The House Will Vote On More Cannabis Legislation This Week
Most investors when looking at marijuana stocks to buy tend to focus on the market and the company’s finances. However, with each company comes a service or product that offers some form of value to the cannabis industry. Some people may skip past this part when searching for pot stocks to watch. Though if you take a deeper look into what a company needs to do in order for their product to be available for consumers there is a strict process. This is especially true when dealing with the cannabis plant its self or any kind of derivative from it.
What some may not know is the intricate process and stringent guidelines each company must follow before its product can be sold. With packaging alone, each spec must be documented and labeled on the product as well. Having the most accurate info for every cannabis product is important to know. Because not knowing what’s in your cannabis product can potentially do more harm than good. In the past, there has been a lack of resources to give consumers the most accurate info on cannabis. This has resulted in consumers getting sick or having a bad overall experience with their cannabis. Fast forward to today and it’s a whole new game with cannabis testing. Although much more progress has been made there is more work that needs to be done for more accurate results with testing cannabis.
How Does Cannabis Testing Work And Why Is It Important?
When a company like Charloetts Web Holdings Inc (CWBHF Stock Report)
or a company like Green Thumb Industries Inc (GTBIF Stock Report) develops a product testing must be done. In fact, any company that operates in a legal state within the U.S. must go through this process. Here’s how it works. So once your cannabis is ready to sell or you have made a batch of CBD or THC oil testing must commence. Two important reasons cannabis products are tested in cannabis testing labs are to verify the products are safe for human consumption. As well as to give consumers an idea of the potency of the product they are using.
During the growing process, the cannabis plant acts like a sponge taking in everything the plant is exposed to. For instance, when cannabis is growing it absorbs nutrients, microbes, mycotoxins heavy metals, and pesticides. Some of these compounds can be harmful to consumers For this reason lab, testing is required before legal cannabis can be sold. Some marijuana companies either have an in-house lab set up or they rely on outside sources to provide the most accurate results.
The Issues With Cannabis Testing
As mentioned above cannabis testing is essential towards knowing what’s in the cannabis or product someone is using. In the initial start and even currently cannabis testing has its flaws and uncertainty. What some cannabis companies found out are most times consumers are looking for the highest potency in a product. This has led to many issues in the process with cannabis lab results. Because many companies would pay labs to inflate the percentage of THC in a product or strain as well as reporting it has no containments to drive the cost of the product up. By doing this it led to customers purchasing products with false lab results.
According to a Forbes interview back in 2017 Lena Davidson, Market Relations at edible brand Botanica Seattle, stated “Regulators focus on sign-sheets at dispensaries and grow facilities when instead they could be making sure labs are accurately testing for mold and insects,” she pointed out. Consumers have no idea whether the product they are buying was taken to a good lab or one that just wants to keep its cannabis producers happy”.
The Future Of Cannabis Testing Is Here
With all the loopholes on cannabis testing, how do we get an accurate reading on what is what? In addition to the House passing the MORE Act, the House will also cast its vote for the Medical Marijuana Research Act. This will allow scientists to legally research cannabis from state-legal businesses for the first time. The Medical Marijuana Research Act would also remove limitations on the number of companies that can be registered to grow cannabis for research purposes.
Before making its way to House for a vote this bill has been revised and amended several times. If approved the U.S. Department of Health and Human Services (HHS) and attorney general would need to establish a system. This new format would allow cannabis producers and distributors to supply researchers with cannabis from dispensaries.
HHS would still be mandated to issue “guidance related to the use of marijuana from State-authorized marijuana programs” within 180 days as in the prior version of the bill, but language stipulating that the guidance must include “necessary quality or production standards for marijuana intended for use in medical research” was removed.
Cannabis Legislation Continues To Forge Ahead
With the House Of Representatives continuing to improve cannabis legislation the industry as a whole is in a good position. However, the Senate must pass this bill for it to be official. Although no discussion of any holds ups has taken place. With better cannabis legislation in place, advocates are making sure things work in favor of the industry.