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June 16, 2021

The Canna Consortium Happy Hour: June Newsletter!


Cannabis Industry Insights

Canna Consortium

Delta-8 THC is in the hot seat: So far New York has joined at least 12 other states in banning the hemp-based synthesized cannabinoid.

“At least 12 other states have also banned Delta 8 THC, including Colorado, one of the first states to legalize marijuana itself.” We’re making sure to stay up to date on the legal aspects of this new synthetic cannabis cannabinoid and where it is trending for the future.

The Imminent Shroom Boom

With psilocybin aka Magic Mushrooms heading toward legalization as more and more states decriminalize the plant. Our founders discussed best practices and solid first steps for those who might be interested in entering the market. Read more on the full coverage of our panel discussion at The CBD Expo Mountain here.

Regulatory Pulse Point

laboratory

USDA’s Final Rules on Hemp are now in full effect.

Proper disposal of plants that exceed the acceptable hemp THC level (0.3%), extension of non-DEA registered labs until 2023 and sampling taken from a greater part of the plant include some of the updated rulings from the 2018 Farm Bill. Read more ruling information on the ruling here.

FDA and FTC are keeping CBD business in line with warning letters and fines

Make sure to always be aware of what regulatory bodies are looking for and how to stay compliant for your most successful business! Some of our founders had a panel discussion on the latest warning letters from the FDA and FTC and an explanation of what you can and cannot say regarding your products.

Partner Spotlight

lab society

We’re highlighting our partner Lab Society this month! We were lucky enough to host a happy hour with them last month at CannaCon in OKC. And always know they are putting out the best and highest quality of product to their customers. Make sure to check out their website for any and all end-to-end solution and laboratory equipment.

Entrepreneurial Extras

More than 50 raw material suppliers have ceased production globally.

Always always always know what’s going on with your raw materials and supply chain! We might see the end of the tunnel of the pandemic but businesses might feel the repercussions for years to come. Being aware of what’s going on with the supply chain internationally so you can ensure you are overstocking properly for the lack of materials down the road. Currently Southeast Asia is feeling the repercussions of extreme weather and as always Covid, read up about it here.

News and Events

Cannabis Research in Full Bloom

The DEA has announced an end of their monopoly on cannabis grown for scientific purposes. AKA researchers can study real-world cannabis instead of ditch weed. “This monumental step from the DEA means that BRC can now position itself as that all-in-one source for reliable and safe research and cultivation.”

Could 2021 be the year Cannabis Prohibition ends Federally?

Next up in a monumental move the MORE Act has been reintroduced into the House. The MORE Act is essential because it would remove cannabis from the federal Controlled Substances Act. Making it legal at the federal level along with expungement of past federal cannabis convictions. Read more about it on the National Cannabis Industry Association’s site. The NCIA works as a trade association representing legal cannabis businesses in DC.

Founder Spotlight

Liz Geisleman

Liz Geisleman

A senior leader at Rocky Mountain Reagents and 710Spirits® Liz has been instrumental in the creation of The Canna Consortium. Liz has been involved with the industry for more than two decades and her network spans the entire country. Along with serving on the board of NCIA and a stake holder in the Colorado Hemp Advancement & Management Plan she continuously strives to move the industry forward through education and advocacy.

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