- Proposed legislation would remove cannabis from the list of Schedule I controlled substances.
- If successful, it would pave the way for the Canadian company to enter the U.S. market.
- Unique combination of algae and cannabis oils targeting cancer and mental health disease, making Algae Dynamics a lucrative opportunity for investors.
A bill looking to decriminalize marijuana all over the country has recently been introduced in the U.S. Senate, giving fresh hope to legal cannabis businesses that they will be able to expand operations and access federal protections and banking solutions. The bill, titled the Marijuana Justice Act, was introduced by New Jersey Democrat Senator Cory Booker, being designed to reverse the tough federal stance on cannabis and hopefully resolve the ongoing conflict between federal and state laws on cannabis. While still classified as a Schedule I drug on par with heroin, cocaine and LSD at the federal level, marijuana is already legal in 29 states and the District of Columbia either for medical or recreational use. If successful, the bill would allow companies such as Algae Dynamics Corp. (OTCQB: ADYNF) to operate freely in the United States in an entirely legal and regulated market.
The Marijuana Justice Act would remove cannabis from the federal list of drugs on the Controlled Substances Act, according to the Investing News Network (http://nnw.fm/njp9W). The bill would incentivize states that still oppose marijuana legalization to update their legislation and would also allow prisoners serving a sentence on marijuana possession charges to ask for resentencing.
In a statement, Booker explained that his bill is aimed at helping the current “broken” state of U.S. drug laws. Instead of making communities safer, current drug laws waste billions in taxpayer money, diverting resources from fighting violent crimes and tearing families apart, with an unfair impact on low-income communities and communities of color, the statement said.
Supporters of decriminalization expect tough opposition to the bill, with known opponent Attorney General Jeff Sessions currently seeking Congressional support to remove protections on medical marijuana use at state level and to get a targeted look at MMJ users.
Analysts think the bill is unlikely to pass at this time, but are optimistic that it will stimulate a conversation in Congress on the topic. Cannabis financial analyst Alan Brochstein voiced hope that Senator Booker’s bill would at least get lawmakers to focus on some of the issues the industry is facing – most notably the absence of federal banking support and the lack of sufficient research. But if the bill is successful, it would catapult an already booming industry and open capital markets by removing a series of impediments currently blocking the market, such as access to banking, interstate transport and research, Brochstein said.
The federal decriminalization of marijuana would allow Algae Dynamics Corp., based in Canada but publicly traded in the U.S., to enter the American market with its unique product line that combines the health benefits of algae, hemp and cannabis oils. The U.S. cannabinoid market is expected to reach $2 billion in sales by 2020 and an impressive $50 billion by 2029, according to Statista figures (http://nnw.fm/Uw7he). This would provide Algae Dynamics with ample opportunities to successfully market its innovative blend of algae and cannabis oils, making the company an ideal target for investors in the fast-growing cannabinoid and cannabis industries. For the time being, the company operates only in Canada, where the marijuana oil extraction market is projected to grow exponentially, from C$1 million in 2015 to approximately C$1.7 billion in 2020, with full cannabis legalization expected in the country in 2018.
Algae Dynamics Corp.’s health and pharmaceutical products primarily target cancer and mental ailments, and the company has already partnered with two Canadian universities to research the use of cannabis oil in these fields. The company has signed a three-year, C$600,000 partnership with the university of Waterloo to research the effects of cannabis oils on pancreatic, colorectal, prostate and breast cancer, and a four-year, C$1 million research agreement with the University of Western Ontario to assess the use of cannabis derivatives for mental health diseases including anxiety, PTSD, depression and schizophrenia.
For more information about the company and its innovative products, visit www.AlgaeDynamics.com
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