Screening News Update For The Week of July 29th, 2019

About 2 min

Screening News Update For The Week of July 29th, 2019

  • A federal grand jury has indicted a pharma wholesale and four of its top officials for distributing almost 5 million doses of Opioids.
  • Nevada is testing a system that would allow these pot businesses to bank in an online system using digital currency.
  • The global drug testing market is expected to nearly double by 2025 driven by a surge in illicit drugs.

     

    Top Opioid Officials Indicted

    A federal grand jury has indicted a pharmaceutical wholesaler and four of its top officials for allegedly distributing almost 5 million doses of oxycodone and hydrocodone to a single pharmacy in West Virginia. Only 1,400 people live in that town! The company’s former president and compliance officer were both arrested, as well as two of their pharmacists. The indictment says they allegedly distributed the drugs “outside the scope of professional practice and not for legitimate medical purpose.” This is the second time a distributor has been criminally charged with flooding the market with such vast quantities of these dangerously addictive drugs. If convicted, the defendants could spend 20 years in prison.

    Pot Companies Now Have a Banking Option

    The bizarre and unorganized roll-out of legalized marijuana across the country has led to a financial problem. Legal businesses are becoming targets for thieves because, up until now, they have been unable to put their money in the bank for safe keeping. Since marijuana is still illegal under federal law, growers and sellers are forbidden to park their cash in federally insured financial institutions. But now, Nevada is testing a system that would allow these marijuana-based businesses to bank in an online system using digital currency. Right now, the system is very limited. It will help these businesses move away from doing absolutely everything in cash, including payroll and taxes. Nevada’s governor signed a bill that will give the system a three-year pilot program. Meanwhile, dozens of governors signed a letter to congress asking them to change the law so these businesses can use traditional banking legally.

    Global Drug Testing Market Flourishing

    The global drug testing market is expected to nearly double by 2025. In 2017 the market was valued at $6.2 million. Just 5 1/2 years from now it’s expected to top $11.8 million. The dramatic increase is reportedly being driven by a surge in the use of alcohol and illicit drugs like opioids, cocaine and morphine. Most of the growth is expected to happen in the Asia-Pacific region, as well as Latin America, Africa and the Middle East.

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