Understanding Cannabinoids: CBN vs CBD
While there are many cannabinoids that may enhance the therapeutic effects of hemp products, the most common renowned product is the phytochemicals in the Cannabis genus that contain the tetrahydrocannabinol or THC. This is the substance that is responsible for all of the psychoactive effects of cannabis. CBD has long been associated with the variety that offers up the best help benefits without offering up the high that the THC gives to users.
While the CBD may not be the feature that is in all of the hemp products, it’s a by-product of the THC. Hemp Genix, Wholesale CBD Oil in Perry, has 80% purity compared to competitors at 17%-40%. The CBN doesn’t bind to the body’s cannabinoid receptors like the THC does. It’s long been known to give a stronger sedative effect when it’s used in combination with the THC.
At Hemp Genix, all of our products are made with 100 percent USA, Zero THC and 80 percent purity Wholesale full-spectrum CBD oil in Perry. This is carefully derived from a variety of cultivars of hemp which contain an abundance of cannabinoids.
A lot of people are very familiar with CBD or Cannabidiol. This is found in highly concentrated amounts in a variety of products. However, there are lots of cannabinoids that are found in hemp. These have shown a variety of benefits in studies. All of our products offer you full-spectrum hemp oil. This also includes all of our cannabinoids that are found in the plant. We don’t want you to miss out on any of the benefits.
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This is the most abundant cannabinoid in the hemp oil. It makes up 90 percent of the content of cannabinoid. It’s non-psychoactive and the focus is on how it benefits the body via the hemp oil. It has minimal affinity for CB1 or CB2 receptors. The main focus on interaction is in the endocannabinoid system and it acts as an indirect antagonist toward the cannabinoid antagonists. This, in turn, may allow the CBD to temper the high that is caused through the THC. Wholesale CBD Oil in Perry from Hemp Genix are over 80 percent pure and CBD makes up the majority of the Oils weight. Industry averages and nearly all of the other products with cannabinoids and brands average in at 17 to 40 percent purity.
What’s The Difference Between CBD And CBN?
Cannabis has a number of cannabinoids in which the most abundant are the levels of THC. There are 9 tetrahydrocannabinol as well as CBD and CBN. This is the active ingredient that makes you high. The THC is in the plant and the CBD is the precursor and the CBN is the metabolite of the THC. As the cannabis ages, the THC level breaks down into the CBN.
This also leads researchers to believe that the CBD might give some protection against ecstasy-derived neurotoxins or long-term depletion of the serotonergic receptions. While this is still speculation, it’s investigating further. The CBD is usually present in significant enough quantities in such products as hashish or cannabis resins. However,r it’s also in the herbal cannabis referred to as skunk in smaller amounts.
Overall, the CBN is a great cannabinoid that offers up a varied range of therapeutic applications that work together with the rest of the “team” in order to offer up the best possible results. Clearly, more clinical trials are required to see how else it can benefit patients.
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Although selling marijuana is now legal in 24 states and the District of Columbia, doing business as a legal marijuana company is a logistical nightmare. That's because marijuana is still federally illegal, and banks open themselves up to potential seizure by the FDIC if they take money that is the result of a federally illegal act.
Despite the fact that President Obama has given financial institutions the green light to serve the legal cannabis industry (so long as they monitor closely for potential money-laundering and other violations), most banks won't work with the $6.7 billion marijuana industry. The result is that 70 percent of cannabis companies don't have a bank account. The few banks that do take on marijuana clients do not advertise what they're doing.
Enter Hypur, a startup in Scottsdale, Arizona, that for the past year has been quietly convincing banks that it is safe and profitable to work with cannabis businesses.
Hypur, which was founded by a team of banking compliance and software entrepreneurs in 2014, has successfully helped about five banks in Colorado serve a number of cannabis businesses in the state. Hypur would not reveal which banks, citing nondisclosure agreements.
The startup's secret sauce is a software platform that audits a cannabis company in its entirety, shifting through documents and state licenses, financial statements, tax returns, property leases, and more, to ensure it is legal and legitimate. The software connects to the cannabis company's point-of-sale system as well as the state's seed-to-sale system, which follows marijuana plants from the grow house until they're sold to a customer, to monitor the business and ensure compliance.
One of the greatest hurdles for banks that do want to do work with this lucrative market is to make sure businesses are compliant under state law. It can take up to 20 hours for a banker to do a single marijuana business's paperwork, while other businesses can get a bank account set up within an hour, says Andre Herrera, executive vice president and co-founder of Hypur.
Michael Sinnwell, chief operating officer and co-founder of Hypur, adds, "That's one of the biggest things--banks spend a lot of time chasing paper and we're eliminating the paper-chasing."
After Hypur has collected all the licenses and documents and has proved the company is legally operating in the state, the system creates automated notifications and red-flag triggers for when a license or lease will expire to make sure the client does not fall out of compliance.
Banks using Hypur are granted access to granular financial information coming from each dispensary's point-of-sale system. (Hypur is integrated into POS software like Flowhub and BioTrack THC and marketplace platforms like Tradiv.) Not only can banks on the platform assure bank regulators like the FDIC that everything is above board, Hypur breaks down the provenance of every dollar coming into a cannabis bank account, says Sinnwell.
"Here's where the money came from and here's how much cash you should expect coming through your door at any given point. We allow banks to know a given transaction is a legitimate transaction between a consumer and that merchant," Sinnwell says. "We call it Know Your Customer's Customer. Banks know their customer but now they have an idea of their customer's customer to make sure it's not laundered funds."
Follow the money.
The ability to know you customer's customer is a big deal in the banking world. Once a Hypur customer gives a cannabis business an account, that business is encouraged to have its customers download Hypur's mobile payment app. The app, which is about to finish beta testing, hosts a direct bank-to-bank electronic transaction, meaning a customer pays directly from their bank account to the cannabis business's bank account. The bank can follow each transaction coming in and follow the product going out of the business.
"Our goal is to eliminate cash," Sinnwell says.
Cash is not only a pain to deal with and keep safe; it also poses danger to the merchant and the merchant's employees. Money also walks. Cash businesses tend to lose 10 percent due to theft. Lastly, businesses that are cash only are inconvenient to customers.
While 30 percent of cannabis companies have a bank account, no cannabis company can accept debit or credit cards because companies like Visa and Mastercard will not give the industry merchant accounts until federal law changes. For this reason, an entire cottage industry of armed cash pick-up and delivery companies has emerged in states like California, Colorado, Oregon, and Washington to bring millions in cash to entrepreneur's homes, private vaults, or banks or local federal reserve branches (some banks prefer to bring the cash straight to their federal account) for the ones with bank accounts.
Hypur's platform and app allows banks to see each dollar come into a business's account and match with a customer and product. When a cannabis client's armored truck pulls up to a bank, the bank knows exactly how much is coming and where each bill came from.
According to Hypur, it monitors hundreds of millions of dollars of transactions a month. The company, which raised $6 million from investors, doesn't serve only the cannabis industry. It also serves any cash-intensive business, like gun and ammunition shops, payday lenders, off-track betting parlors, and pawn shops. Sinnwell says that the Hypur platform provides effective tools to companies that are struggling for credibility and acceptance by financial institutions.
"Once the data and information starts to flow and banks can know a business isn't laundering funds, that's when the industry blooms," he says. "The biggest thing for regulators is to know that all of this cash is accounted for."
Banking for Cannabis Companies Is About to Get Easier Thanks to This Startup
With medical marijuana legal in 23 states and Washington, D.C, there are now millions of card-carrying cannabis users working at companies across the U.S. But pot is still illegal under federal law, and many business owners still subscribe to the plant's Reefer Madness stigma and don't want to allow people to smoke on the job. For some of those owners, that can mean getting sued for failing to accommodate an employee who has a medical condition.
Regardless of how you feel about marijuana, there are certain rules employees and employers need to follow when it comes to drugs in the workplace. If you make a mistake, you could find yourself in court. Todd Wulffson, a partner at California-based employment and labor law firm Carothers DiSante & Freudenberger, is one of the many lawyers who have been busy defending employers in these types of cases. Wulffson says that to protect your business you need to update your employment policies and human resources programs, and train all managers.
First, you need to be familiar with the laws that have been passed in your state and consider a drug policy that doesn't prohibit employees from using cannabis on their own time. With 86 percent of Americans supporting medical marijuana, an overly restrictive policy may chase some of your workers to another employer. Marijuana, while still classified as a Schedule I drug without medical use, does have medical benefits, and a bipartisan bill to make medical marijuana legal on the federal level has been introduced in the Senate.
Until then, you need to take steps to avoid becoming a target of an employee lawsuit (whether the employee would have a strong case or not). "There are four scenarios that play out in these types of lawsuits that I see over and over again," Wulffson says. See the details below to find out what moves your company should make in each case.
1. Innocent inquiry
The first scenario is when an employee or an applicant innocently asks the question "'I just wanted to know, would you accommodate my use of medical marijuana?'" "That's a loaded question because you have to accommodate the underlying disability of the medical condition," Wulffson says. "But you don't have to accommodate being stoned at work."
If the query is put to the human resources department, the HR person should tell the employee that the company will accommodate his condition. At the same time, the employee should explain his condition, the treatment, and exactly what kind of accommodation he needs so you can have a dialogue about it. Where most companies falter is when a manager doesn't know the company policy and speaks out of turn.
"If an employee asks a line manager, they could easily say, 'Hell no! We don't accommodate stoners! You can't be stoned at work!'" Then the employee says, "Gee, I got glaucoma and I was hoping you'd accommodate my condition." If the manager doesn't tell the employee to go talk to HR and fires them, Wulffson warns, the result may be a lawsuit.
2. An ill employee stoned at work
The second scenario, Wulffson says, is when an employee with a serious disease is under the influence at work and gets called on the carpet: "The employee will say, 'I am getting treated for cancer and I am going through chemo. The only thing that helps is medical marijuana and I had to smoke a bowl at lunch to keep from throwing up. I am really sorry, I'll do something light until it wears off.'" Wulffson says that although you may have sympathy for the employee's situation, the only way to protect yourself from litigation is to institute a zero-tolerance policy for the use of any drugs, including medical marijuana, while at work.
Keep in mind, however, that if you are in a state that mandates employers accommodate medical marijuana (i.e., Arizona, Delaware, or Minnesota) you cannot fire a medical marijuana card-holding employee for a positive marijuana test. While it is indeed advisable to have a drug policy prohibiting marijuana use during work hours, you don't need to know about what employees are doing on their own time.
3. The future smoker
Wulffson says he's currently representing three clients who are in this situation: The employee comes to you and says she's suffering from anxiety or glaucom and needs to deal with the symptoms. She tells you she's about to go outside, walk 50 feet away from the building, smoke, and come back. "They're telling you they're going to do it, but they are not stoned right now, so you don't have the right to fire them right now," he says. "But, invariably, the manager says, 'No, no, no, no. Go home, stay home, you're fired.'"
Wulffson says you should not allow the employee to smoke while at work, but you can make allowances. Say something like this: "We will reasonably accommodate your condition, but we cannot allow you to be under the influence while on the clock--it's too risky for the company. You can go home for the rest of the day and come back tomorrow."
4. Social media smokers
Here, an employee goes on Facebook or Twitter and sees pictures of an applicant smoking a joint. The employee then emails the hiring manager to discourage him from hiring the person. When the candidate finds out you saw the photos, Wulffson says, "that's when they claim you didn't hire them because of either a perceived disability" and/or because you don't want to provide an accommodation for them.
You might find this is frivolous, but there are lawyers out there looking to cash in. "There is a cottage industry of lawyers that do nothing but bring claims related to medical marijuana against employers," Wulffson says. "Google 'medical marijuana rights' and you'll find 50 lawyers who write well-written letters about how you didn't accommodate the employee and you're getting sued for hundreds of millions of dollars, but today they'll take $15,000 to go away."
Wulffson says these lawsuits are catching a lot of employers off guard because of the confusion over medical marijuana laws. "It may be legal in many states, but it's still a federal crime," he says. California and other states will not prosecute someone with a medical card who is carrying less than a certain amount, but that's not a blanket permission. "You can't go on federal property, you can't work for a federal employer," he says. "'Don't work for a federal contractor because you could be fired and maybe jailed."
When it comes to drug use at work--whether it is an employee with cancer smoking marijuana or one popping Xanax to deal with anxiety--Wulffson suggests you should adopt a simple, straightforward company policy that reads something like this: "We don't allow the use of, the possession, or being under the influence of any illegal drug in the workplace. 'Illegal drug' is defined as 'the abuse of over-the-counter medication, prescription medication, medical marijuana, and alcohol."
Additionally, Wulffson says, make sure you train all of your managers to answer questions. "If anything from any employee looks, sounds, or smells like they have a medical condition or medical marijuana issue, refer them to HR," he says. "The biggest issue I see is that companies don't get the word out and the line managers say and do things that get the company sued."