Background: Transpancreatic biliary sphincterotomy (TPBS) is an advanced cannulation method for accessing common bile duct (CBD) in endoscopic retrograde cholangiopancreatography (ERCP). If CBD cannulation is difficult, an endoscopist can open the septum between the pancreatic and biliary duct with a sphincterotome to gain access. Long-term results of this procedure are unclear. We wanted to evaluate the short- and long-term complications of TPBS on patients with native papilla and benign indication for ERCP.
Patients and methods: ERCPs performed in Helsinki University Hospital between 2007 and 2013 were reviewed. The study group comprised 143 consecutive patients with TPBS and 140 controls (CG). Data were collected from patient records and a phone survey was performed as a follow-up ≥ 4 years after the index ERCP.
Results: Post-ERCP pancreatitis (PEP) developed in seven patients (4.9%) in TPBS and one patient (0.7%) in CG (p = 0.067). The rates of other acute complications were similar between the groups. ERCP ended with no access to CBD in four cases (2.8%) in TPBS. The median length of follow-up was 6 years in TPBS and 7 years in CG. During this period, three patients (2.1%) in TPBS and six patients (4.3%) in CG suffered from acute pancreatitis (AP) (p = 0.238). One (0.7%) patient in CG and none in TPBS developed chronic pancreatitis (CP). Abdominal pain was suffered by ten patients (6.9%) in TPBS and twelve patients (8.6%) in CG daily, whereas by six patients (4.2%) in TPBS and twelve patients (8.6%) in CG weekly.
Conclusion: TPBS is a useful procedure, with acceptable complication rates. No significant difference occurred between the groups when evaluating the short-term or long-term complications with a follow-up period of four to 10 years. Additionally, no significant differences occurred in upper abdominal pain, episodes of AP, or development of CP.
Keywords: Endoscopic retrograde cholangiography; Post-endoscopic retrograde cholangiopancreatography pancreatitis; Transpancreatic biliary sphincterotomy.
What is Delta-8 THC? Everything You Need to Know
If you are a long-term user of cannabis products or cannabis enthusiasts who enjoy experimenting with new CBD products, you
If you are a long-term user of cannabis products or cannabis enthusiasts who enjoy experimenting with new CBD products, you must be well aware of the current ‘buzz’ called-Delta 8 THC or THC Delta 8.
But do you know what it is or its advantages or how it varies from its cousin-delta 9 THC, or why is it legal in the United States federally? If so, we will be proud of you! If not, keep reading this post to find answers to all these and many other questions related to Delta THC 8.
Let’s start with what CBD delta 8 is.
What is Delta 8 THC?
In simple terms, Delta 8 THC is one of the many– almost 113 cannabinoids found in the cannabis plant. Or in other words, Delta-8 THC is a potent cannabinoid native to the cannabis flower. It is an isomer of CBD, a hemp derivative, and CBD, another cannabinoid found in the hemp.
Delta 8 THC is an analog of delta 9 THC. The key difference in their molecular structure is that delta 8 has its double bond on the eighth carbon chain, and delta 9 has its double bond on the ninth carbon chain.
In contrast to delta 9 THC, delta 8 THC offers a less extreme high with little to no anxiety-inducing effects compared to delta 9 THC, besides providing all the therapeutic benefits that CBD can offer, including stimulation of appetite, reduction of nausea, mental calmness & relaxation, less exhaustion, fighting insomnia, etc.
Delta 8 THC can only be derived from the extraction process. Besides, most cannabis flowers contain less than 1 percent of delta 8 THC.
Let us now understand how THC delta 8 varies from THC delta 9.
The Differences Between Delta 8 THC &. Delta 9 THC
CBD and THC are two of the most common cannabinoids found in the hemp plant. The other cannabinoids include CBC, CBN, delta 8 THC, etc. However, delta-8 THC is different from the THC you are familiar with.
The THC we all know that present in weed or marijuana when you smoke pot is called delta 9 THC. When you smoke delta 9 THC or eat products or edibles that contain it, you may feel paranoid, or your anxiety may elevate, you may also feel dizzy. As some people don’t like these effects, they only prefer CBD.
In comparison, delta 8 THC acts in the same way as delta 9 THC, except it doesn’t offer all those paranoid or stoned feelings. So when you use delta 8 CBD or gummy bears, you will not feel that dizziness, anxiety, paranoia, or the high you feel in weed THC or delta 9 THC.
In fact, the delta 8 THC gives you more of a feeling of relaxation, clear your head, get focused, and eliminate mental blocks. It also fights insomnia and helps you with sleep and anxiety, alleviates chronic pain.
In conclusion, delta 8 THC is everything that delta 9 THC is, except it doesn’t give you high or make you paranoid.
In the later section, we will understand the research and properties of delta 8 THC.
The Researches & Properties of Delta 8 THC
Even the limited research conducted on delta-8 THC seems hopeful. This may be an indicator that we will hear more in the near future about this little-known cannabinoid. Here are some of the properties that make Delta 8 THC a promising substance to fight various diseases. Let us understand each one in brief.
An antiemetic is a drug that is effective against vomiting and nausea.
A study was conducted in 1995 by Shaare Zedek Hospital, Bikur Holim Hospital, and Hebrew University under the supervision of Dr. Raphael Mechoulam. Dr. Raphael was also the team head that first discovered THC delta 9.
In that clinical trial, researchers gave Delta 8 THC to children with hematologic cancers aged 3 to 13. The researchers found that THC delta 8 decreased cancer-related nausea. Researchers also found no significant side effects.
The scientists recorded more than 400 effective cancer treatments with delta 8 THC when the report was written. Besides, it was confirmed that the cannabinoid had helped participants prevent vomiting.
Antitumor are the drugs that inhibit the growth of a tumor or tumors.
Another study conducted in 1975 by the National Cancer Institute (NCI) found that delta 8 THC can substantially inhibit the growth of tumors. During the research, animals were given delta 9 THC for 10 consecutive days, beginning the day after tumor implantation. Scientists treated the mice with delta 8 THC and CBN for 20 straight days.
The research concludes that the treatment had reduced primary tumor size.
C. Appetite Stimulation
In 2004, Delta 8-THC and its effect on appetite stimulation were studied by researchers. During the study, Delta 8-THC was given to mice that had recently completed a weight loss regimen. Researchers observed that Delta 8 THC caused increased food intake and enhanced cognitive function without any side effects.
Researchers proposed based on these findings that a low dose of THC delta 8 CBD may be a potential therapeutic agent in treating weight disorders.
D. Cancer-killing Ability of Delta 8 THC
A research was performed by the National Cancer Institute in 1974 to discover the impact of THC on the immune system. The study was conducted on mice to show that THC 9 damages the immune system. The researchers, however, ended up finding something entirely different! They found that the delta 8 THC cannabinoid possessed cancer-killing abilities instead of causing any harm to the immune system.
E. Diminish Pain and Inflammation
In 2018, one more study was conducted on mice to gauze the efficacy of delta 8 THC diminishing pain and inflammation. Researchers discovered that Delta-8 THC could potentially help reduce pain and inflammation in mice in case of corneal injury.
F. Neuroprotective properties of Delta 8 THC
In 1987 another study was conducted by Drug Research journal on mice to test the effects of different cannabinoids on brain activity. The study aimed to test the neuroprotective properties of different cannabinoids based on brain activity monitored during the study. However, delta-8 THC was one of the cannabis plant components distinguished in this study because of its significant impact.
Along with these significant benefits of Delta 8 THC, the same researchers have also reported other salient properties and advantages of THC 8, as stated below.
- In a study, the National Cancer Institute found that delta 8 THC exhibits less psychotropic potency than its cousin compound– delta 9 THC. It can also connect to CB1 and CB2 receptors as the same as the delta 9 THC would.
- Another study concludes that THC delta 8 is 2 times more effective as an antiemetic drug than delta 9 THC. It has been found to be 3-10 times less potent or paranoid than delta 9 THC in a few cases.
All these properties and researches suggest that delta 8 THC is indeed a very remarkable compound that can help fight and alleviate various diseases, including appetite stimulation, diminishing pain and inflammation, fighting cancer cells, eliminating nausea and vomiting in cancer patients inhibit the growth of the tumor.
The next question is, does delta 8 give you high or not? Let’s find out the answer!
Does Delta 8 THC get you high?
As mentioned above, THC delta 8 does not get you high or stoned.
In contrast, delta 8 THC functions in the same way as delta 9 THC, except that it does not deliver all those feelings of paranoia or stoning. Therefore you will not experience the dizziness, nausea, fear, or the high you feel in cannabis THC or delta 9 THC while using delta 8 vape pen or gummy bears.
In contrast, the THC delta 8 really gives you a more relaxed feeling, clears your mind, gets concentrated, and removes mental barriers. It also prevents insomnia and relieves chronic pain, and helps you with sleep and anxiety.
How do you use Delta 8 THC?
There are multiple ways of consuming THC 8.
As Delta-8 is produced in very little quantity in the hemp plant, it is typically found in the distillate form. This distillate form is then mixed with CBD products using certain procedures. This involves a multi-phase process in which the plant undergoes refinement stages, including extraction, winterization, and Decarboxylation.
Delta 8 THC is available in various forms, including vaporizer cartridge, CBD bud, delta 8 infused edibles (gummies), delta 8 THC tincture, delta 8 THC topicals, and delta 8 dabs, to name a few.
Each of these forms has its own benefits. For example, tincture helps you give instant effect, edibles are convenient to carry, and cartridges are suitable to vape, while topical helps you in muscle pain.
Now let us learn whether the delta 8 THC is legal or not.
Is Delta 8 THC Legal?
Yes, delta-8 THC is federally legal, while it’s not permitted to use according to many state laws.
The 2018 Farm Bill explained the legal status of cannabis plants that are not psychoactive. The bill declared that if they contained less than 0.3 percent THC, hemp products were legal. However, the bill mentions the 0.3 percent of Delta 9 THC, and it did not specify the amount of Delta 8 THC because it is considered a minor cannabinoid.
This has created a lot of confusion for its cultivation and uses.
Since delta-8 THC produces in low amounts naturally, it is typically made by converting CBD into delta-8 THC with the help of a chemical catalyst. Although CBD occurs naturally in hemp, once a catalyst is applied, the DEA considers the resulting delta-8 THC to be “synthetically derived” and, therefore, a Schedule I narcotic.
However, an addendum to the 2018 Farm Bill clarifying the legal status of Delta 8-THC was recently released by the U.S. Drug Enforcement Administration (DEA) in August 2020 which reads,
“For synthetically derived tetrahydrocannabinols, the concentration of Δ 9-THC is not a determining factor in whether the material is a controlled substance. All synthetically derived tetrahydrocannabinols remain under schedule I controlled substances.”
Although it can be chemically synthesized from non-hemp derived precursors, Delta 8 THC is not usually synthetically derived. Delta 8 is generally derived from hemp via the isolation of the CBD. Besides, delta 8 not only naturally occurs in the plant, but it is also derived from the hemp plant.
Both of these characteristics make the compound federally compliant under the 2018 farm bill.
Now let us suggest to you some good delta 8 THC products that you must buy this year.
Best Delta 8 THC Products by John’s CBD
Along with an extensive range of CBD products, John’s CBD comprises some qualitative THC 8 products in its product line, namely delta 8 Omni oil and delta 8+ Omni oil. Let us understand its properties and why you must buy it ASAP!
1. Delta 8 THC Omni Oil by John’s CBD
Delta 8 THC Omni oil contains 16mg of delta THC per serving and 500mg delta 8 THC per bottle. As of present, this product is available in one variant. Price at USD 30, this product is good for the person who has nausea or vomiting problems.
This Omni oil also offers some remarkable health benefits, including pain relief, reduces anxiety, boosts the immune system, reduces inflammation, and stimulates appetite. If you are a CBD enthusiast who loves to experiment with every new product or a beginner who wants to try something ‘good’– this product is a must-buy!
2. Delta 8+ THC Omni Oil by John’s CBD
Another excellent delta 8 product that we sell is Delta 8+ THC Omni oil. This product offers you 16mg broad-spectrum CBD per serving and 16mg delta 8 per serving. There is 500mg of delta 8 THC per bottle. In addition to THC delta 8, like in delta-8 THC Omni oil, this product also contains broad-spectrum CBD.
The physical and mental health benefits of this product– Delta 8+ THC Omni oil include pain relief, reduction of anxiety, boost the immune system, reduce inflammation, and stimulate the appetite.
If you are looking for a product that contains delta 8 THC as well as broad-spectrum CBD, this one tops the list!
Just like CBD, delta 8 THC also owns some remarkable properties, including Antiemetic, Antitumor, appetite stimulation, analgesic, and cancer-killing ability. Besides, it does not produce any high or creates paranoia effects like delta 9 THC does. So if you are looking to try some new stuff– delta 8 THC products are the perfect option!
What’s New With Cannabis Stocks for the Week Ending 01/15/21
Navigate the fast-moving cannabis sector with 420 Investor, a premium service that sends real-time alerts and explanations of the news below and much more. Summary Capital raising and M&A remained on the front-burner. Michigan December cannabis sales rebounded sharply. Health Canada added 5 new licenses. 420 Investor model portfolios kept up with a roaring market. Review […]
Navigate the fast-moving cannabis sector with 420 Investor, a premium service that sends real-time alerts and explanations of the news below and much more.
- Capital raising and M&A remained on the front-burner.
- Michigan December cannabis sales rebounded sharply.
- Health Canada added 5 new licenses.
- 420 Investor model portfolios kept up with a roaring market.
M&A continues to be a big theme as we start the year. Four large MSOs sold stock, three without warrants and all at small discounts to the recent closing prices. Michigan December cannabis sales bounced back from weak November results, with the state generating total cannabis sales of $985 million in the year.
Health Canada data suggested that the dried flower inventory overhang got a bit worse in October. Health Canada added 2 new licenses this week, leaving the total, including the expired license of Toronto Research Chemicals, the suspended license of Ten-10 Ventures and the revoked licenses of BC Tweed (2), FV Pharma and Zenalytics Laboratories, at 576, which excludes the revoked licenses of Agrima, Alberta Green Biotech, Bloomera, Hexo’s 4th site, Maricann’s 2nd site, Medican Organic’s 2nd site and a small processing facility that belonged to Canopy Growth, the expired license of Evergreen Medicinals, two transferred licenses held formerly by James Wagner, a license previously held by Total Cannabis Solutions and the voluntarily cancelled license of Avalite Sciences.
During the week, I shared these insights with subscribers at 420 Investor:
- Doubling Down on the California Thesis
- Cannabis Sub-Sector Review – 01/08/21
- Model Portfolio Composition 01/08/21
I also introduced a new resource tool:
- Ancillary Companies Market Caps
Here are some of this week’s highlights for 420 Investor Focus List names:
- ACB inked a deal for Great North Distributors (Southern Glazer’s Wine & Spirits)to be its exclusive distributor for adult-use products in Canada
- APHA reported revenue of C$160.5 million, with adjusted EBITDA of C$12.6 million. Cannabis revenue advanced 7% sequentially to C$67.9 million, with over C$5 million from exports to Europe and Israel.
- CCHWF closed its C$150 million equity offering, with underwriters exercising the overallotment option. It received its provisional license for adult-use sales in downtown Boston
- CGC upped its exposure to TerrAscend to 20% by acquiring an option for $10.5 million to acquire 1.07 million shares conditional on a “triggering event”
- CRLBF filed a Form 40-F ahead of transitioning to SEC filing. The company sold US$125 million in shares (at C$16)after announcing a $213 million stock-based acquisition of publicly traded Florida operator Bluma Wellness.
- CURLF closed a $50 million debt facility (three years, 10.25%). It closed its C$317 million equity sale, with the underwriters exercising the overallotment option.
- CWBHF secured two U.S. utility patents for hemp strains
- GNLN announced the dismissal of a shareholder class action lawsuit
- GRWG pre-announced Q4 ahead of expectations at $57 million, with same-store sales up 63% and raised its 2021 outlook
- GWPH pre-announced Q4 revenue ahead of expectations at $148 million, with Epidiolex accounting for $144 million.
- KSHB slightly missed fiscal Q1 revenue expectations due to the timing of shipments to customers slipping from November to December, but it boosted its FY21 revenue forecast by $10 million to $130-160 million.
- OGI named its first American director to its board. The company missed revenue and EBITDA expectations for its fiscal Q1, reporting sales of C$19.3 million.
- SBVCF issued additional shares through a private placement, raising $34.5 million. It closed the deal, with about $150 million of redemptions, suggesting a closing cash balance of $381 million.
- SMG saw its long-time CFO depart
- TCNNF opened two dispensaries in Florida, giving it 72 in the state
- TRSSF completed an expansion in New Jersey. The company raised C$224 million, with 80% from four institutional investors, including Wasatch Global.
- VFF sold $135 million of shares at $12.40. It introduced a high-THC vape cartridge.
The Global Cannabis Stock Index continued its torrid rally, increasing 13.9% to 60.79:
The index, which lost 34.1% in 2019 and lost 54.9% in 2018 after gaining 91.8% in 2017 and 88.8% in 2016, was up 5.2% in 2020. It has gained 36.9% in 2021 thus far. The index currently includes 38 stocks and ended 2020 at 44.39:
420 Investor offers three model portfolios for subscribers, including two that are long-term focused and fully invested with a goal of beating the Global Cannabis Stock Index: 420 Opportunity and 420 Quality. 420 Opportunity ended the week valued at $145,179, up 17.6%. The model portfolio, up 37.8% in 2021, gained 35.6% in 2020 and has increased 190.4% since April 2014. 420 Quality ended the week at $217,087, up 12.3% for the week and now 34.4% in 2021, and it gained 42.8% in 2020. The model was launched in March 2017 targeting long-term investors seeking to invest in leading cannabis stocks with low portfolio turnover and has gained 334.2% since inception compared to the 24.8% decrease in the index. Flying High, which is focused on swing trades, ended the week valued at $372,506, up 17.6%. The model portfolio gained 52.7% in 2020 and is up 47.6 in 2021, and the return since inception in late 2013 has been 3625%.
After a strong rally to begin 2019, the cannabis sector experienced a sharp decline over the next year to unprecedented levels due to several negative developments, including the CannTrust fraud, the surprise termination of Bruce Linton as CEO of Canopy Growth, a disappointing roll-out of legalization in Canada, regulatory confusion in the U.S. regarding CBD and a slow roll-out of legalization in California, the vaping crisis and then financial turmoil and market disruptions due to the COVID-19 pandemic. The sector saw capital available to fund expansion dry up, a situation that continues to leave companies operating with negative cash flow severely challenged, as the availability is limited to stronger operators.
After the stocks overreacted and put in a bottom in March, they are now benefiting from a perception that the industry offers strong growth prospects, something that wasn’t clear then. A big change has been that the pandemic has caused many regulators to permit previously prohibited types of retail activities, like curbside pickup and delivery. The legal market is rapidly capitalizing on becoming even more convenient than the illicit market, with the ability to order online. High unemployment and large deficits will likely spur state legalization efforts as well as more favorable regulatory control at the local level. Access to capital is now improving quickly.
There are some potential catalysts ahead, including the FDA providing clarity on CBD, progress in the Canadian legalization that commenced in October 2018 and is beginning to include a broader set of products and the continued growth in German MMJ and other international markets that have been slow to develop. The implementations in California and Massachusetts for adult-use have been disappointing but are beginning to show great improvement. Michigan legalized in December and Illinois legalized in January, and these markets are showing strong growth that could encourage other states to legalize. Voters in Arizona, Montana, South Dakota and New Jersey all approved adult-use legalization in November.
The big themes ahead are likely to be continued cross-industry investment into the sector and more consolidation in Canada and in the U.S., potential federal regulatory reform (SAFE Banking Act and other more comprehensive legislation, which could eliminate 280E taxation and enable trading on higher exchanges for MSOs as well as the broad usage of credit cards for cannabis purchases), steps to enable cannabis research, the roll out of MMJ in Germany, Mexico and in Australia as well as continued advances in South America and potential adult-use legalization in Israel and Mexico, new legal cannabis implementations in AZ, MT, NJ and SD, and MMJ implementations in Virginia and soon Mississippi and West Virginia, possible legalization via the legislatures in CT, FL, MD, MN, NH, NM, NY, PA and RI and implementation of the VT commercial program in 2022.
Get ahead of the crowd by signing up for 420 Investor, the largest & most comprehensive premium subscription service for cannabis traders and investors since 2013.
Investors in This Cannabis Stock Are Leaving $800 Million on the Table
You’re reading a copy of this week’s edition of the New Cannabis Ventures weekly newsletter, which we have been publishing since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve as well as links to the week’s most important news. Subscribe to receive our free weekly newsletter in […]
You’re reading a copy of this week’s edition of the New Cannabis Ventures weekly newsletter, which we have been publishing since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve as well as links to the week’s most important news.
On Friday, Tilray stock traded $2 billion in shares, one of the highest single-day dollar volumes we have ever observed in the cannabis sector. To put things in perspective, the stock currently has a market cap of $2.6 billion based on the shares outstanding. Volumes across all cannabis stocks have exploded in general in this rally, reflecting growing demand ever since the Democrats gained control of the Senate, but 77% turnover in Tilray shares (even higher when considering the float) is rather extreme. Clearly, traders chasing higher prices and not investors are calling the shots in this stock, and we think the traders are making a $800 million mistake.
In December, Tilray agreed to merge with Aphria. While Aphria is acquiring Tilray, Tilray will be the surviving company. Specifically, each share of Aphria will be converted into 0.8381 shares of Tilray. Tilray shot up on the news of the deal on the first day, reflecting the premium it is receiving. On 12/15, the day before the deal was announced, Aphria closed at $8.12, and Tilray closed at $7.87. Since then, Tilray has substantially outperformed Aphria:
At the closing prices of $19.70 for Tilray and $12.42 for Aphria, Aphria is trading at .6305 times the price of Tilray, far below the .8381 exchange ratio. We have been watching the ratio deteriorate steadily since the deal was announced and are shocked. Rather than Aphria trading at a discount to the ratio, it should be trading at a premium in our view, as Tilray is the company being acquired and at most risk if the deal weren’t to close as expected in late Q1 or early Q2.
We reached out in December to Aphria to better understand why the market was placing a premium to the merger transaction, and the company couldn’t explain it. An analyst asked on Aphria’s earnings call this week as well, but there is no clear explanation. We believe that there are some theoretical possibilities that might explain this situation, including another buyer of Tilray stepping in or Aphria being willing to pay more, but both of these seem implausible. The real reason, in our view, is market inefficiency, as it is expensive to short Tilray into the close. We expect that once the traders move on, investors will realize $800 million dollars will have been left on the table.
An owner of Tilray today can sell a share at $19.70 and buy 1.1932 shares of Aphria at $12.42 ($14.82 total cost). At closing, he or she will get back 1 share of Tilray (1.1932 shares times .8381 exchange ratio).
In other words, you can get 32.9% more for your shares effectively by selling today and replacing with Aphria stock than by holding until the closing.
There are 162.4 million shares and in-the-money warrants and options for Tilray. Multiplied by $4.88 per share, this discrepancy is worth $792 million.
Traders could certainly push this relationship even further beyond the irrational levels today, and there are the unlikely events of a higher bid for Tilray from Aphria or another company. Of course, if the merger fails, the sale of Tilray and purchase of Aphria would likely work out even better than expected. To us, this seems like a great way to exploit the exuberance of traders.
KushCo Holdings, a premier provider of ancillary products and services to the legal cannabis and CBD industries, recently reported $26.8 million revenue and positive adjusted EBITDA for the second consecutive quarter in fiscal Q1 2021. The company has shown that doubling down on its efforts to expand its business with leading MSOs and LPs is paying off. KushCo has increased its year-end guidance as the company moves towards achieving its new vision.
Get up to speed by visiting the KushCo Holdings Investor Dashboard that we maintain on their behalf as a client of New Cannabis Ventures. Click the blue Follow Company button in order to stay up to date with their progress.
New Cannabis Ventures publishes curated articles as well as exclusive news. Here is some of the most interesting business content from this week:
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Alan & Joel
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