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Maryland Lawmakers Approve Millions In Funding To Implement Marijuana Legalization If Reform Is Enacted
A key Maryland House committee advanced a Senate-approved budget bill last week, adding new amendments that would allocate tens of millions of dollars in funding to implement marijuana legalization with the expectation that the reform will ultimately be enacted this...
New York cannabis regulations are in limbo. But the pot industry is booming on reservations.
The proliferation of the shops has beaten New York’s own plans to open dispensaries after the state Legislature legalized recreational marijuana last year. State officials said it is legal for the tribes across New York to sell marijuana before regulators have adopted...
Michigan Cannabis Flower Price Dips $171 Per Ounce in One Year
Although demand for adult-use cannabis soared throughout 2021 in Michigan, falling retail prices have left some business executives uncertain of their future in an increasingly competitive market. From flower, vapes, edibles, and a host of other products, Michigan...
Mississippi Cannabis Trade Association Holds Petition Drives for Special Elections on Medical Cannabis
The Mississippi Cannabis Trade Association is trying to ensure medical cannabis access for all those who need it—even patients in cities that have opted out of the state’s medical cannabis program. The industry group is holding signature drives in local...
CDC Dishes Out Workplace Cannabis Policy Advice to Companies That Hire Drivers
Cannabis companies that hire drivers to work for them—such as delivery services and goods transporters—are being advised by the Centers for Disease Control and Prevention (CDC) to establish certain policies that can mitigate the risk of impaired driving, all the while...
Don’t Expect More Cannabis Funds, Says Portfolio Manager
A portfolio manager doesn’t expect to see additional marijuana-centered funds due to lack of demand. Nawan Butt, portfolio manager with Purpose Investment, told the Investing News Network (INN) despite the success of managed funds with a direct focal point in pot...
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States Have Collected More Than $10 Billion In Adult-Use Marijuana Tax Revenue, Report Finds
States that have legalized marijuana have collectively garnered more than $10 billion in cannabis tax revenue since the first legal sales started in 2014, according to a report released by the Marijuana Policy Project (MPP) on Thursday. The adult-use legalization movement that started in Colorado and Washington State has greatly expanded in the years since, with 18 states having moved to end prohibition and most taxing and regulating marijuana sales. As of December 2021, sales have translated into about $10.4 billion in tax revenue for states that are now using those dollars to fund various programs and initiatives, the report found. That doesn’t even include tax revenue from separate medical cannabis programs that are in place in a majority of U.S. states. The report from MPP—which expands on an earlier analysis it released in May—breaks down revenue numbers from legal states, how those tax dollars are being used, and what kinds of tax schemes will soon be in effect as more states like New York, New Jersey, and Montana implement legalization. “States that have legalized cannabis for adults are reaping significant economic benefits. The legal adult-use cannabis industry has now generated over $10 billion in new tax revenue, and in many instances that revenue is being distributed to much needed public services and programs, including reinvesting in communities that were devastated by the war on drugs,” Karen O’Keefe, director of state policies at MPP, said. “This is in stark contrast to prohibition, which costs taxpayers billions of dollars each year to enforce.”
Kyle Jaeger, Marijuana Moment, 01/06/2022 12:34:00
Retail marijuana sales for adults 21 and older started in Montana on January 1, 2021.
The recreational cannabis market in Montana accumulated $1.5 million in sales in its first weekend, according to the state revenue department, reported helenair.com. With a statewide 20% sales tax on recreational cannabis, that opening weekend amounts to $313,396 in tax revenue for the state. The 4% tax on the $432,617 in medical sales provided an additional $17,305 in tax revenue to the state. “The rollout of the adult-use program went off without any issues from the department’s supported IT systems,” Cannabis Control Division Administrator Kristan Barbour said in an email sent to the portal. “We were able to successfully verify with (the) industry that our licensing and seed to sales systems were working on Friday to ensure a successful launch on Saturday, Jan. 1, 2022. The successful launch was a result of staff’s hard work and planning over the past six months to meet the challenges of implementing HB 701.”In 2020, Montana officially became the 14th state to legalize adult-use cannabis, with 58% of voters saying yes to the initiative during the November election. The initiative legalized the possession and use of one ounce or less of cannabis or eight grams or less of marijuana concentrate by adults over the age of 21. Retail marijuana sales for adults 21 and older started in Montana on January 1, 2021. Adults are now authorized to purchase up to one ounce of cannabis at a time. Gov. Greg Gianforte (R) signed a bill in March to implement legalization and then a legislative panel approved the rules for the adult-use program in December.
Benzinga Staff Writer, The Fresh Toast, 01/06/2022 12:00:00
South Dakota Court Overturn Legalization Bill
Advocates in South Dakota are calling the state Supreme Court’s decision to invalidate a voter-approved recreational cannabis initiative on technical grounds a “terrible precedent” and are calling on the Legislature to put it right with voters by approving adult-use legalization in the 2022 session. “They rejected common sense,” said Matthew Schweich, deputy director of the Marijuana Policy Project and campaign director for South Dakotans for Better Marijuana Laws, the group that sponsored the 2020 initiative. According to the courts, Amendment A, which passed in 2020 with 54% of the vote, was unconstitutional because South Dakota law states that initiatives must be a single subject; Amendment A “embraced ‘at least five distinct general subjects,’” including the right to grow, possess and use marijuana; giving the state the power to promulgate rules regulating marijuana; imposing a tax on marijuana and directing how the revenue is appropriated; requiring the Legislature to pass laws ensuring access to medical marijuana; and requiring the Legislature to pass laws regarding hemp. Schweich said opponents of cannabis legalization “weaponized” the single-subject requirement and said justices “bent over backward to throw this law out.”
Marijuana Venture, 01/06/2022 15:00:00
Rhode Island Lawmakers Near Marijuana Legalization Deal, But Governor Not Sold On Key Provision
Key Rhode Island lawmakers say they are nearing an agreement on a marijuana legalization bill that they plan to introduce within days. But one part of the deal might jeopardize support from the governor. Legislators have been in talks for months to reconcile competing legalization proposals that have been brought forward by the House, Senate, and governor’s office. Many issues have been resolved over the course of negotiations, but the question of who should be in charge of regulating the program—an existing agency or a newly created body—has been a sticking point. Lawmakers are now signaling that the best route to satisfy both sides would be to create a compromise approach where a state agency like the Department of Business Regulation (DBR) and a new independent cannabis commission would each play a role. House Speaker Joseph Sherkarchi (D) said in opening remarks at the start of the 2022 session on Tuesday that lawmakers have “spent months analyzing the complex issue of marijuana legalization.” “The House and Senate intend to soon have a draft of legislation ready, which will serve as a framework to begin a robust public hearing process,” he said.
Mmp News Author, Medical Marijuana Program Connection, 01/05/2022 22:17:00
Ascend Raise The Temperature Of Med Men Dispute With Second Press Release Alleging Med Men Continue To Breach the Investment Agreement
Ascend Wellness Holdings, Inc. (“AWH” or the “Company”), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, announced MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) (“MedMen”) has continued to breach the previously announced definitive investment agreement (the “Investment Agreement”) among AWH, MedMen NY, Inc., MM Enterprises USA, LLC and AWH New York, LLC (together with AWH) by refusing to close the transactions contemplated by the Investment Agreement. By refusing to close the transactions on the grounds that the required regulatory approval was not obtained, MedMen is essentially challenging the regulators’ authority and ignoring the regulations of the state’s medical program. On January 2nd, 2022, MedMen attempted to unilaterally terminate the Investment Agreement citing that the parties had not received approval by the applicable state regulators to satisfy the closing conditions. On January 3th, 2022, AWH submitted notification to MedMen that their termination attempt was invalid. AWH is of the firm belief that this attempted termination was invalid, as the parties had received final approval by the state regulators for the purposes of closing the transaction and enacting the transfer of ownership.
Cannabis Law Report, 01/06/2022 23:43:00
Iowa Democrats Unveil Marijuana Resolution To Put Legalization On Ballot For Voters To Decide
Iowa Democratic senators on Wednesday released the text of a joint resolution to put the question of marijuana legalization before voters on the state’s ballot. The proposed constitutional amendment says that “the possession, growth, cultivation, processing, manufacture, preparation, packaging, transferal, consumption, and retail sale and purchase of cannabis, or products created from or including cannabis, by persons 21 years of age or older, shall be lawful.” Sens. Joe Bolkcom (D), Janet Petersen (D) and Sarah Trone Garriott (D), who first unveiled their marijuana reform plan last month, say inaction on the issue in the GOP-controlled legislature meant they needed to pursue the alternative route to end prohibition. “We are proposing this constitutional amendment for voters to decide because Republicans have repeatedly refused to engage in any meaningful debate about marijuana reform,” Bolkcom said at a briefing with reporters on Wednesday. “Governor [Kim] Reynolds is strongly opposed to marijuana reform and, of the 92 Republicans currently in the Iowa General Assembly, there is not a single member that has expressed support for regulating marijuana like alcohol.”
Kyle Jaeger, Marijuana Moment, 01/05/2022 14:34:00
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Cannabis ETFs Evolve but Don’t Yet Excel
The first cannabis exchange-traded fund (ETF) launched in 2017, and we have been following the developments closely since then. Today, we are tracking 11 ETFs. We recently shared a review of these funds with subscribers to our premium cannabis due diligence service...
Cannabis Compliance Board to discuss marijuana consumption lounge rules
The Nevada Cannabis Compliance Board will be working on rules surrounding marijuana consumption lounges. The next public workshop is set to take place Tuesday at 1 p.m., and the board said the first lounge could open as soon as the fall. Some dispensaries like Planet...
Global Cannabis Pharmaceuticals Market Research Report 2022 – ResearchAndMarkets.com
The Global Cannabis Pharmaceuticals Market size was estimated at USD 872.57 million in 2020, is expected to reach USD 1,031.56 million in 2021, and is projected to grow at a CAGR of 18.58% to reach USD 2,877.64 million by 2027. In this report, the years 2018 and 2019...
South Dakota: Governor Signs Legislation Preserving Patients’ Home Cultivation Rights
Republican Gov. Kristi Noem has signed legislation (SB 24) into law preserving the ability of qualified patients to home cultivate limited quantities of cannabis. Voters in November 2020 overwhelmingly decided in favor of a ballot measure (Measure 26) permitting...
How Does The Ukrainian War Effect Cannabis Prices In Europe?
The ongoing situation in Ukraine has been described as the largest ground war within Europe since the Second World War ended. Many industries are being affected, including the budding cannabis industry. This article originally appeared on Cannabis.net and has been...
GOP Congressman Who Fought For Marijuana Legalization Dies, And Is Honored By Bipartisan Colleagues
Rep. Don Young (R-AK)—a rare example of a pro-legalization Republican congressman, who was one of just five GOP members of the House of Representatives to vote in favor of a bill to end marijuana prohibition—died on Friday. As the longest-serving member of the...
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