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Synthetic cannabinoid maker Nalu Bio raises $12 million

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Nalu Bio, a producer of synthetic cannabinoids, said it raised $12 million in a Series A funding round led by Intrinsic Capital Partners, a Pennsylvania-based investment firm focused on life science and technology businesses in the legal marijuana and hemp industries.

The investment in the San Francisco-based company, announced in a Tuesday news release, comes amid a tough stretch of raising capital in the hemp and marijuana sectors, where deals are in short supply and terms costly.

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State regulators are also taking a much more stringent view on cannabinoids, with Connecticut, Virginia and Utah cracking down on the production and sale of delta-8 products and their derivatives.

Lawmakers in West Virginia are also proposing a ban on products containing delta-8 THC.

Other backers in the funding round include Flybridge Capital Partners, Portfolia Active Aging & Longevity Fund, Bonaventure Equity, L37 Ventures, Golden Seeds, Sacramento Angels, Brown Angel Group

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Florida Senate passes bill banning hemp-derived THC products

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Florida has taken another step toward banning hemp-derived products containing delta-8 and delta-10 THC in the state after the Senate unanimously passed a bill this week.

The bill now goes to the state House of Representatives, according to Tampa Bay TV station WTSP.

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Meanwhile, a House version of the measure has “yet to be taken up by its full chamber,” WTSP reported.

Products containing delta-8 THC – which is a less potent form of marijuana – has been sold in an increasing number of unlicensed stores across Florida since the 2018 U.S. Farm Bill legalized hemp.

The interest in delta-8 THC in Florida likely stems from the fact the state offers only legal medical marijuana, not adult-use products.

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Blumenauer pushes DEA to clarify timelines for marijuana rescheduling

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Oregon Democratic congressman Earl Blumenauer continues to push the U.S. Drug Enforcement Administration to reschedule marijuana and lay out a timeline for such action.

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In a Feb. 8 letter to DEA Administrator Anne Milgram, acting Chief Michael Miller, Attorney General Merrick Garland and Secretary of the Department of Health and Human Services Xavier Becerra, Blumenauer asked for updates on several time elements and the process related to the Drug Enforcement Administration’s rescheduling review, including:

The deadline to publish its draft rule on scheduling marijuana for public comment. Standard timelines for drug scheduling reviews. The date it launched the marijuana review process. How it’s incorporating state marijuana laws and regulations in its decision. How it’s communicating developments and receiving feedback from congressional

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Florida Senate advances 30% THC potency cap on adult-use cannabis

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Florida would become the third state in the U.S. to impose a market-wide potency cap on adult-use cannabis if a proposal advanced Tuesday by the Senate becomes law.

Though Florida is currently home to the country’s biggest medical marijuana market, an adult-use legalization proposal might appear on voters’ ballots in November.

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That’s pending a state Supreme Court ruling on a challenge to the measure.

Gov. Ron DeSantis recently said he expects adult-use marijuana to appear on the ballot.

The 30% THC cap on smokable flower, proposed in SPB 7050, received a favorable vote in the state Senate Health Policy Committee.

If the proposal were to pass the full Legislature and be signed into law by DeSantis, Florida would join Connecticut and Vermont as

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