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It's finally happened. After more than three years of the marijuana industry delivering green for their shareholders, the cannabis stock bubble has burst.

While there's no official or concrete definition that describes when the party has ended for a hot industry, I'd call the nearly 50% decline in the Horizons Marijuana Life Sciences ETF -- the first exchange-traded fund focused on cannabis -- over the past six months pretty compelling evidence that something is amiss. The Horizons Marijuana Life Sciences ETF holds more than five dozen pot stocks of various weightings, so it's a pretty good indicator of industry sentiment and performance.

Were that not evidence enough, the month of September generated only six cannabis stocks that rose in value out of the 59 Yours Truly tracks. What's more, just three pot stocks are higher over the trailing 12 months.

There's little denying that the marijuana bubble has burst. But it's important that you understand some of the nuances surrounding this precipitous decline. Here are three things you need to know.

1. This was expected

First of all, investors should understand that the bursting of the cannabis bubble was expected. Over the past quarter of a century, we've witnessed a number of next-big-thing investments come to the forefront, such as the internet, genome decoding, business-to-business commerce, blockchain, and 3D printing. In each and every instance, hyperbolic moves in the companies underlying these trends failed, eventually paving the way for a precipitous decline.

The thing to realize about nascent industries is that they all need time to mature. And yes, even an industry that's existed for decades in the black market needs time to mature. Prior to Canada, no industrialized country in the world had given the green light to recreational marijuana, meaning Canada's federal government and investors are sort of learning as they go. Suffice it to say, there are going to be hiccups along the way.

To our north, Canada has been contending with cannabis supply issues since day one of adult-use legalization on Oct. 17, 2018. These shortages have been complemented by Health Canada being bogged down by a mountain of cultivation and sales license applications.

Meanwhile, in the U.S., high tax rates in select states (ahem, California) have stymied the legal industry and sent consumers back to the black market. It's pretty evident that the marijuana industry needs some time to mature.

2. The long-term growth trajectory for marijuana remains in place

However, the second thing you should understand is that pie-in-the-sky growth estimates for the pot industry over the long run are still very much in play. Canada's supply problems and licensing backlogs are all solvable problems. Likewise, it wouldn't be surprising to see select U.S. states tinker with their marijuana tax rates to entice consumers into legal channels. Nothing about these early stage problems represents a long-term concern for the marijuana industry.

And make no mistake about it, some of Wall Street's growth projections for the legal pot industry are enormous. The low-end of the spectrum suggests that worldwide weed sales will hit $50 billion by the end of the next decade. That compares to investment firm Stifel, which has forecast $200 billion in global cannabis spending in a decade. For context, global sales were a mere $10.9 billion in 2018, suggesting that the compound annual growth rate for legal weed would be as high as 27% per year if Stifel's estimate proves accurate.

Also bear in mind that the U.S. will be responsible for a significant chunk of these sales. Estimates suggest that the U.S. will comprise between a third and half of worldwide weed sales by 2030.

3. It's unclear what companies will ultimately be leaders

Lastly, while this is probably an unpopular opinion, investors should realize that it's far too early to know which pot stocks are going to be the long-term winners and/or leaders in the industry. History tells us that some of the biggest long-term gainers in next-big-thing industries are small-cap stocks today. That means the Canopy Growth's of the weed industry may not make for the best investments.

So, what should you focus on as a cannabis stock investor? While there's clearly a lot still to be sorted out as the marijuana industry matures, focusing on small-cap pot stocks with apparent competitive advantages is a smart way to set yourself up for future gains.

Take Flowr (OTC:FLWPF) for instance. Flowr is a company that's been beaten down in recent months by a common stock offering, as well as its decision not to uplist to the Nasdaq, despite being approved to do so. However, Flowr's Kelowna campus in British Columbia is set to produce at least 50,000 kilos of premium and ultra-premium quality weed when at full operating capacity. Competition among premium and ultra-premium growers is minimal, which should allow for strong pricing power and juicy margins.

Furthermore, Flowr recently completed the acquisition of Holigen and its Aljustrel outdoor grow farm in Portugal. While having an outdoor grow farm isn't unique, the Aljustrel grow farm is capable of 500,000 kilos a year of peak output, which is an incredible amount of output from one facility for such a small company, in terms of market cap.

Planet 13 Holdings (OTC:PLNHF) is another example of a company with comparative differences. Planet 13's SuperStore in Las Vegas is the largest marijuana dispensary in the world. When complete, it'll house a coffee shop, pizzeria, events stage, and consumer-facing processing center, and span a total of 112,000 square feet. That's bigger than the average Walmart, for context.

And it's not just the size of the SuperStore that makes it a go-to for cannabis enthusiasts. Planet 13 has self-pay kiosks in its store to speed along the buying experience for return customers, and has a sizable immersion station for users to acquaint themselves with the product. There's simply nothing like what Planet 13 is doing, which gives it an intriguing advantage moving forward.

If investors think long term, then the bursting of the cannabis bubble now won't be a big deal.

A study analyzing crime rates in Colorado and Washington suggests legalizing recreational marijuana has a minimal effect on crime rates, if any.

One argument for legalizing marijuana is the assumption that it would lead to lower crime rates—decriminalizing the drug, so the theory goes, removes illegal trade and the criminal activities that go along with it. Indeed, a study published in The Economic Journal in 2017 found that states on the US-Mexico border that legalized medical marijuana saw a decrease in violent crimes of 5.6 to 12.5 percent.

However, if a new study is anything to go by, this drop in crime is not consistent. In Colorado and Washington, legalizing recreational use of the drug appeared to have little to no effect on the number of violent and property crimes.

Researchers from Washington State University, Stockton University, and the University of Utah came to this conclusion after comparing monthly crime rates in Colorado and Washington to those of 21 states that haven't legalized pot for medical or recreational use, both before and after legalization, to see if there were any trends that deviated in Colorado and Washington. The stats were collected from the FBI's Uniform Crime Report from 1999 to 2016.

The state of Colorado was one of the first to legalize marijuana. Citizens took to the polls on November 6 2012 to vote on a ballot initiative that would permit possession of up to an ounce of marijuana for those 21 and older. (Photo by Marc Piscotty/Getty Images) Marc Piscotty/Getty

The two states were chosen as subjects because they were the first to legalize the recreational use of marijuana and the industry that supports it, passing laws to that effect in 2012. Since then, nine more states have followed their lead—including Alaska, California, Illinois, Maine, Massachusetts, Michigan, Nevada, Oregon and Vermont—as well as DC. Several others look set to do so.

"In many ways, the legalization of cannabis constitutes a grand ongoing experiment into how a major public policy initiative does or does not accomplish its expected outcomes," said Ruibin Lu, assistant professor of criminal justice at Stockton University. "Given the likelihood of more states legalizing recreational marijuana, we felt it was important to apply robust empirical methods to parse out the effects of this action on crime in the first years after legalization."

The effects appear to be marginal—if they exist in the first place. The only exception to this rule was the rate of burglary in Washington, which declined following the legalization of pot. There were slight increases in property crimes in both states and aggravated assault in Washington immediately after legalization, but these were short-lived blips rather than permanent shifts, the study's authors found.

However, the study's authors do point out some limitations to their findings. One is that the results highlight broad, cross-state trends but may exclude changes that take place on a smaller scale. They say that they cannot rule out the possibility that legalization may have different effects within the state depending on the area and community. The analysis is also limited in the types of crime it considers—namely, serious crime. Rates of those driving while under the influence, for example, would not have been counted.

"This is but one study and legalization of marijuana is still relatively new, but by replicating our findings, policymakers can answer the question of how legalization affects crime," said co-author Dale W. Willits, assistant professor of criminal justice and criminology at Washington State University.

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Growing marijuana at home (so-called “home grows”) is illegal under US federal law.  However, according to the U.S. Sentencing Commission and the FBI 99% of marijuana arrests are made under state law, rather than federal law.  Furthermore, states aren’t required to enforce federal law. As a result, in most (though not all) situations, state laws effectively determine whether marijuana growers face criminal risk for their home grows.  And, state laws vary dramatically.

You can group states into essentially three groups, based on their cultivation laws:

• States where growing pot for recreational and medicinal use is illegal;
• States where you can grow pot for medicinal use
• States where you can grow pot for recreational use

States that allow recreational cultivation typically have restrictions on the number of plants that adults are able to grow.  Many of these states loosen these restrictions for registered patients growing for medicinal use.

Alabama

It is not legal to grow marijuana at home in Alabama.

Source: https://statelaws.findlaw.com/alabama-law/alabama-marijuana-laws.html

Alaska

Adults aged 21 and older can legally grow marijuana at home. The grower does not have to register with the authorities. One person can grow up to 6 marijuana plants, although only 3 of the 6 plants can be mature and flowering at any one time.

If there are at least two 21-year-old adults in the same household, that household can grow up to 12 plants at the same time. However, the limit does not increase if there are more than 2 adults in the household.

Sources: http://dhss.alaska.gov/dph/Director/Documents/marijuana/ResponsibleConsumerFactBook.pdf

https://www.adn.com/alaska-news/2016/07/29/heres-how-many-cannabis-plants-alaskans-ca n-now-legally-possess-at-home/

Arizona

A qualifying patient or the qualifying patient’s designated caregiver who has been approved by the Arizona Department of Health Services may cultivate medical marijuana, so long as the qualifying patient resides more than 25 miles from the closest dispensary.

Any individual who cultivates medical marijuana must do so in a surrounded and protected area.  The individual can grow up to 12 plants.

There is no higher limit if there are more than 2 qualifying patients who reside in the same household.

Sources:

https://www.azdhs.gov/licensing/medical-marijuana/index.php#faqs-cultivation

Arkansas

It is not legal to grow Marijuana at home in Arkansas.

Source: https://www.healthy.arkansas.gov/programs-services/topics/medical-marijuana-faqs

California

Anyone who is above the age of 21 can grow marijuana. Each residence is allowed to grow 6 plants, no matter how many adults reside there.

There is a difference in what Prop 215 and SB240 says about growing marijuana by a medical card holder. The former states that a medical card holder can grow as much as needed, and the latter states that only 6 mature plants or 12 immature plants can be grown.

Sources: https://aizmanlaw.com/marijuana-cultivation/

https://www.gorelick-law.com/marijuana-cultivation-2  

Colorado

Adults over the age of 21 can grow marijuana. The individual can raise up to 6 plants with 3 plants flowering at once. A house with multiple qualifying adults can grow up to a maximum of 12 plants.

Source: https://www.colorado.gov/pacific/marijuana/home-grow-laws

Connecticut

It is not legal to grow marijuana at home in Connecticut. There is no producer’s license for medical marijuana in Connecticut.

Sources: https://norml.org/laws/item/connecticut-penalties

https://portal.ct.gov/DCP/Medical-Marijuana-Program/Medical-Marijuana-Producer-License

Delaware

It is not legal to grow marijuana at home in Delaware.

Source: https://dhss.delaware.gov/dhss/dph/hsp/medmarfaq.html

Florida

It is not legal to grow marijuana at home in Florida.

Source: http://www.flhealthsource.gov/ommu/faqs

Georgia

It is not legal to grow marijuana at home in Georgia.

Source: https://www.macon.com/news/local/article218984495.html

Hawaii

It is legal for registered patients and registered caregivers to grow marijuana for medicinal purposes in Hawaii. However, growers must register with the state government, and they can grow a maximum of 10 plants

Source: http://health.hawaii.gov/medicalcannabisregistry/patients/growing-medical-marijuana/

Idaho

It is not legal to grow marijuana in Idaho.

Source: https://www.ktvb.com/article/news/local/marijuana-laws-in-idaho-whats-legal-whats-not-andwhat-does-it-take-to-face-jail-time/277-6530c414-73d5-4c67-a530-940478763493

Illinois

While it is illegal to use marijuana for recreational purpose in Illinois, the use of medical marijuana is allowed. However, it must be procured from a dispensary. Only companies have access to the medical marijuana cultivator license, making it illegal for individuals to grow marijuana for any purpose.

Source: https://www.illinoislegalaid.org/legal-information/cannabis-or-marijuana...asics

Indiana

It is not legal to grow marijuana at home in Indiana.

Source: https://statelaws.findlaw.com/indiana-law/indiana-marijuana-laws.html

Iowa

It is not legal to grow marijuana at home in Iowa.

Source: https://www.criminaldefenselawyer.com/marijuana-laws-and-penalties/iowa.htm

Kansas

It is not legal to grow marijuana at home in Kansas.

Source: https://www.kansas.com/opinion/opn-columns-blogs/article223398620.html

Kentucky

It is not legal to grow marijuana at home in Kentucky.

Source: https://www.kentucky.com/news/politics-government/article223075125.html

Louisiana

While recreational marijuana remains outlawed, medicinal use is allowed. It is not legal to grow marijuana in Louisiana. The only legal growers in the state are the agriculture centers at Louisiana State University and Southern University.

Source: http://ldh.la.gov/index.cfm/page/2892

Maine

Only adults who are above the age of 21 can grow marijuana. In each residence, a maximum of 6 mature plants and 12 immature plants can be cultivated

Sources:

https://legislature.maine.gov/lawlibrary/recreational_marijuana_in_maine/9419

https://goodtoknowmaine.com/laws/

Maryland

It is not legal to grow marijuana in Maryland. It is only allowed for medicinal use, and it must be purchased from state-licensed dispensaries.

Source: https://mmcc.maryland.gov/Pages/patients_faq.aspx

Massachusetts

Only adults who are above the age of 21 can grow marijuana. In each home, up to 6 plants can be grown. If there are more than 2 adults, 12 plants can be grown

Source: https://www.mass.gov/info-details/marijuana-in-massachusetts-whats-legal

Michigan

Adults who are older than 21 can grow up to 12 marijuana plants at home.  Medical caregivers can grow up to 12 plants for up to 5 patients, meaning that caregivers can grow up to 60 plants for patients and an addition 12 plants for themselves.  Caregivers must register with the state.

Sources: https://www.michiganradio.org/post/recreational-marijuana-legal-today-michigan-here-are-5-t hings-know-lighting

https://www.clickondetroit.com/michigan-marijuana/growing-marijuana-in-michigan-here-s-w hat-to-know-about-the-law

Minnesota

It is not legal to grow marijuana in Minnesota. It is only allowed for medicinal use, and must be purchased from one of the 8 Cannabis Patient Centers located around the state.

Source: https://www.health.state.mn.us/people/cannabis/patients/patientguide.html

Mississippi

It is not legal to grow marijuana at home in Mississippi.

Source: https://www.criminaldefenselawyer.com/marijuana-laws-and-penalties/mississippi.htm

Missouri

Growing marijuana for recreational use is illegal in Missouri.  Beginning in July of 2019, Missouri will accept applications for medical marijuana cards.  The state plans to allow medical marijuana cardholders to grow marijuana at home in “an appropriately secured facility”.

Source:

https://health.mo.gov/safety/medical-marijuana/faqs.php

Montana

Patients who require marijuana for medicinal use can grow up to 4 mature plants or 12 seedlings. However, growing for recreational use is not allowed.

Sources:

https://dphhs.mt.gov/marijuana/cardholders/cardholderfaq#159672069-how-many-plants-can -i-have-if-im-on-the-montana-marijuana-registry

Nebraska

It is not legal to grow marijuana for either recreational or medicinal use.

Source: https://norml.org/laws/item/nebraska-penalties-2

Nevada

Any individual above the age of 21 can grow marijuana at home but only if there are no state-licensed retail marijuana store within 25 miles of the home.

An adult can only grow up to 6 plants and a maximum of 12 plants per household. Registered medical marijuana user may grow up to 12 plants provided they live 25 miles from the nearest marijuana dispensary or if the person is unable to travel to a medical marijuana dispensary due to illness or lack of transportation.

Sources: http://marijuana.nv.gov/Legal/GrowingAtHome/

http://www.nvdispense.com/portfolios/right-grow-cannabis-home-elevate-nevada/

New Hampshire

It is not legal to grow marijuana at home in Hampshire, for either recreational or medicinal use.

Source: https://www.watchdog.org/new_hampshire/new-hampshire-bill-to-allow-home-marijuana-cult ivation-stalls-in/article_31976612-522d-11e8-95e7-774e9da58d0c.html

New Jersey

It is not legal to grow marijuana for either recreational or medicinal use.

Sources: https://www.newsweek.com/marijuana-new-jersey-legalization-legal-states-laws-612844

New Mexico

A Qualified Patient who has a Personal Production License issued by the NM Department of Health can grow a maximum of 12 seedlings and 4 mature plants. A single location cannot have more than 2 personal production licenses

Sources: https://nmhealth.org/about/mcp/svcs/pdb/

http://164.64.110.134/parts/title07/07.034.0004.html

New York

It is not legal to grow marijuana at home in New York.

Source: https://www.health.ny.gov/regulations/medical_marijuana/faq.htm

North Carolina

It is not legal to grow marijuana at home in North Carolina.

Source: https://statelaws.findlaw.com/north-carolina-law/north-carolina-marijuana-laws.html

North Dakota

It is not legal to grow marijuana at home in North Dakota.

Source: https://www.ndhealth.gov/mm/PDF/Program_Informational_Guides/FAQ%20for%20Patients-C aregivers%20-%20Updated%206-21-2018.pdf

Ohio

It is not legal to grow marijuana at home in Ohio.

Source: https://www.medicalmarijuana.ohio.gov/patients-caregivers

Oklahoma

A registered medical marijuana patient who needs marijuana for medicinal use can grow it. Only 6 mature plants and 6 seedlings can be grown at a time.

Source: http://omma.ok.gov/adult-patient-application-information2

Oregon

It is legal to grow marijuana provided you are older than 21. For recreational use, 4 plants per residence can be grown. Patients registered with the Oregon Medical Marijuana Program can grow up to 6 plants.

Sources: https://www.oregon.gov/olcc/marijuana/pages/faqs-personal-use.aspx

https://www.oregon.gov/olcc/marijuana/pages/faqs-personal-use.aspx

https://www.oregon.gov/oha/PH/DISEASESCONDITIONS/CHRONICDISEASE/MEDICALMARIJUA NAPROGRAM/Pages/top20.aspx#patientlimits

Pennsylvania

It is not legal to grow marijuana at home in Pennsylvania.

Source: https://www.health.pa.gov/topics/programs/Medical%20Marijuana/Pages/Patients.aspx

Rhode Island

Qualifying Patients that register with the Rhode Island Department of Health can grow up to 12 mature plants. For residences with more than 2 adults, there is a limit of 24 mature plants per residence.

Sources: http://www.health.ri.gov/healthcare/medicalmarijuana/  

http://webserver.rilin.state.ri.us/Statutes/TITLE21/21-28.6/21-28.6-4.HTM

South Carolina

It is not legal to grow marijuana at home in South Carolina

Source: https://statelaws.findlaw.com/south-carolina-law/south-carolina-marijuana-laws.html

South Dakota

It is not legal to grow marijuana at home in South Dakota.

Source: https://statelaws.findlaw.com/south-dakota-law/south-dakota-marijuana-laws.html

Tennessee

It is not legal to grow marijuana at home in Tennessee.

Source: https://www.mpp.org/states/tennessee/

Texas

It is not legal to grow marijuana at home in Texas

Source: https://statelaws.findlaw.com/texas-law/texas-marijuana-laws.html

Utah

It is not legal to grow marijuana at home in Utah.

Source: https://health.utah.gov/medical-cannabis

Vermont

Adults older than 21 can grow marijuana. The limits vary depending on whether the marijuana is for recreational or medicinal use.  For recreational use, 2 mature plants and 4 immature plants may be grown per residence. For medicinal use, registered medical marijuana cardholders can grow up to 2 mature plants and 7 immature plants

Sources: https://www.vpr.org/post/you-asked-we-answered-vermonts-recreational-pot-law#stream/0

https://medicalmarijuana.vermont.gov/patients-and-caregivers#cult%20req

Virginia

It is not legal to grow marijuana at home in Virginia

Source: https://statelaws.findlaw.com/virginia-law/virginia-marijuana-laws.html

Washington

Cultivation of marijuana for recreational purposes is not allowed in the state of Washington.  However, registered medical marijuana patients may grow up to 6 plants at home. If the healthcare practitioner determines the patient requires more than that, they may authorize up to 15 plants.

Sources: https://www.criminaldefenselawyer.com/resources/can-i-grow-marijuana-my-own-personal-us e-washington.h

https://www.doh.wa.gov/YouandYourFamily/Marijuana/MedicalMarijuana/PatientInformation /PossessionAmounts

West Virginia

It is not legal to grow marijuana at home in West Virginia.

Source: https://dhhr.wv.gov/bph/Documents/MedicalCannabis/Patient%20and%20Caregiver%20Info% 2004202017%20-%20rev.pdf

Wisconsin

It is not legal to grow marijuana at home in Wisconsin

Source: https://shepherdexpress.com/hemp/is-it-time-to-reform-wisconsins-cannabis-laws/

Wyoming

It is not legal to grow marijuana at home in Wyoming

Source: https://norml.org/laws/item/wyoming-penalties-2

Over the past few months the media has been awash with reports of people getting sick from vaping. Nearly every day, news outlets report on otherwise healthy, usually young, people who have fallen critically ill from the use of vapes that they believed to be a safer alternative to smoking. In response, politicians have been taking action to get ahead of the problem, with most relying on some form of vape ban. A handful of governors and President Trump have proposed banning all flavored vape cartridges, while Massachusetts Gov. Charlie Baker declared a public health emergency and banned the sale of all vape products in the state for four months. 

While these actions may be well meaning, they are likely to only exacerbate the problem. If policy makers truly want to reduce or eliminate vaping-related illnesses, the most responsible solution would be to fully legalize marijuana nationwide, and ensure robust regulation, oversight, and education for users of both cannabis and nicotine vape products. 

Thankfully, not all governments are responding to the hysteria with bans and prohibitions. In Pennsylvania, the Department of Public Health, which oversees that state’s medical marijuana program, released a statement expressing confidence in the safety of cartridges made by its state-licensed medical cannabis producers and warning patients to not purchase from illicit vendors. Instead of ordering an outright ban, California Gov. Gavin Newsom announced he would seek to expand warning labels on vaping products, start a $20 million public awareness campaign about the dangers of vaping, and increase enforcement against counterfeit products. 

It is understandable that the public would be concerned about the seemingly sudden rash of vape-related illnesses. After all, vaping has largely been marketed as a safer method of ingesting nicotine or cannabis than traditional smoking. The problem should absolutely be taken seriously. But it is also important to note that we still don't have enough information. On Oct. 4, the acting commissioner of the Food and Drug Administration issued a statement, including this relevant fact: "At this time, the FDA does not have enough data to identify the cause, or causes, of the lung injuries in these cases.”

It's also important to keep the problem and the numbers involved in perspective. To date, 805 cases of people suffering from vape-related illnesses and at least 12 deaths have been reported to the Centers for Disease Control and Prevention (CDC). These are genuine tragedies. But so are the 130 Americans who die every single day from an opioid overdose and the 480,000 people who die each year in the United States whose deaths are attributed to smoking cigarettes, according to CDC data. 

Despite the relatively small number of vape-related illnesses and deaths, the nation seems to be amid a media-fueled hysteria around the issue of vaping. History has shown us that hysteria rarely leads to good public policy. In fact, it often leads to the kind of prohibitionist policies that we’re now seeing offered up as a response to the current crisis. 

Hysteria ≠ Good Public Policy

We don’t need to look further than the history of cannabis prohibition to see just how public hysteria can lead to policies that cause genuine public health and societal harm. Cannabis was originally prohibited as a result of a public education campaign led by Harry Anslinger and the remnants of the federal alcohol prohibition enforcement regime. The news media was quick to report on sensationalist propaganda provided by Anslinger claiming that marijuana-induced violence and insanity, and worst of all, blatantly racist claims that African Americans and Mexican Americans would use cannabis to fuel violence and sexual assault against unsuspecting white women. This led to nearly 100 years of cannabis prohibition in the United States, with millions of lives ruined by arrests and incarceration for engaging in a behavior that we now recognize as substantially less harmful than consuming alcohol or tobacco. 

 n the 1980s, the country fell into a hysteria over the “crack epidemic,” with press accounts of a growing number of babies being born hopelessly addicted to crack cocaine and clinging to life itself. When top NBA draft pick Len Bias died of an overdose, the U.S. Congress, championed by current Democratic presidential frontrunner Joe Biden, adopted the 1986 crime bill that put in place a 100-to-1 sentencing disparity between crack cocaine and powder cocaine, despite the fact they are nearly identical substances, and ushered in a new era of draconian mandatory minimum sentences that led to our current mass incarceration crisis and the imprisonment of a generation of young men of color across the United States. The bitter irony is that Len Bias died of an overdose after using powder cocaine, not crack. 

This hysteria-fueled mass incarceration has been more devastating to inner city communities than crack cocaine could ever have been. And it was fueled by hysteria. Even the authors of the original study that claimed that an increasing number of babies were being born addicted to crack cocaine have admitted they were wrong. Once the researchers controlled for issues of socioeconomic status, exposure to tobacco and alcohol, and access to prenatal care, it became clear these children were simply victims of poverty, born mostly to low-income women without access to health insurance or good prenatal care and education.  

In the end, the “solution” to that public health crisis, which was born of hysteria, resulted in the imprisonment of large swaths of a community, exacerbated poverty, and led to far worse public health outcomes.   

Vaping Bans Are Not The Answer 

Today, once again, we find ourselves amid a public health hysteria, and thus far most elected officials’ responses have been just as reactionary and detrimental to public health as these previous prohibitionist and draconian solutions to prior drug-related concerns. 

This applies to the reactions to both nicotine and THC vaping products. So far, the most common reaction to nicotine vaping has been to ban the sale of flavored e-cigarettes. In fact, elected officials seem to be using the vape-related illnesses to accelerate their existing plans to quash flavored vaping. To be fair, there is a genuine public policy debate to be had over whether vape cartridges with flavors like tutti-frutti and cotton candy should be available for purchase because of their appeal to young people. But there’s nothing inherently wrong with flavored vapes, which studies have shown can help people kick their more damaging cigarette habit. So, here we have yet another instance where an unintended consequence of banning flavored vapes may lead to worse health outcomes as more nicotine users return to their more harmful cigarette habit. Yet I digress; bottom line is that the debate over flavored vapes is a separate debate from that over vape-related illnesses, which seem to be far more connected to illicit market cannabis products than legally regulated flavored or unflavored nicotine vape cartridges. 

But the reaction to ban all vape sales, as they have in Massachusetts, may have hugely negative public health consequences. After all, people who use nicotine vapes are generally addicted to nicotine. Ask any smoker how difficult it is to quit tobacco and it is understandable that people who have been vaping will not simply give up the habit. Without access to legal and regulated vape cartridges they will face two options: obtain illicit-market nicotine vape cartridges produced in an unregulated facility and with no way of knowing what additives and cutting agents may be present in the cartridge, or go back to smoking cigarettes. It’s true that we don’t fully understand the long-term health effects of vaping. But we certainly understand the long-term effects of cigarette smoking, and it is one of the most destructive things a person can do for their long-term health. Driving people back to cigarettes is guaranteed to cause catastrophic public health problems.

On the cannabis side of the equation, banning legally produced cannabis vape cartridges could be the most counterproductive response possible. Of the vaping-related illnesses, the vast majority appear to be related to counterfeit illicit market products that contain pesticides, additives and cutting agents dangerous to human health. By eliminating access to licensed and regulated products, states like Massachusetts may be inadvertently driving these customers and patients to the illicit market that’s causing these problems in the first place. 

In response to the wave of vape-related illnesses, NBC News took cartridges purchased in California dispensaries and knock-off cartridges purchased from unlicensed delivery services and brought them to CannaSafe, an accredited testing lab. The results were troubling, and only reinforce why these bans are destined to fail. All the illicit-market products contained dangerous substances like pesticides and hydrogen cyanide, a byproduct created by myclobutanil-based fungicides like Eagle 20, which is banned for use on plants grown for human consumption, including in every legal cannabis and medical marijuana market in the country. None of these contaminants were found in the legally produced products that CannaSafe tested. 

Dangers Of The Illicit Market 

It makes sense that illicit products would contain higher levels of dangerous contaminants than their legally produced counterparts—there are no pesticide regulations in the illicit market. The use of pesticides and fungicides, some of which are not safe for human consumption, lead to higher yields and healthier looking plants. But the use of these substances is worrisome because when the raw flower is concentrated into oil, the biomass is reduced, but not the pesticide load. What that means is that not only is the THC concentrated, but the pesticides are too—and in the case of myclobutanil-based substances, they turn into cyanide when combusted. Bottom line: Without state-mandated product testing, consumers have no way of knowing that these chemicals were used in the production of their cannabis. 

Another problem arises from the fact that producers of illicit-market vape cartridges often cut their cannabis oil with thinning agents to decrease potency and increase profit margins. Then, to increase viscosity back to the level consumers expect to see, they add thickening agents, the most popular of which is Vitamin E acetate. 

While there have been vaping illnesses in legal states, many associated with unregulated delivery services in places like California, most have taken place in states like Illinois or Wisconsin that have highly restrictive medical marijuana programs or no access to legal cannabis. Consumers in these states like vaping cartridges for the same reasons as everyone else: convenience, discretion, and an aversion to smoking. These folks generally do not have the same brand awareness of products that are available in legal states, leading distributors to sell cartridges in fancy packaging with names like Dank Vapes and Chronic Carts that look like legitimately produced products. Some sell bootleg versions of actual products like Kingpen and Brass Knuckles to consumers who are likely unfamiliar with these brands’ actual packaging and purchase them believing they are buying a product that had been legally bought in California or Colorado and diverted to prohibition states. In many cases, exact replicas of current California compliant brand packaging are for sale on eBay. 

Legalization And Its Corresponding Regulations Are the Answer to Vaping Concerns 

The most effective way to combat these illicit-market products is for every state and the federal government to legalize cannabis so that vape production can be regulated under a uniform set of rules. With cannabis legal nationwide, there would be little reason for producers to bootleg legal products to ship out of state, since these products would be available to any cannabis consumer anywhere in the country.  

Not that every state has done a great job with regulatory oversight today. At least two deaths in Oregon may be linked to products purchased from the legal market. But these still represent a small number of the overall deaths and illnesses. And with these occurring within the confines of a legal state, regulators and legislators have many tools available to them to adjust and adopt more robust regulations and enforcement practices. 

Regulators could and should adopt appropriate testing policies (and states like Arizona should improve its testing policies) to ensure that all products are being tested not only for pesticides, but thickening agents like Vitamin E acetate. Regulators could also require companies to list ingredients on packaging, including additives and non-native terpenes, and step up spot product inspections using secret shoppers who randomly purchase products and have them tested for prohibited substances. 

Coupling increased regulations and enforcement with better public education is a proven formula for positive public health outcomes on issues like this. For a great example, look no further than the progress we have made in reducing smoking in the United States over the past half century. From 1965 to 2017, the number of cigarette smokers decreased 67%. This was accomplished without arresting a single tobacco user or prohibiting cigarette smoking. An important factor in this reduction was a sustained public education campaign about the dangers of smoking based largely in fact-based information, rather than prohibitionist scare tactics. Coupled with increased regulation and limitations on tobacco advertising, especially to children, and indoor public smoking bans, these public education campaigns have resulted in one of the largest public health victories in American history.  

Prohibition only drives consumers to the illicit market where more dangerous products are rampant, and results in negative public health impacts. 

As the country continues to wrestle with how to handle vape-related illnesses, we would be wise to heed the lessons of the past and recognize that the most effective remedy is legalization, regulation, and education. 

The first European deal for Canadian firm MediPharm Labs will see its medical cannabis products made available to 20,000 German pharmacies.

With dual listings on the Ontario and Frankfurt stock exchanges, MediPharm says this new deal is an important milestone in its global ambitions.

And, it follows hot on the heels of its first ever international agreement in the Australian market, earlier this year. In a stock market statement MediPharm highlights why it has targeted Germany as its first European port of call.

Up To 50,000 Cannabis Patients

It says the German medical cannabis market currently serves up to 50,000 patients; a very rapid advance since its introduction in March 2017. With a population of over 80 million it is set to be Europe’s largest medical cannabis. 

MediPharm’s ‘white label’ agreement with German pharmacy ADREXpharma will see its supply ‘high quality, purity assured, cannabis concentrate derivative products, including THC and CBD oil, for sale and distribution under the ADREXpharma brand’, it says in the market release. 

ADREXpharma is licensed wholesale distributor of controlled drugs and medical cannabis, saying it serves almost all of Germany’s 20,000 pharmacies. 

MediPharm; ‘The Ideal Partner’

Mario Eimuth, Chief Executive Officer, at ADREXpharma, said MediPharm shares its ‘patient-centric focus’ and is its ‘ideal partner’. Founded in 2015, MediPharm specializes in the production of purified, pharmaceutical-grade cannabis oil and concentrates, utilizing Good Manufacturing Practices and hosting ISO standard clean rooms. 

It has five primary extraction lines with an annual capacity of 300,000 kg of  dried cannabis with complementary wholesale and white labelling capabilities. MediPharm is set to shortly complete construction of a new extraction facility in Wonthaggi, Victoria, which will feature supercritical carbon dioxide extraction, it says in a second market release.

This will  be able to process up to 75,000 kg of dried cannabis annually, as well as incorporating secondary processing equipment for the manufacture of purified and high-concentrate cannabis distillate. 

It has agreed terms, initially for one year, with an Australian Licensed Producer to source dried flower for the facility.

Advertised on the shingle hanging above the merchant’s door is a representation of the wares offered within. The butcher and the baker and the haberdasher alike all make their presences known in this way; why should anything be different for the purveyor of herbal wellness remedies? Because marijuana, that’s why!

CBD Kratom is a particularly successful chain of 27 stores in three states that sell, as the name suggests, among other things, CBD and kratom. Kratom is the plant with sedative and other psychotropic effects that the U.S. Food and Drug Administration believes has killed at least 44 people; it has never been banned. CBD is a cannabinoid found in the cannabis sativa plant — the history of which is full of bans.

Added now to that history is CBD Kratom’s sign: a relatively straightforward affair, the words “CBD KRATOM” in a sort of sleek futuristic-type font, adorned with an unmistakable green leaf with seven long, spindly fan leaves. It’s a pot leaf, it’s a weed leaf, it’s a cannabis leaf. What it’s not, at least not according to the FDA, is a marijuana leaf, as long as the plant represented therein has 0.3% or less THC, the legal line dividing Farm Bill-approved hemp from Controlled Substances Act-prohibited marijuana in the United States.

None of this should matter much in 2019 and certainly not in Chicago, a city in the state of Illinois, where recreational cannabis was legalized earlier this year and where recreational marijuana shops will soon open for business. CBD Kratom isn’t that, but CBD Kratom has nonetheless been prohibited by its landlord from hanging its sign outside its new downtown Chicago Loop location, as the St. Louis Post Dispatch reported. The store has since filed suit against its landlord, alleging breach of contract.

According to the suit, filed by St. Louis-based MNG 2005, the organization’s new landlords prevented CBD Kratom from hanging its preferred sign after making “references to the signage as promoting marijuana usage.”

Separate, but related, is a move by Chicago Mayor Lori Lightfoot to ban recreational marijuana stores from popular well-trod areas in Chicago, including the downtown Loop and nearby Navy Pier, in an attempt to keep the tourist traps “family-friendly.”

As anyone who has tramped around the hucksters’ den that is a major city’s tourist destination knows, there are plenty of unscrupulous merchants with whom you would not trust your junk mail, let alone a member of your family. So while that reasoning may not make sense, what makes even less sense is agreeing to rent to a place called CBD Kratom, which has a cannabis leaf in its logo, and then telling CBD Kratom it can’t use its sign.

According to the suit, CBD Kratom was told that it could not use its sign shortly before the store opened two weeks ago — six months after the store signed its lease, and roughly around the same time Chicago was doing what almost every city does in the marijuana legalization era by figuring out ways to make retail marijuana sales slightly less legal.

The landlord also made statements to the effect that CBD Kratom was “engaged in illicit activities, specifically the promotion and sale of marijuana and marijuana-related products,” according to the suit.

While a property owner is free to make decisions with regard to whom they allow to lease their space, it seems a little hard to believe that CBD Kratom’s landlord didn’t know what CBD Kratom did and what they looked like while doing it. And so now everybody gets to look at each other in court. This is America’s perverse fascination with the cannabis leaf, a symbol with great and terrible power as well as some benefit. As to when the benefit of being able to sell the plant in peace will arrive, well, who can say?

We now have more information about marijuana than ever, but there are still a bunch of myths that influence the way in which we view the herb.

There are a lot of myths surrounding marijuana, ranging from crazy stuff to others that makes a little bit of sense. This confusion is understandable; it’s only recently that marijuana has earned some legal status across states, and that serious scientific studies are being conducted.

Although much of marijuana’s make up and effect remain mysterious, there’s lots of room to learn more. We scoured the web to find some of the most popular marijuana myths. Here are six of the most common.

Weed isn’t as strong as it used to be

According to Ryan Vandrey, a professor from John Hopkins University, THC in cannabis is way higher than it used to be. Since cannabis is now a business, there are expert botanists that breed plants that contain larger quantities of THC. So maybe people smoked more weed in the 70s, but that doesn’t make today’s marijuana any less potent.

All weed is the same

There are two major types of marijuana, Indica and Sativa, both of which produce different highs. In short, Sativas are psychoactive while Indicas are more relaxing. It’s a little more complicated than that, since most marijuana plants contain a mix of both, but this generally works as a rule of thumb.

Synthetic marijuana is safe

Synthetic marijuana is much stronger than regular marijuana and it can lead to some really awful side effects. Synthetic marijuana has chemicals added in in order to resemble the effect and look of natural marijuana. These chemicals are harmful for your body, with some of the most serious side effects include renal damage, psychosis, cardiovascular harm and changes in the brain.

You can overdose on marijuana

It’s extremely unlikely to die from a marijuana overdose, but if you smoke too much you can have a pretty awful time. These overdoses can last a couple of hours and include symptoms of anxiety, paranoia, dizziness, and loss of coordination.

You can cheat a urine test

While there are tons of products that claim to do this, it’s very, very unlikely and practically impossible to cheat a urine test if there’s marijuana in your system. THC can be detected in urine for up to 10 days after consumption, 30 days if you’re a chronic user. Most products that claim to cheat urine tests simply dilute your urine, which tests can pick up on, flagging your sample as invalid.

Holland has never legalized marijuana

Holland, one of the world’s most popular marijuana scenes, has never actually legalized marijuana. In 1978, the government decided not to enforce bans in coffee shops and locales where people get together and smoke/sell small amounts of marijuana. Still, growing, distributing and importing marijuana within the country remains illegal.