Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Where Presidential Candidate Dean Phillips Stands On Marijuana And Psychedelics
https://www.marijuanamoment.net/where-presidential-candidate-dean-phillips-stands-on-marijuana-and-psychedelics/
Rep. Dean Phillips (D) is challenging incumbent President Joe Biden for the 2024 Democratic presidential nomination—and the congressman’s drug policy record reflects a consistent commitment to reform at the state and federal level.
Phillips officially entered the race on October 27, stating that while he thinks the president has done an effective job to date, Biden’s slumping poll numbers raise concerns about his viability in the election, and he’s hoping to offer an alternative pathway for Democrats.
When it comes to drug policy issues, Phillips has supported federal marijuana legalization, pushed the Biden administration to provide relief to those who’ve been criminalized over cannabis and advocated for research into the therapeutic potential of psychedelics.
His voting record shows ongoing support for reform across the board—including incremental measures on marijuana banking, as well as more comprehensive proposals to end federal cannabis prohibition while promoting social equity.
The congressman isn’t the only candidate challenging the incumbent president for the Democratic nomination. Marianne Williamson is again seeking the party nod, with a platform that also involves marijuana and psychedelics reform advocacy. Robert F. Kennedy Jr. was previously running as a Democrat, but he’s since switched to independent.
Most Ohio Lawmakers—Dems And GOP—Think Voters Will Legalize Marijuana At The Ballot
https://www.marijuanamoment.net/most-ohio-lawmakers-dems-and-gop-think-voters-will-legalize-marijuana-at-the-ballot-survey-says/
NCAA Panel Formally Recommends Removing Marijuana From Banned Substances List For College Athletes
https://www.marijuanamoment.net/ncaa-panel-formally-recommends-removing-marijuana-from-banned-substances-list-for-college-athletes/
STORZ & BICKEL Unveils the VENTY, an Innovative New Portable Vaporizer
https://finance.yahoo.com/news/storz-bickel-unveils-venty-innovative-133000624.html
Ohio begins vote on Adult-Use Cannabis
https://420intel.com/articles/2023/10/16/ohio-begins-vote-adult-use-cannabis?utm_source=420intel&utm_campaign=ac450b5003-420+Intel+Newsletter&utm_medium=email&utm_term=0_3210cbef52-ac450b5003-278781552
Ohio residents began early in-person voting on the state’s adult-use cannabis legalisation initiative last week.
Ahead of the statewide election on November 07, voters have had the chance to vote on the landmark legislation, listed as ‘Issue 2’, since October 11.
The proposed ballot would make Ohio the 24th US state to legalise adult-use cannabis, enabling anyone over 21 to possess up to 2.5 ounces of cannabis and cultivate up to six cannabis plants per person per home.
A new Division of Cannabis Control would also be established to licence and regulate the industry, with a 10% tax imposed on cannabis products to cover administrative costs and fund social equity programmes.
As Business of Cannabis reported in August, the bill seems to have strong bipartisan support, and nearly 60% of voters said they were in favour of legalisation.
Despite the strong support, a group of Republican state senators have threatened to throw a spanner in the works.
Last week the group passed a resolution urging voters to reject the bill, claiming it would bring ‘unacceptable threats and risks to the health of all Ohioans’.
The group added that legalisation would: “Create dangers in the workplace and unacceptable challenges and costs to employers, will make Ohio’s roads more dangerous, will impose significant new, unfunded costs to Ohio’s public social services, and serves only to advance the financial interests of the commercial marijuana industry and its investors.”
While the bills proponents have dismissed the resolution as pure misinformation and have called upon television stations to stop running it, lawmakers could also look to derail the bill if it passes.
Republican Senate President Matt Huffman warned during a speech in the Senate last week that if the bill is approved he would attempt to bring that statute ‘right back before this body’, later clarifying that he intended to advocate for ‘reviewing and repealing things or changing things that are in it’.
RUMP !....
GOP Marijuana Banking Bill Sponsor Says Senate Floor Vote On Hold Until House Passage Assured, Cannabis Financing Exec Who Spoke To Him Says
https://www.marijuanamoment.net/gop-marijuana-banking-bill-sponsor-says-senate-floor-vote-on-hold-until-house-passage-assured-cannabis-financing-exec-who-spoke-to-him-says/
Majority Leader Steve Scalise is bad news for Cannabis
https://420intel.com/articles/2023/10/13/majority-leader-steve-scalise-bad-news-cannabis?utm_source=420intel&utm_campaign=7e176b3c74-420+Intel+Newsletter&utm_medium=email&utm_term=0_3210cbef52-7e176b3c74-278781552
Rep Steve Scalise has voted against nearly every cannabis bill that’s reached his desk.
The GOP’s nominee to replace Rep. Kevin McCarthy (R-California) as Speaker of the House—one of the most powerful positions in the U.S. government—has opposed nearly every cannabis bill he’s encountered during the past 15 years in office.
Scalise dropped out of the House speaker race Thursday evening.
In a closed-door meeting to replace McCarthy as speaker Wednesday, Rep. Steve Scalise (R-Louisiana) was selected as the clear nominee. Judiciary Committee Chair Jim Jordan (R-Ohio), the next contender, lost the nomination in a vote 113 to 99. On Thursday however, Scalise appeared to be short on votes to become the next Speaker.
Colorado Dispensaries Have Sold More Than $15 Billion Worth Of Marijuana Since Legalization, Generating $2.5 Billion In Tax Revenue, State Reports
https://www.marijuanamoment.net/colorado-dispensaries-have-sold-more-than-15-billion-worth-of-marijuana-since-legalization-generating-2-5-billion-in-tax-revenue-state-reports/
Kansas Silver Haired Legislature Passes Medical Marijuana Legalization Resolution
https://www.marijuanamoment.net/kansas-silver-haired-legislature-passes-medical-marijuana-legalization-resolution/
Ohio voters are ready to vote ‘yes’ on Issue 2
https://www.cleveland.com/letters/2023/10/ohio-voters-are-ready-to-vote-yes-on-issue-2.html
Concerns expressed by Ohio business groups that passage of Issue 2 will negatively impact workplace safety and productivity are premised on fear, not facts (“3 Ohio businesses groups oppose ballot proposal to legalize recreational marijuana,” cleveland.com, Oct. 2).
No provisions in Issue 2 weaken or limit existing workplace drug-testing policies for cannabis. Furthermore, testing policies for those in safety-sensitive positions are governed by federal drug testing regulations and cannot be altered by changes in state law.
Further, studies consistently show that employees who consume cannabis during off-hours are no different than their peers. Their workplace performance doesn’t differ from that of their co-workers, many of whom consume alcohol, and they do not pose an increased safety risk.
Twenty-three states have now enacted legislation regulating the adult-use cannabis market. None of these states has repealed or even rolled back their laws, and public support for these policies has never been higher. These policies are largely working as politicians and voters intended and they are preferable to prohibition.
After a century of failed policies and canna-bigotry, Ohio’s voters are ready to move in a different direction – one that legalizes, regulates, and educates. They are ready to vote ‘yes’ on Issue 2.
PART 2....Connecticut Sets Another Marijuana Sales Record In September, With Monthly Purchases Exceeding $25 Million For First Time
https://www.marijuanamoment.net/connecticut-sets-another-marijuana-sales-record-in-september-with-monthly-purchases-exceeding-25-million-for-first-time/
For example, New Mexico’s legal marijuana retailers sold more than $47 million of combined adult-use and medical marijuana products in September, according to data from the state Regulation & Licensing Department (RLD).
Illinois marijuana shops sold nearly 3.7 million adult-use cannabis products in September, That’s more products than during any other month since recreational sales launched in January 2020, amounting to $139.5 million in total sales.
In Maryland, the state reported more than $90.7 million worth of marijuana products were sold in September, the bulk of which was driven by record-high monthly sales to adult-use consumers. Medical cannabis purchases, meanwhile, have dipped slightly following the opening of adult-use stores in July.
August was also a record-setting month in Rhode Island, which sold its highest amount of cannabis for the fourth consecutive month, notching $9.7 in monthly receipts.
Purchases of adult-use cannabis in Montana hit a monthly record in August, according to the state’s Cannabis Control Division.
In Maine, marijuana sales similarly reached a record high in August, with nearly $22 million worth of purchases.
Massachusetts retailers have now sold more than $5 billion in adult-use marijuana since the state’s recreational market launched five years ago, the state reported last month. Sales reached $139.3 million in August alone, with the year-to-date total at $1.05 billion within the first eight months of 2023.
Michigan marijuana sales reached yet another record high in July, with nearly $277 million worth of cannabis sold.
Missouri retailers have been selling about $4 million worth of marijuana per day on average since the state’s adult-use market opened up in February—and the state saw a record $121.2 million in cannabis purchases in June.
The U.S. Census Bureau recently released its first report on state-level marijuana tax revenue data following what the agency called “a complete canvass of all state agencies” going back to July 2021. In the 18-month period between then and the end of 2022, the data show, states collected more than $5.7 billion from licensed cannabis sales.
Connecticut Sets Another Marijuana Sales Record In September, With Monthly Purchases Exceeding $25 Million For First Time
https://www.marijuanamoment.net/connecticut-sets-another-marijuana-sales-record-in-september-with-monthly-purchases-exceeding-25-million-for-first-time/
Connecticut saw yet another month of record-breaking marijuana sales in September, with medical and recreational purchases exceeding $25 million for the first time, new state data published on Tuesday shows.
Adult-use cannabis sales hit $14,388,751 last month—the ninth month in a row of record-topping recreational marijuana purchases since the market launched in January. Medical cannabis sales totaled $10,814,987.
All told in September, the Connecticut Department of Consumer Protection (DCP) reported $25,203,738 in legal cannabis purchases, which is up about $250,000 from August.
Adult consumers bought 376,035 total cannabis products, while patients purchased 284,116 medical marijuana items. At the same time, the cost of recreational cannabis has gradually declined since the market opened, with the average product price amounting to $38.37 last month.
Just over half (52 percent) of marijuana purchased last month was useable cannabis (or flower). Vapes accounted for 30 percent of sales, followed by edibles at 11 percent.
“The preliminary data does not include taxes collected at the point of sale on adult-use transactions and is subject to further review by the department,” DCP said. “Medical marijuana patients do not pay taxes on the purchase of their medicine.”
“Adults who choose to consume cannabis are reminded to do so responsibly, including storing cannabis products in their original packaging, locked up and out of reach of children and pets,” the department added.
So far, it appears that Connecticut is experiencing the same type of commercial trends that other states have seen after enacting legalization, with the medical cannabis market gradually thinning as the adult-use system matures and expands.
Meanwhile, as of July 1, Connecticut adults 21 and older can now grow their own marijuana plants for personal use—one of the latest provisions of the state’s cannabis legalization law to take effect.
Ahead of that law becoming effective, DCP published a notice to remind the public about the policy change, detailing the rules and encouraging people who choose to participate to cultivate cannabis “responsibly.”
Also, Connecticut officials recently announced they are rolling out a new loan program aimed at supporting social equity marijuana businesses, providing financial assistance to help people who’ve been disproportionately impacted by prohibition expand operations in the legal industry.
Connecticut is far from the only states that saw record-breaking marijuana sales in recent months.
Indiana Is ‘Falling Far Behind’ On Marijuana As Neighboring States Legalize, Lawmaker Says
https://www.marijuanamoment.net/indiana-is-falling-far-behind-on-marijuana-as-neighboring-states-legalize-lawmaker-says-op-ed/
“It’s time that we pass legislation that decriminalizes cannabis, removes existing felonies and establishes a regulated market.”
By Indiana Rep. Blake Johnson (D)
Across the country, states—including most of our neighbors—have realized the benefits of cannabis legalization, yet Indiana has continued to ignore them—a fact that has us falling far behind in our competition for resources and talent.
The production and sale of cannabis is a big business. In states where cannabis has been legalized, states have brought in hundreds of millions of dollars in revenue, providing additional resources for schools, public health, infrastructure and other critical needs. The Statehouse has a chance to crunch the numbers as we evaluate the economics of cannabis in the Interim Study Committee on Commerce and Economic Development. As a member of the committee, I implore my fellow legislators to listen to the statistics. It’s time for Indiana to sow the seeds and reap the economic benefits of cannabis.
Legalization would stimulate our economy. A regulated cannabis industry would create jobs, generate tax revenue and expand investment opportunities. Even though the unemployment rate is fairly low, the Indiana Department of Workforce and Development estimated 127,406 Hoosiers still need jobs. Cannabis businesses would open hundreds, if not thousands, of employment opportunities for individuals who need them. A 2016 study in California, estimated that recreational legalization would create between 81,000 to 103,000 jobs in the state.
It stands to reason that Indiana would benefit greatly from starting up the industry within our borders. These jobs include the construction of nurseries and dispensaries, their operation, product marketing and distribution. A state-regulated industry would invite opportunities in research and development of medical cannabis products, as well. These research opportunities would support high-paying jobs in chemistry, agriculture, biology and pharmacy. Without a doubt, legalization would create thousands of jobs for Hoosiers who are battling high inflation and a rising cost of living.
State regulated cannabis industries bring in massive amounts of tax revenue. To see the profit, we can look to neighboring states that have taken advantage of cannabis’ economic benefits. In 2022, Illinois Governor J.B Pritzker (D) announced the state generated $445 million in tax revenue from adult-use cannabis—that’s funding Indiana could be using for mental health services, public safety efforts, and roads.
To make matters hazier, Hoosiers are buying out-of-state cannabis products. In July of 2023, Illinois sold $35.6 million worth of product to out-of-state customers. Since cannabis legalization is a state issue, money spent at out-of-state dispensaries is a sunk cost. Essentially, Hoosier money doesn’t flow back into Indiana. That’s millions of dollars Indiana’s economy will never get back.
Statehouse Republicans have repeatedly blocked cannabis legislation. This past session, I authored House Bill 1248 to establish a Cannabis Commission. Like the Alcohol and Tobacco Commission, this commission would regulate the production and sale of adult-use cannabis products. Along with making cannabis legal through a permit, HB 1248 would impose state taxes, remove existing felony offenses and change existing regulations. Nonetheless, the bill never made it to the House floor.
Other cannabis legislation proposed in the 2023 session fared the same. Another Democratic representative, Ryan Hatfield (D-Evansville), co-authored House Bill 1297. Following national trends, this bill would have decriminalized possession of two ounces or less of marijuana. It didn’t progress past a committee hearing. In fact, seven bills related to cannabis legalization or decriminalization were proposed this past session. None of them, not even one, passed from committee hearings to a vote on the Assembly Floor.
It’s time that we pass legislation that decriminalizes cannabis, removes existing felonies and establishes a regulated market. As we study cannabis for the Interim Committee on Commerce and Economic Development, we need to be conscious of the positive, economic opportunity. The production value of cannabis proves that legalization would help Hoosiers. Now is the time to vote in the best interest of our communities and catch up to the rest of the nation.
State Rep. Blake Johnson (D) represents Indiana House District 100 in Indianapolis.
Canopy Growth Receives Regulatory Certification in EU
https://www.marketwatch.com/story/canopy-growth-receives-regulatory-certification-in-eu-5a6fd32b
Canopy Growth said Tuesday that it has received its certification from the EU, which will allow it to continue exporting medical cannabis to medical markets in Europe and around the world.
The Smiths Falls, Ontario-based cannabis company said it received EU goods-manufacturing practice certification from RP Tuebingen, Regional Health Inspectorate of Baden-Wuerttemberg, for its cannabis cultivation facility in Kincardine, Ontario, a final step to completing the consolidation of its production footprint into two purpose-built sites.
Canopy Growth's medical brands are currently distributed in the medical markets of Germany, Czech Republic and Poland, as well as the Asia-Pacific markets of Australia and New Zealand.
Canopy is banking on this receipt of EU GMP certification to preserve opportunities across distribution channels and geographies in the EU medical markets.
It added that the certification also ensures that the company is positioned for opportunistic entry into new medical markets as they legalize.
RUMP !
Pennsylvania House Approves 280E Tax Cut For Marijuana Businesses Over GOP Objections
https://www.marijuanamoment.net/pennsylvania-house-approves-280e-tax-cut-for-marijuana-businesses-over-gop-objections/
Ohio Marijuana Legalization Campaign Sends Cease And Desist Letters To TV Stations Airing Opposition Ads ‘Filled With Lies’
https://www.marijuanamoment.net/ohio-marijuana-legalization-campaign-sends-cease-and-desist-letters-to-tv-stations-airing-opposition-ads-filled-with-lies/
Advocates behind a ballot measure to legalize marijuana in Ohio sent cease and desist letters on Thursday to local TV stations in an effort to get them to stop airing opposition ads that the cannabis campaign says are “filled with lies.”
“It’s incredibly disappointing anytime Ohio voters are lied to,” said Tom Haren, a spokesperson for the Coalition to Regulate Marijuana Like Alcohol, “but it’s clear our opposition sees no other way to defeat Issue 2.”
According to a copy of the letter included in a campaign press release, two television ads from the organization Weed Free Kids “contain multiple false or misleading statements about the proposed law.”
“Unlike candidate ads,” wrote lawyer Donald McTigue of Columbus-based McTigue & Colombo LLC, “organizations like ‘Weed Free Kids’ do not have a ‘right to command the use of broadcast facilities.'” And because stations aren’t required to run issue ads, the letter continues, “your station bears responsibility for its content when you do grant access.”
Citing federal regulations and case law, the letter says the stations have a duty to protect the public from false, misleading or deceptive advertising, warning that failure to do so “can be cause for the loss of a station’s license.”
“My client asks that your station cease broadcasting these ads immediately in the public’s interest in accurate discourse on the subject of the proposed law,” it says.
The yes campaign uploaded the videos to YouTube for reference.
In one, titled “Flatline,” a series of warnings flashes across the screen as the sound of an EKG machine beeps sporadically. A steady beep at the end of the spot suggests heart failure or death.
Among the alleged falsehoods in the ad are claims such as the initiative would allow “recreational marijuana sold in thousands of Ohio stores with NO protections for children.”
In another ad, “Candy,” the opposition campaign says that “stores could be flooded with candy laced with a drug that puts kids at risks”—a claim juxtaposed against a background products called Stoney Patch Kids, which resemble Sour Patch Kids candy.
The producer of those products, which are unregulated and not sold in licensed cannabis stores, was sued by the maker of Sour Patch Kids in 2019. Earlier this year, the Federal Trade Commission also sent the company a warning letter.
“Issue 2 allows for marijuana manufacturers to market their edibles as sweets as candy, without any safeguards for children,” the opposition ad claims. “That means many children will be poisoned by lookalike products.”
Included with the one-page cease and desist letters are seven pages of fact-checking notes meant to demonstrate the alleged falsehoods in the Weed Free Kids ads.
Next to the ad’s claim that there are “no protections for children” in the measure, for example, the Yes on Issue 2 campaign identifies various provisions intended to prevent impacts on kids. Among them, sales by law would only be allowed to adults 21 and older, stores would need to check customer ID prior to purchase and facilities would need to be located away from schools, playgrounds, parks and libraries.
Regulators, meanwhile, would also be able to adopt rules preventing advertisements aimed at children as well as “narrowly tailored time and place restrictions preventing advertising targeted to minors.”
Regarding a Weed Free Kids claim that marijuana edibles would look like candy and be marketed as candy, the yes campaign again pointed to language that would allow regulators to set rules “to prevent advertisements that are false, misleading, targeted to minors, promote excessive use, or that promote illegal activity.”
The campaign also noted that the state’s existing medical marijuana regulations already prohibit advertisements containing “any image bearing a resemblance to a cartoon character, fictional character whose target audience is children or youth, or pop culture icon.” Likewise, companies may not market, offer or sell apparel or other merchandise to people under 18 years old.
“Regulation does not increase youth usage. The data is clear after almost a decade of regulated adult use sales,” the document says, pointing to four published studies showing no change or even slight decreases in use of marijuana by minors and young adults following legalization.
Weed Free Kids did not immediately respond to Marijuana Moment’s emailed request for comment, but it lays out its opposition to the measure in more detail on its website.
Meanwhile, nearly three in five state voters said they support adult-use legalization, according to a survey commissioned by the campaign and published late last month.
Among opponents, the Ohio Chapter of the American Academy of Pediatrics recently became the latest group to come out against the initiative, writing in an announcement that “legalization of marijuana in other states has been linked to increased use by young people, increased auto injuries and deaths, increased crime and increased impairment at work.” Its release includes no supporting evidence for those claims.
Other opposition groups include the Association of Health Commissioners, which represents Ohio’s 112 local health departments, as well as the Ohio Children’s Hospital Association, the Adolescent Health Association, law enforcement and some business groups.
Here are the key provisions of the legalization ballot measure on the November 7 ballot:
The initiative would legalize possession of up to 2.5 ounces of cannabis for adults 21 and older, and they could also have up to 15 grams of marijuana concentrates.
Individuals could grow up to six plants for personal use, with a maximum 12 plants per household.
A 10 percent sales tax would be imposed on cannabis sales, with revenue being divided up to support social equity and jobs programs (36 percent), localities that allow adult-use marijuana enterprises to operate in their area (36 percent), education and substance misuse programs (25 percent) and administrative costs of implementing the system (three percent).
A Division of Cannabis Control would be established under the state Department of Commerce. It would have authority to “license, regulate, investigate, and penalize adult use cannabis operators, adult use testing laboratories, and individuals required to be licensed.”
The measure gives current medical cannabis businesses a head start in the recreational market. Regulators would need to begin issuing adult-use licenses to qualified applicants who operate existing medical operations within nine months of enactment.
The division would also be required to issue 40 recreational cultivator licenses and 50 adult-use retailer licenses “with a preference to applications who are participants under the cannabis social equity and jobs program.” And it would authorize regulators to issue additional licenses for the recreational market two years after the first operator is approved.
Individual municipalities would be able to opt out of allowing new recreational cannabis companies from opening in their area, but they could not block existing medical marijuana firms even if they want to add co-located adult-use operations. Employers could also maintain policies prohibiting workers from consuming cannabis for adult use.
Further, regulators would be required to “enter into an agreement with the Department of Mental Health and Addiction Services” to provide “cannabis addiction services,” which would involve “education and treatment for individuals with addiction issues related to cannabis or other controlled substances including opioids.”
With respect to social equity, some advocates are concerned about the lack of specific language on automatic expungements to clear the records of people with convictions for offenses that would be made legal under the legislation. That said, the measure does include a provision requiring regulators to “study and fund” criminal justice reform initiatives including expungements.
The state could see between $257 million and more than $400 million annually in tax revenue through legalization, according to a recent analysis from Ohio State University researchers.
Republicans officials in Ohio remain divided on the issue. Gov. Mike DeWine said in August that he believes “it would be a real mistake for us to have recreational marijuana,” adding that he visited Colorado following its move to legalize in 2012 and saw what he described as an “unmitigated disaster.”
Sen. John Hickenlooper (D-CO), who was Colorado’s governor in 2012, said last year that while he was initially concerned that legalization would encourage more use by young people, he now believes those worries were unfounded.
“I think we’ve proven and demonstrated that there is no increase in experimentation among teenagers. There is no change in frequency of use, no change in driving while high,” Hickenlooper said. “All the things we most worried about didn’t come to pass.”
One of Ohio’s Republican representatives in Congress, for his part, is in favor of the policy change. A spokesperson for Rep. Dave Joyce (R-OH), co-chair of the Congressional Cannabis Caucus, previously told Marijuana Moment that the representative “is supportive of the measure and plans to vote yes.”
If the initiative becomes law, that would bring the total number of states with adult-use legalization to 24.
Ohio voters rejected a 2015 measure, on a 64–36 vote, that would have amended the state’s constitution to legalize marijuana and give control of the market to a small group of producers. Organizers for the current campaign said they drew on lessons learned from that failure in crafting the current initiative.
Bipartisan Ohio lawmakers filed a separate bill to legalize marijuana in May, offering the legislature another opportunity to take the lead on the reform. But it has yet to advance, and now the stage is set for voters to make the choice.
Read the Coalition to Regulate Marijuana Like Alcohol’s full cease and desist letter below:
Illinois Officials Highlight ‘Unprecedented Growth’ Of Legal Marijuana Market As Cannabis Revenue Outpaces Alcohol
https://www.marijuanamoment.net/illinois-officials-highlight-unprecedented-growth-of-legal-marijuana-market-as-cannabis-revenue-outpaces-alcohol/
All told, the legal cannabis industry brought in about $451.9 million for the state in fiscal year 2023, which ran from July 1, 2022 to June 30, 2023, according to separate numbers from the Department of Revenue. As in past years, Illinois made significantly more revenue from cannabis than from alcohol, which brought in about $316.3 million during the same period.
“Fiscal Year 2023 saw unprecedented growth in the cannabis market not seen since the start of the medical program in 2015 and adult use cannabis was legalized in 2020,” the new report says. “Looking towards the future and Fiscal Year 2024, IDFPR anticipates continued growth of the regulated market.”
New Jersey Awards $12 Million In Grants To 48 Marijuana Businesses, With Focus On Aiding Communities Harmed By Drug War
https://www.marijuanamoment.net/new-jersey-awards-12-million-in-grants-to-48-marijuana-businesses-with-focus-on-aiding-communities-harmed-by-drug-war/
Rhode Island Marijuana Sales Set Record For Fourth Consecutive Month
https://www.marijuanamoment.net/rhode-island-marijuana-sales-set-record-for-fourth-consecutive-month/
Marijuana sales in Rhode Island set another record in August, with total retail receipts exceeding $9.67 million. It’s the fourth consecutive month of record-setting sales, according to data released by the state Department of Business Regulation.
New Mexico Adult-Use Marijuana Sales Cross Half-Billion-Dollar Mark As Latest Monthly Sales Narrowly Miss Record
https://www.marijuanamoment.net/new-mexico-adult-use-marijuana-sales-cross-half-billion-dollar-mark-as-latest-monthly-sales-narrowly-miss-record/
New Mexico’s legal marijuana retailers sold more than $47 million of combined adult-use and medical marijuana products in September, according to new data from the New Mexico Regulation & Licensing Department (RLD). While that marks a slight decline from the state’s $48 million monthly sales record set in August, the state has now reached the benchmark of half a billion dollars of recreational marijuana products being purchased since sales launched in April of last year.
New York weed licenses now open to the general public; Here’s how to apply
https://www.silive.com/news/2023/10/new-york-weed-licenses-now-open-to-the-general-public-heres-how-to-apply.html
Despite DeSantis, Florida Supreme Court Schedules Hearing On 2024 Marijuana Ballot Initiative
https://www.benzinga.com/markets/cannabis/23/10/35075562/despite-desantis-florida-supreme-court-schedules-hearing-on-2024-marijuana-ballot-initiative
ESAD you sickening POS Desantis !
Global Legal Weed Market Could Soar To $55 Billion In Four Years
https://www.forbes.com/sites/irisdorbian/2023/10/02/global-legal-weed-market-could-soar-to-55-billion-in-five-years/?sh=6dc12d956630
State Senate committee plans hearings on tumultuous rollout of recreational cannabis industry
https://hudsonvalley.news12.com/state-senate-committee-plans-hearings-on-tumultuous-rollout-of-recreational-cannabis-industry
Get your shyte together you c'suckers!
Rapper Snoop Dogg tells people not to vote for Donald Trump:
— Republicans against Trump (@RpsAgainstTrump) September 23, 2023
"If y'all do vote for him, y'all some stupid mother fu**ers" pic.twitter.com/ckHrlkr7mo
Wis. Senate Bill Would Legalize, Tax Cannabis Sales
https://www.law360.com/articles/1725002
SAFER Banking Act optimism sends shares of cannabis MSOs higher
https://www.proactiveinvestors.com/companies/news/1027601/safer-banking-act-optimism-sends-shares-of-cannabis-msos-higher-1027601.html
Shares of cannabis multi-state operators (MSOs) rose on Monday on investor optimism around a key vote on marijuana banking reform this week.
The Senate Committee on Banking, Housing and Urban Affairs is holding a markup session on the bipartisan Secure and Fair Enforcement Regulation (SAFER) Banking Act at 9.30am on Wednesday, September 27.
Should the Committee approve the proposal, Senate Majority Leader Chuck Schumer has promised to bring it before the full Senate “with all due speed.”
The SAFER Banking Act is expected to be game-changing for cannabis companies, allowing easier access to capital as it removes penalties for banks and financial institutions providing services to legal cannabis-related businesses.
The proposal is expected to win the Committee’s approval, with Chairman Sherrod Brown (Democrat-Ohio) telling Ask a Pol’s Matt Lalso late last week that he expects a “strong majority” will support it.
Investors appear to agree, with Canopy Growth Corporation (TSX:WEED, NYSE:CGC) leading the gains among cannabis stocks on Monday, adding 18% at US$0.99.
Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF) added 7.4%, Trulieve Cannabis Corp. (CSE:TRUL) gained 6.6% and Tilray Inc (NASDAQ:TLRY) added 6%,
Aurora Cannabis Inc (TSX:ACB, NASDAQ:ACB) was up 5.7%, Green Thumb Industries Inc. (CSE:GTII, OTCQX:GTBIF) gained 4.8%, Cronos Group Inc (NASDAQ:CRON, TSX:CRON) gained 4.5%, and Curaleaf Hldgs Inc. (CSE:CURA, OTCQX:CURLF) was up 4.2%.
Over 800 Banks file to allow Cannabis Businesses
https://420intel.com/articles/2023/09/25/over-800-banks-file-allow-cannabis-businesses?utm_source=420intel&utm_campaign=2e521c4f88-420+Intel+Newsletter&utm_medium=email&utm_term=0_3210cbef52-2e521c4f88-278781552
The US Department of Treasury is getting hundreds more requests from banking institutions to work with cannabis businesses.
Banking institutions are in a race to allow cannabis businesses ahead of imminent changes in the way cannabis is classified at the federal level, according to federal data. Cannabis remains prohibited at the federal level, but the U.S. Health & Human Services Department (HHS) recommendation to reclassify cannabis from a Schedule I to a Schedule III changes everything.
NORML reports that there’s a spike in the number of banking institutions that are filing to work with cannabis businesses as the fear of repercussions subsides.
According to quarterly data provided by The Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, over 800 banks and credit unions have filed paperwork with the U.S. government acknowledging their relationships with licensed cannabis businesses.
FinCEN reports that 812 banks and credit unions reported that they are actively working with cannabis companies during the second quarter of the FY2023. That’s a record high since FinCEN first started tracking these numbers. It represents a significant rise from last year’s numbers, when they identified 553 banks—only 11 percent of all U.S. banks—and 202 credit unions.
FinCEN “issued guidance to clarify Bank Secrecy Act (BSA) expectations for financial institutions seeking to provide services to marijuana-related businesses (MRBs),” the report, which is available for download, reads. “This FinCEN guidance clarified how financial institutions can provide services to marijuana-related businesses consistent with their BSA obligations, and aligns the information provided by financial institutions in BSA reports with federal and state law enforcement priorities.”
FinCEN Types of Cannabis Businesses
“FinCEN’s 2014 Guidance specifies three phrases for describing a financial institution’s relationship to Marijuana-Related Businesses (MRBs) in SARs:
Marijuana Limited: means the financial institution provides financial services to an MRB that the financial institution reasonably believes, based on its customer due diligence, does not implicate one of the Cole Memo priorities or violate state law.
Marijuana Priority: means the financial institution provides financial services to an MRB that the financial institution reasonably believes, based on its customer due diligence, implicates one of the Cole Memo priorities or violates state law.
Marijuana Termination: means the financial institution deems it necessary to terminate a relationship with an MRB in order to maintain an effective anti-money laundering compliance program.”
NORML leaders discussed the topic with The Hill last May.
“No industry can operate safely, transparently or effectively without access to banks or other financial institutions and it is self-evident that the players in this industry (smaller and minority-owned businesses in particular), and those consumers that are served by it, will remain severely hampered without better access to credit and financing,” NORML Deputy Director Paul Armentano told The Hill.
According to survey data compiled last year by Whitney Economics, over 70% of cannabis businesses that were asked said that the “lack of access to banking or investment capital” is their top challenge.
FinCEN’s Marijuana Banking Update from March 2022 shows a steady increase in the number of banks and credit unions filing to cater to cannabis businesses. “As of 30 September 2021, FinCEN had received a total of 219,097 SARs using the key phrases associated with MRBs. Several of the SARs contain more than one key phrase, which accounts for the numbers for each key phrase being greater than the total,” the report reads.
“FinCEN received 172,501 SARs from filers using the key phrase ‘Marijuana Limited.’ FinCEN received 15,359 SARS from filers using the key phrase, Marijuana Priority. FinCEN received 42,791 SARs from filers using the key phrase ‘Marijuana Termination’.”
FinCEN began providing guidance to cannabis businesses in 2014 with the goal to to help banking institutions operate while cannabis remains illegal at the federal level.
Why Banks Are Changing Their Tune
Yahoo! News reported earlier this month that HHSrecommendation to reclassify cannabis from a Schedule I to a Schedule III drug could transform the cannabis industry and create new opportunities for banking institutions.
“Rescheduling cannabis to Schedule III may allow dispensaries to accept credit card payments,” Richard Laiderman, former head of global treasury for VISA and Co-Founder and chair of StandardC, said. Credit card payments may supplant cash transactions if this occurs, reducing the risks and costs associated with cash-only operations.”
Cannabis banking expert Robert Baron said, “While changes will inevitably occur, financial institutions looking to serve this market segment must implement risk management tools to evaluate and monitor cannabis businesses. This is where StandardC’s business underwriting & monitoring tools are perfectly suited to meet their Bank Secrecy Act and customer due diligence obligations.”
The HHS recommendation to reclassify cannabis from Schedule I to Schedule III would be a pivotal step—the first of its kind at the federal level—to make the cannabis industry safer for everyone.
Alaska relaxes rules for marijuana ads, allows free samples
https://alaskapublic.org/2023/09/25/alaska-relaxes-rules-for-marijuana-ads-allows-free-samples/
RUMP !
Recreational marijuana: New study estimates up to $218 million of tax revenue in the first full year of sales
https://www.cleveland.com/news/2023/09/recreational-marijuana-new-study-estimates-up-to-218-million-of-tax-revenue-in-the-first-full-year-of-sales.html
The Goldilocks Option of Cannabis Reform
https://slate.com/news-and-politics/2023/09/marijuana-schedule-reform-hhs-cannabis-industry-legalization.html
HHS Recommends Cannabis Move From Schedule 1 to Schedule 3, the Result Will Impact Opportunities for Drug Research
https://www.pharmacytimes.com/view/hhs-recommends-cannabis-move-from-schedule-1-to-schedule-3-the-result-will-impact-opportunities-for-drug-research
Vermont's Cannabis marketplace has been open for a year and is generating millions
https://420intel.com/articles/2023/09/19/vermonts-cannabis-marketplace-has-been-open-year-and-generating-millions?utm_source=420intel&utm_campaign=9d7e8f1534-420+Intel+Newsletter&utm_medium=email&utm_term=0_3210cbef52-9d7e8f1534-278781552
DEA Likely to Reschedule Marijuana Based on Congressional Report
https://www.jdsupra.com/legalnews/dea-likely-to-reschedule-marijuana-5613834/
Pot Stock Rally Burns Short Sellers for $105 Million in Losses
https://www.bnnbloomberg.ca/pot-stock-rally-burns-short-sellers-for-105-million-in-losses-1.1973060
Senate Republicans join federal marijuana legalization efforts
https://www.nbcnews.com/now/video/senate-republicans-join-federal-marijuana-legalization-efforts-193066565695
RUMP !
Congressional Report Predicts DEA ‘Likely’ To Approve Marijuana Reclassification
https://www.forbes.com/sites/ajherrington/2023/09/15/congressional-report-predicts-dea-likely-to-approve-marijuana-reclassification/?sh=22c776dc11d4
Maryland to launch Cannabis Business License Applications in November
https://420intel.com/articles/2023/09/15/maryland-launch-cannabis-business-license-applications-november?utm_source=420intel&utm_campaign=7fa0718afd-420+Intel+Newsletter&utm_medium=email&utm_term=0_3210cbef52-7fa0718afd-278781552
More than 175 standard and micro cannabis grower, processor and dispensary licenses will be available in the first round exclusively for social equity applicants.
The application round will be open from November 13 to December 12.
The Administration has set out its definitions for a social equity applicant, with applicants having to have at least 65% ownership and control held by one or more individuals who lived or went to public school in an area disproportionately impacted by the criminalisation of cannabis to be eligble.
Alternatively, applicants may have attended a four-year institution of higher education in Maryland where at least 40% of enrollees were eligible for a Pell Grant.
Speaking at the time of the announcement, Maryland Cannabis Administration Acting Director Will Tilburg, stated: “Today’s announcement is another step forward in fulfilling Maryland’s commitment to building an equitable and inclusive cannabis industry.
“This application round will more than double the number of cannabis businesses in the State, and each award will be to a verified social equity applicant.”
The Office of Social Equity has also published the ZIP codes and public schools in Maryland that are within a disproportionately impacted area, and the qualifying four-year institutions of higher education.
Applicants that are eligible for the first round of licences will be placed in a randomised lottery based on license type and county or region for which the application was submitted, with the lottery beginning on or before 1 January, 2024.
The second round of applications is expected to launch after 1 May, 2024.
Canopy Growth’s stock sustains rally as it draws praise for BioSteel exit
https://www.marketwatch.com/story/canopy-growths-stock-sustains-rally-as-it-draws-praise-for-biosteel-exit-54f1ccee
Canopy Growth Corp.’s stock was rallying by about 12% on Friday to finish out an eventful week for the cannabis company, amid overall optimism in the sector.
TD Cowen analyst Vivien Azer said Canopy Growth’s CGC, 15.20% WEED, 13.53% move to file bankruptcy for its BioSteel sports drink unit will narrow the gap for the company’s adjusted losses moving forward.
“The improved profitability outlook is encouraging,” Azer said.
The stock is up 51% in the past five sessions despite cooling off earlier this week.
Cannabis stocks were on the rise overall on Friday, on fresh signs that the SAFE Banking cannabis bill could come to a vote in a Senate committee later this month.
The AdvisorShares Pure U.S. Cannabis ETF MSOS was up by 6.6% in recent trades. The ETFMG Alternative Harvest ETF MJ was up by 2.5%. Among individual cannabis stocks, Curaleaf Holdings Inc. CURLF, +4.08% was up by 4.8%, Green Thumb Industries Inc. GTBIF, +4.85% was up by 5.7%, Cresco Labs Inc. CRLBF, +3.87% was up by 4.3%, Trulieve Cannabis Corp. TCNNF, +5.35% was up by 5.6% and Verano Holdings Corp. VRNOF, 7.62% was ahead by 8.9%.
Cannabis banking measure may win approval in Senate, report says
https://www.marketwatch.com/story/cannabis-banking-measure-may-win-approval-in-senate-report-says-60f36583
The Secure and Fair Enforcement (SAFE) Act, also known as the SAFE Banking Act, will be voted on in committee by the end of the month and should have enough votes to pass the U.S. Senate, according to a report by NBC-TV. Three sources familiar with the talks told NBC-TV the Senate Banking, Housing, and Urban Affairs Committee plans to hold a markup meeting for SAFE Banking during the week of Sept. 25. It could then go before the full Senate for the first time since the measure was introduced 10 years ago. SAFE Banking has passed the U.S. House of Representatives in the past but it’s fate is less certain now because of GOP control of the chamber. The AdvisorShares Pure US Cannabis ETF MSOS, 5.90% was up 2.7% in premarket trading on Friday, on top of a 6% rise in regular trading in the previous session. The SAFE Banking Act is intended to make it easier for cannabis companies to transact business without the federal impediments that come with the plant’s current classification as a Schedule I drug with no medical uses under U.S. law.
Congressional Research Service Foresees Potential DEA Endorsement Of Marijuana Rescheduling
https://www.benzinga.com/markets/cannabis/23/09/34591749/congressional-research-service-foresees-potential-dea-endorsement-of-marijuana-rescheduling