Rhea-AI Impact
Rhea-AI Sentiment
Rhea-AI Summary
Village Farms International (NASDAQ: VFF) and Hemp for Victory have filed a joint motion to disqualify the Drug Enforcement Administration (DEA) from overseeing the marijuana rescheduling process from Schedule I to Schedule III. The motion seeks to replace the DEA with the Department of Justice as the proponent of the Proposed Rule. The filing argues that the DEA failed to maintain complete records, ensure transparency, and is compromised in these proceedings. The parties also request that Smart Approaches to Marijuana and the DEA preserve their records due to evidence of unlawful conduct. Village Farms has been selected as a witness for the upcoming Rescheduling Hearing.
Village Farms International (NASDAQ: VFF) e Hemp for Victory hanno presentato una mozione congiunta per escludere la Drug Enforcement Administration (DEA) dalla supervisione del processo di riclassificazione della marijuana da Schedule I a Schedule III. La mozione vuole sostituire la DEA con il Dipartimento di Giustizia come promotore della Regola Proposta. Il documento sostiene che la DEA non ha mantenuto registrazioni complete, non ha garantito trasparenza ed è compromessa in queste procedure. Le parti richiedono inoltre che Smart Approaches to Marijuana e la DEA preservino i loro documenti a causa di prove di condotta illecita. Village Farms è stata selezionata come testimone per l’imminente Udienza sulla Riclassificazione.
Village Farms International (NASDAQ: VFF) y Hemp for Victory han presentado una moción conjunta para descalificar a la Drug Enforcement Administration (DEA) de la supervisión del proceso de reclasificación de la marihuana de la Lista I a la Lista III. La moción busca reemplazar a la DEA con el Departamento de Justicia como proponente de la Regla Propuesta. La presentación argumenta que la DEA no ha mantenido registros completos, no ha garantizado la transparencia y está comprometida en estos procedimientos. Las partes también solicitan que Smart Approaches to Marijuana y la DEA conserven sus registros debido a evidencias de conducta ilegal. Village Farms ha sido seleccionada como testigo para la próxima Audiencia de Reclasificación.
Village Farms International (NASDAQ: VFF)와 Hemp for Victory는 마리화나의 일정 I에서 일정 III로의 재분류 프로세스를 감독하는 Drug Enforcement Administration (DEA)의 자격을 박탈하기 위한 공동 신청서를 제출했습니다. 이 신청서는 DEA를 제안된 규칙의 지지자로서 법무부로 대체할 것을 요청합니다. 이 문서는 DEA가 완전한 기록을 유지하지 않고, 투명성을 보장하지 않으며, 이러한 절차에서 타락해 있다고 주장합니다. 또한 당사자들은 Smart Approaches to Marijuana와 DEA가 불법적인 행위에 대한 증거로 인해 그들의 기록을 보존할 것을 요청합니다. Village Farms는 다가오는 재분류 청문회의 증인으로 선정되었습니다.
Village Farms International (NASDAQ: VFF) et Hemp for Victory ont déposé une motion conjointe pour disqualifier la Drug Enforcement Administration (DEA) de la supervision du processus de reclassement de la marijuana de l’Annexe I à l’Annexe III. La motion vise à remplacer la DEA par le Département de la Justice comme promoteur de la Règle Proposée. Le dépôt soutient que la DEA n’a pas maintenu des dossiers complets, n’a pas assuré la transparence et est compromise dans ces procédures. Les parties demandent également à Smart Approaches to Marijuana et à la DEA de conserver leurs dossiers en raison d’évidences de comportements illégaux. Village Farms a été sélectionnée comme témoin pour la prochaine Audience de Reclassement.
Village Farms International (NASDAQ: VFF) und Hemp for Victory haben einen gemeinsamen Antrag eingereicht, um die Drug Enforcement Administration (DEA) von der Aufsicht über den Prozess zur Umklassifizierung von Marihuana von Schedule I zu Schedule III auszuschließen. Der Antrag zielt darauf ab, die DEA durch das Justizministerium als Befürworter der vorgeschlagenen Regel zu ersetzen. Die Einreichung argumentiert, dass die DEA es versäumt hat, vollständige Aufzeichnungen zu führen, Transparenz sicherzustellen und in diesen Verfahren kompromittiert ist. Die Parteien fordern außerdem, dass Smart Approaches to Marijuana und die DEA ihre Aufzeichnungen aufgrund von Beweisen für rechtswidriges Verhalten aufbewahren. Village Farms wurde als Zeuge für die bevorstehende Umklassifizierungsanhörung ausgewählt.
Positive
- Selected as a witness to testify in the upcoming Rescheduling Hearing
- Taking proactive legal action to advance cannabis rescheduling process
Negative
- Facing regulatory challenges restricting cannabis access and research
- Potential delays in rescheduling process due to legal proceedings
Insights
This joint motion challenging DEA’s oversight of marijuana rescheduling represents a significant legal development with potential market implications. The filing raises serious procedural concerns about DEA’s role and alleged bias in the rescheduling process, which could materially impact the timeline and outcome of marijuana’s potential rescheduling from Schedule I to Schedule III.
The motion’s success could accelerate the rescheduling process by removing a potentially obstructionist agency and replacing it with the DOJ. This would have substantial implications for Village Farms and other cannabis companies, potentially opening access to banking services, tax deductions and easier interstate commerce. The allegations of DEA’s compromised position and lack of transparency also highlight systemic issues that could affect future regulatory processes in the cannabis industry.
However, investors should note that administrative challenges like this often face significant hurdles and can extend timelines for regulatory changes. The immediate impact on Village Farms‘ operations remains until actual rescheduling occurs.
– Filing asserts that the DEA failed to maintain a complete record and ensure fairness and transparency –
– Filing also asserts DEA is compromised and should be barred from participation in these proceedings –
– Parties move that the Department of Justice replace the DEA as proponent of the Proposed Rule –
ORLANDO, Fla. and VANCOUVER, British Columbia, Nov. 19, 2024 (GLOBE NEWSWIRE) — Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) and Hemp for Victory (collectively, “The Parties”), today announced that they have filed a joint motion which seeks the immediate disqualification and removal of the Drug Enforcement Administration (“DEA” or the “Agency”) from defending the Proposed Role to reschedule marijuana from a Schedule I to a Schedule III drug under the Controlled Substances Act (“CSA”).
The Parties also moved to replace the DEA with the Department of Justice (“DOJ”) as proponent of the Proposed Rule and order that the record include all requests for hearing and/or participation in these proceedings filed with the DEA; a record of the decisions made by the Administrator regarding why certain parties were designated as participants and others were not; and any ex parte communications between DEA and third parties. Finally, Village Farms and Hemp for Victory requested that Smart Approaches to Marijuana (“SAM”) and the DEA be ordered to preserve their records, as factual evidence demonstrates unlawful conduct which has further compromised the DEA’s participation in the proceedings.
Shane Pennington, partner at Porter Wright Morris & Arthur, LLP and counsel to Village Farms and Hemp for Victory commented, “It is our belief that the DEA cannot lawfully act as the proponent of the Proposed Rule and that its actions throughout the administrative process demonstrate that it opposes the proposed transfer of marijuana to Schedule III and is therefore compromised. Treating the DEA as the proponent of the Proposed Rule would violate APA and DEA regulations and render these proceedings a sham. Lawyers from the Department of Justice, not the Drug Enforcement Administration, must therefore defend this rule.”
Robert Head, retired Army infantryman and Board Chair of Hemp for Victory added, “A majority of American citizens continue to overwhelmingly support having better access to alternative medicines like cannabis in their pursuit of health and wellness. However, the wellbeing of military veterans in particular continues to be ignored despite significant evidence that cannabis is a beneficial tool that can help veterans manage the mental and physical challenges that have resulted from their service without dependency on opioids. This rescheduling process needs to pave the way for a healthier road ahead, a road that cannot continue to be blocked by the deep entrenchment of bureaucracy in our administrative processes.”
Michael DeGiglio, retired Navy captain and naval aviator and President and Chief Executive Officer of Village Farms concluded, “Our organization embraces the power of the cannabis plant as an alternative to Big Pharma and harmful, addicting drugs like opioids. However, we continue to face burdensome challenges in several of our regulatory jurisdictions that not only restrict us from advancing access to cannabis for millions of people, but have also created near-insurmountable institutional barriers to clinical research involving cannabis. We are proud to be one of the pro-cannabis participants selected to testify as a witness in the upcoming Rescheduling Hearing, but the filing of this joint motion reflects our desire for a more transparent process that ensures all credible voices are heard, including other applicants whose expertise has been overlooked or ignored.”
A complete copy of The Parties’ joint motion filed on November 18, 2024 is accessible in the FAQ section of Village Farms’ website at www.villagefarms.com/investors-faq.
About Hemp for Victory
Hemp for Victory is a non-profit dedicated to educating the public about why veterans are using cannabis over pills. Today, its Board of Directors has grown to almost half a dozen leaders with military, medical, and academic backgrounds. Hemp for Victory is on a mission to educate and bring awareness to the natural solution of cannabis as a way for veterans to manage mental and physical challenges as a result of their service. For more information, please visit www.hemp4victory.info.
About Village Farms International
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods. The Company has a strong foundation as the leading and longest-tenured leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada and is capitalizing on new high-growth opportunities in the cannabis and CBD categories in North America, the Netherlands and selected markets internationally.
In Canada, the Company’s wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada’s best-selling brands. The Company also owns 80% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec.
Internationally, Village Farms is targeting selected, nascent, legal cannabis and CBD opportunities with significant medium- and long-term potential. The Company exports medical cannabis from its EU GMP certified facility in Canada to a growing list of international markets including Germany, the United Kingdom, Israel, and Australia. The Company is expanding its international presence with additional export contracts to new countries and customers in the Asia-Pacific and European regions, as well as select strategic investments in operating assets. In Europe, wholly-owned Leli Holland has one of 10 licences to grow and distribute recreational cannabis products.
In the US, wholly-owned Balanced Health Botanicals is one of the leading CBD brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US high-THC cannabis market via multiple strategies, leveraging one of the largest greenhouse operations in the country (more than 5.5 million square feet in West Texas), as well as the operational and product expertise gained through Pure Sunfarms’ cannabis success in Canada.
Village Farms Clean Energy (VFCE), through a partnership with Atlanta-based Terreva Renewables, creates clean energy from landfill gas at its Delta RNG facility. VFCE receives royalties on all revenue generated. This partnership reduces Vancouver’s greenhouse gas emissions by 475,000 metric tons of CO2 per year, equivalent to removing more than 100,000 vehicles off the road or the energy use equivalent of powering 51,300 homes for one year.
Contact Information
FAQ
Why are Village Farms (VFF) and Hemp for Victory seeking to disqualify the DEA?
They argue that the DEA failed to maintain complete records, ensure fairness and transparency, and is compromised in the marijuana rescheduling process, making them unsuitable to oversee the proceedings.
What is Village Farms (VFF) requesting in their November 2024 joint motion?
They are requesting the DEA’s disqualification, replacement with the Department of Justice as proponent of the Proposed Rule, inclusion of all hearing requests, and preservation of records from both the DEA and Smart Approaches to Marijuana.
What role will Village Farms (VFF) play in the marijuana rescheduling hearing?
Village Farms has been selected as one of the pro-cannabis participants to testify as a witness in the upcoming Rescheduling Hearing.
