Public Company

Catch-all name for a widely held company whose shares are traded on a public exchange. Plant-touching public U.S. cannabis companies are limited to over-the-counter (OTC) domestic exchanges, or may be listed on one of the Canadian stock exchanges. 

Proposition

Blanket term for any ballot measure to be voted on by the people. May be an initiative or a referendum. 

Product Recalls

Process by which defective or unsafe cannabis products are voluntarily or mandatorily retrieved from consumers or other entities in a supply chain. Voluntary recalls are initiated by a manufacturer or supplier upon discovery of a defect or unsafe condition. Mandatory recalls are required by law or government action.

Pre-Rolls

Smokable cannabis products rolled in paper, plant material, or other substances.

Premises

Specific structure or land that is licensed for specific cannabis activities.

Patent

Forms of intellectual property rights for inventions that are granted by the United States Patent and Trademark Office. Patents confer exclusive rights to make, use, and sell the underlying invention. 

Paraphernalia

Accessories or other devices for use in connection with cannabis.

PACT Act

Prevent All Cigarette Trafficking Act, a federal law that, among other things, regulates the mailing of cigarettes. It was amended in 2020 with the Preventing Online Sales of E-Cigarettes to Children Act, which modified the definition of “cigarettes” to include Electronic Nicotine Delivery Systems (ENDS), thereby restricting the mailing of ENDS.