Welcome to Senior Cannabis Digest. This week we look at using medical marijuana in a hospital setting, the growth of jobs in the cannabis industry, cannabis as a sleep aid and more. Enjoy.
Medical Cannabis In The News
In a move seen as a significant step by those who support the use of medical marijuana, California Governor Gavin Newsom has signed into law a bill that would require hospitals to permit medical marijuana use by patients who are terminally ill.
According to Kyle Jaeger, reporting for Marijuana Moment, Newsom vetoed an earlier version of the bill, fearing that allowing a patient to use medical marijuana while under the care of the hospital might jeopardize the facility’s federal funding.
Recently, however, the bill’s sponsor, California State Senator Ben Hueso, received a letter from the Centers for Medicare and Medicaid Services (CMS) stating that there are no federal regulations in place that specifically address this issue and that the agency isn’t aware of any cases where funding has been pulled because a hospital allows patients to use medical cannabis.
Said Hueso, “With this confirmation from CMS and the safeguards in the law, we are confident that healthcare facilities have the necessary authority to implement these provisions while ensuring the safety of other patients, guests, and employees of the healthcare facility, compliance with other state laws, and the safe operations of the healthcare facility.”
Jaeger points out that the new law comes with certain restrictions. For example, patients receiving treatment for emergency care wouldn’t be covered, and smoking and vaping marijuana in a facility would be prohibited. In addition, the bill states that hospitals aren’t required to provide or dispense cannabis.
As always, Kyle Jaeger’s reporting on the story is first rate. To learn more, we urge you to read his article in the September 29, 2021 edition of Marijuana Moment.
Travel Tips
Mature travelers returning to the U.S. from vacation destinations where recreational cannabis is available — legally or illegally —need to remember to leave the cannabis where they found it.
That’s the word from the Baltimore office of the U.S. Customs and Border Protection (CBP) agency. The office reports that in the period between August 16 and September 13 of this year its agents assessed a combined $4,000 in Zero Tolerance penalties to eight travelers for marijuana possession. Officers seized marijuana from two additional couples but did not assess civil penalties in those cases.
Said Adam Rottman, CBP’s Area Port Director for the Area Port of Baltimore, “It’s important that travelers must understand that marijuana possession remains a federal offense, and that travelers must clear a Customs and Border Protection inspection station upon arriving and departing the United States, so it’s probably a very wise decision for them to leave their marijuana at home or back on vacation. Unfortunately, that message isn’t getting through.”
As long as there’s a disconnect between federal and state laws regarding cannabis, mature consumers have to remain vigilant and act responsibly. We suspect the “But I have a medical marijuana card” excuse will be seen as the adult version of “My dog ate my homework” and will be treated accordingly.
To learn more you can read the press release from the Baltimore, Maryland office of the U.S. CBP. Just click on the link that follows.
Cannabis and Employment
Older individuals who saw their part-time employment in retail and other customer service sectors disappear because of the pandemic may want to look for greener pastures—in the cannabis industry.
That’s the word from Abha Bhattarai, the national retail reporter for the Washington Post. She writes that marijuana dispensaries and cultivation facilities—many of which were deemed “essential” at the beginning of pandemic in states where cannabis is legal—have now become, in her words, a refuge for retail and restaurant workers who had been furloughed or laid off.
She points out that according to data from the Leafly Jobs Report, produced in partnership with Whitney Economics, the cannabis industry added nearly 80,000 jobs in 2020, more than double what it did the year before.
The Leafly report estimates 321,000 Americans now work in the industry. That’s an increase of 32 percent from last year, making legal marijuana one of the nation’s fastest growing sectors. In other words: The United States now has more legal cannabis workers than dentists, paramedics, or electrical engineers.
Kara Bradford, chief executive of cannabis recruiting firm Viridian Staffing told Bhattarai, “There has been a seismic shift of workers from retail and restaurants to cannabis. There is a sense that this is a booming industry that’s fun and interesting, with a lot of opportunities to move up quickly.”
Bradford added that hourly pay at dispensaries runs from $12 to $15, in line with most retail and warehouse jobs. However, she makes the point that given the newness of the industry, entry-level workers can often move up in less than a year to more specialized positions.
Bhattarai also contends that the surge in cannabis hiring has been a factor in the decision by a growing number of traditional employers to ease drug testing requirements.
In her article, Bhattarai tells the story of Brianna Price, a woman who left a job as a grocery stocker to become a “budtender” — the industry term for a sales associate — at a dispensary. Price has been promoted three times in the year she’s worked at the dispensary and now oversees all purchasing and a staff of nine.
According to Mario Porter, the co-owner of the Michigan dispensary where Price works, many of his new employees come from retail jobs that they left during the pandemic.
Said Porter, “The majority of my employees come from retail backgrounds because they understand the most important part of this job: To listen to customers and meet their needs.”
To learn more, we encourage you to read Abha Bhattarai’s article in the September 25, 2021 edition of the Washington Post.
Cannabis Quote of the Week
“While some Americans may lean on over-the-counter sleep aids or alcohol to combat stress each Sunday, it’s important to understand that there are alternatives – like cannabis. And with people becoming more comfortable experimenting with cannabis as it becomes legal in new states, we are seeing new products in different form factors like beverages and tonics hit the dispensary shelves tailored to people’s specific needs including relaxation and sleep. One cannabinoid that stands out: CBN. Shown to promote a gentle onset of sedative effects when combined with THC and CBD, CBN can be a healthier alternative to traditional sleep aids for those having trouble falling asleep or staying asleep throughout the night. Prioritizing a good night’s sleep by trying something new like a CBN-based product, might be just what people need as we all look for new ways to care for ourselves during challenging times.” —Judy Yee, a contributor to Benzinga.
Ms. Yee’s comment on cannabis and sleep comes from an article she penned for Benzinga on the economic impact of workers failing to get adequate sleep. She cites a CNBC report that prior to the pandemic, the United States was the global leader in economic losses from bad sleep habits, losing approximately 2.92 percent of its total GDP due to sleep deprivation. That, according to CNBC and Yee, equates to $411B of lost productivity.
Yee’s article also examines “Coronasomnia” or “COVID-somnia”—a term coined by the BBC—that describes the effects increased anxiety and stress due to COVID-19 have on the ability to get a good night’s sleep—something prized by everyone, but older individuals even more so.
She also addresses the “Sunday Scaries.” That’s her term for the work-related anxiety 80 percent of professionals say they experience on Sunday nights, prior to their return to work on Monday morning.
No matter how old you are, we suspect a sense of dread will set in when you know your homework still isn’t done.
To learn more, we suggest you read Judy Yee’s article in the September 28, 2021 issue of Benzinga.
www.benzinga.com/markets/cannabis/21/09/23143561/how-to-ditch-the-sunday-scaries-for-good?
Investor News and Notes
As some of you may remember, we have suggested in the past that those who are interested in investing in the cannabis sector may find opportunities in products and companies that support the sector.
In particular REITs—real estate investment trusts—that focus on property related to the cannabis industry offer investment opportunities that, at least in the short term, carry less risk and volatility than investing in a particular company. We refer to it as betting on the barn instead of the horse.
One recent example of a major play by a cannabis focused REIT is the news that San Diego-based Innovative Industrial Properties (IIP) will purchase more than 92 acres in New York State. The land is adjacent to one of the REIT’s properties leased to Goodness Growth Holdings—a Minneapolis-based multistate marijuana company.
The plan is for IIP and Goodness Growth to partner on the development of 324,000 square feet of industrial space on the newly acquired land.
According to MJBizDaily, with this deal and another property IIP leases to Goodness Growth in Minnesota, the two companies partner on roughly 453,000 square feet of industrial and greenhouse space with a total value of approximately $72.8 million.
IIP owns more than 75 properties across the U.S. Innovative Industrial Properties trades on the New York Stock Exchange under the ticker symbol IIPR.
To learn more, you can read the article that appeared in the September 28, 2021 issue of Marijuana Business Daily.com.
mjbizdaily.com/marijuana-reit-purchases-new-york-property-in-deal-that-will-total-56-3-million/?
Senior Cannabis Digest is compiled and edited by Joe Kohut and John Kohut. You can reach them at joe.kohut@gmail.com or at 347-528-8753.
