10/05/18 - CannTrade "California Expands Industrial Hemp Laws" 


California updated its industrial hemp laws to expand and follow the federal rules. Governor Jerry Brown signed the State Bill 1409 into law on Monday that seeks to amend the current state law which helps farmers to produce hemp fiber, seed, extract, and oil. This differentiates hemp from cannabis and is designed to match the expected federal legalization of industrial hemp. The expanded hemp law is expected to take effect on the first of January 2019.

Colorado marijuana biotech company, Front Range Biosciences, received $10 million in private funding for expansion. This will be used to accelerate the firm’s production in Colorado, Canada, and California and to research on new strains of marijuana.

Travelers can now fly with cannabis within Canada. Travelers can carry up to 30 grams of marijuana, either on their checked bags or carry-on, within the country according to the Transportation Minister Marc Garneau. This new travel policy will take into effect on October 17.

Ohio’s medical cannabis growers are harvesting their first marijuana but the sales are still delayed and far from the expected $400 million industry. It might take a while before medical marijuana will be available to patients as the plants have to be cured and dried. Though the state’s marijuana program was hoped to be up and running on September, regulatory issues caused the delay.

Cresco Labs, a Chicago-based marijuana company, raised a $100 million funding that attracted institutional investors to cannabis. A majority of its funding came from different institutional investors from Canada, the US, and Europe, including some investment banks. The firm is planning to use the funding to grow its operation and target new states. This is the second largest deal in the American marijuana industry to date.

We hope you enjoyed today’s headline news. If you have news, comments, and funding to share with us, send us a message through news@canntrade.com. Follow us on Instagram, Facebook, and Twitter for updates.