2017 Cannabis Startup Real Winner
The most important “highdea” out of the 2017 Cannabis Startup Challenge is a technology nobody is really talking about. The event ended on November 14, 2017, and the Internet was abuzz with five pitches from up-and-coming companies. But there is a company that pitched an idea that will prove to be incredibly revolutionary for the marijuana industry; that firm is Hyasynth Bio.
Hyasynth Bio—at first— looks like a regular biotech company, but when you scroll down through their website, you realize that they are pushing for marijuana legalization in Canada. It turns out Hyasynth is a biotech startup from Montreal, Canada. They utilize a new technology called biosynthesis, which could prove to be incredibly revolutionary for the cannabis industry.
Biosynthesis is the multi-level process of growing and joining together of microorganisms to create larger organisms. It is synthesizing elements through biological means instead of the traditional way, which is through chemical processes. The New York Times reported on the biosynthesis of THC back in 2015, and in 2016, Librede, a company in San Diego, became the first company to get an investment based on the biosynthesis of CBD and THC.
What does this mean? It means that CBD and THC can now be grown in metal drums using yeast and biosynthesis. There will be no more need for vast amounts of grow-space, monitoring, water, and electricity. That means more efficiency and more profitability, which is precisely where capital likes to flow. Again, the technology is very revolutionary, and it will change the industry in the very near future.
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MJBizCon – An Industry Maturing
Starting Wednesday, November 16th, 2017, Las Vegas began hosting the three-day MJBizCon at the Las Vegas Convention Center. Reports from the event focus on the evolution of the industry into a highly professional and technologically advanced one. It is inspiring to see the industry grow up into a well-funded and highly profitable business. Such revelations are just more proof that legalization needs to happen, and that it is so important for creating more jobs and innovation.
WeedUpdate from Around the Country
Michigan – The Coalition to Regulate Marijuana Like Alcohol was successful in obtaining enough signatures to be on the 2018 ballot. However, the law firm that collected all the signatures will not release them until they are paid the remainder of what they are owed. The organization is sure that the amount will be paid and is not worried.
New Hampshire – In a surprising turn of events, the New Hampshire Criminal Justice and Public Safety Committee decided not to vote for the bill that would have legalized marijuana for adults 21 and older. The concern is that marijuana is still illegal under federal law and remains a schedule 1 drug under the CSA.
There is definitely a lot of traction on the way to national legalization. Additionally, The 2017 Cannabis Startup Challenge and MJBizCon both show that the cannabis industry has matured and is on the right track to becoming a bon-fide national industry.