Cliff Thomason left the real estate business last year to become something of a pioneer: a hemp farmer.

The Grants Pass, Oregon, man was the first in the state to legally grow hemp, after Oregon began licensing growers in 2014, joining 17 other states nationwide that have differentiated hemp from marijuana and set up separate regulatory systems for growing it. But Thomason is one of only 43 farmers in the state targeting their efforts at producing seed and fiber, as opposed to the cannabidiol oil extracted from hemp stalk and used both as a balancer of the psychoactive properties of marijuana and a purely medicinal product, easing symptoms from back pain to anxiety. In the booming cannabis industry, hemp has become a neglected stepchild.

License granted to Alaska testing company AK Green Labs LLC.

Steep Hill, the global industry leader in cannabis testing and analytics, today announced it has licensed its cannabis testing technologies to a highly-respected team of scientists who have plans to open Steep Hill Alaska as a full service cannabis quality assurance laboratory in Anchorage, Alaska, bringing advanced scientific tools and methodology to the state. 

Wall Street's big money is not ready to dive into the booming cannabis industry.

Companies in the legal-pot industry will generate nearly $7 billion in sales this year - a 25% growth rate - according to ArcView Market Research, a group that tracks the market.

But the investors with the deepest pockets are likely to sit on the sidelines for some time to come.

MedMen, a company that consults for the medical-marijuana industry, launched the $100 million MedMen Opportunity Fund last week with the goal of breaking into large markets with limited licenses.

If you’ve ever dreamt of saying the words, ‘I just applied for Willie Nelson’s weed company,’ your dreams are about to become a reality. Willie Nelson is hiring new employees for Willie’s Reserve, his “premium cannabis lifestyle brand” that features his own special, hand-picked brand of pot. The official website says the purpose of the company is paying “tribute to a tradition of sharing, caring and toking.”

The company isn’t just a start-up — it’s a growing empire. Willie’s Reserve is even scoring big investments from major companies, like New York-based private equity firm, Tuatara Capital. 

Last week's police raid on a major California cannabis company in Sonoma County came after a disgruntled former employee, who is attempting to form his own competing company, called the authorities on his old employer, an attorney said Friday.

Santa Rosa police and Drug Enforcement Administration agents wearing camouflage and kevlar descended on the production facilities and offices of CBD Guild, which manufactures popular cannabis products under the Care By Design and AbsoluteXtracts brand names. 

After five years of quiet but rapid growth making equipment for the marijuana industry in other states, Apeks Supercritical is ready to ramp up business in Ohio.

With passage of a state medical-marijuana law that takes effect Sept. 8, the company not only expects to see a jump in manufacturing orders, but it also plans to get into the business as a marijuana processor.

“We had to work from the sidelines,” said Andy Joseph, Apeks’ CEO. “Now, I’m very optimistic about doing business in Ohio. I think it’s going to be fantastic.

“This isn’t just a bunch of stoners trying to get high all the time,” he said. “This is real business and real opportunities for the state of Ohio. This is truly an economic-development opportunity for the state.”

Starting Wednesday (June 22), simple possession of marijuana in New Orleans will carry far fewer consequences for repeat offenders. Police have been able since 2010 to issue a court summons to someone caught for the first time with weed. Now that option will extend to subsequent offenses.

The City Council approved an ordinance in March that gives New Orleans police greater latitude on pot possession. They are attempting to help police spend less time on minor crimes and keep low-level offenders out of the city's jail.

The difference between marijuana and cannabis often leads to confusion. Technically, the correct botanical name for the plant is cannabis. However, it is commonly referred to by a variety of slang or local names,  depending on the country or region.

The word marijuana only entered America’s popular vocabulary in the early 1900s and then began to refer to the cannabis plant that provided psychoactive effects. Today, in North America, France and parts of Latin America, the plant is commonly referred to as marijuana, but in much of the rest of the world, it is known as cannabis.

International Business Times sat down with former New Mexico Gov. Gary Johnson, the Libertarian party's nominee for president, to hear about his stance on legalizing marijuana. Only four states and Washington, D.C. have legalized recreational marijuana. 

See the video and below for Johnson's thoughts.

So, last week I told you guys that this week I was gonna tell you guys all about my plans to open North America’s best dispensary, and I totally am.

I got even more inspired by going to the High Times Cannabis Cup here in Michigan this weekend. It was wild, but, like, not as wild as I thought it would be. It did serve as some serious inspiration for my favorite autobiographical fanfiction, though.