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US House OKs cannabis banking in passing $3 trillion coronavirus bill

The U.S. House of Representatives late Friday passed a $3 trillion coronavirus stimulus bill that includes a provision that would allow banks to serve state-legal marijuana businesses without fear of punishment. The bill passed along partisan lines by a 208-199 margin, and now heads to the Senate where it faces fierce Republican resistance. The Health […]

US House OKs cannabis banking in passing $3 trillion coronavirus bill is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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The U.S. House of Representatives late Friday passed a $3 trillion coronavirus stimulus bill that includes a provision that would allow banks to serve state-legal marijuana businesses without fear of punishment.

The bill passed along partisan lines by a 208-199 margin, and now heads to the Senate where it faces fierce Republican resistance.

The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act includes the SAFE Banking Act, which the U.S. House separately approved last fall but that has been stuck in a Senate committee.

“The inclusion of cannabis banking in the HEROES Act is a positive statement from the House and strongly supplements the decision that the majority of states have made by designating cannabis businesses as essential,” Washington DC lobbyist David Mangone wrote in an email to Marijuana Business Daily. Mangone lobbies for the National Cannabis Roundtable.

“The pathway forward in the Senate is both uncertain and challenging, but SAFE banking is one of the few provisions of the HEROES Act that not only has strong bipartisan support, but also generates revenue rather than adds to the deficit,” Mangone wrote.



The Republican-controlled Senate has said that it has no intention to consider the bill, and the cannabis banking provision especially has rankled Sen. Majority Leader Mitch McConnell, a Republican from Kentucky.

The White House also opposes the bill.

In a floor speech on Thursday, McConnell called the bill a “totally unserious effort,” and sharply criticized the cannabis banking provision.

“The word cannabis appears in the bill 68 times. More times than the word job and four times as many as the word hire,” McConnell was quoted as saying.

But Federal Reserve Chair Jerome Powell warned this week of potential permanent economic damage without additional stimulus.

The SAFE Banking Act does enjoy some bipartisan support in the Senate, with Colorado Republican Senator Cory Gardner especially a champion.

Senate Banking Chair Michael Crapo, an Idaho Republican, held a hearing on cannabis banking last year , but has expressed concerns about the bill in its current form.

For more of Marijuana Business Daily’s ongoing coverage of the coronavirus pandemic and its effects on the cannabis industry, click here.


Join the “Survive to Thrive” executive strategy session at MJBizConNEXT Direct for additional guidance on adjusting staffing, structure and more in the wake of COVID-19.

Source: https://mjbizdaily.com/hold-not-yet-voted-on-us-house-oks-cannabis-banking-in-passing-3-trillion-coronavirus-bill/

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Fort Collins cannabis equipment firm sues California manufacturer

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FORT COLLINS — A local maker of cannabinoid compound separators is suing a duo of California companies over allegedly failing to pay almost $110,000 for industrial cannabis equipment.

In the complaint filed Friday in the U.S. District Court of Colorado, Fort Collins-based Illuminated Extractors Ltd. claims that it was hired last year to provide equipment and consulting services for sister firms NT Ventures Inc. and ANP Holdings Inc., which do business as cannabis product manufacturer NewTropic.

The extraction machines in question use hydrocarbon compounds such as propane and butane to strip CBD and other oils from marijuana and hemp plants. Those separated cannabinoids are then used in marijuana and CBD products.

In particular, Illuminated said it built and sold the companies an industrial-scale cannabinoid extractor for $673,400, but it has yet to be paid $78,539 for the remainder of the deal. The Fort Collins company also alleges tha it is owed $31,443 in unpaid lease and fees for a different piece of extraction equipment.

NewTropic did not respond to a request for comment Tuesday.

© 2020 BizWest Media LLC

FORT COLLINS — A local maker of cannabinoid compound separators is suing a duo of California companies over allegedly failing to pay almost $110,000 for industrial cannabis equipment.

In the complaint filed Friday in the U.S. District Court of Colorado, Fort Collins-based Illuminated Extractors Ltd. claims that it was hired last year to provide equipment and consulting services for sister firms NT Ventures Inc. and ANP Holdings Inc., which do business as cannabis product manufacturer NewTropic.

The extraction machines in question use hydrocarbon compounds such as propane and butane to strip CBD and other oils from marijuana and hemp plants. Those separated cannabinoids are then used in marijuana and CBD products.

In particular, Illuminated said it built and sold the companies an industrial-scale cannabinoid extractor for $673,400, but it has yet to be paid $78,539 for the remainder of the deal. The Fort Collins company also alleges tha it is owed $31,443 in unpaid lease and fees for a different piece of extraction equipment.

NewTropic did not respond to a request for comment Tuesday.

© 2020 BizWest Media LLC

Original Author Link click here to read complete story..

Source: https://mmpconnect.com/fort-collins-cannabis-equipment-firm-sues-california-manufacturer/

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Cannabis

Fort Collins cannabis equipment firm sues California manufacturer

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on

FORT COLLINS — A local maker of cannabinoid compound separators is suing a duo of California companies over allegedly failing to pay almost $110,000 for industrial cannabis equipment.

In the complaint filed Friday in the U.S. District Court of Colorado, Fort Collins-based Illuminated Extractors Ltd. claims that it was hired last year to provide equipment and consulting services for sister firms NT Ventures Inc. and ANP Holdings Inc., which do business as cannabis product manufacturer NewTropic.

The extraction machines in question use hydrocarbon compounds such as propane and butane to strip CBD and other oils from marijuana and hemp plants. Those separated cannabinoids are then used in marijuana and CBD products.

In particular, Illuminated said it built and sold the companies an industrial-scale cannabinoid extractor for $673,400, but it has yet to be paid $78,539 for the remainder of the deal. The Fort Collins company also alleges tha it is owed $31,443 in unpaid lease and fees for a different piece of extraction equipment.

NewTropic did not respond to a request for comment Tuesday.

© 2020 BizWest Media LLC

FORT COLLINS — A local maker of cannabinoid compound separators is suing a duo of California companies over allegedly failing to pay almost $110,000 for industrial cannabis equipment.

In the complaint filed Friday in the U.S. District Court of Colorado, Fort Collins-based Illuminated Extractors Ltd. claims that it was hired last year to provide equipment and consulting services for sister firms NT Ventures Inc. and ANP Holdings Inc., which do business as cannabis product manufacturer NewTropic.

The extraction machines in question use hydrocarbon compounds such as propane and butane to strip CBD and other oils from marijuana and hemp plants. Those separated cannabinoids are then used in marijuana and CBD products.

In particular, Illuminated said it built and sold the companies an industrial-scale cannabinoid extractor for $673,400, but it has yet to be paid $78,539 for the remainder of the deal. The Fort Collins company also alleges tha it is owed $31,443 in unpaid lease and fees for a different piece of extraction equipment.

NewTropic did not respond to a request for comment Tuesday.

© 2020 BizWest Media LLC

Original Author Link click here to read complete story..

Source: https://mmpconnect.com/fort-collins-cannabis-equipment-firm-sues-california-manufacturer/

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British newborn first baby in world to join cannabis therapy trial

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A newborn boy who was delivered by emergency caesarean section in March at a Norwich hospital became the first baby in the world to join a cannabis-derived treatment trial.

The study is the first step in what researchers say could one day lead to a cannabis-derived medicine being used routinely in neonatal care to help babies at risk of seizures and brain injury.

The baby, Oscar Parodi, was delivered on 11 March at Norfolk and Norwich university hospital (NNUH). He was unexpectedly born in a poor condition and needed to be transferred to the neonatal intensive care unit, where he had cooling therapy for 72 hours.

His mother, Chelsea Parodi, from Watton, Norfolk, said: “I was approached after the birth about taking part in this study and I consulted my mum and my brother who is training to be a paramedic. It was hard but I wanted to do everything I could to help my baby boy. Oscar was in hospital for nine days and he was being monitored 24/7.” Parodi said her son was “doing fantastically well”.

The study is examining whether the medicine is safe and effective in lessening the degree of brain injury for babies with the condition neonatal hypoxic ischemic encephalopathy (HIE).

Prof Paul Clarke, a consultant neonatologist at NNUH, said there was a lot of excitement at the neonatal intensive care unit. “This is the first time a cannabis-derived medicine has been tested intravenously in human babies. It is hoped that it will be good for preventing seizures and protecting the brains of newborn babies with HIE.

“We have always had good support from families wanting to take part in research on our [unit] and they often do it from an altruistic point of view to help benefit future babies. One of the attractions of this trial for parents is the closer brain monitoring babies get as part of the study, because a more advanced brainwave monitor is used for the trial babies. This gives parents more reassurance that any seizures will be picked up.”

A second child, born in April at the hospital, is also part of the trial. Children in the trial receive standard hypothermia treatment for HIE, where the whole body is cooled down to 33.5C, as well as a single dose of the study drug or placebo, followed by some tests to measure levels of the drug in the blood.

The trial, in which the drug is administered intravenously and in which the first babies to take part only receive a 30th of the usual dose, involves other neonatal intensive care units in the UK and elsewhere in Europe and will take a year to complete.

Babies in the trial will be given a single dose of study medication, or a placebo, as soon as possible within 12 hours of birth.

The therapeutic ingredient of the medicine occurs naturally in the cannabis plant and is extracted under highly controlled conditions to ensure that the tetrahydrocannabinol (THC) component which causes a “high” is minimal.

Clarke added: “As with any study of a new medicine there may be unexpected side effects…

Source: https://mmpconnect.com/british-newborn-first-baby-in-world-to-join-cannabis-therapy-trial/

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