Welcome to Senior Cannabis Digest. This week we look at why consumers use medical cannabis, how and why women choose cannabis products, how cannabis may help to reduce opioid abuse and more. Enjoy.
Cannabis News and Notes
Chronic pain, anxiety and insomnia. It should come as no surprise to mature consumers that a new report from a virtual cannabis clinic called Leafwell indicates that these are the leading reasons consumers use medical cannabis.
According to TG Branfalt, reporting for Ganjapreneur, the report—created by Leafwell, along with researchers from Duke University Medical School and the University of San Diego’s Center for Cannabis Research—includes data from more than 81,000 medical cannabis patients across 32 states.
Branfalt notes that Leafwell’s research team found nearly one-third (32 percent) of medical cannabis patients cite chronic pain as their primary condition for medical cannabis use, with anxiety the second most common (26.8 percent), followed by insomnia (18.5 percent).
Chronic pain was more frequently reported among white and Black, non-Hispanic patients, the report notes, while anxiety was more prominent among Hispanic patients.
Branfalt also points out that according to the Leafwell report, two-thirds of medical cannabis card holders in the study were 21- to 49-years-old, with about a quarter (25.4 percent). older and 8.3 percent younger. Medical cannabis cards are also nearly evenly split among men and women, Leafwell found, at 51.1 percent and 48.9 percent, respectively. The average age of a patient seen by Leafwell was 40.
Reporting on the same study for Marijuana Moment, Ben Adlin makes the point that a majority of patients (58.6 percent) also reported having multiple medical conditions that they treat with marijuana. Among those with co-occurring conditions, the analysis found, anxiety and chronic pain were most common, followed by insomnia, muscle spasms and PTSD.
Commenting on the study in a blog post, Leafwell researchers wrote, “The average patient reported at least two conditions, indicating that medical cannabis users often face complex health challenges. This complexity suggests that healthcare providers and policymakers need to think beyond single-condition treatments and consider how cannabis fits into broader healthcare strategies.”
To learn more we strongly urge reading TG Branfalt’s article in the November 18, 2024 issue of Ganjapreneur.com and Ben Adlin’s article in the November 15, 2024 issue of Marijuana Moment.net. Both did a stellar job of reporting on the study.
Cannabis Quote of the Week
“There is, in some ways, not a cannabis market in the U.S. There’s 40 distinct relatively uncorrelated markets.”—Peter Sack
Mr. Sack is the CEO of Chicago Atlantic Real Estate Finance (Nasdaq: REFI), a NASDAQ-listed company that originates senior secured loans to state-licensed cannabis operators in the U.S. His comment is taken from an article Adam Jackson wrote for Green Market Report on how the recent election is likely to impact cannabis REITs.
A real estate investment trust, or REIT, is a company that owns, operates, or finances income-generating real estate and sells shares to raise capital to do so. Cannabis REITs are, as the term suggests, REITs that serve the cannabis industry, from growers to retailers.
While we refrain from endorsing or promoting specific cannabis stocks, we have long held that investing in a cannabis REIT can be a way for an investor who is wary of investing in a company that engages in the “leaf touching” aspects of the industry to get involved in the cannabis sector. Think of it as betting on the barn instead of the horse.
Mr. Sacks’ comment on multiple cannabis markets brings to mind the late Tip O’Neill’s observation that, “All politics is local.” In his article, Jackson noted that the state-by-state dynamics cited by Sack are playing out in different ways in different locations as REITs deal with tenants that are struggling.
For example, Jackson points to the fact that Innovative Industrial Properties (NYSE: IIPR) reported a 1.7 percent revenue decline, to $76.5 million, and it had to dip into security deposits to cover rent from tenants including 4Front Ventures Corp. and Tilt Holdings, while also terminating its Temescal Wellness lease in Massachusetts.
At the same time, according to Jackson, Advanced Flower Capital (NASDAQ: AFCG), another cannabis REIT, has taken a more proactive stance, aggressively working through troubled credits while positioning for what it terms “Cannabis 3.0” opportunities.
Said AFC CEO Daniel Neville, “Since last year, we made substantial progress exiting, restructuring or securing significant paydowns on seven key loans,” highlighting $150 million in capital repaid.
Even if you are not interested in the investment opportunities in the cannabis sector, the notion that there are multiple cannabis markets in the U.S. is a valuable concept. Cannabis is not a one-size-fits-all industry when it comes to addressing specific political and financial challenges.
Adam Jackson does an excellent job of unpacking a complicated issue. To learn more, we suggest reading his article in the November 15, 2024 issue of Greenmarketreport.com.
Women and Cannabis
Health and wellness are the key reasons women try or use cannabis products. However, when it comes to choosing from among cannabis products, women say price is the factor that most often guides their selection.
So says Ben Adlin, reporting from Marijuana Moment on a poll conducted by YouGov, a global public opinion and data company.
Adlin writes that according to the poll’s findings, the top six reasons given for what would encourage women to “try cannabis products or use them more frequently” were all therapeutic. They included the potential to improve sleep quality, manage pain and discomfort, promote relaxation, replace prescription and over-the-counter medications, improve focus and manage depression and anxiety.
According to Adlin, the report says, “When it comes to what would make a woman consider cannabis, health benefits are a primary draw. Improving sleep quality is a top reason (16 percent). Another 14 percent are interested in seeing if cannabis could manage or alleviate physical pain.”
In addition, 1 in 8 respondents indicated relaxation was a chief reason they used cannabis, with similar percentages pointing to marijuana as a possible medication alternative or tool to help improve focus and attention.
Adlin also noted that when the poll asked women who already use cannabis why they might choose one marijuana product over another, price was far and away the leading motivator, with 70 percent of respondents saying it would persuade them to “buy one cannabis product over another.” More than a third (36 percent) of women cited product sales or promotions could be a factor.
Adlin also reported that nearly half of those queried (49 percent) said they’d choose one product over another based on a “description of effects I will feel,” while about a quarter (26 percent) pointed to professional guidance or recommendations at the point of purchase, for example from a budtender. Premium ingredients were also important to more than a third of women interviewed (36 percent).
As always, Ben Adlin’s reporting is clear and concise. You can learn much more by reading his article in the November 13, 2024 issue of Marijuana Moment.net.
Medical News and Notes
A new study published in the Asian Spine Journal suggests individuals who use cannabis may find it easier to reduce the use of opioids after undergoing lumbar fusion surgery.
Lumbar fusions can involve a painful postoperative period of healing and despite advances in surgical techniques and care, spine patients often require opioids for adequate pain management.
At the same time, in recent years the opioid epidemic has raised awareness among both patients and healthcare providers about the risks and adverse effects of opiate prescription.
Recently, a research team of individuals affiliated with Chicago Medical School, Department of Neurosurgery, University of Illinois at Chicago, Department of Neurosurgery, Yale School of Medicine and Department of Neurosurgery, University of Cincinnati School of Medicine conducted a study of 1,216 patients that compared the postoperative use of opioids by both cannabis users and non-cannabis users after lumbar spine surgery.
The study participants (51 percent male) were divided into two groups of 608 each: cannabis users and non-cannabis users. Patients aged 55–59 were the most common in our cohort (18.59 percent). The percentage of patients with comorbid anxiety and depression was 58.23 percent (n=354) and 57.07 percent (n=347), respectively.
The research team found that “cannabis users tended to wean off opioid analgesics earlier than non-cannabis users postoperatively, offering support for the opioid-sparing effect of cannabis theory. However, more robust studies are required to carefully examine the side effects and risks of marijuana use before recommending adjunctive cannabis prescriptions.”
They also wrote in the journal article that described the study that “a point in favor of cannabis in this study was the decreased rates of high opioid utilization in the immediate postoperative period which again approached significance at the 6-month postoperative mark. The dose-dependent risks of opioid use have been well-studied, and marijuana may prove to be a useful tool in decreasing this critical factor for opioid abuse.”
In the journal article they offered the opinion that physicians should account for cannabis use when prescribing opioids for pain control after spine surgery and minimize prescription through a shared decision-making approach with each patient.
The article describing the study appeared in the October 22, 2024 issue (online) of The Asian Spine Journal. To read an abstract of the study or a detailed description of the research conducted by the team, click on the link that follows.
https://asianspinejournal.org/journal/view.php?doi=10.31616/asj.2024.0194
Enter the Wu-Tang, Finally
In a follow-up to a story that we have seen take several twists and turns, we can now report that New Jersey’s first cannabis consumption lounge has opened in Newark, New Jersey.
Raekwon of the Wu-Tang Clan has nurtured the development of the Newark venue, called Hashtoria, for several years. New Jersey law permits the on-site use of cannabis at the lounge, much like the coffeeshops of The Netherlands, only Jersey style.
Harriss reports that the dispensary, which already employs 40 people, will also serve as a performance space and a hub for local artists, who’ll be able to display and even sell their works.
Said Josh Sanderlin, a co-owner of the establishment, “Our focus is on creating an inclusive environment where adults feel welcome to connect and explore the benefits of cannabis.” Customers have to be 21 or older, and are able to bring in their own food.
In his article, Harris notes that over 100 fans had assembled outside the lounge before its opening. Said Raekwon to the crowd,“Nothing but love, I’m glad you could be here,” “Newark, I love y’all!” Also on hand were Newark Mayor Ras Baraka, City Councilman Dupre Kelly, funk legend George Clinton and Bronx rapper Fat Joe.
“Breakfast Club” radio host Charlamagne Tha God, civil rights attorney Bakari Sellers and entrepreneur Jedd Canty have also invested in the store.
According to Harriss, Hashtoria also functions as a “museum” of sorts, serving as a showcase for items from Raekwon’s three decades as hip-hop royalty, including a number of platinum record plaques.
Enter the Wu-Tang, indeed
To learn more, we encourage you to read Chris Harriss’s article in the November 16, 2024 issue of the New York Post.
https://nypost.com/2024/11/16/us-news/toke-and-work-at-wu-tang-clans-raekwons-nj-shop-hashstoria/
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.
