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Featured Articles
Ohio regulators want 73 new medical marijuana dispensary licenses to address demand, more double current number
Ohio medical marijuana regulators want to double the number of dispensary licenses in the state to satisfy patient demand, which has been much higher than anticipated since the program became operational. Currently, there are 58 dispensaries throughout Ohio. Ohio...
Will impact investors be the ones to profit from the coming marijuana boom?
Social impact investing is about making ethical investments that, aside from bringing a return on cash invested, have the added effect of improving social conditions, infrastructure, or quality of life. As Colorado and other states move forward with their legalization...
American Cannabis Consumers Eye Opportunities Presented By Legal Marijuana In Germany
Germany’s impending legalization of recreational marijuana offers attractive new opportunities for travel, trade, and investment, according to a recent survey of American cannabis consumers. The survey from medical marijuana holding company Bloomwell Group found that...
Democrats face tough climb on winning Senate approval of legal marijuana
Senate Majority Leader Charles Schumer (D-N.Y.) is facing significant obstacles in his legislative push to legalize marijuana, with resistance from Republicans and members of his own party threatening chances of passage in the upper chamber. Schumer has said that his...
Huge increases seen in patients, purchases in Louisiana’s medical marijuana program
Medical marijuana is rapidly gaining popularity in Louisiana. More patients joined the program than ever before in the first three months of this year, which coincided with the more popular smokable flower products becoming legal on Jan. 1. And the number of...
Maryland Governor Lets Bill To Implement Marijuana Legalization Take Effect Without His Signature
Maryland’s Republican governor announced on Friday that he won’t stand in the way of implementing marijuana legalization if voters approve the reform on the November ballot. Gov. Larry Hogan (R) included the cannabis legislation in a list of bills he is not signing or...
Featured Articles
Maryland Lawmakers Take First Step To Putting Marijuana Legalization On 2022 Ballot With Hearing On Two Bills
A Maryland House committee began discussion this week of a pair of bills to legalize and regulate cannabis in the state—one that would ask voters whether legalize cannabis use and possession by adults 21 and older, and another that would begin the work of crafting rules for the would-be legal industry. Both measures are from Del. Luke Clippinger (D), who chairs Maryland’s House Judiciary Committee, which gave the bills an initial hearing on Monday. Last year, Clippinger headed a House working group launched last summer by House Speaker Adrienne Jones (D) to study cannabis legalization in anticipation of the November 2022 ballot question. “I think it’s time for us to start this work now,” Clippinger said at Monday’s hearing. “I think that having this referendum and a clear statement from [voters of] the state of Maryland as to what they want to do will be helpful to the next governor in setting up that new structure.” The committee did not vote on the bills, instead of hearing spending several hours discussing their provisions and hearing testimony from the public. The bills considered by the House Judiciary Committee are among at least five cannabis legalization measures introduced so far this session by lawmakers in Maryland, where a survey last October found that the policy reform was more popular than President Joe Biden (D). Two other legalization bills have been introduced in the Senate, and a competing House measure was filed earlier this month. Clippinger’s two proposals are relatively straightforward. The first, HB 1, would ask voters to approve an amendment to the state’s constitution to legalize cannabis use and possession by adults at least 21 years old. It would further direct lawmakers to set laws to “provide for the use, distribution, regulation, and taxation of cannabis within the state.”
Ben Adlin, Marijuana Moment, 02/14/2022 13:48:00
Michigan Gov. Whitmer Consolidates Cannabis And Hemp Regulation To Increase Efficiency
Three years after it was formed, the Michigan Marijuana Regulatory Agency is getting a new name. The agency will be renamed the Cannabis Regulatory Agency and take up the task of overseeing hemp processing, distribution, and sales in addition to its current regulation of the marijuana industry. Governor Gretchen Whitmer said in a press statement that these administrative changes will help the state continue growing the hemp and marijuana economy, create jobs, and invest in local communities. “Consolidating multiple government functions into the newly named Cannabis Regulatory Agency will help us continue growing our economy and creating jobs,” Gov. Whitmer said. “And to be blunt-safe, legal cannabis entrepreneurship, farming, and consumption help us put Michiganders first by directing the large windfall of tax revenue from this new industry to make bigger, bolder investments in local schools, roads, and first responders.” The change, made under the executive order and set to take effect in 60 days, “will allow for a more effective, efficient administration and enforcement of Michigan laws regulating cannabis in all its forms,” Whitmer’s office said in the statement. Michigan is the home state of Benzinga. The Marijuana Regulatory Agency was formed by executive order in spring of 2019 to oversee the regulation of medical and recreational marijuana following the legalization of adult-use cannabis via ballot initiative in 2018.
Benzinga Staff Writer, The Fresh Toast, 02/14/2022 10:00:00
Sixth Time The Charm? Marijuana Banking Bill Sponsor Optimistic About Senate Approval
Earlier this month, the U.S. House of Representatives formally attached a cannabis banking reform amendment to large-scale legislation dealing with innovation and manufacturing. Following the approval of the amendment from sponsor Rep. Ed Perlmutter (D-CO) on a voice vote as part of an ‘en bloc group’ with other amendments, the chamber passed the package on Feb. 3 in a 262-168 vote. On the heels of its latest and sixth attempt to get the Secure and Fair Enforcement (SAFE) Banking Act across the finish line, Perlmutter discussed some of the prospects of his proposal in an interview with Yahoo Finance on Friday. While Senate leadership has pushed to pass comprehensive legalization first, the congressman is optimistic regarding his bipartisan incremental reform, Marijuana Moment writes. “Every [House] Democrat and at least half the Republicans have supported SAFE Banking, and I am confident that the Senate will take it up,” Perlmutter said. Commenting on efforts of Senate Majority Leader Chuck Schumer (D-N.Y.) and his colleagues to legalize the plant and their prioritization of the broad legalization legislation, which they plan to officially file in April, he said that he’s “questioned whether they have the votes to get something of that magnitude through the Senate, which has not even had a hearing really on marijuana in 50 plus years.”
Benzinga Staff Writer, The Fresh Toast, 02/15/2022 06:00:00
South Africa is currently the third-largest illegal cannabis producer in the world.
In his SONA on Thursday, President Cyril Ramaphosa said that the government would be looking to ease policies to help the hemp and cannabis sectors grow in South Africa. “We will review the policy and regulatory framework for industrial hemp and cannabis to realise the huge potential for investment and job creation,” Ramaphosa claimed 130 000 jobs could be created if the industry were supported and regulatory processes streamlined. Co-founder of Hemporium Tony Budden, says we should be focusing on developing the market that exists here in South Africa. “We have a local market that deserves to have access to affordable hemp and cannabis products,” he tells Cape Talk.
420 Intel – Marijuana Industry News, 02/13/2022 19:00:00
When Cannabis Businesses face financial distress
After another rollercoaster of a year, I’m reflecting back on some of the insights my partners and I shared with the Cannabis Industry throughout the COVID-19 pandemic. One area that we’ve continued to monitor (and have recently become directly involved in) is Bankruptcy and Receivership within the Cannabis Industry. I thought I’d share an update on this topic, as well as highlight a few recent examples. Despite the prolonged financial uncertainty for many cannabis companies over the past few years, ‘failure’ as a business or investor group is still not really an option. Due to the federal marijuana prohibition, financially distressed cannabis companies face limited options when they need relief from creditors or to restructure their business. Most non-plant-touching businesses in the Cannabis space are ineligible to go through federal bankruptcy reorganization. Any advance in legalizing marijuana at the federal level would impact this. A strong business strategy requires a focus on cost structure, product availability, quality, and investment in customer experience. However, the illicit market and lack of regulation enforcement can still pose a threat to legal operators with sound strategies.
Cannabis Business Executive – Cannabis and Marijuana industry news, 02/14/2022 21:11:00
Washington State Lawmakers Consider Legislation to Increase Social Equity in Cannabis Market
Washington’s Social Equity in Cannabis Task Force has been hard at work since its creation in 2020, and new legislation in the state Legislature now aims to incorporate policies recommended by the task force to increase social equity in the state’s cannabis market. The task force, which is made up of lawmakers, government representatives, and industry experts, was charged with making recommendations about issuing and reissuing cannabis dispensary licenses in ways that would promote business ownership among people of color, according to The Seattle Times. A new bill in the Washington Legislature, House Bill 2022, aims to do just that by creating 38 new dispensary licenses, as well as 25 new producer and processor licenses, every year through 2029, the news outlet reported. These licenses may only be issued to social equity applicants through 2030, and then, beginning in 2031, 50% of the licenses must be awarded to social equity applicants. Social equity applicants are defined as those who have lived in areas disproportionately impacted by the war on drugs, or those who plan to open a cannabis business that is majority-owned by a racial group that has been disproportionately affected by arrests for cannabis possession, The Seattle Times reported. H.B. 2022 also earmarks over $22 million annually to provide grants, low-interest loans, and a mentorship program to social equity applicants, according to the news outlet.
Posted Melissa Schiller, Cannabis Business Times, 02/14/2022 15:38:00
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Delaware Marijuana Legalization Effort Revived With Two-Track Approach Following House Defeat
The fight to legalize marijuana in Delaware this year isn’t over yet, with the sponsor of a reform bill that was defeated in the House last month introducing two new, complementary measures to enact the policy change. And importantly, this new legislative push seems...
States Collected More Than $3.7 Billion In Recreational Marijuana Tax Revenue In 2021, Report Finds
States that have legalized marijuana for adult use collectively generated more than $3.7 billion in tax revenue from recreational cannabis sales in 2021, a report from the Marijuana Policy Project (MPP) that was released on Wednesday found. That’s a 34 percent...
When Will Democrats Get Serious About Repealing Pot Prohibition?
When Republicans who oppose federal marijuana prohibition vote against your legalization bill, you probably are doing something wrong. That is what happened last week when the House of Representatives approved the Marijuana Opportunity Reinvestment and Expungement...
Agrify and Greenlight Cannabis Announce Partnership To Accelerate Vertical Farming Unit Adoption
Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), the most innovative provider of advanced cultivation and extraction solutions for the cannabis industry, today announced that it has signed an agreement (“the Agreement”) with Greenlight Cannabis...
State of Mississippi Selects Tyler Technologies Licensing Solution for New Medical Marijuana Program
Tyler Technologies, Inc. (NYSE: TYL) announced today it has signed a five-year agreement with the state of Mississippi for Tyler’s NIC Licensing Solution (NLS), the government licensing platform designed specifically for the cannabis industry. The comprehensive...
Cannabis sales grow in Israel
The Lod-based company Panaxia reported increased revenues from the Israeli market for its sales of medical cannabis in 2021. The Israeli cannabis company Panaxia released its earnings for 2021 Tuesday. Panaxia, which is based in the mixed Arab-Jewish city of Lod, said...
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