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Colombian Medical Cannabis Will Be Covered By Insurance

Colombian Medical Cannabis Will Be Covered By Insurance

Colombian medical cannabis

Khiron Life Sciences Corp., a vertically integrated medical cannabis leader with core operations in Latin America, announced on January 4th that the Government of Colombia has added medical cannabis to its list of mandated covered medications for every insurance provider in the country.

Khiron became the first licensed distributor of Colombian medical cannabis in March 2020. The company has currently sold 57,000 prescriptions, with over 16,000 patients across the country.

The plans to mandate insurance coverage for medical cannabis was implemented in December 2020, and throughout 2021 Khiron has been working with insurance providers across Colombia to include their medical cannabis in their coverage. In 2021, 60% of medical cannabis sales done by Khiron were through insurance providers.

The inclusion of medical cannabis in insurance coverage has greatly increased the number of prescribed patients as well as patient retention as medical cannabis becomes more easily accessible and more affordable through insurance.

Additionally, starting in 2022 any Colombian can get their medical cannabis card nearly for free, regardless of their insurance. These new implementations will make Colombia one of the only, and also the leading cannabis provider through insurance in the world.

The implications of having one sole provider of medical cannabis for the entire country of Colombia are yet to be seen. Whether there will be more space for competition in the future is also unknown.

Florida Bill Would Regulate Delta-8 and Overhaul Medical Cannabis

Florida Bill Would Regulate Delta-8 and Overhaul Medical Cannabis

Florida bill would regulated Delta 8 THC and overhaul medical cannabis industry
A Florida bill seeks to place strict limits on delta-8 THC and overhaul the state’s medical cannabis program, which would include a new cannabis oversight agency and new rules preventing the sale of dispensary licenses for monetary gain.

bill in Florida would place strict limits on THC potency of synthetic and hemp extracts, such as delta-8 THC, and include other reforms to the state’s medical cannabis law, Florida Politics reports. The bill’s sponsors, Democratic Rep. Andrew Learned and Republican Rep.

Spencer Roach describe the proposal as the “first major update” to the state’s medical cannabis statute since voters approved the reforms five years ago.

Under the proposal, sales of hemp products designed for consumption, including delta-8 products, would only be permitted to individuals 21-and-older.

Additionally, the measure would increase the terms of medical cannabis patient licenses and the time between required doctor appointments, which the bill sponsors say combined would cut an estimated 60% of the cost of participation in the medical cannabis program.

It would also remove physician appointments for medical cannabis patient recertification under specific guidelines, allow recertification via telehealth, end the practice of selling medical cannabis dispensary licenses for monetary gain, create new industry testing requirements, and increase the transparency of state regulations.

Under the proposal, the course required by Florida for physicians that recommend medical cannabis would triple from two to six hours.

The bill was introduced on Monday November 29, but has not yet been moved to any committee.

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West Virginia opening first medical cannabis dispensary

West Virginia opening first medical cannabis dispensary

West Virginia medical cannabis dispensary opening

MORGANTOWN, W.Va. (AP) — West Virginia’s first medical cannabis dispensary is opening more than four years after state lawmakers allowed a regulatory system for those products to be established.

Trulieve Cannabis Corp. is set to debut a retail location in Morgantown on Friday with a second shop opening in Weston next Monday.

“We’re thrilled to be first to market in West Virginia and to continue building the foundation for the West Virginia’s emerging medical cannabis market,” Trulieve CEO Kim Rivers said in a statement.

She said the company’s goal is to “bolster local economies by creating sustainable jobs and investing in marginalized communities.”

The 2017 state law allows for medical cannabis use in pills, oils, topical gels, liquids, dermal patches and a form that can be vaporized.

In order to access and buy products from a dispensary, residents must have a West Virginia medical marijuana card. Residents with serious medical conditions can register for the card at www.medcanwv.org.

Colombia medical cannabis industry to see new opportunities

Colombia medical cannabis industry to see new opportunities

Colombia medical cannabis production has begun thanks to new laws passed in July

Although marijuana cultivation has been legal since late 2016, for the past five years Colombian companies could only export active pharmaceutical ingredients (APIs) and therefore were banned from the most lucrative parts of the business.

In July, Colombian president Ivan Duque loosened regulations to allow the export of dry cannabis flowers, which accounts for more than 50% of the demand in markets like the US.

Thanks to that policy change, Colombian companies are now confident they can compete in the pharmaceutical markets in Europe and North America.

Favorable conditions

The Andean nation enjoys perfect conditions for the cultivation of marijuana: 12 hours of sunlight give way to 12 hours of darkness virtually every day of the year, with minimal seasonal change.

High altitude — Clever Leaves’ farm, in Boyacá, sits at 9,377 feet above sea level — means fewer pesticides are required to stem bacteria and disease than at lower altitudes, making it easier to grow organic products.

“If you think about it, greenhouses in other countries are trying to emulate the natural conditions we get here for free,” Clever Leaves’ president Andres Fajardo told CNN. “Your factor costs in terms of labor are significantly cheaper.”

Investment in Colombian medical marijuana has picked up, with the government reporting more than $250 million in foreign funding in the sector. The majority of those dollars come from international cannabis companies, mostly Canadian, that are partnering with Colombian producers to farm there.

Flora Growth, a Toronto-based firm listed on NASDAQ, has purchased 100 hectares of land — about 247 acres — in central Colombia. “I hope that over the next three-to-five years we are going to run out of land,” said Luis Merchán, a Colombian businessman who quit his job as a VP at Macy’s to become Flora’s CEO last year.

Flora estimates its production costs to be around $.06 per gram of dry cannabis flower, a fraction of the go-to price that ranges from $.50 cents and $2 in the US.

Licenses here are also much cheaper than abroad, we are talking of $15,000 to $20,000 per license,” said Juliana Salazar, a private consultant involved in the Bogota cannabis industry. “And an initial investment of roughly $100,000 to start producing here, which is a lot of money in Colombia, but a smaller investment than if you look at Germany, Spain or the United States.”

Alabama Medical Cannabis Commission Sets Timeline for Licensing

Alabama Medical Cannabis Commission Sets Timeline for Licensing

Alabama medical cannabis commission says licenses won't be available until 2022.

An Alabama regulatory commission has plenty to do before people can apply for medical cannabis licenses, so it won’t push for a date that might allow sales next year, a commission official said.

The Alabama Medical Cannabis Commission had said earlier that it might ask for the date to be moved up. It decided last week not to do so, the Montgomery Advertiser quoted commission Vice Chairman Rex Vaughn as saying.

Before people can apply, the commission has to establish rules and train physicians, Vaughn noted. It also must create a central database to register patients by next September. Registration cards will cost up to $65 a year.

Since would-be growers and distributors cannot apply for licenses before Sept. 1, 2022, the substance probably won’t be available before 2023, supporters of medical marijuana have said.

But Vaughn noted that the legislature would have to change the date, and he said asking it to do so could open the way for those who want to weaken the law.

“We could lose what we’ve got,” he said.

The legislature approved the medical cannabis bill in May after hot debate in the House, which had blocked earlier bills. The commission must decide license applications within 60 days.

“If you start looking at the timelines for what it’s going to take to get rules and regulations approved, and the growth cycle and the 60 days that people have to get in business after they get the license, it starts adding up,” John McMillian, the commission’s executive director, said after the commission’s meeting last week.

Sen. Tim Melson, a Florence Republican and sponsor of a bill to move up the date, said he supported the commission’s decision because he is in favor of a program implemented in a “thoughtful and correct” manner.

Once available, doctors will be able to prescribe cannabis for at least 16 conditions including cancer, post-traumatic stress disorder and chronic pain. Cannabis would be available as tablets, capsules, gummies, lozenges, topical oils, suppositories, patches, and in nebulizers or oil to be vaporized. The law forbids smoking or vaping medical cannabis, or baking it into food.

The law also forbids the recreational use of marijuana.