MJ Biz report…
When Texas Gov. Greg Abbott signed a limited CBD bill into law last June, many cannabis professionals downplayed the move.
The measure seemed to be another bit of unworkable political posturing, primarily because it requires doctors to issue a “prescription” rather than provide patients with a simple recommendation to use CBD-heavy medicines.
That distinction is important: Doctors can theoretically lose their licenses for prescribing a Schedule I controlled substance, which is why every state with an active medical cannabis industry opts for recommendations.
But there’s a growing sense of optimism that Texas will indeed be able to launch a CBD industry under the current law because the word prescription in this case has a very specific – and different – meaning. And interest levels from entrepreneurs in the state’s potential CBD market have reached a fever pitch.
“We’ve gotten dozens of calls about Texas, so much that we decided to actually host an event down there (in May)… just a sort of cannabusiness investment event to shape the discussion,” said Brian Vicente, one of the founders of the Denver-based cannabis powerhouse law firm Vicente Sederberg.
The state’s law is very limited. It includes just a single qualifying condition – intractable epilepsy – and only allows for the production, use and sale of CBD oils.
While doubts remain about whether the program will in fact launch, some observers close to the situation say the existing law is indeed workable.
TEXAS COMPASSIONATE-USE ACTSB00339F