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Cannabis News Today – July 25th, 2024

Welcome to “Cannabis News Today,” a summary of the cannabis industry’s stock and regulatory updates.

  1. Tilray Brands (Nasdaq: TLRY; TSX: TLRY) received approval for its third medical cannabis product, Tilray Solucao Oral THC10, in Portugal, expanding its global operations to over 20 countries. This approval comes alongside significant expansions in Germany and Australia. Read all about it on the TDR Website!                                                                                                                               
  2. LeafLink has acquired Dama Financial’s banking division to address the cannabis industry’s significant financial service challenges. This acquisition will integrate secure and compliant banking solutions into LeafLink’s B2B platform, enhancing efficiency and profitability for cannabis operators. Additionally, LeafLink has increased its Series D funding round to $125 million, supporting its growth and expanded service offerings in the cannabis sector. Read all about it on the TDR Website! 
  1. Organigram Holdings Inc. (NASDAQ: OGI, TSX: OGI) has invested $1 million into Phylos Bioscience to expand its auto-flower and rare cannabinoid portfolio. This funding will help Organigram develop unique cannabis products, including high-potency CBG, CBC, and CBDV seed-based cultivars, enhancing its market position and product diversity. Read all about it on the TDR Website!
  1. The National Transportation Safety Board raised concerns about the DEA’s proposal to reclassify marijuana from Schedule I to Schedule III, warning it could hinder federally required drug testing for safety-sensitive employees like pilots and truck drivers. They urged the DEA to ensure that any changes don’t compromise current marijuana testing protocols for transportation workers.
  1. More than 75% of New York State medical marijuana patients reported using cannabis to reduce prescription drug use, with 66% specifically reducing their need for prescription opioids for pain. This data comes from a new report by the state’s Office of Cannabis Management.
  1. Don Murphy shared a video clip about the recent political turmoil on Twitter and its impact on Congress. He suggests that significant legislative progress, including the Safe Banking Act and other criminal justice measures, is unlikely in the near term. 
  1. As of yesterday, The Ohio Division of Cannabis Control has issued ten certificates of operation, including four to cannabis cultivators and six to processing facilities. However, no dispensaries have received certificates yet, meaning recreational sales haven’t started, and customers can only grow their marijuana for now.​
  1. According to Law 360, a federal judge has upheld Wyoming’s new hemp regulations, which impose stricter guidelines on hemp production and sales in the state. These regulations aim to align with the federal Farm Bill of 2018, ensuring tighter control over the hemp industry despite challenges faced by hemp farmers, such as falling prices and regulatory uncertainties​.
  1. Lab tests found that THC levels in 40% of cannabis oils sold by the Ontario Cannabis Store were inaccurately labeled beyond federal limits. This discrepancy raises concerns about accurate dosing, particularly for medical users.

Go to the TDR website to find more Cannabis News Today!

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