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Maryland legislature to consider voter referendum on legalizing marijuana for 2022 ballot

Maryland legislature to consider voter referendum on legalizing marijuana for 2022 ballot

The Maryland legislature is moving toward placing a voter referendum on legalizing marijuana on ballots in 2022. Text of the proposed legislation was written by Del. Luke Clippinger (D-Baltimore City), who is chairman of Maryland’s House Cannabis Referendum and Legalization Workgroup, formed last summer to study the issue. The House bill to place the question on next year’s ballot, House Bill 1, has been pre-filed and will be introduced when the Maryland General Assembly convenes on Jan. 12, 2022. If passed by the legislature, the bill will set up the following referendum question for voters: “Do you favor the legalization of adult-use cannabis in Maryland?” If the referendum is successful, Maryland’s legislature would add an amendment to the state constitution and advance a law allowing Maryland adults over the age of 21 to use and possess cannabis. As written, that law that would go into effect as early as July 2023. In order for the question to make it to the ballot, it will need to be approved by three-fifths of members in both the House and Senate. If the bill passes, Maryland’s legislature would still need to develop rules on the “use, distribution, possession, regulation, and taxation of cannabis within the state.”

Cannabis Business Executive – Cannabis and Marijuana industry news, 12/27/2021 10:10:00

Open article: https://www.cannabisbusinessexecutive.com/2021/12/maryland-legislature-to-consider-voter-referendum-on-legalizing-marijuana-for-2022-ballot/

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Hemp Is Ready to Shine, Thanks to Plastic Bans and Carbon Caps

Hemp Is Ready to Shine, Thanks to Plastic Bans and Carbon Caps

From stalled legislation to falling stock prices, cannabis didn’t have the greatest year. But investors are finding something to be optimistic about heading into 2022: industrial hemp. Demand is poised to rise for hemp — the staid sister to the mood-altering forms of cannabis — as it’s increasingly adopted for a wide range of uses, including concrete blocks, clothing, and even car parts. The shift is driven by environmental incentives such as carbon caps and single-use plastic bans, which are making some natural materials preferable to those made from petrochemicals. “Industrial hemp is the biggest opportunity in the cannabis sector as a whole,” said Mina Mishrikey, a partner at Merida Capital Partners. His firm has invested around 90% to 95% of its $500 million in assets under management in cannabis businesses centered around THC, the psychoactive ingredient in marijuana, but aims to make more investments in industrial hemp, Mishrikey told me. Hemp could use the boost after the market struggled to capitalize on the hype following the 2018 farm bill, which legalized hemp and led to over-planting when not enough companies were ready to create end products. In 2021, the number of acres of hemp planted fell to 33,844 from 70,530 a year earlier and 465,787 in 2019 according to New Frontier Data. Adding to the challenges, the U.S. Food and Drug Administration recently refused to regulate one of hemp’s best-known products — CBD, or cannabidiol — as a dietary ingredient, casting a specter of uncertainty over the otherwise booming market for creams, tinctures and gummies.

Cannabis Business Executive – Cannabis and Marijuana industry news, 12/27/2021 09:11:00

Open article: https://www.cannabisbusinessexecutive.com/2021/12/hemp-is-ready-to-shine-thanks-to-plastic-bans-and-carbon-caps/

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Fintech CEO takes on perils of banking for cannabis businesses

Fintech CEO takes on perils of banking for cannabis businesses

The largest U.S. banks have stayed well away from the cannabis sector, as federal law still “prevents banks from banking cannabis businesses,” the American Bankers Association, a trade group, said in a letter sent this month to leading U.S. senators. Banks could be branded as money launderers should they handle proceeds from the sale of cannabis, the ABA has warned. Other banking institutions maintain a more optimistic outlook. Regulatory guidance published in 2014 by the U.S. Treasury Department’s Financial Crimes Enforcement Network on how to bank for cannabis businesses without running afoul of FinCEN’s rules gave a green light for some financial services entrepreneurs. One such financial technology company, North Little Rock, Ark.-based Abaca, partners with established banks to offer banking services, including accounts and payment systems, to cannabis sellers.

Mmp News Author, Medical Marijuana Program Connection, 12/27/2021 08:51:00

Open article: https://mmpconnect.com/fintech-ceo-takes-on-perils-of-banking-for-cannabis-businesses/

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Teva Pharmaceuticals To Market Cannabis Oils From Cannabit

Teva Pharmaceuticals To Market Cannabis Oils From Cannabit

Cannbit-Tikun Olam will produce various medical cannabis products for Teva Israel, a marketing arm of Teva Pharmaceuticals (NYSE: TEVA). What Happened The Tel Aviv, Israel-based cannabis company confirmed Monday it has signed a collaboration agreement with Teva, under which it will manufacture THC and CBD-rich oils for Teva. Why It Matters Under the deal, the products will be exclusively marketed and distributed by Teva in Israel and the Palestinian Authority. The oils are based on strains developed by Cannbit-Tikun Olam and selected exclusively by Teva due to their safety profile and strong therapeutic efficacy. What’s Next In the future, and to the extent possible, the cannabis oils will also be marketed by Teva in Ukraine, where the government is currently developing regulations. Under the agreement and subject to various regulatory approvals, the companies will collaborate for the extended period of 10 years, which they will also be able to extend by another nine years. “The medical cannabis arena is developing and being professionalized at a dizzying pace in Israel, and there is more openness to it in Israel and worldwide,” Yossi Ofek, CEO of Teva Israel stated.

Mmp News Author, Medical Marijuana Program Connection, 12/27/2021 11:03:00

Open article: https://mmpconnect.com/teva-pharmaceutical-industries-limited-nyseteva-teva-pharmaceuticals-to-market-cannabis-oils-from-cannabit-tikun-olam-in-israel-palestine-ukrai/

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Top Maryland Lawmaker Files Marijuana Legalization Referendum For 2022 Ballot

Top Maryland Lawmaker Files Marijuana Legalization Referendum For 2022 Ballot

A top Maryland lawmaker has pre-filed a bill to put marijuana legalization on the state’s 2022 ballot. The text of the legislation from Del. Luke Clippinger (D)—who serves as chairman of a cannabis workgroup that’s been studying the issue—was posted online on Wednesday. The bill, which seeks to put a constitutional amendment on the ballot, has been designated House Bill 1, signaling that it will be prioritized. It’s set to be formally introduced at the start of next year’s session on January 12 and has been referred to the Judiciary Committee, which Clippinger also chairs. House Speaker Adrienne Jones (D) has been working to get the legislature in a good position to advance the reform quickly, announcing the formation of a cannabis workgroup this summer and stating that lawmakers “will pass legislation early next year” to refer the question of legalization to voters. If passed in the legislature, the following question would go on the November ballot: “Do you favor the legalization of adult–use cannabis in the State of Maryland?”

Kyle Jaeger, Marijuana Moment, 12/23/2021 11:36:00

Open article: https://www.marijuanamoment.net/top-maryland-lawmaker-files-marijuana-legalization-referendum-for-2022-ballot/

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Top Rhode Island Lawmaker Expects Marijuana Legalization Bill To Pass ‘Overwhelmingly’ By February

Top Rhode Island Lawmaker Expects Marijuana Legalization Bill To Pass ‘Overwhelmingly’ By February

Rhode Island’s House speaker says lawmakers are “very close” to introducing a bicameral negotiated marijuana legalization bill, and a top Senate leader saying he’s optimistic that it will pass “overwhelmingly” in both chambers when it comes up for a vote early in 2022. 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. Negotiations have been productive, and draft legislation will be introduced within weeks, “in the month of January,” House Speaker Joseph Sherkarchi (D) told Providence Business News. The bill’s filing “will begin a robust public hearing and vetting process,” he said. But it appears the plan is to get those legislative proceedings done quickly, as Senate Majority Leader Michael McCaffrey (D) said the goal is to get the measure approved in the House and Senate by February. “Once it goes through the hearing process, I think that it will pass in both chambers overwhelmingly,” he said. While lawmakers have made progress in reaching agreements on various provisions that kept legalization from being enacted in 2021, the main sticking point concerns who should be in charge of regulating the cannabis program.

Kyle Jaeger, Marijuana Moment, 12/22/2021 16:20:00

Open article: https://www.marijuanamoment.net/top-rhode-island-lawmaker-expects-marijuana-legalization-bill-to-pass-overwhelmingly-by-february/

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Louisiana widening access to medical marijuana

More Louisiana residents will have access to medical marijuana under a significant expansion of the state's therapeutic cannabis program that was signed into law by Gov. John Bel Edwards. The changes in the law, which take effect in August, allow doctors to recommend...

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