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Why Don’t More U.S. Investors Look Abroad for Marijuana Investment?

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With ongoing tensions between U.S. state and federal marijuana laws, U.S. marijuana investments present significant legal and logistical challenges. This is especially true for investors with ties to federally regulated businesses. While some investors have accepted the risks of U.S. marijuana, others are waiting for major federal reforms. But what if there was a way to invest in marijuana without the looming threat of federal enforcement?

International marijuana operators might offer just that opportunity. Marijuana remains a Schedule I controlled substance within the U.S. (See Thoughts on the Terrible Pageant of Marijuana Rescheduling) Even if marijuana is moved into Schedule III, it will still be illegal to buy and sell interstate without a DEA license, and state markets won’t fundamentally change. This opens the door for investment and operational partnerships in legal marijuana markets abroad — without many of the risks associated with U.S. marijuana operators.

Some U.S. Code provisions relevant to investing in international marijuana markets

21 USC § 841(a)

Makes it illegal to manufacture, distribute, or possess with intent to distribute a controlled substance within the U.S.

21 USC § 959

Extends the reach of the Controlled Substances Act (CSA), criminalizing the intent to import a Schedule I substance into the U.S. This explicit reference to unlawful importation shows that Congress anticipated extraterritorial application of the CSA for certain sections (e.g. § 959) and not others (e.g. § 841(a)).

18 USC § 1956

Criminalizes monetary transactions involving proceeds from “specified unlawful activity”, including violations of the CSA. Unless a foreign investment or operational partnership resulted in the import of marijuana into the U.S., it would not rise to the level of a “specified unlawful activity.”

21 USC §§ 846; 18 USC 371; & 18 USC 2

Both conspiracy and aiding and abetting confer extraterritorial jurisdiction to the same extent as the underlying offense. Therefore, unless the foreign investment resulted in marijuana being imported into the U.S., such investment would not trigger these violations.

Key judicial interpretations on investing in international marijuana markets

The CSA does not speak specifically to foreign investment into an operation that would otherwise be illegal in the U.S. As such, we must look to judicial precedent.

The Supreme Court has emphasized that unless Congress speaks to the extraterritorial application of a law, then it does not generally apply to foreign activities. The relevant issue here centers on whether the foreign activity is intended to, or could reasonably be expected to, result in a violation on U.S. soil. For example, investing in a foreign operator that intends to illegally export marijuana into the U.S., would trigger a CSA violation. However, investing in a foreign operator that intends only to manufacture and sell marijuana outside of the U.S., would not trigger a CSA violation (ensuring robust SOPs and internal oversight policies is also critical).

The leading case on this topic is United States v. Lopez­Vanegas, which relied on Supreme Court precedent on extraterritorial application of U.S. law. The Eleventh Circuit held that where “the object of the conspiracy was to possess controlled substances outside the United States with the intent to distribute outside the United States” the CSA does not apply to those foreign activities. The Court noted that it did not matter whether the alleged conspirators planned some of the operations from within the U.S. The key to a CSA violation centered around whether the conspirators intended to possess or distribute a controlled substance inside the U.S.

Courts in the First Circuit, Fifth Circuit, D.C. Circuit, and the Eastern and Northern District (States v. Daniels, 2010 WL 2557506 (N.D. Cal. June 21, 2010)) have either cited Lopez-Vanegas or reached similar conclusions in cases with both similar and differing circumstances.

What does this mean for international marijuana investment?

These judicial interpretations show that investing in or providing operational support to legal foreign marijuana operators does not pose a risk of violating U.S. law— provided that the investment does not involve importing marijuana into the U.S. While some U.S. banks may remain cautious, these concerns can often be alleviated with a well-supported legal memorandum or opinion.

If you or your team are interested in exploring opportunities to support legal marijuana operations abroad (e.g. Canada, Germany, Thailand, Colombia, Portugal, etc.), please reach out for a free consultation.



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Texas Hates Weed…Not! – 62% of Registered Voters Support Cannabis Legalization in the Lone Star State

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In recent years, the conversation surrounding cannabis legalization has evolved significantly across the United States, and Texas is no exception. A recent poll conducted by the University of Houston’s Hobby School of Public Affairs has revealed that 62% of Texans support the legalization of recreational cannabis. This finding not only highlights a shift in public opinion but also raises important questions about the future of cannabis policy in one of the largest and most conservative states in the nation.

 

 Understanding the Numbers

 

The poll, which surveyed 1,200 adult residents of Texas, provides a comprehensive look at public sentiment regarding cannabis. Here are some key findings:

 

62% of Texans Favor Legalization. The poll indicates that a clear majority of Texans are in favor of legalizing recreational cannabis. This is a significant increase from previous years when support was much lower.

79% Support Medical Use. The survey found that an overwhelming 79% of respondents support the legalization of medical marijuana, particularly for patients with a doctor’s prescription. This reflects a growing recognition of the therapeutic benefits of cannabis.

 

69% Favor Decriminalization. The poll also revealed that 69% of Texans support decriminalizing low-level cannabis possession. This suggests a desire to reduce the legal penalties associated with minor cannabis offenses.

Cross-Party Support: Notably, support for legalization transcends party lines. The poll shows that 71% of Democrats and 53% of Republicans are in favor of legalizing recreational cannabis. This bipartisan support is crucial in a state where political polarization is often pronounced.

 

 Concerns About THC Products

55% Support THC Consumables Ban. Interestingly, while there is strong support for legalization, the poll also found that 55% of respondents—61% of Republicans and 48% of Democrats—support banning consumable THC products derived from hemp. This reflects ongoing concerns about product safety and regulation.

 

 Cannabis Legislation in Texas

 

To understand the current landscape of cannabis legalization in Texas, it is essential to consider the historical context. Cannabis has been illegal in Texas since the early 20th century, with laws becoming increasingly stringent over time.

 

Early Legislation

Marihuana Tax Act (1937): The federal government’s Marihuana Tax Act effectively criminalized cannabis across the United States, including Texas. This marked the beginning of a long-standing prohibition era.

 

 War on Drugs

The War on Drugs intensified during the 1980s, leading to harsher penalties for drug offenses, including cannabis-related crimes. This era saw a significant increase in arrests and incarceration rates for drug offenses.

 

Medical Cannabis Legalization

Compassionate Use Act (2015): In 2015, Texas passed the Compassionate Use Act, allowing limited access to medical cannabis for patients with specific medical conditions such as epilepsy and multiple sclerosis. This marked a pivotal moment in Texas’s approach to cannabis but remained restrictive compared to other states.

 

 Legislative Challenges and Opportunities

 

Despite growing public support for cannabis legalization, legislative efforts have faced significant challenges in Texas.

 

Conservative Leadership: Texas has historically been governed by conservative leadership that has resisted efforts to liberalize drug laws. Governor Greg Abbott and Lieutenant Governor Dan Patrick have both expressed opposition to full-scale legalization.

 

2021 Legislative Session: During the 2021 session, several bills aimed at legalizing recreational cannabis were introduced but ultimately failed to gain traction. The political climate remains divided, with many lawmakers hesitant to embrace change.

 

Grassroots Movements: Advocacy groups such as NORML (National Organization for the Reform of Marijuana Laws) and Texans for Responsible Marijuana Policy have been working tirelessly to educate the public and lawmakers about the benefits of legalization. Their efforts have contributed to shifting public opinion.

 

Economic Implications of Cannabis Legalization

 

One compelling argument for cannabis legalization is its potential economic impact.

 

Legalizing cannabis could create thousands of jobs in various sectors, including agriculture, retail, and manufacturing. States that have legalized cannabis have seen significant job growth in these areas.

 Legalizing and regulating cannabis could generate substantial tax revenue for Texas. States like Colorado and California have reported millions in tax revenue from cannabis sales, which can be allocated toward education, healthcare, and infrastructure projects.

 

 Legalization could also attract tourists interested in experiencing legal cannabis markets. This influx could provide a much-needed boost to local economies.

 

Social Justice Considerations

 

Another critical aspect of the cannabis legalization debate is its implications for social justice.

 

Studies have shown that communities of color are disproportionately affected by cannabis-related arrests despite similar usage rates among racial groups. Legalization could help address these disparities by reducing arrests and convictions related to low-level offenses.

 

 Legalization efforts often include provisions for expunging criminal records related to past cannabis offenses. This can provide individuals with a fresh start and improve their employment prospects.

 

 Health Implications and Public Safety

 

While many advocate for legalization based on economic and social justice arguments, health implications must also be considered.

Health Benefits, as mentioned earlier, many Texans support medical marijuana use due to its potential health benefits. Research has shown that cannabis can help manage chronic pain, anxiety disorders, epilepsy, and other conditions. Delta-8 THC from hemp has massive sales in Texas, but problems remain with testing and safety of these products.

 

Public Safety Concerns

One argument against legalization is the potential increase in impaired driving incidents. However, proponents argue that regulation can lead to safer consumption practices and education about responsible use.

 

Future Prospects for Cannabis Legalization in Texas

 

Given the current polling data indicating strong public support for legalization, what does the future hold for cannabis policy in Texas?

 

 

As more states move toward legalization both recreationally and medically, Texas may feel pressure to reconsider its stance on cannabis policy. Lawmakers may find it increasingly challenging to ignore their constituents’ desires as public opinion continues to shift.

 

 

With grassroots movements gaining momentum, there is potential for ballot initiatives aimed at legalizing recreational cannabis in future elections. If advocates can mobilize enough support, they may bring this issue directly to voters.

 

Conclusion

 

The recent poll indicating that 62% of Texans support cannabis legalization marks a significant turning point in public opinion regarding this contentious issue. As attitudes continue to evolve alongside changing social norms and economic considerations, Texas may soon find itself at a crossroads regarding its approach to cannabis policy. While challenges remain particularly from conservative lawmakers; the growing bipartisan support among Texans suggests that meaningful change could be on the horizon. As advocacy efforts intensify and more residents recognize the potential benefits of legalization from economic growth to social justice the conversation surrounding cannabis in Texas will likely continue to gain momentum.

 

In summary, as we look toward the future, it is clear that Texans are ready for change when it comes to cannabis legislation. Whether through legislative action or grassroots initiatives, there is an undeniable push toward a more progressive approach that reflects the will of the people—a development that could reshape not only Texas but also set a precedent for other states grappling with similar issues across the nation.

 

TEXAS MEDICAL MARIJUANA, SAY WHAT? READ ON…

MEDICAL MARIJUANA DISPENSARIES IN TEXAS

TEXAS GETS 132 MEDICAL MARIJUANA LICENSES APPLICANTS!



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The Future King of Cannabis will be THC-Infused Beverages

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As someone who’s been dancing with Mary Jane for over two decades, I’ve watched the cannabis industry evolve from simple flower into an endless array of innovative products. I’ve tried just about every form of cannabis imaginable – from traditional joints to high-tech dabs, from basic brownies to sophisticated gummies, and everything in between.

For most old-school stoners like myself, smoking flower still reigns supreme. Sure, concentrates have carved out their niche, and edibles have certainly found their place in the cannabis kingdom. But there’s one product category that remains tantalizingly out of reach, one holy grail that could revolutionize not just cannabis consumption, but potentially reshape the entire recreational substance industry.

I’m talking about cannabis beverages. Now, before you rush to tell me they already exist – trust me, I know. But what’s currently on the market isn’t even close to what it needs to be. The first company to crack this code – to create the perfect cannabis drink that rivals the ease and social experience of cracking open a beer – stands to make billions.

This isn’t just speculation. Recent market research suggests we’re on the cusp of a beverage revolution, and cannabis is perfectly positioned to lead the charge. Let’s explore why the future king of cannabis isn’t a product that you smoke, dab, or eat – it’s one you’ll drink.

The numbers don’t lie, and they’re telling us something extraordinary. According to a recent study published in the British Food Journal, roughly 53-56% of beer drinkers are open to trying cannabis-infused beverages. Let that sink in for a moment. We’re not talking about a small niche market here – we’re talking about potentially converting half of the beer-drinking population into cannabis beverage consumers.

To put this in perspective, the U.S. beer market generates approximately $100 billion annually. If even a quarter of those open to trying cannabis beverages became regular consumers, we’re looking at a potential market worth tens of billions of dollars. This isn’t just a business opportunity; it’s an industry-defining moment waiting to happen.

But here’s the catch – and it’s a big one. When someone cracks open a beer, they generally know what to expect. Whether it’s a light beer at 4% alcohol or a craft brew at 7%, drinkers understand their limits. Through years of social drinking, people have learned their “sweet spot” – maybe it’s two beers for a pleasant buzz, or three for a livelier evening. The standardization of alcohol content has created a predictable, manageable drinking experience.

Cannabis beverages, however, are still stuck in the Wild West phase. Sure, you might see “10mg THC” printed on the can, but that same dose can floor one person while barely affecting another. The inconsistency isn’t just about individual tolerance – it’s about the fundamental challenge of creating a standardized cannabis drinking experience. Absorption rates vary wildly, onset times are unpredictable, and the overall effects can be all over the map.

This inconsistency is the Achilles’ heel of the current cannabis beverage market. Until someone figures out how to create a product that delivers a consistent, predictable experience – something as reliable as cracking open a Bud Light or a Corona – cannabis beverages will remain a novelty rather than the industry titan they could become.

Major players have already dipped their toes into the cannabis beverage pool. Companies like Pabst Blue Ribbon have launched cannabis-infused seltzers, while Lagunitas offers their Hi-Fi Hops drinks. Even beverage giant Constellation Brands (the folks behind Corona) invested billions in Canopy Growth, signaling big alcohol’s serious interest in the space. Yet, despite these heavy hitters throwing their hats in the ring, we still haven’t seen the breakthrough product that could truly revolutionize the market.

The fundamental challenge lies in creating a standardized drinking experience. Currently, most cannabis beverages rely on traditional THC infusion methods, which leads to unpredictable absorption rates and that dreaded “wait and see” game that’s familiar to anyone who’s eaten an edible. Some companies are experimenting with nano-emulsification technology to make THC molecules more water-soluble, potentially leading to faster onset times and more consistent effects. But we’re not quite there yet.

Here’s where things get really tricky: when cannabis is processed through the liver (as it is with traditional edibles and current beverages), it gets converted into 11-Hydroxy-THC, which packs roughly four times the punch of regular THC. This is why you might feel fine after one cannabis beverage, then suddenly find yourself on Mars after the second one kicks in. Unlike alcohol, where you can generally gauge your level of intoxication as you drink, cannabis beverages can stack up in unexpected ways, leading to the dreaded “green out.”

What the industry needs is some sort of revolutionary chemistry – perhaps a form of THC that bypasses liver processing, or a formulation that caps the conversion to 11-Hydroxy-THC. Maybe it’s about developing a cannabis beverage that provides a short-lived buzz, similar to alcohol’s relatively predictable duration. Or perhaps it’s about creating a self-limiting effect that prevents overconsumption.

The solutions might seem elusive, but the potential reward is staggering. The first company to crack this code – to create a cannabis beverage that allows people to drink socially without fear of unexpected intensity or duration – will essentially be sitting on a gold mine. We’re talking about potentially billions in revenue, not to mention the distinction of creating an entirely new category of social consumption.

The challenge is complex, but the market is ready. With over half of beer drinkers expressing interest in cannabis beverages, the demand is clearly there. Now it’s just a matter of who will solve the chemistry puzzle first. As someone who’s watched this industry evolve for decades, I can tell you – that breakthrough is coming. And when it does, it will fundamentally change not just how we consume cannabis, but potentially how we socialize altogether.

 

THC-INFUSED BEVERAGES ARE HERE, READ ON…

THC BEVERAGES AT BARS

SORRY, NO BOOZE SERVED – MIAMI FESTIVAL ONLY SERVES THC DRINKS!



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What You Need to Know about the Viral Medical Study Claiming Cannabis Causes Memory Loss

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What You Should Really Know About The Viral Study Claiming Cannabis Causes Memory Loss

 

Over the past week, we’ve been seeing the same viral news appear on almost every internet news or media outlet.


It’s news surrounding the results of a controversial study, claiming that cannabis use can cause memory loss, especially when consumption patterns are on the heavy side. Researchers from the University of Colorado Anschutz Medical Campus conducted what is considered to be the biggest study of its kind, specifically analyzing the impact of both lifetime and recent cannabis use on the cognitive function of over 1,000 individuals whose ages ranged from 22 to 36.

 

For the purposes of the study, heavy users were defined as the young adults who consumed weed over a thousand times in their lifetime. On the other hand, moderate users were defined as those who used 10 to 999 times, whole nonusers were those who consumed nonusers. They used MRI tests to assess neural activity among participants, and they were all given a variety of cognitive tasks to complete; the tasks tested different functions in the brain including memory, motor skills, language, emotion, and reward.

Additionally, the investigators used brain imaging technology to measure working memory, which refers to the brain’s short-term storage of information. Humans use working memory in everyday problem solving, reasoning, and other activities.

 

They found that there was a statistically significant impact on the working memory tasks given to participants, which meant that it was not likely due to coincidence. The dramatic impact was observed among the lifetime and recent cannabis consumers, though it was less significant when compared to other tasks.

 

“We applied the highest standards to our research, setting rigorous thresholds for statistical significance across all seven cognitive function tests. To minimize the risk of false positives, we employed false discovery rate (FDR) correction. While some of the other tasks indicated potential cognitive impairment, only the working memory task showed a statistically significant impact,” explains Joshua Gowin, PhD, the paper’s first author and an assistant professor of radiology at the University of Colorado School of Medicine and the University of Colorado Anschutz Medical Campus.  Specifically, the researchers discovered that the parts of the brain that are responsible for decision making, emotional processing, attention, and memory showed reduced activity among heavy cannabis users.


The Role of Abstaining

 

While this might come as a shock, it’s important to note that Gowin explains their findings suggest users can abstain from smoking cannabis before engaging in cognitive tasks, since this can help performance.


“People need to be aware of their relationship with cannabis since abstaining cold turkey could disrupt their cognition as well. For example, heavy users may need to be more cautious,” Gowin explains.

 

The effects of abstaining can depend on several factors, such as an individual’s history of cannabis use, the task at hand, and various biochemical individual differences. Adding to what Gowin said, there are certainly several potential benefits that users can expect when abstaining from weed, especially when they expect to do a mentally-burdensome task. These include an improvement in cognitive function, better concentration and focus, and sharper clarity as well as alertness.

 

But Can Cannabis Actually Improve Cognitive Function?

 

Studies have proven time and again that cannabis affects everyone differently. So while weed use can make some people sharper and more focused with cognitive tasks, it may not have the same effect for others – or even the majority of a population, as seen in this study.

 

There are also other studies proving that cannabis actually improves cognitive function in others, or doesn’t affect it at all. For example, Dr Staci Gruber’s Marijuana Investigations for Neuroscientific Discovery (MIND) program of the McLean Hospital discovered through longitudinal observational studies that medical marijuana patients showed improved performances in cognitive tasks that required them to use executive functioning.

“Rather than getting worse, they’re actually getting better,” explained Gruber. Gruber and her team are focused on analyzing the impact of cannabis and its impact on cognition, function, quality of life, and brain structure. According to her, this can be attributed to patients who can think more clearly since since their symptoms have been alleviated due to medical marijuana use. However, earlier cannabis use, or regular consumption before the age of 16, is still never recommended because this has been found to severely affect cognitive development and performance later on.

 

Another study, whose findings were presented at the 2018 annual Society for Neuroscience Meeting, found that animal subjects with Alzheimer’s disease, who were treated with THC, showed significant improvemnets in memory and even lost less brain cells compared to those that weren’t. This could be revolutionary if a breakthrough memory or Alzheimer’s medicine could be developed, which included THC.

 

 

Conclusion


In short, the viral study claiming that marijuana can affect your memory should be taken with a grain of salt. It’s just one of many studies backing up the fact that weed will always affect people differently, given that there are already several other studies backing up the use of cannabis to improve cognition – even among medical marijuana users who suffer from physical ailments.

 

Cannabis certainly does offer neuroprotective benefits for the brain, and it can aid with other cognitive functions including creativity, sleep, reduction in anxiety, and much more. We must still remember that even with studies proving this, cannabis use during adolescence should be prohibited and keep in mind that individual variability will always play a role in the outcome. 

 

MARIJUANA USE AND MEMORY FUNCTION, READ ON…

MARIJUANA AND BABY BOOMERS FOR MEMORY

WHY ARE BABY BOOMERS RUSHING TO CANNABIS TO IMPROVE THEIR MEMORY?



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