Marijuana Business Magazine September 2019

Marijuana Business Magazine | September 2019 28 Marijuana Entrepreneurs Hopeful for MORE Act The Marijuana Opportunity Reinvestment and Expungement (MORE) Act of 2019 could open massive business opportunities for legal cannabis firms around the country—similar to the federal legalization of hemp—if it passes. But that’s a big “if.” U.S. House Judiciary Chair Jerrold Nadler and U.S. Sen. and presidential hopeful Kamala Harris introduced the MORE Act, which would remove the plant from the Controlled Substances Act. Marijuana currently is classified as a Schedule 1 drug. A provision of the act would tax cannabis sales at 5%. Funds would be earmarked for small-business loans and other programs that assist the socially and economically disadvantaged. Experts point out major reform before 2021 has long odds because of resistance in the Republican-controlled Senate. The MORE Act currently has four co-sponsors in the Senate and 27 in the House, but only one is a Republican. Ontario Securities Commission Opens CannTrust Investigation Cannabis cultivator CannTrust Holdings disclosed the company is under investigation by securities regulators and the police. The company said that the Ontario Securities Commission (OSC) has opened an investigation “into matters and parties related to CannTrust.” The Vaughan, Ontario, company said it imposed a blackout on trading of the firm’s stock among directors, officers and other CannTrust insiders. The latest developments come on the heels of Cann- Trust hiring a financial adviser to review “strategic alter- natives,” including a possible sale of the company. Industry Developments | International & State National & International News Countries included have passed legislation at the federal level and must fulfill at least one of the following criteria: • Cultivation or manufacture of medical cannabis allowed. • Doctors can prescribe medical cannabis. • Import and/or export of medical cannabis allowed. High: Countries at the forefront of the global industry. Frameworks are established, and adoption is well underway. Medium: Implementation has begun but is still limited or restricted; lots of room for the market to develop. Low: Legislation has been passed, but implementation is very limited or nonexistent. Decriminalization is not included. MAP LEGEND High level of medical development/implementation Medium level of medical development/implementation Low level of medical development/implementation Other - federally illegal but unique circumstances Recreational