TN Sets New Rules For Hemp-Derived Products, Ibogaine Inspires Two New Depression Drugs and More

In the days of the Armada, a fleet of warships, the scuttlebutt was the rumor or gossip that would spread throughout the ship. Today, Armada Law Corp presents The Scuttlebutt, a daily summery of news articles that people within the cannabis, hemp and plant medicine industries are chatting about along with links to the full articles.

In today’s news:

#hempderivedproducts – “Under the bill:
Hemp-derived cannabinoid products must undergo lab testing, abide by labeling requirements and be sold in child-resistant packaging.
Retailers selling hemp-derived cannabinoids must acquire a license from the state agriculture department by Jan. 1, 2024.
The fee for a producer license is $500, while retailers must pay $250. Producers were already subject to a licensing requirement.
Sales will be subject to a new 5% “privilege tax” that state law says must “be used exclusively for the regulation of products containing a hemp-derived cannabinoid.”
Anyone violating the new rules may be fined $1,000 or charged with a misdemeanor.
Purchasers of products containing hemp-derived cannabinoids must be 21 and older.”


#psilocybin – “Psilocybin, the active ingredient in magic mushrooms, can restore fear extinction and help treat post-traumatic stress disorder (PTSD). The study found that psilocybin promotes the growth of new neurons and synapses in the hippocampus, a brain region involved in memory formation, and was found to reverse the decline in proteins associated with neuroplasticity and fear extinction. The findings provide a promising potential for using psilocybin in the treatment of PTSD.”


#psychedelics – “A revived interest in the use of psychedelic compounds for the treatment of psychiatric conditions has seen drugs such as LSD enter clinical trials and hit the headlines. A perhaps lesser-known molecule is the psychoactive indole alkaloid ibogaine, which is derived from the root bark of the native African shrub Tabernanthe iboga, also known as the iboga plant. In small doses it acts as a stimulant, reducing appetite and counteracting fatigue, but in large doses it can lead to intense hallucinogenic visions that have been likened to the effects of LSD.”


#californiacannabis – “The city of Los Angeles is asking the Ninth Circuit to side with Sacramento in a suit alleging the cannabis licensing policy in the California capital is unconstitutional, saying the constitution does not grant its protections to federally illegal activity such as selling cannabis.
In an amicus brief filed Monday, Los Angeles weighed in on a suit filed by Peridot Tree Inc. and its owner, Kenneth Gay, in February 2022 over Sacramento’s residency requirement, saying a decision in this case will affect not only Sacramento’s policy but also potentially those of every city and state in the Ninth Circuit.
Los Angeles is facing a near-identical suit filed by another company owned by Gay, Variscite Inc., which alleges that the city’s residency requirement is unconstitutional. The Los Angeles case is paused after U.S. District Judge Sherilyn Peace Garnett decided last month that the instant Sacramento action should play out before the Ninth Circuit first.”

LA Urges 9th Circ. To Toss Sacramento Pot Licensing Suit:


#californiacannabis – “AB 766 would apply only to sales made after January 1, 2024. It would require any licensee to pay for goods and services from another licensee within 15 calendar days after the date of the final invoice. The date set forth on the invoice could not be more than 30 days after the date goods or services are transferred. So hypothetically, if a cannabis contract has net 30 payment terms and is paid 46 days after delivery, problems begin.

Licensees that sell goods with a value of at least $5,000 and don’t receive payment on time must report the unpaid invoice to the Department of Cannabis Control (DCC). At that time, the DCC is forced to intervene in the cannabis contract breach. DCC must then notify the non-paying licensee. If they don’t pay within 30 days, the DCC can issue a notice of warning or citation. If this happens multiple times, the DCC must commence a disciplinary action.”


#cannabispolitics – “Oregon’s secretary of state is resigning after it was revealed that she worked on the side as a consultant for a cannabis company, earning $10,000 a month, while her office was overseeing an audit of the state’s marijuana regulator.

Democrat Shemia Fagan announced her resignation Tuesday, as fallout and political pressure over the consulting job grew. Gov. Tina Kotek last week asked the Oregon Government Ethics Commission to investigate Ms. Fagan’s dealings. Gov. Kotek also asked the state’s Justice Department to look into a recent audit of the cannabis industry overseen by the secretary of state’s office.”

#cannabisindustry – “While some New York municipalities had previously put forth their own local laws to curb illicit cannabis sales, the Proposed Legislation would authorize the State’s Office of Cannabis Management (OCM) and Department of Taxation and Finance (DTF) to fine businesses $10,000 per day for making unlicensed cannabis sales and $200,000 for illicit cannabis plants or products. Additionally, these agencies would be permitted to close down illicit cannabis shops entirely. The Proposed Legislation also gives DTF agents peace officer status, empowering them to go after unlicensed storefronts.”

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