Week in Review: NBA, Players Agree to Terms Involving Cannabis

Week in Review: NBA, Players Agree to Terms Involving Cannabis
Week in Review: NBA, Players Agree to Terms Involving Cannabis

Week in Review: NBA, Players Agree to Terms Involving Cannabis

In a groundbreaking move, the National Basketball Association (NBA) and the National Basketball Players Association (NBPA) have reached an agreement regarding cannabis policies. This agreement marks a significant shift in the league’s stance on cannabis and is set to have a positive impact on players and the sport as a whole.

After two months of negotiations, the NBA and NBPA have finalized a new collective bargaining agreement. The agreement removes cannabis from the list of banned substances, with some caveats. Players are now permitted to have a stake in entities that produce or sell CBD products. However, active ownership in cannabis companies is limited to below 50% of the business.

Furthermore, the agreement addresses player endorsements, allowing players to promote or endorse brands, products, or services related to CBD products. However, endorsements of cannabis companies are still prohibited.

The agreement also establishes penalties for players involved in driving under the influence of alcohol or controlled substances, as well as those engaged in the felony distribution of cannabis. This not only ensures the safety and integrity of the sport but also reflects the league’s commitment to maintaining a responsible and accountable environment.

The NBA’s new cannabis policies come at a time when attitudes towards cannabis are evolving, with increasing recognition of its potential health benefits and the need for fair and equitable policies. By removing cannabis from the list of banned substances and allowing players to participate in the CBD industry, the NBA is taking a progressive step forward.

In other cannabis news, Maryland has reported impressive sales figures during the opening weekend of the state’s adult-use market. Sales exceeded $10 million, with a significant increase compared to the same weekend last year. This strong start demonstrates the potential economic impact of legalized cannabis and highlights the demand for adult-use products.

New York has also achieved a significant milestone in the cannabis industry. A $150 million investment from Chicago Atlantic Admin, LLC has been secured for the state’s Social Equity Investment Fund. This fund aims to promote inclusivity by developing cannabis dispensaries for social-equity entrepreneurs. The investment reinforces New York’s commitment to address the injustices of the past and build partnerships that benefit all New Yorkers.

However, not all news is positive. The only licensed hemp farm in the British Isles has been forced to close due to a dispute with the UK government. Jersey Hemp, which grew hemp and extracted CBD on-site, faced challenges in exporting its products to the UK. Despite working to comply with regulations, trace amounts of THC in their products led to restrictions and the farm’s closure. This case highlights the complexities and challenges faced by hemp and CBD businesses within legal frameworks.

Overall, this week’s developments in the cannabis industry showcase both progress and challenges. The NBA’s agreement on cannabis policies reflects a growing acceptance of cannabis in professional sports. Maryland’s strong sales figures highlight the economic potential of legalized cannabis, while New York’s investment in social equity demonstrates a commitment to inclusivity. However, the closure of Jersey Hemp serves as a reminder of the legal complexities that cannabis businesses face. As the cannabis industry continues to evolve, it is important to strike a balance between regulation, innovation, and social responsibility.



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