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Michigan regulators announce $20 million in funding for research on cannabis and veterans.
On Tuesday, Michigan’s Marijuana Regulatory Agency announced the recipients of the 2021 Veteran Marijuana Research Grant Program Award Recommendations: Wayne State University and the Multidisciplinary Association for Psychedelic Studies (MAPS).
MAPS is expected to receive almost $13 million in funding, and Wayne State just over $7 million.
The Marijuana Regulation Fund was created by the Michigan Regulation and Taxation of Marijuana Act, which was passed by voters in 2018. The goal of the Fund is to allocate $20 million each year through 2022, or for two years, to “provide $20 million annually to one or more clinical trials that are approved by the United States Food and Drug Administration and sponsored by a non-profit organization or researcher within an academic institution researching the efficacy of marijuana in treating the medical conditions of United States armed services veterans and preventing veteran suicide.”
Wisconsin lawmakers announce adult use bill while highlighting state patchwork issues.
As Cannabis Wire reported, Wisconsin Gov. Tony Evers tried to build support for adult use legalization through his budget this year. But, with a Republican-controlled legislature, it was a long shot.
The same may be true for an adult use legalization bill announced on Tuesday in, strategically, Illinois.
Senator Melissa Agard, who was joined by Rep. Mark Spreitzer and Rep. David F. Bowen for the announcement in front of a Sunnyside dispensary in South Beloit, Illinois, tweeted: “Our border communities are losing out on millions in tax dollars each year because marijuana is legal just over the border.”
You can watch the full announcement here.
Scotts Miracle-Gro expands cannabis industry investments.
The Scotts Miracle-Gro Company has launched a “cannabis-focused subsidiary” called The Hawthorne Collective, which will invest $150 million into RIV Capital, a Canada-based cannabis-focused “acquisition and investment company” that is preparing to launch in the US.
RIV is also expanding its board to add three of Scotts’ nominees: Chris Hagedorn, the executive vice president of Scotts; Mark Sims, SVP of strategy and M&A at Scotts; and Gary Vaynerchuk, the chair of VaynerX.
“The addition of The Hawthorne Collective into our portfolio allows us to explore and pursue new opportunities in an industry that is poised for significant growth in the years ahead,” said Hagedorn in the announcement.
