North Carolina Senate Bill 711

The cannabis industry has never been this good in terms of adoption and leverage. With the age and era of cannabis criminalization easily a thing of the past, most regions of the world are consenting to the legalization of natural products. While the US federal government still regards cannabis as a List 1 controlled drug, every state has the right to comply with its laws, and they have done so in full. With over 31 states of medical marijuana and other legalizing recreational users, cannabis users and producers are currently smiling.

Such is the situation in North Carolina where a new medical cannabis law is being passed to pave the way for better use of the medicinal benefits of the natural product. Senate Law 711 was submitted to the state finance committee for review on Wednesday, July 21. This particular law aims to open up doctors to the use of medical marijuana for conditions such as PTSD, cancer, Parkinson’s and multiple sclerosis. This is certainly good news for people of North Carolina, as passing the law could mean the answer to questions posed by many.

In a recent poll of North Carolina voters on the recreational and medicinal use of cannabis. 73 percent of voters approved the use of medicinal cannabis, while 54 percent approved recreational use. These statistics show that the majority of voters do not tend to fully open markets in the state. Unfortunately, the same opinion is not shared among legislators. Questions about legalization from the end of the legislature tend to be more in the direction of regulation. Most of them support cannabis, but since they are responsible for handling the regulations for the industry, many are cautious.

Cannabis markets in the US

The growth of the cannabis market is maximizing as different states have personalized laws and regulations that are appropriate to their region. Still, there are still concerns about licensing, banking, and equity when it comes to regulation. States like Utah have filed lawsuits against the licensing authority based on bias and lack of equity for all parties applying for licenses. This therefore complicates the task of providing an equal chance at licensing as some are likely to be viewed as bribes.

The potentials on the cannabis markets cannot be denied for both private producers and the state’s own revenues. Some of the states that recently opened have skyrocketed in terms of revenue, while some well-known names are already reaching landmarks. Florida, for example, made a staggering $ 1 billion from its medicinal cannabis industry last year, and Illinois is not far from reaching that number. its leisure market this year. Overall, the United States saw sales increase 40 percent in 2020 over the previous year, which was $ 15 billion. This is astronomical when you consider that some states are still completely banned from medicinal and recreational cannabis.

Senate Act 711

With the benefits of open markets already recognized, a closer look at Senate Bill 711 will reveal what North Carolina aims to achieve with the bill. This is a special law as it aims not only to legalize medical cannabis in the state alone, but to go one step further. According to the bill, 10 “seed-to-sale” providers will be responsible for all processes of caabis production. This includes the cultivation, packaging and distribution of cannabis. Each vendor also has the right to four cannabis dispensaries across the state.

It is therefore obvious that the legislators in the countries are very careful with regulations, and we should not be surprised. This bill will have limitations, but great competition is expected for those who will be the top 10 providers. The possibility that recreational cannabis will also be legalized in the state at some point is the incentive most cannabis operators need to compete in the race. This means the bill will usher in a new era for cannabis use in North Carolina, as well as expanding the scope of medicine in the state.

Testimonials of the medicinal benefits of marijuana

The bill tabled by state lawmakers is based on statements made by beneficiaries of medical marijuana. These lawmakers will hear some of these testimonies before they pass the law for firsthand information on what the natural product can do. Medical cannabis NC families played a huge role in putting these positive stories together. The group consists of a number of medical cannabis companies including Roots Bioscience, a cannabis company that sells hemp-based products.

With more and more positive stories and testimonials coming into the spotlight, the road to getting the bill off will become smoother. The stories will bring different types of people to the table including patients, carers, and veterans. The goal is for lawmakers to understand the different classes of people who may be beneficiaries of the medical marijuana program.

Sales incentive

For all the good that this draft law can do, some additions that have been imposed on the draft law, especially from the point of view of the industry, are still a big question mark. Most companies will weigh their ability to generate revenue in such a new market, especially since lawmakers will impose a 10 percent sales tax on top of medical cannabis legislation. Of course, it is believed that the extra money will be used to fund public education, which is positive from any angel you want to look at. That said, some cannabis companies will still want to be careful about industry revenue.

Bottom line

Despite the obvious problem with sales incentive, the good that can be achieved with the new medical bill in North Carolina should not be underestimated. In no time, the focus will shift to opening up recreational markets, which will generate more revenue for the involved cannabis companies in the state.

NORTH CAROLINA MEDICAL MARIJUANA, READ MORE …

NORTH CAROLINA MEDICAL MARIJUANA BILL TAKES SHAPE, READ THIS!