Products that can be made from this newly legal hemp include CBD and other cannabinoid extracts that can be used as ingredients in foods or ointments, industrial materials such as hemp concrete, hemp-derived “plastics,” hemp flooring, textiles from hemp fiber, and a range of products that can be made from hemp seed
Before the onset of COVID-19, the cannabis industry was facing a series of challenges: a more difficult than expected regulatory environment, disappointing sales, and a “capital crunch” as potential sources of financing narrowed. With the outbreak of the coronavirus, those challenges have only been exacerbated, despite cannabis businesses being deemed “essential business” in almost every state in which they operate. These challenges may leave less financially secure cannabis businesses insolvent.
On 1 May 2020, the New Zealand released the complete and final version of the Cannabis Legislation and Control Bill 2020 (the Bill). The Bill will be voted on at this year’s General Election, with the two options being:
Australian cannabis growers and exporters welcome recent changes to Australia’s export control laws as the industry eagerly awaits the proposed rescheduling of cannabidiol (CBD) by the country’s Therapeutic Goods Administration (TGA) to allow CBD products to be sold without a prescription.
Recreational marijuana and CBD products have swept the nation, with legal and regulatory acceptance growing on a daily basis. While some companies believe that the true value lies in cultivation of recreational marijuana or low-intensity CBD products, others have focused on developing patentable drugs from cannabis compounds.