp products brand Delta Extrax, under which Savage sells hemp-derived delta-8-THC, delta-9-THC, delta-10-THC, THC-P, THC-O, HHC, and other emerging cannabinoid products.”
What does this mean in terms of entire market data? Which products specifically are selling? And how do these numbers compare to other comparable companies? None of that is known. Seeing numbers from one company (or even two) can be misleading because there’s no basis for comparison, or way to know if the numbers represent a lot or a little of a total industry. Another point to consider, is that this deal never went through. LFTD cancelled it in mid-December, not long before Shopify began banning cannabinoid products. How much Shopify’s move hurt these companies is unknown, nor it is understood if other commerce sites doing the same, could stymie the growth these companies have made.
Is the cannabinoids market dangerous?
I suppose one could say that this depends on how danger is defined. If it’s the possibility of anything bad happening, then I suppose there’s some danger, though in the form of additives, or processing methods, not the compounds themselves. Weed and weed products don’t come with a direct death toll, but plenty of other drugs do.
Like opioids, which the government not only promotes by allowing pharmaceutical companies to sell them, but which wants to lessen guidelines for prescribing, even as 70,000+ people die of opioid overdoses a year. And even as these companies face billion-dollar law suits because of the damage their drugs have caused. Or there’s alcohol, which kills an even higher 95,000+ a year, which can be found everywhere, and which is known to cause indirect deaths through things like drunk driving.
That the government allows these things, but has anything negative to say about the regular cannabis industry, or the cannabinoids industry, is funny at best, and incredibly concerning at worst. Even ketamine has been pushed under the table in favor of people dying from opioids. The idea of the death toll of just these two drug classes (opioids and alcohol), makes it incomprehensibly stupid that there are still smear campaigns for anything related to cannabis.
What is concerning, is how low companies in the cannabinoid market will go to sell their products. However, even saying that is a stretch considering the lies, hidden truths, and buried drug information of pharmaceutical companies. Though I often talk them down because of the business tactics used, I will take most any of these cannabinoid companies over a government-backed pharmaceutical company. Period.
As a writer covering the industry, I don’t have an issue with the cannabinoids market, I just want it regulated so that it can be ensured that products aren’t cut with bad substances or additives, or made with dangerous processing techniques. Apart from that, it would be incredibly interesting if the cannabinoid industry released enough sales data to get a better picture of what’s going on. However, due to the nature of it all, this is unlikely.
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