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Arizona Marijuana Sales Topped $1.4 Billion In 2021

Arizona Marijuana Sales Topped $1.4 Billion In 2021

In the first year that Arizona adults could legally buy cannabis, they spent slightly more than $1.4 billion on marijuana. According to the Arizona Department of Revenue (DOR), the recreational market brought in nearly $650 million, despite sales beginning on January 22. The well-established medical market that has been in existence for a decade recorded $758 million in sales in 2021, according to ADOR. December saw recreational sales top medical for only the second time, with the adult-use market notching nearly $63.8 million in sales compared to $53.5 million on the medical side. And December marked the third month in a row that recreational marijuana sales set a record for the burgeoning industry, beating out the $61.6 million sold in November. A year ago, recreational sales began with just $622,970 in the final 10 days of January 2021. Harvest Health Inc., now owned by Florida-based Trulieve Cannabis Corp, was the only dispensary prepared for sales that weren’t expected to begin until March or April. At the time, Harvest and its 15 dispensary licenses were owned by Tempe native Steve White, who contributed $1.8 million to the 2020 campaign to pass Proposition 207, which legalized recreational cannabis in Arizona. But other dispensaries rushed to open once adult-use sales were legal, and they quickly caught up to medical cannabis sales. At the close of 2021, recreational sales contributed more than $104 million in excise tax, while sales taxes brought in another $50 million in tax revenue. When the $63.5 million in medical marijuana sales taxes are included, cannabis sales in Arizona added about $217.5 million to state coffers in 2021.

Marijuana Moment, Marijuana Moment, 02/22/2022 13:58:00

Open article: https://www.marijuanamoment.net/arizona-marijuana-sales-topped-1-4-billion-in-2021/

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New York Governor Signs Bill To Let Hemp Farmers Start Growing Adult-Use Marijuana While Promoting Equity

New York Governor Signs Bill To Let Hemp Farmers Start Growing Adult-Use Marijuana While Promoting Equity

The governor of New York on Tuesday signed a bill to provide provisional marijuana cultivator and processor licenses for existing hemp businesses that take certain steps to promote equity in the emerging industry. Assembly Majority Leader Crystal Peoples-Stokes, who championed the state’s adult-use legalization bill that was enacted last year, and Sen. Michelle Hinchey (D) sponsored the newly signed legislation. The aim is to simultaneously expedite the process of standing up New York’s adult-use market while supporting efforts to reach ambitious equity goals with respect to cannabis business participation. Gov. Kathy Hochul (D) said in a press release that she is “proud to sign this bill, which positions New York’s farmers to be the first to grow cannabis and jumpstart the safe, equitable and inclusive new industry we are building.” “New York State will continue to lead the way in delivering on our commitment to bring economic opportunity and growth to every New Yorker in every corner of our great state,” the governor said.

Kyle Jaeger, Marijuana Moment, 02/22/2022 10:43:00

Open article: https://www.marijuanamoment.net/new-york-governor-signs-bill-to-let-hemp-farmers-start-growing-adult-use-marijuana-while-promoting-equity/

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Three In Four Florida Voters Support Legalizing Marijuana, New Poll Finds

Three In Four Florida Voters Support Legalizing Marijuana, New Poll Finds

About three-fourths of Florida voters support legalizing marijuana possession for adult use, including strong bipartisan majorities, according to a new poll. The survey released by the University of North Florida on Tuesday didn’t ask about where voters stood on creating a regulated system of cannabis sales, but 76 percent said they either strongly or somewhat support allowing adults to “legally possess small amounts of marijuana for recreational use.” Just 20 percent said they oppose the policy change. This marks a 12 percentage point increase in support since the last time the university polled on the issue in November 2019. “Previous polls we conducted have shown support in the mid-60s for marijuana legalization but Floridians are now highly supportive of recreational marijuana,” Michael Binder, a political science professor who led the survey, said in a press release. The crosstabs of the survey show majority support for legalizing cannabis possession across every demographic, including party, age, sex, race, and education. Levels of support did follow common themes, however. For example, Democrats were more favorable of possession legalization (76 percent) compared to Republicans (64 percent). Among people with no party affiliation, 90 percent back-ended cannabis prohibition. And younger people were generally for supportive of the proposal than older generations, though even a majority of those in the 65+ group still support the policy (63 percent).

Kyle Jaeger, Marijuana Moment, 02/22/2022 12:51:00

Open article: https://www.marijuanamoment.net/three-in-four-florida-voters-support-legalizing-marijuana-new-poll-finds/

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Not just Texas: This bill could ban delta-8 products across the whole country

Not just Texas: This bill could ban delta-8 products across the whole country

Texas hemp manufacturers are in a legal battle with the state to try to stop it from banning THC isomer products their businesses have come to rely on in the last couple of years. But federal legislation introduced by a Democratic representative from Maine last week could make that fight for naught. Dubbed the “Hemp Advancement Act of 2022,” the bill aims to do something Texas lawmakers attempted during the last legislative session: implement a low-percentage cap on all THC in hemp products, not just delta-9 THC. (Texas is also actively trying to ban all other THC isomers except for delta-9.) Both federal and state hemp laws legalized the growing of the plant, as long as it contains less than 0.3% delta-9 THC, the main chemical in marijuana that gets users high. But, the law didn’t spell out any limitations on other forms of THC, like delta-8 and delta-10. These are THC isomers, chemicals that share the same formula as delta-9 but have different chemical structures and effects. Delta-8, for example, is generally regarded as less potent.

420 Intel – Marijuana Industry News, 02/21/2022 19:00:00

Open article: https://420intel.com/articles/2022/02/22/not-just-texas-bill-could-ban-delta-8-products-across-whole-country

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Michigan’s Indian tribes seek a way into cannabis industry, tax revenue

Michigan’s Indian tribes seek a way into cannabis industry, tax revenue

The Michigan House is considering legislation that would extend marijuana business licensing opportunities to Michigan’s 13 Indian tribes, allowing for key agreements that have been lacking since recreational marijuana was legalized in 2018. The bill would allow the Marijuana Regulatory Agency to enter into compact agreements with each of Michigan’s tribes so marijuana businesses located on tribal lands could become licensed by the state and have access to several aspects of the industry — including product from licensed Michigan growers, processors, testers and transporters and the marijuana tracking software system used by the state, called Metrc.

Mmp News Author, Medical Marijuana Program Connection, 02/22/2022 10:19:00

Open article: https://mmpconnect.com/michigans-indian-tribes-seek-a-way-into-cannabis-industry-tax-revenue/

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This new funding platform wants to help cannabis companies promote themselves

This new funding platform wants to help cannabis companies promote themselves

Financing and advertising have often been tricky arenas for cannabis companies to navigate in states that have legalized marijuana. (Click here for Benzinga article) Unlike well-known brands such as Nike Inc. or Anheuser Busch InBev’s Budweiser, there have been limitations on reaching customers through traditional advertising mediums such as magazines or television because the U.S. government considers marijuana a Schedule 1 drug. Because of that status, funding that’s available to most mainstream businesses is largely unavailable to cannabis businesses. Cannabis businesses also have difficulty reaching their intended audience because of the restrictions most states place on advertising the products. But California-based digital marketing platform MediaJel has reportedly developed solutions to both problems. The company recently launched MediaJel Capital to provide cannabis funding via flexible financing options that enable them to invest in digital marketing and advertising solutions designed to help them build brand awareness, acquire new customers and expand their businesses. The funding can be used to accelerate a marijuana businesses’ digital marketing, invest ineffective advertising, and cultivate a loyal buying audience. The process is simple. Cannabis companies fill out an application and discuss their options with a dedicated funding adviser.

420 Intel – Marijuana Industry News, 02/21/2022 19:00:00

Open article: https://420intel.com/articles/2022/02/22/new-funding-platform-wants-help-cannabis-companies-promote-themselves

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Medical cannabis to be sold at pharmacies in Greece

Greece expects huge investments in the production of medical cannabis which the government hopes would add up to 1.5 billion euros ($1.67 billion) annually to state revenue, Minister for Development and Investment Adonis Georgiadis said. Speaking exclusively to Greek...

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