With wholesale and bulk cannabis prices in Oregon plummeting, some growers are turning to the other green rush —hemp-derived cannabidiol (CBD). In fact, since 2015, applications for hemp cultivation licenses in the state have increased more than twentyfold.
Oregon's current inventory of marijuana is a staggering one million pounds of flower. On top of that, there’s also 350,000 pounds of marijuana extracts, edibles, and tinctures sitting on retail warehouse shelves in the state. Under federal law, none of it can leave the state.
In a decision released April 30th, the 9th Circuit Court refused to order a retraction of the December 2016 DEA “extracts designation” which re-affirmed the DEA’s stance that CBD is a Schedule I Controlled Substance—meaning it’s still, supposedly, federally illegal.
In a decision released April 30th, the 9th Circuit refused to order a retraction of the December 2016 DEA "extracts designation" on CBD, re-affirming CBD as a Schedule I Controlled Substance.
Hemp Industries Association (HIA), Centuria, RMH Holdings, and attorneys at Hoban Law are downplaying the decision and say they will ask the court to reconsider, and if unsuccessful, look at pursuing an appeal.
Hoping to cash in on the CBD oil boom is Avalon Oil & Gas Inc. (OTC:AOGN) who The Cannabist reports is changing their business model from an oil and gas company to a producer of industrial hemp CBD personal grooming and cosmetic products. The penny stock Minneapolis company is just one of a long line of oil and gas and mining firms looking to grab a piece of the green rush sweeping across North America.