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
Brooklyn Nets and New York Liberty Become First NBA and WNBA Teams to Partner with CBD Company
In a landmark move, the Brooklyn Nets of the NBA and the New York Liberty of the WNBA have become pioneers in professional sports by forming partnerships with a CBD (cannabidiol) beverage company-Mynd Drinks. This marks the first collaboration between NBA and WNBA teams and a CBD company just months after the NBA removed cannabis from the banned substance list, signaling a significant shift in the sports industry’s approach to alternative wellness solutions. The partnership aims to explore the potential benefits of CBD for athletes in terms of recovery and overall well-being.
The partnership between the Brooklyn Nets, New York Liberty, and Mynd also carries significant implications for branding and intellectual property. From a branding perspective, the association with a CBD company allows the teams to position themselves at the forefront of innovation in sports wellness. The collaboration may involve the creation of co-branded products, merchandise, or marketing materials. Careful consideration of trademark and licensing agreements will be essential to protect the intellectual property rights of all parties involved. This could include securing trademarks for any unique logos, slogans, or product names developed as part of the collaboration.
The overall move into the cannabis and hemp industry is expected to continue to spark conversations within the sports community about the evolving landscape of wellness practices and the role of CBD in supporting athletes’ physical and mental health.
Other Noteworthy News
FDA Report Reveals 300% Increase in Cannabis Research Over the Last Decade – Key Findings
FORBES – “The last decade has seen a ‘dramatic increase’ in investigational new drug (IND) applications for cannabis-derived products, according to the U.S. Food and Drug Administration. In a paper published at the end of last year, the regulator reveals that more than 800 INDs have been submitted to the FDA since the early 1970s, with a 300% increase in applications over the last 10 years. ‘During the first 40 years of this period, the FDA received over 400 applications,’ the authors state. ‘Nearly identical to the number of applications received in the past 10 years.’ There is little doubt that scientific interest in cannabis and its therapeutic potential has grown rapidly as it has become increasingly accessible around the world. According to the cannabis advocacy group NORML, since 2010, over 32,000 peer-reviewed papers specific to cannabis have been published with the annual number increasing year on year. Meanwhile, PubMed, a free resource supporting the search and retrieval of biomedical and life sciences literature, now cites over 45,900 scientific papers on cannabis or ‘marijuana’, dating back to the year 1840. To date, the FDA has not approved any marketing drug application for cannabis for the treatment of any condition. However, it has observed ‘increasing interest’ in botanical drug development and the ‘evaluation of cannabis and cannabis-derived products (CCDPs) in human clinical trials’, according to the paper’s co-authors, Cassandra Taylor and Schuyler Pruyn of the Center for Drug Evaluation and Research…”
N.Y. Cannabis Firm Claims White Male Owners Faced Racial and Gender Discrimination
TIMES UNION – “New York’s Office of Cannabis Management is facing another setback in its ongoing rollout of the retail cannabis market after an Onondaga County company filed a lawsuit in U.S. District Court last week arguing its operators have been discriminated against for being white males. The company, Valencia Ag based in Jamestown, applied for a cannabis retail license but alleges that state regulators are violating the equal protection clause by discriminating against them based on race and gender. Valencia Ag is owned by ‘males of light pigmentation who might best be described as caucasian or white men,’ the lawsuit states. New York’s cannabis law specifies that the licensing process should “award (50) percent of adult-use cannabis licenses to social and economic equity applicants, ‘including prioritizing “individuals from communities disproportionately impacted by the enforcement of cannabis prohibition,’ minority-owned businesses, women-owned businesses, distressed farmers and service-disabled veterans. The plaintiffs said that they were ranked 2,042 in a hierarchy of about 2,200 operationally ready applicants in a list published by state cannabis regulators on Jan. 12. The lawsuit said that the list had been culled from 6,800 applicants who had space ready to open a licensed cannabis business and were ready — upon receipt of a license…”
Germany’s Coalition Government Reaches Final Deal On Marijuana Legalization Bill With Vote Set For This Month
MARIJUANA MOMENT – “The leaders of Germany’s coalition government say they have reached a final agreement on a bill to legalize marijuana, resolving outstanding disagreements that had delayed action and setting the stage for a vote in the final week of February and enactment in April. In a joint statement, leaders of the Social Democratic Party (SPD), Free Democratic Party (FDP) and Greens said the proposed regulations ‘are a real milestone for a modern drug policy that strengthens prevention and improves health, child and youth protection.’ The legislation, originally brought forward last year by Federal Health Minister Karl Lauterbach, is expected to be slightly revised to account for SPD concerns, with plans to expand and expedite monitoring and reporting requirements related to the illicit market, Legal Tribune Online reported. ‘We agreed on the final details cannabis of legalization last night. The fight against the black market, decriminalization and better protection of minors will come as announced,’ the health minister said on Thursday. ‘The previous drug policy has failed, a new beginning.’ While the bill would currently mandate a study of youth-related trends post-legalization, with a report due four years after enactment, the parties’ latest agreement would extend it by requiring an assessment of how the reform impacts the illicit market that would be carried out ‘in a timely manner,’ the coalition told the German Press Agency, according to a translation….”
Senator Gillibrand Urges Biden Administration to Reschedule Marijuana: ‘It’s a medical Issue and It’s a Public Safety Issue’
MSN – “Sen. Kirsten Gillibrand (D-NY) is calling on the Biden administration to deschedule cannabis. During a Sunday press conference, Gillibrand urged the Attorney General and the Drug Enforcement Agency (DEA) to remove cannabis from the list of controlled substances. At the moment, marijuana is classified as a Schedule 1 controlled substance, meaning it has no accepted medical value and has high abuse potential. Other substances that fall under this category include heroin, LSD, ecstasy, etc. ‘Descheduling marijuana from the Controlled Substance Act is not just a social justice issue, it’s an economic issue, it’s a medical issue and it’s a public safety issue,’ Gillibrand said, according to CNYCentral. Last August, the Department of Health and Human Services recommended the DEA to reclassify cannabis to Schedule III under the federal Controlled Substances Act (CSA). Rescheduling marijuana to Schedule III would acknowledge some of its medical values and make it the same type of substance as Tylenol, ketamine, anabolic steroids and testosterone. Gillibrand, however, doesn’t think this is enough…”
Federal Judge Thwarts Effort to Stop New York Week Licensing
POLITICO – “A federal judge on Friday rejected an effort to halt New York’s cannabis licensing process, allowing the troubled rollout of the state’s recreational weed market to continue even as the state faces more legal challenges. The ruling stems from a lawsuit brought by a pair of entrepreneurs who argued that New York’s licensing rules unfairly discriminate against out-of-state residents in violation of the U.S. Constitution. They sought a court order halting the licensing process. But Northern District of New York Judge Anne Nardacci — who was appointed to the bench by President Joe Biden — rebuffed their arguments, concluding that more harm would come from impeding the rollout of the state’s adult-use market. ‘The balance of equities tips in Defendants’ favor,’ Nardacci wrote, noting that thousands of cannabis entrepreneurs have made significant investments in seeking to win business licenses. ‘Defendants have laid out the significant harm Plaintiffs’ requested injunction would cause to New York’s adult use cannabis industry.’ The attorney handling the case, Jeffrey Jensen, did not immediately respond to a request for comment about whether the plaintiffs plan to appeal….”
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