Welcome to Senior Cannabis Digest. This week we look at another proposal to make it easier for mature consumers to access medical cannabis, a proposal to have insurance cover the cost of medical marijuana, tips for those who grow their own and more. Enjoy.
Mature Consumer Corner
For the second week in a row there is news of a state legislature proposing to make it easier for mature consumers to have access to cannabis.
Kyle Jaeger, writing for Marijuana Moment, reports a Hawaii Senate committee has approved a bill that would make it possible for people 65 and older to automatically qualify for medical marijuana, regardless of whether they have a diagnosed condition that would otherwise make them eligible.
The stated purpose of the Act “is to make it easier for senior citizens to access the state medical cannabis program.” The text of the proposal discusses the wide range of conditions, such as chronic pain, that studies indicate cannabis can help treat. It goes on to say that medical marijuana has “been demonstrated to positively help with these often-recurring health issues, resulting in a better quality of life.”
For the present, the proposal remains just that—a proposal. Jaeger notes that it’s likely the measure will continue to be discussed and revised before some form of it is actually enacted.
Still, we find it interesting that at least two legislative bodies are signaling they believe using cannabis can address some of the most common medical conditions associated with aging.
To learn more, we urge you to read Kyle Jaeger’s article in the February 17, 2022 issue of Marijuana Moment.
News for Investors
A growing number of investors are starting to realize that they don’t have to invest in a specific cannabis company in order to be involved in the cannabis sector. Instead, they can invest in what’s known as an ancillary business.
According to Leafly—which recently featured the term “ancillary business” in its cannabis glossary—an ancillary business is one that provides products or services for the cannabis industry but does not touch the plant.
For example, ancillary businesses can include light, electrical, or construction companies, packaging companies, legal firms, security firms, tax services, companies that create accessories, marketing and tech companies, and more that specialize in serving the sector.
ETFs (exchange traded funds) and REITs (real estate investment trusts) that specialize in cannabis are also examples of investment vehicles that make it possible to invest in the cannabis sector without investing in a specific stock.
While individual cannabis companies can offer investors the opportunity for significant gains, picking the right stock in what remains a volatile sector can still be a daunting task that carries a serious degree of risk.
One way to manage some of that risk, at least until the issue of legalization at the federal level is settled, is to invest in ancillary businesses. Not only is it assumed that as the sector prospers a rising tide will lift these “boats,” but many such businesses also have the additional benefit of being flexible enough to pivot and serve other sectors should federal legalization continue to encounter roadblocks.
Those who wish to learn more about cannabis, from information about specific strains to the social history of using cannabis and everything in between, would do well to visit the Leafly website on a regular basis. We suggest starting with the website’s Cannabis 101 and Cannabis Glossary features.
www.leafly.com/learn/cannabis-glossary/ancillary-business?
Stats of the Week
This week’s magic number is 428,059. According to Bruce Barcott and Beau Whitney, reporting for Leafly, that’s the number of full-time equivalent jobs supported by legal cannabis in the U.S. as of January 2022. That’s a 33 percent increase in jobs in a single year. and it marks the fifth year in a row of annual jobs growth greater than 27 percent. Last year, the cannabis industry created an average of 280 new jobs per day.
The figures come from Leafly’s annual Jobs Report. Produced in partnership with Whitney Economics, it is considered by many to be the nation’s most comprehensive cannabis employment study.
According to Barcott and Whitney, those 428,059 jobs range from direct cannabis jobs, such as cultivation and retail sales to indirect ancillary jobs that serve licensed companies or depend on legal cannabis sales, such as accounting, human resources, legal affairs, regulatory compliance, security, maintenance, and construction.
The figure also includes indirect jobs in cannabis media, technology platforms, public relations, lobbying, non-cannabis product suppliers, and industry associations.
To learn more, including an in depth look at cannabis markets in nine states that they consider leading indicators of economic health in the cannabis industry—or to download a copy of the full report—we urge you to read Barcott and Whitney’s article in the February 23, 2022 issue of Leafly.
www.leafly.com/news/industry/cannabis-jobs-report?
Medical Cannabis and Insurance Coverage
Several countries, such as Canada, Colombia, Germany and Israel, already provide insurance coverage for those who use medical cannabis.
Now, citing a new provision in a state law, the largest marijuana company in New Mexico—Ultra Health—is pressing insurers to cover medical cannabis costs for certain patients.
So says Kyle Jaeger, reporting for Marijuana Moment. According to Jaeger, Ultra Health sent a letter to insurance companies and state agencies, making the case that the new law eliminating cost-sharing and out-of-pocket costs for behavioral health services and “all medications” associated with the treatment of mental illnesses, substance abuse disorders and trauma spectrum disorders should be interpreted to include medical cannabis.
Such a step would provide coverage for the nearly 73,000 New Mexicans who are registered patients for related qualifying conditions.
In the letter, Ultra Health acknowledges that while the idea of health insurers paying for medical cannabis may seem novel, New Mexico already requires workers compensation insurers to pay for medical cannabis, and “New Mexico already treats medical cannabis the same as conventional prescription medications.”
We encourage you to read Kyle Jaeger’s reporting on the proposal. It appears in the February 22, 2022 issue of Marijuana Moment and includes the complete text of the letter sent by Ultra Health to the insurance providers.
Gardening Tips
Many mature consumers who want to grow their own cannabis—in places where that is legal—find out too late that quality cannabis doesn’t always “grow like a weed.”
To help, George Mouratidis, writing for Cannigma, has identified five of the key mistakes many novice gardeners make when trying to grow cannabis for their personal use.
Here are two examples:
• Overwatering: Mouratidis makes the point that while cannabis roots need water at regular intervals, they also need oxygen. If there’s too much water the roots of your plants won’t be well oxygenated, leading to stunted growth.
He proposes two ways to avoid this. The first is to simply stick your finger in the soil and only water your plants if your fingers feel dry. The second is to use a soil-water meter to gauge the soil’s moisture content. Over time you will be able to compare the readings on this device with how the soil feels in order to better understand when your plants need water.
• Overfeeding: Home gardeners who feed their cannabis plants too many nutrients risk having the plants develop a condition called “nutrient burn.”
According to Mouratidis, having too many nutrients in a grow medium can cause some nutrients to get “locked out” as they compete with other chemicals to be absorbed by the plant. If your plant has nutrient burn, your first indicator will be the cannabis plant’s fan leaves. They’ll turn brown at the tips and start to curl.
To avoid nutrient burn, he suggests cutting back on the plant’s feeding schedule. Mouratidis also notes that many pro cultivators suggest starting with a third of the recommended dose of your vegetative or flowering nutrients.
Also, If you notice signs of nutrient burn, his advice is to cut out the nutrients and flush your plants with water. Once it looks like your plants have recovered, you could add your nutrients back into their feeding schedule. However, you should only add about a third or half the dose you previously gave your plants.
If you care to learn more you can read the article by George Mauratidis that appeared in the December 26, 2021 issue of The Cannigma.com.
cannigma.com/plant/5-common-cannabis-growing-mistakes/?
Senior Cannabis Digest is compiled and edited by Joe Kohut and John Kohut. You can reach them at joe.kohut@gmail.com and at 347-528-8753.
