Tuesday, January 2, 2018

Mike Tyson to open cannabis ranch in California

Former heavyweight champ Mike Tyson broke ground Dec. 20 on a new "cannabis ranch" 60 miles southwest of Death Valley in California City, population 15,000. The 40-acre facility will include cultivation areas, research labs and a glamping resort with an amphitheater.

Tyson is constructing the facility in partnership with his business associates Robert Hickman and Jay Strommen and has the support of the mayor of California City, Jennifer Wood. California City has embraced the cannabis industry so far and Wood recently told the Bakersfield Californian that she expects the town to reap millions in tax benefits from large cultivation operations.

“Our intention is to get rid of supplemental taxes to support public safety,” Wood told the Californian after the passage of a ballot measure to help pay for public safety in June of 2017. “You have to pay the bills somehow,” she added.

Tyson Ranch, as it will be called, will devote 20 acres to cultivation and will also include a school to teach growers how to develop and perfect strains. 

Marijuana outlets started operating under state licenses Jan. 1 and the market is expected to boom in California, the sixth in the nation to fully legalize recreational cannabis behind Colorado, Washington, Oregon, Alaska and Nevada. 

Monday, January 1, 2018

Elderly couple tells police 60 pounds of marijuana was for Christmas presents

An elderly California couple was arrested in Nebraska Dec. 29 after police found nearly 60 pounds of marijuana in their vehicle during a traffic stop, according to Illinois news affiliate WQAD

Police pulled over Patrick Jiron, 80, and Barbara Jiron, 83, both of Clearlake Oaks, Calif., after observing their vehicle drifting over the center line and the driver not using turn signals. A strong odor of marijuana led officers to the large stash of pot in the Toyota Tacoma pickup.

During the subsequent investigation, the couple told police that they were headed to Vermont and the pot "was for Christmas presents."

Marijuana stocks soaring headed into 2018

As the world rings in the New Year of 2018, marijuana investors have something extra to celebrate. According to multiple sources, including Bloomberg.com, marijuana stocks saw a big rally at the end of 2017, due in part to a huge investment by alcoholic beverage company Constellation Brands into cannabis grow company Canopy Growth.

According to Bloomberg, the Horizons Marijuana Life Sciences Index ETF, the largest marijuana-focused exchange-traded fund, has seen an increase of 74 percent since launching last April. Notable individual stocks include Delta 9 Cannabis, which surged 1,200 percent in 2017 and WeedMDInc., which was up 165 percent.

For those interested in investing in the burgeoning industry, the Motley Fool, recommends investing in Canadian marijuana stocks due to the substance's questionable legality at the federal level in the U.S. The market is more stable and the Canadian government seems to be embracing the new industry to a greater degree.

According to New Cannabis Ventures, the Canadian Cannabis LP index, which includes 27 publicly traded LPs, increased 146 percent during the year. 

Friday, December 29, 2017

Study shows cannabidiol has potential to treat schizophrenia

A study published Dec. 5 by the American Journal of Psychiatry shows that cannabidiol (CBD), a substance found in marijuana, could have beneficial effects in patients with schizophrenia.

A group of trial patients took 1000mg of CBD per day along with their existing antipsychotic medication. After six weeks of treatment, compared with a placebo group, the CBD group had lower levels of positive psychotic symptoms, according to the study, and were more likely to have been rated as "improved" and as "not severely unwell." The CBD group also showed greater improvements in cognitive performance, but not by a wide enough margin to be statistically significant.

The study also noted that the CBD treatment was well-tolerated and adverse events were similar between the CBD group and the placebo group.

Jack In The Box partners with Snoop Dogg on meal designed for stoners

According to a recent report by Bloomberg.com, Jack In The Box, Inc. is preparing to test a meal aimed at stoners in partnership with a media company backed by rapper Snoop Dogg. The meal is set to be tested at three California locations during the first week in January, just in time to coincide with marijuana sales becoming legal in the state.
The "Merry Munchie Meal" will cost $4.20 (of course) and will contain two tacos, fries, onion rings, five mini churro, three chicken strips and a small drink.
"We are about welcoming all of our guests, no matter what they're craving or why they're craving it," said Iwona Alter, chief marketing officer for Jack In The Box.

Friday, February 14, 2014

Government Sets Marijuana Banking Rules

The Obama administration announced today that rules have been set for banks dealing with those who
legally sell marijuana.

Previously, most banks have refused to work with marijuana dispensaries due to fear of being prosecuted for handling drug money, which has led many to run cash only businesses. As a result, marijuana dispensaries have become targets for thieves looking for a big cash score.

The new rules, which were issued by the Treasury and Justice Departments, are intended to "move from the shadows the historically covert financial operations of marijuana businesses," said Jennier Shasky Calvery, director of the Treasury Department's Financial Crimes Enforcement Network in an interview with NBC News.

Under the new regulations, banks will be required to verify that the marijuana dealers they're working with are properly licensed and will be required to report any signs that dealers are engaging in illegal transactions.