Why Bankruptcy Is A Budding Alternative For Cannabis Cos. 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:


Why Bankruptcy Is A Budding Alternative For Cannabis Cos.

#cannabisindustry – “A set of recent decisions from the U.S. Bankruptcy Court for the Central District of California in In re: The Hacienda Co. LLC has signaled a retreat from what most have considered a zero-tolerance policy requiring dismissal of any bankruptcy case involving cannabis-related businesses or assets.

The widespread legalization of cannabis throughout the country and need for a more practical and uniform approach for all legal businesses warrants a more expansive set of rules….”

Read More: https://www.jdsupra.com/legalnews/why-bankruptcy-is-a-budding-alternative-3017728/



#psychedelics – “Yes. Researchers have found that your response to a psilocybin mushroom journey can depend on your personality. A study published in the Journal of Psychoactive Drugs found a correlation between the above-mentioned 5 personality traits and individuals’ response to a psilocybin mushroom journey.

What researchers found is that:

  • Individuals scoring high on Openness: are more likely to experience “love, inner visions, and contact with non-ordinary beings and transcendent forces”
  • Individuals scoring high in Extraversion: reported deeper connection to others. They were also found to be “the least likely to encounter non-ordinary beings”. This, say the authors, probably reflects these people’s preference for social interaction over delving into the inner reaches of their psyche.
  • Those scoring high on Neuroticism: are more likely to have a ‘bad trip’….”

Read More: https://psychedelicspotlight.com/can-personality-traits-affect-the-psychedelic-experience-and-vice-versa-heres-the-research/


Industry experts say New Mexico’s cannabis industry is underregulated

#cannabisindustry – “Tens of millions of dollars have passed through licensed cannabis retailers in New Mexico. By the numbers, the industry is booming. But industry experts are telling lawmakers there are too many retailers and not enough regulation….

“Currently, for the year, we’ve completed 572 inspections – 409 at retail, 129 producers, and about 34 manufacturing [inspections],” CCD Director Todd Stevens told lawmakers. “We found 2,700 violations in those 572 inspections.”

Those violations ranged from relatively minor things, like not having a floor plan on file, to more serious violations, such as having mislabeled cannabis, Stevens said. “Some of these violations are mitigated and fixed within a matter of days.””

Read More: https://www.krqe.com/news/marijuana/industry-experts-say-new-mexicos-cannabis-industry-is-underregulated/


Study Finds Cannabis Users Had Better Covid-19 Outcomes

#cannabisresearch – “Cannabis users who contracted Covid-19 had better outcomes and reduced mortality compared to people who do not use marijuana, according to new research presented at a conference in Hawaii this week. A presentation on the study, which was conducted through a review of the medical records of more than 320,000 individuals, was delivered on Wednesday at the annual meeting of the American College of Chest Physicians (CHEST) in Honolulu.

“Marijuana smokers had better outcomes and mortality compared to non-users,” the authors of the study wrote in their conclusion. “The beneficial effect of marijuana use may be attributed to its potential to inhibit viral entry into cells and prevent the release of proinflammatory cytokines, thus mitigating cytokine release syndrome.””

Read More: https://www.forbes.com/sites/ajherrington/2023/10/13/study-finds-cannabis-users-had-better-covid-19-outcomes/?sh=72bb63fe1eb1


Humboldt cannabis farmers sue to block ‘Karen initiative’ from ballot

#californiacannabis – “A group of Northern California cannabis farmers has sued the organizers behind a controversial local ballot initiative that would completely rewrite the rules of pot farming in Humboldt County. The farmers claim the measure’s organizers made “clearly false” statements while collecting signatures, and they are asking a judge to block the initiative from being included in a March 2024 election.

If passed, the ballot initiative would add significant new restrictions in Humboldt County — historically the largest pot farming county in California — including limiting pot farm size, reducing the number of overall farming permits allowed in the county and requiring stricter building regulations…”

Read More: https://www.sfgate.com/cannabis/article/humboldt-cannabis-farmers-karen-initiative-lawsuit-18420691.php


Costa Mesa officials to discuss halting cannabis permits, response to Fairview Developmental Center

#californiacannabis – “After processing dozens of applications from cannabis retailers looking to do business in Costa Mesa, the city could soon close the floodgate as the council is poised Tuesday to discuss potentially halting the practice.

The panel in September directed city staff to work with the Planning Commission to determine whether local ordinances allowing for the sales and delivery of retail cannabis may be leading to an over-concentration of dispensaries and the displacement of local businesses….

Councilman Don Harper during an Oct. 3 meeting requested the council engage in a conversation about whether the city may want to issue a temporary moratorium on the processing of cannabis applications while staff and commissioners engaged in their evaluation.”

Read More: https://www.latimes.com/socal/daily-pilot/news/story/2023-10-13/costa-mesa-officials-to-discuss-halting-cannabis-permits-response-to-fairview-developmental-center



New Calif. Hemp, CBD Rules Affect Nationwide Compliance

#cannabiscompliance – “Well known to the industry by now, the Federal Agriculture Improvement Act of 2018, or the 2018 Farm Bill, legalized hemp as defined, with a Delta-9 THC concentration of no more than 0.3% on a dry weight basis, and altered the Controlled Substances Act’s definition of “marihuana” to exclude hemp as a Schedule I substance.

Over the last five years, the industry has come to understand that due to the poorly constructed wording of these definitions, federal law has essentially legalized marijuana through the form of “intoxicating hemp.”[1]

Consequently, under this definition, marijuana seeds, even those from high-THC plants, are also now considered hemp and are therefore not subject to Drug Enforcement Administration, or DEA, control.[2]”

Read more at: https://www.law360.com/articles/1732304/new-calif-hemp-cbd-rules-affect-nationwide-compliance?copied=1


Revolutionizing Psychiatry: More Than 80% Of Psychiatrists See Promise In Psychedelics Or Hallucinogens

#psychedelics – “A new survey set to be published in the Psychedelic Medicine journal found “a striking positive shift in attitudes toward the therapeutic potential of hallucinogens among American psychiatrists,” compared to the same survey conducted in 2016.

Despite the boom in psychedelic research in recent years, as well as the legalization of psilocybin in Oregon as well as decriminalization in Colorado, study authors aren’t aware of any of other published national surveys of American psychiatrists regarding their opinions about hallucinogens and hallucinogen-assisted therapy.

Of the 131 respondents, who were demographically similar to those who responded in 2016, 80.9 percent moderately to strongly believed that hallucinogens show promise in treating psychiatric conditions, while 60.8 percent thought this class of drugs can treat substance use disorders.”

Read More: https://www.benzinga.com/markets/cannabis/23/10/35241585/revolutionizing-psychiatry-more-than-80-of-psychiatrists-see-promise-in-psychedelics-or-hallucin



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