This week we’ll tackle the frustrating topic of cannabis industry banking and what’s being done to streamline the situation.
Also, we’ll take a closer look at the export laws in Israel and explore new developments there. And let’s discuss the complicated novel food ruling in Europe and how the 2002 anti-terror laws are impacting the cannabis industry in the U.K. – and across the globe.
While the Republican party has traditionally held an anti-cannabis stance, the Senate committee just scheduled a hearing to discuss business banking access for cannabis companies. Cannabis is a hot topic of discussion this year and with elections coming up soon, you can expect politicians on both sides of the fence to be scrambling to find solutions for all these industry grey areas.
It’s possible that Novel Food CBD classification may well become the accepted legal position for European CBD industry. Many ‘smart’ companies are already going through the process of securing compliance. However, at a cost of upwards of £250,000 such a certification is not coming cheap.
Up and coming Israeli company, Univo Pharmaceuticals, is on track to doubling their production to meet the growing European demand. However, due to airtight regulations in Israel, they’ve been waiting for approval to export their domestically-grown cannabis flower. Founder and CEO told CBD Testers that it’s a “frustrating situation” but believes their top-of-the-line product with eventually dominate the European market.
The growth of the U.K. cannabis industry is being hamstrung by legislation initially drafted in response to the 9/11 attacks. The 2002 Proceeds of Crime Act effectively makes it a criminal offence for U.K. citizen to financially benefit from an activity legal overseas – which is illegal at home. Cannabis industry experts say this is deterring investment with the markets.
OTHER TRENDING NEWS
The theory that CBD can possibly interact with various medications has been thrown around for a while now, but as it turns out, some recently completed studies indicate this may be true. It’s a commonly held belief that because CBD is natural, it doesn’t have side effects or any negative drug interactions, but that’s a dangerous belief to have.
The United States is a nation plagued by stress. Nearly 8 in 10 Americans experience stress regularly, and this can lead to a variety of serious health conditions. There is strong evidence in support of using CBD, which is known to open the mind on its own, along with meditation for ultimate stress relief.