During a February vote, the UN delayed a vote to reschedule marijuana. The WHO is calling on the UN to change its current stance on marijuana to help facilitate research and trade worldwide. Per the 1971 convention, THC is currently a schedule I drug which means the UN considers it be dangerous. The WHO recommends that the UN move the drug to the 1961 convention scheduling and put cannabis in schedule 1 which would place the drug under not “particularly harmful”. The prospect of a major change in the UN’s stance towards marijuana has cannabis companies and researchers across the world excited as it would lead to growth opportunities.
Israeli based startup company Seedo is bringing innovation to the young and ever evolving cannabis industry. They have developed a farm that uses robotic arms to manage cultivation, cameras to keep on eye on growth and machine learning to ensure optimal growing conditions. The company promises that using automation they can yield high quality cannabis consistently. With its partnership with Kibbutz Dan they hope to grow around 4 tons of cannabis in their first 3 years of production. If they can keep their promises automated cannabis farms could be the next big move in the exploding cannabis market.
Lawmakers are sending a bill to the House in favor of allowing banks to give financial services to cannabis companies. The House Financial Services Committee seems prepared to vote on Wednesday which could lead to major progress in safety and regulation for those of the industry. There are still major hurdles to overcome but the bipartisan support for this idea has some weary but hopeful. Business groups outside the cannabis industry are being vocal about their support of the bill. Some say federal decriminalization needs to come before this bill can make it through as there is still a level of uncertainty involving cannabis businesses for traditional industries. There is so much cash flow in the cannabis industry that this is not simply about integrating cannabis into traditional sector it is also about the safety of their businesses.