11/01/18 - CannTrade "FDA-Approved Cannabis Drug Available in US" 

 

The first FDA-approved drug that contains cannabidiol is now available in the US by prescription. Epidiolex is manufactured by a UK-based GW Pharmaceuticals and is approved in the country as a treatment for two types of epilepsy that are most commonly found in children: Lennox-Gastaut and Dravet Syndrome. The US law allows physicians to prescribe this for other off-label conditions. The drug is the first cannabis-based medication to get FDA’s approval.

A federal jury rejects racketeering lawsuit filed by a couple against marijuana farm in Colorado. This is a landmark win for the cannabis industry as the lawsuit claims that cannabis farms give “noxious odors” that reduce the value of nearby properties. The jury found that Parker Walton, the owner of the marijuana cultivation, is not responsible for any damages.

Canada is still experiencing marijuana supply shortages. During the first weeks, only a few retail outlets were open and there were widespread shortages in supply. This problem is caused the slow and long process of licensing. For one, Quebec closed its shops for three days because of lack of supplies. Ontario, on the other hand, won’t have any legal stores open until April.

A record number of politicians support marijuana legalization as polls show that a majority of the population back legalization. In a new analysis, at least 21 gubernatorial candidates support legalizing cannabis. Some are more forceful with their support while the others seem to embrace it only reluctantly. The number of support this year is higher compared to other election cycles.

If state marijuana initiatives are passed on November 6, the cannabis industry in four states could create more than $2 billion in revenue. A forecast showed that ballot initiatives in Utah, North Dakota, Missouri, and Michigan could potentially reach $1.66 billion to $2.08 billion annually within years of launching. With a successful ballot initiative, this could exert pressure on the Congress to reform the federal cannabis law.

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