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DEA Ends 5-Decade Federal Monopoly on Research Cannabis Production, Approves Two Companies to Harvest Plants

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The Drug Enforcement Administration (DEA) finally authorized two cannabis companies to harvest marijuana for research purposes, reported Marijuana Moment, ending a five-decade federal monopoly.

Why is this important?

Because a farm functioning as part of the University of Mississippi has been the only legal source of federal research cannabis since 1968, despite lawsuits and years of complaints that Ole Miss’s cannabis product was not high enough quality to be properly used for important research.

Though the DEA began asking for applications for additional cannabis cultivators under President Barack Obama then later the Trump administration, it had not approved any of them, until now.

The DEA announced in May that it would begin approving applications from universities and legal cannabis growers seeking to become federally authorized to manufacture the plant for research purposes. And, apparently, after what many believed to be footing-dragging, the DEA will finally end the national monopoly.

Groff North America Hemplex and the Biopharmaceutical Research Company (BRC) are the two companies that have officially obtained DEA approval have started cultivation and harvesting marijuana plants.

For the time being, these two operators are only approved to cultivate crops for internal quality control and calibration purposes, with the intention of eventually being approved to sell products to the DEA to be distributed for clinical research and drug development.

“All of these steps are incremental steps that lead to our production at BRC, and certainly all of our peers in the federally legal cannabis industry,” George Hodgin, CEO of BRC told Marijuana Moment. “These steps are taking place because of the loud drumbeat of the advocates of the cannabis community over the past decades.”

Crucial Milestone For The Cannabis Industry

This makes for an important milestone in the industry by providing better quality material for much-needed research. For a long time, cannabis advocates have harshly criticized the federal cannabis monopoly, arguing that it has needlessly limited serious research due to the lack of supply and for providing subpar and chemically different marijuana from that which is available in dispensaries.

National Institute on Drug Abuse (NIDA) director Nora Volkow told the outlet that it would be “valuable” for researchers to use marijuana from dispensaries to better examine what kind of weed is being consumed to better understand its benefits and risks.

BRC finalized its first harvest in November and is already working on a second batch under DEA licensure. Groff completed its first harvest last week.

In September the DEA made another move implying support for cannabis research when it proposed a notable increase in federal limits for the production of psilocybin, psilocin and marijuana for research purposes.

Photo: Courtesy of Kym MacKinnon on Unsplash

Original Source: benzinga.com

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Where Ascendis Pharma Stands With Analysts

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Over the past 3 months, 4 analysts have published their opinion on Ascendis Pharma ASND stock. These analysts are typically employed by large Wall Street banks and tasked with understanding a company’s business to predict how a stock will trade over the upcoming year.

Bullish
Somewhat Bullish
Indifferent
Somewhat Bearish
Bearish
Total Ratings
0
3
1
0
0
Last 30D
0
0
0
0
0
1M Ago
0
0
1
0
0
2M Ago
0
1
0
0
0
3M Ago
0
2
0
0
0

These 4 analysts have an average price target of $170.25 versus the current price of Ascendis Pharma at $114.86, implying upside.

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Below is a summary of how these 4 analysts rated Ascendis Pharma over the past 3 months. The greater the number of bullish ratings, the more positive analysts are on the stock and the greater the number of bearish ratings, the move negative analysts are on the stock

This current average has decreased by 7.22% from the previous average price target of $183.50.

Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter.

Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.

This article was generated by Benzinga’s automated content engine and reviewed by an editor.

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Original Source: benzinga.com

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Boeing Stock Sits Near Key Level: What’s Next After Earnings?

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Boeing Co. (NYSE: BA) shares are trading lower Wednesday after the company reported fourth-quarter earnings before the opening bell.

The company’s earnings per share came in at a loss of $7.69, up from a loss of $15.25 per share year-over-year. Sales came in at $14.8 billion, missing the estimate of $16.86 billion.

Boeing was down 3.68% at $196.50 midday Wednesday.

See Related: Boeing Clocks 3% Revenue Decline In Q4

Boeing Daily Chart Analysis

Shares have been trending lower in what traders call a descending triangle pattern, but it now looks as though the pattern has ended and the stock has not seen a strong break of resistance or support. Since the end of the pattern, the stock has been moving sideways around the $205 level.
The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is facing a period of bearish sentiment. Each of these moving averages may hold as a potential area of resistance in the future.
The Relative Strength Index (RSI) has been falling lower the past couple of weeks and now sits at 38. This shows that more sellers have been moving into the stock and if the stock continues to fall lower on the RSI could reach the oversold region near 30. This could bring about even more strong selling.

What’s Next For Boeing?

Boeing hasn’t seen any strong movements since ending the descending triangle pattern and shows that the stock is trading with a period of consolidation. When strong volume enters the stock, it may start pushing in one direction quickly and could start a new trend.

Bullish traders are looking to see the stock hold above the $205 level and see the RSI climb back above the middle line for a possible bullish run. Bearish traders are looking to see the stock. Hold below the $205 level and the moving averages for the stock to start seeing some bearish momentum.

Source: benzinga.com

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When the Best Cocktail Maker in the Cannabis Industry Launches a Drink, This Is What It Tastes Like

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Warren Bobrow, “The Cocktail Whisperer,” has launched a delicious new cannabis-infused beverage: Klaus.

Made with the best ingredients for a healthier and euphoric buzz, Klaus has set its sights on the growing ‘California-sober’ market and is ready to take the cannabis beverage culture to a whole new level.

Warren, The Creator

Bobrow is a cannabis alchemist and cocktail aficionado. He is also a respected industry journalist and author of six books in the craft cocktail space, including his most recent Cannabis Cocktails, Mocktails and Tonics.

And, of course, all of this expertise is reflected in the unique cannabis-infused craft mocktail he and his team launched.

Interestingly, the brand was named after Bobrow’s 1800s German “drinking gnome,” a travel companion that has joined the cocktail maker all around the world.

The Drink

The first product in the Klaus lineup is like no other cannabis-infused beverage out there.

Dubbed Mezzrole after Louis Armstrong’s friend and fellow hep-cat, Mezz Mezzrow (Mezzrole was slang for a finely crafted cannabis cigarette during the jazz era), the drink is robust and tangy with bursts of piquant ginger root syrup, gently giving way to palate-soothing rice vinegar notes and the finest French lime puree.

The refreshing beverage features a terpene-forward 10 mg THC infusion per can, only 16 calories and less than 1g of sugar per serving.

On the execution, Bobrow partnered with Sands Lane Ventures and creative agency MAMUS, seeking to make it simple for newcomers to the cannabis space to have an enjoyable and delicious experience.

Klaus is available at leading dispensaries in California.

Article: benzinga.com

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