1 - The Majority Leader’s Project
Last Monday saw the return of Congress to its post for the ‘lame duck’ session. One of the items on the agenda was the Farm Bill, a matter of great significance for the hemp and CBD industries.
By late Tuesday afternoon there were reports that (as NPR put it) negotiators from the two chambers were “close to finalizing a framework on a farm bill compromise.”
However, no specifics were released about specifics of the CBD issue. What we know is this: the Senate version includes McConnell’s Hemp Farming Act, which would permanently legalize hemp and popular hemp-derived products like cannabidiol (CBD). The House version was silent on hemp. McConnell used his leverage as Majority Leader to get himself on the conference committee to iron out the differences.
The project is very much McConnell’s own. He has backed the idea for five years now, to the approval of the farmers of his home state, Kentucky. Let’s hope it moves along, and quickly.
2 - Endexx Corporation officially becomes CBD Unlimited Inc.
Last week Endexx Corporation (OTC PINK: EDXC) has officially changed its name with the permission of the Nevada Corporation Commission: to CBD Unlimited Inc. It is seeking approval from FINRA for the same name change, and a corresponding stock symbol: CBD. This is the culmination of a move into the marijuana and CBD industries that has been underway since 2013, when Endexx acquired Dispense Labs and CannCan.
The latest name change, to CBD, not only cements the firm’s acquired identity, it has been taken in explicit anticipation of Congressional action this session on the Farm bill. In the words of CEO Todd Davis, “Anticipating the Farm Bill Act of 2018, we are confident ‘The New Hemp Law’ will be conducive to the official launch of the hemp industry in the United States. The name CBD Unlimited, Inc. best reflects our company’s position and strength of behalf of the shareholders.”
3 - Few Words on Attending MJBizCon 2018
I attended the seventh annual MJBizCon last week, now at the Convention Center in Las Vegas, may be the fastest growing trade show in the country, and it is one of the biggest shows in Las Vegas.
It was in remarkable contrast to the first of these, in 2012. Back then, I was one of only 402 attendees, and there was a sense of intimacy to it: everyone knew everyone. This year there were more than 27,000 in attendance, and they came from very different walks of life. That old small-town atmosphere is gone.
While I enjoy the ability to connect with so many cannabis professionals, the conference set up itself was challenging; the show floor itself was overwhelming and not as organized as one would hope. To some extent that is inevitable given how quickly the show has been growing year to year, but to some extent, too, it is something the organizers have to consider fixing.
Brakkton Booker, “How the Midterms and Lame-Duck Session are Pushing the Farm Bill to a Deal,” NPR, November 20, 2018.
Endexx Corp. (Global Newswire), “Endexx Corporation Officially Changes Name to CBD Unlimited, Inc.,” Omaha World-Herald, November 19, 2018.
James Higdon, “How a Pair of Kentucky Polls are About to Legalize Hemp,” Politico, August 4, 2018.
Harwood D. Schaffer and Daryll E. Ray, “Policy Pennings: What’s Next for the Farm Bill?” Agrinews-Pubs.com, November 20, 2018.
Bart Schaneman, “MJBizCon 2018 Opens with record attendance, reflecting marijuana industry’s rapid growth,” Marijuana Business Daily, November 14, 2018.
US Hemp Roundtable, “2018 Farm Bill Update,” HempSupporter.com, November 16, 2018.