Kentucky Advances Their Medical Marijuana Bill for the First Time

April 12, 2019 - By: Baystreet Staff


With a total of 33 states so far approving medical marijuana, yet another state appears on the road to legal medical adoption. For the first time ever, the Kentucky legislative panel has advanced a medical marijuana bill.

Strong endorsement of medical marijuana legalization has added momentum to the cannabis growth and CBD derived products markets in U.S. states where companies see the trend as a next step to national growth, including providers like General Cannabis Corp (OTC: CANN), Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF), and MedMen Enterprises Inc. (OTC: MMNFF) (CSE: MMEN).

Besides the growing medical application of cannabis, the CBD and hemp-based products business is also gaining strength. The Yield Growth Corp. is one of the early innovators in the space getting attention for its broad offering. The Yield Growth Corp. (CSE: BOSS) has developed a line of wellness and beauty products that make the most of what the hemp plant can legally offer in almost any country, as well as offering the opportunity to infuse those products with THC or CBD if and where they become legal.

The strategy of using legal products and developing brands as a gateway to the products that require legalization for inclusion of THC or CBD is seen by the industry as a move to broaden the appeal of the products. Many of the products will become well-known brands before ever including any of the currently restricted ingredients.

The Bill Being Advanced in Kentucky

The bill being forwarded in Kentucky has been a while in the making and would allow doctors to prescribe marijuana to treat certain medical conditions. The bill has now officially passed out of a state legislative panel – a bit of a feat in itself.

As actual legislation, the bill has a long way to go to actually pass out of the legislature. But what’s important to note is that this the move equates to the very first time that a medical marijuana proposal has advanced in the statehouse of Kentucky. Many see this as a symbol of the shift in perception about medical marijuana use.

As intended, House Bill 136 would create a state-regulated system that would include groups involved in growing, processing, dispensing and testing marijuana. Licensed doctors would be able to prescribe marijuana for their patients who have specific of medical conditions with known effective treatment. These includes things like Crohn’s disease, cerebral palsy, epilepsy, certain kinds of nausea and chronic pain, such as back pain, amongst others.

One of the bill’s sponsors, Rep. Diane St. Onge (R), has clarified that the legislation had been changed from previous versions in order to be more accessible and attractive to voters.

“We have been very willing to work with the stakeholders in this arena to try to put forth the best possible bill under the most stringent guidelines for our people,” St. Onge said.

The bill would allow patients to buy the marijuana plant in order to make their own tinctures, oils or edibles, but it bans “combustion” of the plant. Earlier versions of the bill were expected to allow patients to smoke marijuana or grow their own cannabis plants, but those provisions have now been removed.

Topicals and Natural Products Have an Easier Road

No matter the outcome of bills like the one now before the Kentucky legislature, it’s clear that topical and natural products infused with formulations akin to CDB or cannabis have the easier road to clearance. The infused and naturals sector is creating a whole new sub-category in the multibillion-dollar beauty and wellness markets. These include new and natural formulations for common categories.

An early mover in this sector is The Yield Growth Corp. who are launching into markets where medical marijuana is or may become legalized. The Yield Growth Corp. has several major brands to generate an entire portfolio in the developing CBD space. Under the brand Urban Juve, they are launching a set of nearly 50 products this year. Based in Canada, the company has already completed 26 Health Canada registrations. According to management, the initial launch will consist of base products only, but all of their products may offer CBD infused or THC infused versions in the future.

Yield also has granted CROP Infrastructure Corp. the rights to distribute Urban Juve products in Italy. CROP Infrastructure grows, produces, and sells cannabis products with a solid foothold in California, Nevada, and Washington State. They also recently expanded into Jamaica acquiring over 200,000 square feet of fertile cropland.

For Yield, a fertile market like Kentucky could offer a place where It can sell its base products nearly and then capitalize on a market that could potentially legalize use of THC or CBD.

A Ways to Go but Still A Sign of the Times

For Kentucky, its new bill hurdled the first step of the legislative process by passing out of the House Judiciary Committee with a successful vote of 16 in favor and reported one against, with one pass ballot.

In order to pass fully, the measure would need to advance quickly through the full House and Senate especially since there are very few working days left in this legislative session.

It’s significant that earlier versions of the bill would have allowed patients to grow up to 12 plants and had no ban on smoking, but those provisions are now removed. That meant a new tact that gives the bill some headway. There are 33 other states that have legalized medical marijuana at present. Geographically speaking Kentucky is in some good company with neighboring states of West Virginia, Ohio, Illinois and Missouri already having approved the medical application of weed.

Companies with pathways to serving American, Canadian, and global markets are likely to see the biggest gain from moves to legalization of marijuana and hemp products used in both medical and recreational applications. These companies include:

General Cannabis Corp (OTC: CANN) provides a whole host of ancillary services to producers and businesses in the marijuana industry, ranging from real estate, consulting, business development and even security. The Denver, Colorado-based company even owns a specialty cannabis lifestyle apparel under the brand Chiefton Supply Co.

Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF) pursues investment and operating opportunities in the emerging global cannabis sector. Canopy Rivers is at a unique advantage due to the strategic partnership and cornerstone investment from Canopy Growth Corporation. Canopy Rivers works collaboratively with Canopy Growth to identify strategic counter-parties seeking financial or operating support.

MedMen Enterprises Inc. (OTC: MMNFF) (CSE: MMEN) operates as a cannabis company in the United States. It owns and operates 18 licensed cannabis facilities in cultivation, manufacturing, and retail located in California, Nevada, and New York.

For a more information about The Yield Growth Corp. and CBD-based businesses, see the article at: http://usanewsgroup.com/2019/01/15/the-sleeping-giant-for-2019-just-woke-up-and-its-a-game-changer-for-investors-looking-to-diversify-into-a-multi-billion-dollar-sector/

USA News Group
http://usanewsgroup.com
info@usanewsgroup.com

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