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GOP Congressman Requests Hearing On FDA’s Failure To Set CBD And Delta-8 THC Regulations
The top Republican on a key congressional committee is calling on leadership to schedule a hearing to hold the Food and Drug Administration (FDA) accountable for its lack of action to set regulations for CBD and delta-8 THC products. Rep. James Comer (R-KY), ranking...
Delaware Lawmakers Approve Marijuana Legalization Bill In Committee Again Following Procedural Misstep
A Delaware House committee on Tuesday approved a bill to legalize marijuana for a second time following a procedural mishap that inadvertently prevented public testimony on the proposal at an earlier meeting. Rep. Ed Osienski (D) is sponsoring the legislation to...
South Carolina Medical Marijuana Bill Dies On House Floor Following Procedural Challenge
A bill to legalize medical marijuana in South Carolina died on the House floor on Wednesday following a nuanced debate over the constitutionality of the legislative process that the measure has moved through—before any discussion of the merits of the bill itself could...
Marijuana legalization fizzles in Missouri House as initiative petition heads toward ballot
The backer of a plan to fully legalize marijuana in Missouri said “I’m pretty sure the bill is dead” on Wednesday as the legislative session moved closer to its final week. Rep. Ron Hicks, R-Defiance, said GOP leadership gauged caucus support, which “came back, light,...
South Dakota will vote again to legalize weed this November
It’s déjà vu all over again for the South Dakota cannabis legalization movement. Yesterday, May 3, South Dakotans for Better Marijuana Laws (SDBML) turned in over 19,000 signatures to put recreational cannabis on the state ballot…again.In a remarkable turn of events,...
Bankers’ Groups from All 50 States Urge Senate to Enact Cannabis Banking Reform
Last week, a group of banking associations from all 50 United States wrote a letter to the U.S. Senate urging the legislative body to include cannabis banking language in the final text of a manufacturing bill for which a bicameral conference is being organized. The...
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Innovative Industrial Properties Announces Public Offering of 1,000,000 Shares of Common Stock
Innovative Industrial Properties, Inc. announced today that it has commenced a public offering of 1,000,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 150,000 shares of its common stock. All of the shares are being sold by the Company. The Company intends to use the net proceeds from this offering to invest in specialized industrial real estate assets used in the regulated cannabis industry that are consistent with its investment strategy, and for general corporate purposes. BTIG, LLC is acting as sole book-running manager for the offering. Piper Sandler & Co., Roth Capital Partners, and Compass Point Research & Trading, LLC are acting as co-lead managers for the offering. The offering of the Company’s common stock will be made only by means of a prospectus supplement and the accompanying prospectus.
Mmp News Author, Medical Marijuana Program Connection, 03/31/2022 16:34:00
Federal Marijuana Legalization Bill Would Add Billions In Revenue And Reduce Prison Costs, Congressional Budget Office Says
A bill set to go before the U.S. House of Representatives this week to federally legalize and tax marijuana would add billions in revenues and reduce prison costs over the next decade, according to a report released by the Congressional Budget Office (CBO) on Wednesday. Overall, the office said that it expects the proposed federal taxes included in the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act to bring in $8.1 billion in revenue from 2022 to 2031. CBO also looks at the impacts of legalization on the prison system. “H.R. 3617 would federally decriminalize cannabis (marijuana), expunge the records of people convicted of federal cannabis offenses, and require resentencing of some federal prisoners,” the report says. “As a result, CBO estimates, thousands of current inmates would be released earlier than under current law. In the future, decriminalization also would reduce the number of people in federal prisons and the amount of time they serve.” It is estimated that the policy change would mean that time served in federal prison would be collectively reduced by 37,000 person-years for current and future inmates. CBO predicted that the Bureau of Prisons would save about $800 million because there would be fewer people in prison amid sentence reductions.
Kyle Jaeger, Marijuana Moment, 03/31/2022 11:21:00
Pennsylvania Senators Approve Marijuana Banking Protection Bill As Congressional Reform Stalls
As the House prepares to vote on a bill to federally legalize marijuana this week, lawmakers from both major parties have continued to file amendments that will be taken up by the House Rules Committee on Wednesday before the legislation reaches the floor. Most of the proposed revisions to the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act would impose additional restrictions on the reform measure, including by making legalization contingent on the completion of certain studies, barring federal funding to states that permit certain cannabis products, maintaining penalties and limiting expungement provisions. One filed amendment, however, would have far-reaching implications by providing relief for people who have been denied a security clearance over marijuana at any point over the past half-century. The Rules Committee will determine at a meeting scheduled for 1:00 PM ET whether or not to make any of the amendments in order for floor consideration. When the MORE Act reaches the floor, it will mark the second time in history that cannabis legalization legislation has been taken up by a full chamber of Congress. An earlier version of the bill passed the House in 2020 but stalled in the Senate.
Kyle Jaeger, Marijuana Moment, 03/30/2022 12:15:00
Illinois Senate Committee Abruptly Halts Debate On Bill To Protect Workers Who Test Positive For Cannabis
An Illinois Senate committee began a debate this week on a bill that would protect workers from being fired for using cannabis in their free time. With some exceptions, the measure would prohibit employers from firing workers or discriminating against job applicants merely for testing positive for marijuana use. The House of Representatives already passed a version of the legislation, sponsored by Rep. Bob Morgan (D), on a 61–41 vote earlier this month. At a hearing of the Senate Executive Committee on Wednesday, senators spent about half an hour discussing details of the bill before its Senate sponsor, Sen. Robert Peters (D), abruptly paused the debate. Amid a series of critical questions from Republicans on the panel, Peters announced that he was pulling the bill from the record and would return to it later. “I’m gonna make this easier,” he said in response to a string of hypotheticals about when certain workers could be fired under the bill. “I’m gonna pull this from the record for right now, and I’ll come back.” Peters earlier in the hearing had expressed optimism that the discussion would proceed smoothly. “This is a very negotiated bill,” he said.
Ben Adlin, Marijuana Moment, 03/31/2022 08:20:00
South Carolina House Lawmakers Approve Senate-Passed Medical Marijuana Legalization Bill In Subcommittee
South Carolina lawmakers on Thursday approved a Senate-passed bill to legalize medical marijuana in the state. A subcommittee of the House Medical, Military, Public, and Municipal Affairs Committee advanced the measure, sponsored by Sen. Tom Davis (R), in a unanimous vote after adopting a couple of amendments. Now it will move to the full committee, which will hold a public hearing on the measure on Monday. The Compassionate Care Act passed the full Senate last month. It was profiled in late 2020 and passed out of the Senate Medical Affairs Committee last March, but a lone senator blocked it from reaching the chamber floor in 2021. Since then, Davis redoubled his efforts to get the bill across the finish line, arguing that South Carolina voters are ready for what he’s repeatedly called “the most conservative medical cannabis bill in the country.”. The senator said in January that House Speaker Jay Lucas (R) agreed to “allow the bill to go through the House process” if it advanced through the Senate, but a spokesperson for the speaker later told The Charleston Post and Courier that “Sen. Davis doesn’t speak for Speaker Lucas.”
Kyle Jaeger, Marijuana Moment, 03/31/2022 09:33:00
Recreational Cannabis Goes on Sale in New Mexico April 1
Beginning at midnight on April 1st, 2022, any person in New Mexico over the age of 21 will legally be allowed to buy up to 2 ounces of marijuana from dispensaries across the state. People are also allowed to have six of their own cannabis plants for personal consumption (up to 12 per household). Smoking cannabis in public can get you a $50 fine, and possession of more than the legal limit can earn you just under a year in jail; possession of extreme quantities is still a felony. The product will be taxed at 12% until July 1, 2025. That excise tax increases by one percent each year until it maxes out at 18% on July 01, 2030. Medical marijuana patients aren’t subject to that tax. There are also gross tax receipts from 5.125% to 8.8125% depending on location. A third of the tax revenue will go to the municipality where the product was sold; another third goes to the county where that sale was made. Sales of recreational cannabis are expected to bring in $318 million in the first year alone, with an expected $20 million or more in sales tax revenue for New Mexico’s General Fund. That’s expected to surpass $45 million a year after three years or so.
Marie Edinger, Wikileaf, 03/30/2022 07:30:00
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Connecticut Senate Passes Cannabis Advertising, Gifting, Zoning Bill, Sending It to Governor
The Connecticut Senate approved legislation on May 4 that takes aim at cannabis advertising, gifting, and zoning, sending the bill to Gov. Ned Lamont. The Senate approved House Bill 5329 in a 22-13 vote, according to a CT News Junkie report. The legislation, which...
Vermont Cannabis Control Board Misses May 1 Deadline to Begin Issuing Adult-Use Cannabis Licenses
Applicants for Vermont’s adult-use cannabis cultivation, testing, and retail licenses will have to wait a little longer to hear back about the status of their applications after the state’s Cannabis Control Board missed a May 1 deadline to begin issuing the licenses....
Lebanon to legalize hemp to prevent ‘scourge’ of marijuana
Lebanon's parliament has passed a law allowing for the cultivation of hemp, the Minister of Agriculture, Abbas Hajj Hassan, said on Monday, though implementation mechanisms had yet to be specified. Hassan called hemp a "lifeline" for the Lebanese economy, saying that...
Colorado Springs Medical Marijuana Recall Stretches Back One Year
Medical marijuana sold at two dispensaries in Colorado Springs has been recalled by the state Marijuana Enforcement Division, but most of it has probably already been smoked. According to a May 3 notice from the MED and the state Department of Public Health and...
Kansas Lawmakers Kick Off Bicameral Medical Marijuana Conference, Aiming To Pass Jointly Negotiated Bill Soon
Kansas lawmakers from both chambers met on Wednesday to start discussing a path forward for medical marijuana legalization in the state. The conference committee convened one day after negotiators were appointed to finalize medical cannabis reform legislation. While...
Costa Rica Legalizes Medical Marijuana Use and Hemp Cultivation
Medical marijuana use is now legal in Costa Rica. The new law also legalizes the cultivation and industrial production of hemp. Recreational marijuana use continues to be prohibited. A previous attempt at the legislation was vetoed by President Carlos Alvarado earlier...
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