CannaBeat is a curated biweekly selection of top news stories impacting business, research, and culture in the cannabis industry, crafted by Emerge Law Group.
Emerge’s Hot Take
In the new draft of the seven-year collective bargaining agreement (“CBA”), the National Basketball Association (NBA) is planning to remove cannabis from its banned substances list, and to let players promote and invest in cannabis companies. The CBA is also expected to officially remove mandatory drug testing requirements for cannabis and only subject players to tests if they show signs of problematic dependency. While the deal must still be ratified, it is expected to be approved. The move to cannabis acceptance has been a long time coming. Mandatory drug testing has been temporarily suspended for a couple years already, which demonstrates the leaders’ commitment to the overall movement. One aspect that separates it from other sports is allowing its players to promote and invest in the cannabis industry. As other sports have lowered the restrictions on use and testing, other leagues do not allow players to actively promote cannabis and related brands. This provides additional opportunities for NBA players and cannabis operators alike. At this point most of the notable sponsors for cannabis have been musicians by partnering with operators to create their own brands.
Other Noteworthy News
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