Federal authorities in the US are set to begin approving more companies that want to grow marijuana for research purposes.
On Monday (August 26), the US Department of Justice issued a statement confirming the country’s Drug Enforcement Administration (DEA) will be moving forward with its campaign to allow federally licensed marijuana growers to produce cannabis for research studies.
The federal ruler launched an initiative in August 2016 to allow companies to become federally approved growers of cannabis, with the material then being used for federal research.
In Monday’s announcement, Attorney General William Barr said he is pleased with the DEA’s decision to review these applications.
However, the DEA said that before approving any of the applications it will propose new policies to oversee the entire research-based cannabis growers program.
“The new rules will help ensure DEA can evaluate the applications under the applicable legal standard and conform the program to relevant laws,” the federal agency said.
As of this writing, only one facility at the University of Mississippi has been designated as a federally sanctioned cannabis cultivation site.
“DEA is making progress in the program to register additional marijuana growers for federally authorized research, and will work with other relevant federal agencies to expedite the necessary next steps,” Uttam Dhillon, the DEA’s acting administrator, said in Monday’s release.
In recent weeks, a variety of companies that have applied have voiced complaints about the slow turnaround with applications and the entire process seen from the DEA
One such applicant, Biopharmaceutical Research Company, issued a statement expressing its frustration with the DEA’s approach to the review process. Fellow hopeful marijuana research grower, the Scottsdale Research Institute, filed a court complaint requesting the DEA to process these applications this year.
According to a report from the Associated Press, the DEA was given a deadline of Wednesday (August 28) to respond to the court filing.
“We support additional research into marijuana and its components, and we believe registering more growers will result in researchers having access to a wider variety for study,” Dhillon said.
One of the critical needs for additional marijuana growers for research use relates to increasing complaints about the disparity in quality between the product grown at the University of Mississippi site compared product from existing state-based legal industries.
Another factor pushing the DEA — according to the Associated Press — is significant interest from Republican and Democratic lawmakers in Congress about the status of these applications.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement
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Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising
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Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.
In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.
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