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.
Nevada dispensaries preparing for big sales
Nevada dispensaries prepare for recreational marijuana sales this weekend
SCOTT SONNER ASSOCIATED PRESS | June 27, 2017, 2:49PM | Updated 3 hours ago.
RENO, Nev. — Sin City will launch its latest legal vice by week's end.
Lines are expected Saturday outside some medical marijuana dispensaries in Las Vegas and other Nevada cities that will begin selling pot for recreational use for the first time since voters approved it in November.
It's the fastest turnaround from the ballot box to retail sales of any of the seven other states and the District of Columbia where pot is legal.
It comes after an ongoing legal battle over the drug's distribution created uncertainty but ultimately won't affect the kickoff.
Here's a look at what's expected this week:
___
WHAT WILL HAPPEN SATURDAY?
Anyone who is 21 with a valid ID can buy up to an ounce of pot, one-eighth of an ounce of edibles or concentrates. State regulators have notified at least 17 retail outlets that they have been approved for recreational sales and as many as 40 could be licensed by Saturday.
Some outlets plan grand opening events at 12:01 a.m., and one in Las Vegas is having a barbecue with raffle drawings. Nevada Dispensary Association President Andrew Jolley isn't sure what kind of turnout to expect but said, "We are anticipating a lot of very happy customers."
___
WHAT'S THE BIG DEAL?
Industry experts predict Nevada's market will be the nation's biggest, at least until California plans to begin recreational sales in January.
Nevada sales should eventually exceed those in Colorado, Oregon and Washington state because of the 45 million tourists who annually visit Las Vegas. Regulators anticipate 63 percent of customers will be tourists.
"I don't think we've ever seen anything quite like what Nevada is going to look like just because of the sheer volume of tourism in the state," said Nancy Whiteman, co-owner of the Colorado-based Wana Brands, which makes edible pot products.
However, it's not clear how many people know pot is about to be legal. The law bans marijuana advertising on radio, TV or any other medium where 30 percent of the audience is reasonably expected to be younger than 21.
___
WHERE CAN I LIGHT UP?
It's illegal in public places, including parks, sporting events, moving vehicles, casinos, hotels, concerts, festivals and while you're walking down the street. So is drinking alcohol outdoors on the Las Vegas Strip, which generally isn't enforced unless someone is causing trouble. It's not clear yet if pot will be handled similarly.
People have been allowed to use marijuana in private homes since Jan. 1, but there has been nowhere to legally buy it without a medical card. Where you can buy recreational pot will change Saturday, but not where you can smoke it.
Using pot in public can get lead to a $600 ticket. It's OK to smoke on the front porch of your home, but consumption is prohibited on U.S. property, from national forests to federally subsidized housing.
___
WHY DO HOTEL-CASINOS BAN POT?
They operate under federal licenses, and the U.S. government outlaws the drug. That means tourists will have a hard time finding a place to use it legally despite being the biggest expected piece of the market.
It's one reason Whiteman and others think edibles will be most popular with tourists, who can eat the goodies almost anywhere without attracting attention, including casino floors where cigarettes are allowed but pot-smoking is not.
___
COULD THAT CHANGE?
Legislation to establish marijuana clubs and other places to smoke pot failed this spring but will be revisited by lawmakers in 2019. State Sen. Tick Segerblom, a leader of the legalization push, anticipates worldwide advertising urging tourists to "come to Nevada and smoke pot — so we must provide a place to do so."
One Denver-based entrepreneur already has set up cannabis-friendly condos just off the Las Vegas Strip that allow pot smoking but not cigarettes. There's also a "Cannabus" tour that offers riders a peek inside dispensaries, a grow facility and a swag bag filled with rolling papers and other gifts.
SHOULD BUYERS BEWARE?
The drug's potency is much higher than stuff sold on the streets a couple of decades ago. Edibles are the biggest concern because the effects can sneak up on pot newbies, who may take too much without realizing they are slowly getting high.
All packaged edibles, from gummies to brownies, must carry labels warning that the intoxicating effects may be delayed for two hours or more and that users should initially eat a small amount.
___
WHAT ABOUT THE LEGAL BATTLE?
A court order has denied pot distribution licenses to anyone other than the alcohol industry, which the state intends to appeal. The ballot measure passed by voters says liquor wholesalers have the exclusive right to transport marijuana from growers to retailers, the only legal pot state with such an arrangement.
But existing dispensaries can sell their stockpiled inventory for recreational use until they run out, with most thinking they can last three weeks or longer. That means retail stores could have a supply shortage as August approaches.
By then, however, the state should have issued at least some distribution licenses to alcohol wholesalers.
"I get the sense that most, if not all, dispensaries will have sufficient inventory to serve retail customers until distributors are up and running," Nevada Dispensary Association President Andrew Jolley said.
___
http://www.pressdemocrat.com/business/7144829-181/nevada-dispensaries-prepare-for-recreational
Nevada recreational marijuana update
No licenses issued yet, but about 80 businesses have been approved for one, including 17 retail stores.
NV recreational marijuana update: No licenses issues yet, but about 80 businesses have been approved for one, including 17 retail stores.
— Michelle Rindels (@MichelleRindels) June 27, 2017
VA Secretary: Legal Marijuana Helps Advance Research
The Trump administration’s top military veterans official says that state marijuana legalization is leading to more research on its medical benefits for veterans suffering from war wounds.
And David Shulkin, the secretary of Veterans Affairs, thinks that’s especially helpful since cannabis’s current classification under federal law has made it difficult to study.
“From the federal government point of view, right now we are prohibited by law from doing research on it or prescribing it,” Shulkin said in an interview on Saturday.
“So this is an area where actually the states are gonna be leading in this, because as it is increasingly being — laws are being passed at the state level to use medical marijuana — we are seeing increasingly not only more clinical data coming out but we are seeing more research that’s being done,” he said, adding that he personally values the new information resulting from the end of prohibition in an increasing number of states.
“As a physician-scientist I am extremely interested in learning from that data and trying to see, is this something that could help and could help veterans?” he said.
Nevada tax commission approved rec mj rules
UPDATE – 10:15 a.m.: The Nevada Tax Commission voted Monday to approve emergency regulations governing recreational marijuana packaging and labeling.
https://thenevadaindependent.com/article/countdown-to-marijuana-sales-emergency-regulations-up-for-vote-on-monday
Nevada’s marijuana sales blast off July 1st
Should get some more news and a pr about the new recreational licenses
Could be a good week for the good guys.
Nevada’s on-again, off-again marijuana sales back on
Emergency weed sales July 1st Yippeee !
Everything is better with a bag of weed !!
Hopefully the distributors will hire capable security
Riding down the road with a load of weed and big stacks of cash may sound like a fun job til the cartel comes along and hijacks your shipment.
Strapped for cash: A look inside dangerous banking habits of the cannabis industry
By Lindsey Kline
Two ultra-buff paramilitary men clad in bulletproof vests and holding rifles sit behind the windshield of an armored vehicle. The driver is a former Marine who now serves as the personal bodyguard for CEOs of multi-billion dollar companies. In the passenger seat is a Green Beret who once safeguarded a $60 million diamond. In the back of their gargantuan truck is tens of thousands of dollars in cash.
The armored vehicle arrives at MPSI Security’s Denver headquarters, where a dozen cameras watch the men enter a large safe, stacking straps of twenties atop a mountain of bills. The cash inside the safe belongs entirely to marijuana dispensaries. These heavily protected cash fortresses are how some dispensaries protect their revenue when banks want nothing to do with them.
Although weed may be legal in the state of Colorado, under federal law, it’s still a Schedule I drug and illegal to possess, manufacture, or sell in any quantity. Federal law also prohibits national banks and credit unions from working with marijuana businesses. That means financial institutions can neither extend loans to dispensaries nor deposit marijuana earned money. An excessive amount of cash in-store and no bank to safely deposit it in has made handling finances as a dispensary a convoluted clusterfuck of dangerous inefficiency.
A FRIGHTENING AMOUNT OF CASH
Legal marijuana is the fastest growing industry in the U.S. According to a new market research report, state-sanctioned marijuana sales have skyrocketed 80 percent in the past year to nearly $5.4 billion — the vast majority of those sales made in cold, hard cash.
However, despite the steady flow of incoming funds, dispensaries can’t afford to hold on to their revenue. Carrying too much cash makes them tantalizing targets for violent robberies.
Since Colorado legalized recreational marijuana stores in January 2014, the Denver Police Department has responded to over 200 burglaries at marijuana businesses. Just this summer, Green Heart, a marijuana dispensary located in Aurora, Colo., was violently robbed at gunpoint and its security officer shot and killed.
Less than a week later, another dispensary guard was shot in the face during an armed robbery of a marijuana medical clinic in San Bernandino, CA, with three robbers escaping with bursting sacks of cash.
Greg G is an owner of The Green Room dispensary located in Boulder, Colo. He’s designed the dispensary’s state of the art security system to function much like a bank’s, yet still doesn’t feel safe keeping cash within the walls of his business. “If you have a lot of cash lying around, and a lot of product worth a lot of cash, you have to be mindful of the added risk that brings,” he says. To mitigate the everyday risk, Greg rids his business of bundles of cash by sending them off in armored vehicles.
MPSI Security, a private security firm for the legal marijuana industry, offers armored vehicles for safe transportation of dispensary assets. Michael Julian, the president and CEO of MPSI Security, is confident about the specs of his armored trucks: “They’re really big, really heavy, and really hard to shoot through.”
Julian often hires former military and law enforcement officials and trains them extensively in firearm and hand-to-hand combat. He then sends them to evasive driving training, where his drivers learn tricks reminiscent of a Fast and the Furious movie, to master techniques of escaping criminals who attempt to capture cash or product.
Commenting on the necessity of his service for dispensaries, Julian says, “When they try to transport their cash themselves, they'll use someone with no security training and no idea how to avoid a criminal act. They’ll send a 20-year-old girl off in a 12-year-old Honda Accord to move tens of thousands of dollars. It’s extremely dangerous for the business and even worse, dangerous for the employees.”
Jaime Lewis, owner and founder of a Denver edibles company called Mountain Medicine, takes safety a step further than just armored car services. She factors the threat of robbery into practically every business decision. “We only operate in daylight hours, we rotate pay schedules for employees, and rotate pickups for customers. We have a buddy system where we walk them to their vehicles to make sure they get back to their cars safely.” Both Lewis and her employees say they live in fear. And with banks’ refusal to budge, they likely won’t be feeling safer anytime soon.
REFUSAL TO HELP
Evan first encountered banks’ denial to service dispensaries when working as a teller for a small Colorado bank. Evan recalls, “An older gentleman rolled into the drive-thru and turned in a large stack of cash for deposit. My co-worker opened the messenger tube filled with cash and made an expression of confused bewilderment. The money reeked of marijuana.”
“He discreetly rushed the money to the branch manager, who held it close to her face for a long, forceful whiff. The corners of her mouth dramatically downturned, and she began shaking her head in severe disapproval.”
“She approached the microphone of the drive-thru window and in an accusatory tone, demanded from her customer, ‘Sir, I’m going to need to know the source of this cash.’ The man hesitated at first, and then responded, ‘They’re rent payments from my tenants.’ My branch manager took a moment to chew over his response, eventually making the call that he was lying. With this phony sympathetic tone, she murmured into the mic, ‘I’m sorry sir, but we cannot accept your deposit.’”
Evan’s branch manager returned the cash to the customer, and then flagged all of his accounts in the bank’s computer system. One suspicious whiff of weed from an uptight banker, and the man lost all of his bank accounts.
Greg G of The Green Room had a similar experience with his lifetime bank. For years, he had an intimate, open business relationship with a large national company. He fostered friendships with his bankers, and even knowing the nature of his work, they were eager to help his business flourish.
Out of the blue, Greg received a letter from the bank’s corporate headquarters stating that every account he had with the bank was being closed: not only his business account, but any account that had his name anywhere near it.
Greg remembers, “Once they figured out I worked with a dispensary, the bank shut down my personal accounts, my savings accounts, my retirement account. They even shut down my parents’ accounts where I was listed as a signer. They went on an absolute rampage. It annoyed me to no end.”
The Feds have done well to ensure the risk of banking with dispensaries far outweighs the rewards. If a bank is caught in cahoots with a dispensary, the federal government may revoke the bank’s FDIC insurance, the safety net that insures up to a quarter-million dollars of each depositor’s precious money against fraud and bankruptcy. And in the highly competitive banking industry, losing FDIC insurance is a death sentence.
Seventy percent of Colorado cannabis businesses lack bank accounts altogether. The dispensaries that do have accounts frequently need to use dishonest means to achieve them. One manager of a Colorado dispensary chain speaking through anonymity claims, “Some owners will start another business with a different name, kind of like a holding company that owns the dispensary, and then register with the bank under it so the dispensaries remain unknown.”
For example, fictional dispensary ‘Denver Dank Nugs’ may register their account with the bank under the name of their innocuous holding company, ‘Alternative Health Innovations.’ If the name on the account is free of any red-flag phrases, like “dispensary” or “cannabis,” the business can usually fly safely under the radar.
However, once the banks begin funneling your cash through a shell company, it starts to look a lot like money laundering. Banks fear the L-word with a shaking horror, as breaking federal money laundering laws could land any employees involved in prison for up to 20 years.
The aversion from doing business with dispensaries doesn’t stop there: credit card companies refuse to get near weed money as well. This is why most pot shops, growers, and edible producers must deal exclusively in physical cash.
Greg G claims major credit card companies like Visa and MasterCard refuse to work with his business. Because of this, The Green Room’s transactions must be made entirely in cash.
He acknowledges the workarounds that would allow his dispensary to offer card services to his customers, but refuses to get involved. However, other dispensaries have no qualms with circumventing credit card companies’ policies. Greg’s honest business model results in his profits taking a hit. His competitors who sidestep the system to offer credit card services have a competitive edge over The Green Room, and that’s harmful to his overall business.
Many dispensaries that establish bank accounts using safe-title cover companies can use their alias to easily offer credit card services to their customers. When ‘Denver Dank Nugs’ charges your card for 2 grams of Ugly Stepsister, a harmless charge from ‘Alternative Health Innovations’ shows up on the card transaction. Using this strategy, card transactions credited to the harmless holding company won’t be flagged as illegal.
Sidestepping the law to further their business isn’t immoral in the eyes of dispensary owners. Most fully acknowledge that their transactions with credit card companies are illegal in the eyes of federal law. But they see no ethical dilemma when selling marijuana is technically federally illegal, too.
However, not all dispensaries with bank accounts achieve them surreptitiously. Most Colorado banks or credit unions won’t publicly acknowledge opening cannabis accounts, but several offer MMJ accounts on the sly.
Seven months after Greg’s bank shut down all The Green Room’s accounts, the business owners found a new bank. The Green Room now banks with Safe Harbor, perhaps the only marijuana-specific private bank in Colorado that’s completely transparent with the federal government.
Accounts do exist for those who are willing to find them — and pay their premium price tag. Charges for a basic marijuana business account can run up to $1,000 per month. So even if a bank or credit union is willing to open an account, a dispensary owner might balk at the price.
Toni Savage Fox, owner of Denver’s 3D Cannabis Center, isn’t working with a bank. She explains, “It’s mostly by choice. I won’t pay $1,000 a month for someone to store my money. It’s not worth it for me.”
GOVERNMENT HYPOCRISY
Congress will need to enact legislation to bridge the federal-state disconnect. But federal cooperation seems a shot in the dark with the Republican Party now controlling both the House and Senate.
The government should have a vested interest in protecting an industry that generates a massive amount of tax revenue. This year the state of Colorado is expected to collect $120 million in marijuana taxes. It’s hypocritical for a government to collect over a hundred million dollars in marijuana money while still not moving forward on the issues of banking it.
As Greg says: “We live in a democracy. This is the word of the people, and this system is counterintuitive to what the people want. It’s time that the federal government pulls their head out of their ass and legitimizes what the states have approved.”
http://www.therooster.com/blog/strapped-cash-look-inside-dangerous-baking-habits-cannabis-industry
Blum preparing for 2000+ customers
They're going to have line control, staff at front entrance scanning IDs, etc. planning on 2000+ people per shift. They are having mock training of crowd control and moving customers through quickly. Having staff answering questions for people in lines.
Clark County passed Decatur and Desert Inn
Go Blum !
County passed Decatur and Desert Inn! Now on to the City of Las Vegas to vote on Blüm Western's adult license! Blüm https://t.co/LaOzqoTrI2
— Blüm Holdings (@blumholdings) June 21, 2017
Armored mj delivery vehicle with armed guards
Delivering mj is not like delivering beer or musical instruments
Nevada still plans to issue pot licenses July 1st
CARSON CITY, Nev. (AP) — The Latest on the legal battle of the launch of Nevada's recreational pot sales (all times local):
12:35 p.m.
The deputy director of Nevada's Department of Taxation says state regulators still intend to have the necessary licenses in place July 1 to start selling marijuana for recreational use despite an ongoing lawsuit over the regulations.
Anna Thornley testified in Carson City District Court on Monday that the state has planned since February to have the "early start" program up and running by July to start bringing in tax revenue before a permanent system must be adopted on Jan. 1, 2018.
Thornley says none of the 90 applications received for distribution licenses have been approved so far. Five of those are from liquor wholesalers and the other 85 are from existing medical marijuana dispensaries.
Thornley says some of the applications are incomplete and have been returned to the applicants to provide additional information. But she told Judge James Wilson, "It's the department's intention to issue licenses by July 1."
The hearing is expected to last all day.
https://www.usnews.com/news/best-states/nevada/articles/2017-06-19/the-latest-nevada-recreational-pot-sales-may-hinge-on-court
Where is Perry Mason when you need him
Sir, did you just compare moving marijuana shipments to moving tons of stage equipment around the country for musicians ?
The Latest: Wine Distributor Says Pot Just Another Product
CARSON CITY, Nev. (AP) — The Latest on the legal battle of the launch of Nevada's recreational pot sales (all times local):
10:45 a.m.
Nevada alcohol distributors are challenging the state's claim that their industry cannot handle exclusive distribution of recreational marijuana from growers to retailers.
One witness testifying Monday at a court hearing is an alcohol wholesaler who worked previously as a tour production manager for rock bands including The Allman Brothers and INXS ("in excess").
Red Rock Wines owner Allan Nassau says marijuana is just another product.
He says his company distributes to about 300 restaurants in the Las Vegas area and would have no problem serving more than 100 pot retailers in the state.
Nassau compared moving marijuana shipments to moving tons of stage equipment around the country for musicians.
https://www.usnews.com/news/best-states/nevada/articles/2017-06-19/the-latest-wine-distributor-says-pot-just-another-product
Nassau compared moving marijuana shipments to moving tons of stage equipment around the country for musicians.
https://www.usnews.com/news/best-states/nevada/articles/2017-06-19/the-latest-wine-distributor-says-pot-just-another-product
You can follow the hearing on Twitter
Capital Bureau reporter for the Las Vegas Review-Journal in Carson City. swhaley@reviewjournal.com
https://twitter.com/seanw801
Today's the big court settlement day
Hopefully the State and the Liquor distributors can settle up.
I'm still wondering if these distributors have considered the security risks involved delivering large amounts of weed.
Something good is about to happen
It's what we have been waiting for....
Defiance !
Hilarious !
How many times does he say I can't recall ?
JEFF SESSIONS CAN’T REMEMBER ANYTHING
https://theintercept.com/2017/06/13/jeff-sessions-cant-remember-anything-james-comey-trump-russia/
Things are starting to look up
Exclusive: Jeff Sessions suggested he could resign amid rising tension with President Trump
http://abcnews.go.com/Politics/attorney-general-jeff-sessions-suggested-resign-amid-rising/story?id=47875090&cid=social_twitter_abcnp
Alcohol distributors were slow to sign up
Liquor Wholesalers Pass on Marijuana Distribution Licenses
According to the state Department of Taxation, liquor wholesalers have been slow to sign on to Nevada's new legal marijuana market, meaning the state must look elsewhere for marijuana middle-men with recreational cannabis sales slated to start July 1.
April 1, 2017, at 6:01 p.m.
LAS VEGAS (AP) — Liquor wholesalers have been slow to sign on to Nevada's new legal marijuana market, meaning the state must look elsewhere for marijuana middle-men with recreational cannabis sales slated to start July 1, according to the state Department of Taxation.
A notice from the Department of Taxation says that because of the lack of interest from liquor wholesalers, the department will accept marijuana distribution applications from medical marijuana license holders, the Las Vegas Review-Journal reported (bit.ly/2oLdUHc).
License holders interested in being marijuana distributors must complete a background check, work with local governments on local zoning issues, and will have to demonstrate compliance with marijuana laws over the past several years.
The department expects to begin accepting applications after the state adopts temporary regulations in May or June.
The ballot initiative that legalized marijuana in Nevada gave liquor distributors first dibs on marijuana distribution licenses, meaning they would have acted as wholesalers between cultivators, production companies and retail shops. But tax department spokeswoman Stephanie Klapstein said the distributors have not jumped at the opportunity.
Stephanie Siverston, chief financial officer for Lee's Discount Liquor, said the company hasn't made any final decisions about recreational marijuana.
"We haven't picked a side one way or the other," Siverston said. "We're waiting to get some guidance and information from the state and everyone involved in it to find out how it's going to be structured. We're interested in learning more about it."
Officials say that because alcohol distributors work closely with the federal Alcohol and Tobacco Tax and Trade Bureau, the tax department wasn't surprised by the lack of interest in dealing with federally illegal marijuana.
___
Information from: Las Vegas Review-Journal, http://www.lvrj.com
https://www.usnews.com/news/best-states/nevada/articles/2017-04-01/liquor-wholesalers-pass-on-marijuana-distribution-licenses
They should have security vehicles distributing weed
I wonder if the alcohol distributors have considered the security risks.
Loading up their beer trucks with weed and beer may not be a good idea.
It's a dirty job but somebody's gotta do it. And do it safely :)
ARMORED POT TRUCKS - Ex-Law Enforcement Provide Security & Transport Cash for Marijuana Businesses
Nevada governor will help get the distributors issue settled
Nevada races to get recreational marijuana on shelves in record time
Nevada racing to get recreational mj on shelves
Nevada races to get recreational marijuana on shelves in record time
Jenny Kane , jkane@rgj.com Published 6:18 a.m. PT May 26, 2017 | Updated 31 minutes ago
Now that Nevada has the green light to move forward with its early start recreational marijuana program, it could set the national record for the fastest turnaround of retail reefer.
In a rush for kush, the state is attempting to power forward with recreational marijuana sales in a mere eight months since voters approved Question 2 in November.
That's faster than any other state so far.
The ballot question made it kosher for anyone over the age of 21 to possess up to an ounce of weed and up to an eighth-ounce of concentrate, but the actual sale and purchase of recreational marijuana will not be legal until July 1.
Under the recently approved early start program, existing medical marijuana dispensaries that are in "good standing" will be eligible to sell recreational marijuana.
"We have so many people coming in every day and calling in every day asking when we'll have (recreational marijuana)," said Bobbie Macfarlane, assistant manager of Sierra Wellness Connection, a dispensary in Reno.
Nevada, first in line
California, Maine and Massachusetts also voted in November to legalize recreational marijuana, but the Silver State will be the first of the pool to take the plunge into legal sales.
California is expected to be about six months behind Nevada, starting its sales in January 2018, same as Maine. Sales in Massachusetts, where adults can have more than double the Nevada limit, won't begin until mid-2018.
A main incentive for the early start program indeed stems from Gov. Brian Sandoval’s proposed budget request, which includes $70 million from recreational marijuana taxes over the next two years to support education. Officials also want to squash the thriving black market, since possessing recreational pot has been legal since January.
"Nevada's (system) is much more advanced than smaller states. You already have rigorous testing and security, two of the biggest challenges," said Karen O'Keefe, director of state policies for the Denver-based Marijuana Policy Project.
The push for recreational sales to happen sooner than later also has its critics.
"We’re trying to truncate the process. I mean, where did this early start program even begin?" said Jim Hartman, a staunch opponent of marijuana legalization.
Hartman, a retired lawyer in Carson City, often appears at the Nevada Legislature to voice his qualms with the state's swift pace with legalization. He has noted on several accounts that Nevada is moving far quicker than he is comfortable with.
"To me it’s a backroom agreement to get tax receipts," Hartman said.
The Marijuana Policy Project is nonpartisan but has been behind many of the lobbying efforts in states moving towards the emerald glow of legalization.
The first states that legalized recreational marijuana — Colorado and Washington state — waited more than a year after they voted in 2012 to approve legal sales, but they were the pioneers of the movement. Following their footsteps, Oregon and Alaska voted and waited about a year (even though marijuana has technically been legal in Alaska since 1975, according to its state constitution).
"Of the states that have legalized marijuana, two of them had kind of a unique situations: Washington and Alaska, they were starting from scratch. There were no testing rules, there were no licensing rules," O'Keefe said.
Those living in Washington, D.C., which voted in 2014, can possess, cultivate and donate weed, but sales are still couched.
Ready, set, go
As Nevada prepares for full-throttle legalization, the Nevada Department of Taxation, which is tasked with overseeing the recreational marijuana industry, is working hand-in-hand with the Department of Health and Human Services, which has overseen the state's medical marijuana program.
Although Nevada legalized medical marijuana in 2000, the state did not approve regulations until 2013, and the industry did not get off the ground until 2015.
Since then, green has gone wild.
The state's medical marijuana program had 60 medical marijuana dispensaries, 88 cultivation facilities, 57 production companies and 11 testing laboratories in Nevada as of May 10, the most recent survey of medical marijuana establishments by the state health department.
Nearly 28,000 in-state cardholders are enlisted as of May, and Nevada's dispensaries also serve cardholders from out-of-state thanks to the in-state reciprocity laws.
One of the concerns that dispensaries have is how they will separate medical and recreational product since much of it is the same product, but taxed differently. Their greatest concern is that they could run out of supply for medical cardholders.
Several legislative bills could change the marijuana tax structure, but, for the time being, recreational marijuana will be sold with a 15 percent wholesale tax.
Since Nevada legalized recreational marijuana, anyone 21 and over can possess up to 1 ounce in-state. How many people actually could look at an ounce and identify it, though? We're here to help educate you. (Photo: Jenny Kane/RGJ)
Medical marijuana will be sold with a 2 percent wholesale tax. Medical marijuana also carries a 2 percent tax applied at production and another 2 percent tax applied at sale.
"It's tough because we're still trying to figure out the laws," said Macfarlane, from Sierra Wellness Connection.
Current bills being considered by the Nevada Legislature address everything from packaging requirements to municipality taxes and fees to research guidelines, and even the industry regulations could change when the temporary ones switch over to the permanent ones in January.
It doesn't help that, since marijuana is illegal on a federal level, businesses have to deal entirely in cash. Sierra Wellness is hiring a security guard for their location before July.
While there are certainly some stresses that come with the line of work, she still is on board with the state's momentum.
"(The state is) jumping on the opportunity. Any new industry is stressful. You have to fail a few times, but that's how you figure it out," Macfarlane said.
http://www.rgj.com/story/news/marijuana/2017/05/26/nevada-races-get-recreational-marijuana-shelves-record-time/339774001/
Is the high volume dumpathon fizzling out ?
Who wins ? Who loses ? Who cares ?
Everything is better with a bag of weed !!
Vape posted update and apology
AGOURA HILLS, CA -- (Marketwired) -- 05/11/17 -- Vape Holdings, Inc.(VAPE) (the "Company" or "Vape"), a holding company focused on providing healthy, efficient, and sustainable vaporization products, would like to announce that it has reached a settlement regarding the recent dispute with HIVE Ceramics. The Company believes that the settlement is a fair resolution for both parties, which will allow Vape(VAPE) to refocus on its core business.
HIVE Ceramics remains a premier brand in the vape/smoke shop sector and can be found in over 600 retail stores nationwide. In addition to the Company's network of retail stores, it also has distributors within the United States and internationally. While HIVE has been less aggressive in its marketing recently, it plans to be more active in future events to coincide with releases of planned new product. Please visit the following link for a more detailed list of our authorized shops: www.hiveceramics.com/authorized-shops
Management apologizes for its limited availability in recent months and would like to ensure the public that the Company is working diligently to continue increasing transparency and communication. With the ongoing support Vape(VAPE) has from its financial partners, the Company is continuing to evaluate business development opportunities and manufacture products to satisfy the market's demand for new designs.
CONTACT INFORMATION
Investor Relations:
Marcus Laun
info@growthcircle.com
(888) 518-3274
http://www.marketwired.com/press-release/vape-holdings-announces-settlement-gives-business-update-otcqb-vape-2215824.htm
Pre-market earnings release tomorrow
Terra Tech Corp. Schedules First Quarter 2017 Earnings Release for Thursday, May 11, 2017
May 09, 2017
IRVINE, CA -- (Marketwired) -- 05/09/17 -- Terra Tech Corp. (OTCQX: TRTC) ("Terra Tech" or the "Company"), a vertically integrated, cannabis-focused agriculture company, today announced that it will release its First Quarter 2017 results on Thursday, May 11, 2017 before U.S. markets open.
The company will also host a conference call on Thursday, May 11, 2017 at 9:00 AM Eastern.
Dial-In Number: 1-857-232-0157
Access Code: 422095
Derek Peterson, Chairman and CEO of Terra Tech Corp., will be answering shareholder questions at the end of the call. Should you have questions during or prior to the conference call please send an email to TRTC@kcsa.com with TRTC Question in the subject line. Mr. Peterson will answer as many questions as time will allow.
For those unable to participate in the live conference call, a replay will be available at http://smallcapvoice.com/blog/trtc/. An archived version of the webcast will also be available on the investor relations section of the company's website.
http://www.terratechcorp.com/news-media/press-releases/detail/188/terra-tech-corp-schedules-first-quarter-2017-earnings
Nevada Early Start Program Approved
Nevada: Early Start Program Regulations Approved for Marijuana Sales
BY MONTEREY BUD ON MAY 9TH, 2017 AT 9:39 AM MARIJUANA NEWS
On Monday, Nevada’s Tax Commission approved their temporary regulations, potentially cultivating an “early start” for the state’s adult-use marijuana sales. Rushed through the regulatory process by the Department of Taxation, recreational sales in Nevada are anticipated to begin before the 4th of July.
According to the Las Vegas review Journal, the program is projected to generate more than $70 million for the state over the first two years. Deonne Contine, Director of Nevada’s Department of Taxation, views the new revenue stream as the most viable way of meeting Gov. Sandoval’s proposed budget for 2018.
“If we don’t adopt the regulations, we will not have a temporary program. If we don’t have a temporary program, we will not have the revenue that’s included in the governor’s budget.”
The nine-member Tax Commission passed regulations allowing medical marijuana dispensaries that are currently operational and in good standing with their local municipality and the state to apply for Nevada’s early start program.
Nevada Marijuana Application Fees
Per the final draft of the proposed regulations, qualified applicants are required to pay a “one time,” nonrefundable application fee of $5,000, plus an additional licensing fee. Dependent on their role within Nevada’s recreational marijuana industry, cultivators and dispensaries will be required pay the following fees:
(1) $20,000 for a Retail Establishment
(2) $30,000 for a Cultivation Facility
(3) $10,000 for a Production/Manufacturing Facility
(4) $15,000 for a Testing Facility
(5) $15,000 for a Marijuana Distributor
Medical marijuana dispensaries in compliance with state and local regulations wanting to participate in the early start program must apply no later than May 31, 2017. Originally allocated a single application period, yesterday’s modified regulations allow for a second application period, to be announced later this year.
Ready to get things rolling as soon as possible, “Clark County is scheduled to begin licensing by July 1, and officials for the cities of Las Vegas and North Las Vegas said Monday both municipalities plan to do the same.”
https://www.marijuana.com/news/2017/05/nevada-early-start-program-regulations-approved-for-marijuana-sales/
Go Blum !
Licensed Nevada medical marijuana facilities in good standing with state agencies will be allowed to start selling recreational marijuana on July 1, according to the industry’s new state regulating body.
The proposal for temporary “early start” recreational licenses was approved early Monday afternoon in a vote by the Nevada Tax Commission.
https://lasvegassun.com/news/2017/may/08/early-start-program-for-recreational-marijuana-sal/
Yay !! July 1st recreational sales
NV Tax Comm. approves temp. retail marijuana regulations. Recreational sales
https://twitter.com/hashtag/8NN?src=hash
So after all the dispensary raids, what's next ?
Will they raid all our homes, take all our weed and make us watch Fox news ?
Better hide your tv. The brainwashing begins...
FDA staff forced to watch Fox News instead of CNN, leaked email suggests
An email has been sent to staff at the Food and Drug Administration (FDA) announcing that all their agency’s televisions will show Fox News, apparently by order of the Trump administration.
Journalist Paul Thacker tweeted a screengrab of the message, but an FDA spokesperson denied there had been any such order.
It reads: “Please excuse me for sending this out to your entire group via your listserv, but I was alerted by a member in your group and I wanted to let everyone know that the reason for the change from CNN to Fox.
“The reason for the change is that a decision from the current administration administrative officials has requested that all monitors, under our control, on the White Oak Campus, display Fox News.
“Sorry for the inconvenience, but I am unable to change any of the monitors to any other news source at this time."
The email was sent to workers at the Centre for Biologics Evaluation and Research (CBER), the branch that regulates medical products.
An FDA spokesperson denied people had been ordered to watch Fox News, telling ThinkProgress: "There was no directive or memorandum from the Administration that went out to employees about broadcast news channels displaying on monitors in common areas throughout the FDA’s White Oak campus."
However an anonymous CBER employee told BuzzFeed News that “a lot of staff were very upset about the change”.
Another FDA staff member went further, expressing fear that having a “’right wing’ news source playing in our halls…will drive away some people on the left who are already suspicious about the FDA being a shill for big pharma”.
Donald Trump has made no secret of his dislike for CNN, referring to the news organisation as “fake news” on several occasions, and to the media as "the enemy of the people".
The administration even went so far as to block the news outlet, along with BBC, LA Times and New York Times from a media briefing earlier this year.
On one occasion, the US president wrote a scathing tweet about the media: "The Fake News media is officially out of control. They will do or say anything in order to get attention - never been a time like this!"
However, his words about Fox News have been positive, and he recently congratulated the network for its "unbelievable ratings hike".
https://www.yahoo.com/news/us-federal-staff-being-forced-162245314.html
— AltFDA (@alt_fda) May 6, 2017
When's the marijuana crisis coming ?
Without ONDCP, it'll be like herding cats !!
White House dismisses concerns over steep potential cuts to "Drug Czar" office
Last Updated May 6, 2017 11:22 AM EDT
The White House is pushing back against criticism over a proposed 95 percent cut to the budget of the Office of National Drug Control Policy (ONDCP), arguing the federal government remains committed to fighting the opioid epidemic.
In a draft version of a budget memo obtained by CBS News on Friday, the Office of Management and Budget (OMB) proposed cutting nearly half the staff in the "Druz Czar" office in fiscal year 2018 (FY18), as well as a number of grant programs and other agency functions.
One of ONDCP's grant programs funds the nation's largest drug prevention program, supporting 5,000 local anti-drug community efforts across the country. The program has enjoyed widespread support from members of both parties.
At the White House briefing on Friday, deputy press secretary Sarah Sanders told reporters that she wasn't going to get ahead of budget conversations, but claimed that the opioid epidemic is "a top priority" for Mr. Trump.
John Czwartacki, the OMB communications director, told CBS News that the FY18 budget is still under review and not a finalized document.
"Reports that suggest budgetary numbers or policy decisions are premature and subject to change before the late May publication of the budget," he wrote in an email.
A senior administration official suggested that if the White House decided to strip ONDCP of it's agency mandate to coordinate collaboration between federal and local law enforcement and public health organizations, transitioning it into an office like the National Security Council or National Economic Council. The official said cuts would "by no means signal the commitment to winning the war on drugs is lessened."
The senior administration official pointed to dozens of drug programs across many federal agencies as evidence that the White House is committed to anti-drug efforts, even if the ONDCP loses its ability to issue grants.
But Rafael Lemaitre, a former top spokesman for the ONDCP, countered that the reason the ONDCP was created in the first place was to coordinate these programs into one comprehensive strategy for the president.
"Creating chaos at ONDCP or eliminating the agency will mean that each of the bureaucrats who run each those long list of programs and are spread out across government will have no single point of contact or direction to follow," Lemaitre said. "Efforts will be duplicated. Presidential priorities won't be followed. Ineffective programs will continue."
"Without ONDCP, it'll be like herding cats," he added.
Scores of former government officials, doctors, community based organizations, law enforcement officials and officials at drug treatment and prevention programs agree. In a letter to senior White House adviser Reed Cordish, dozens called on the White House to maintain ONDCP's funding and strong national influence.
"As we have written before, ONDCP brings essential expertise to the table on complex drug issues, expertise that would otherwise be missing or dispersed across multiple agencies," the letter states. "ONDCP holds all federal, state, and local agencies accountable for achieving specific goals to reduce drug trafficking, use, and other consequences."
Kevin Sabet, the head of Smart Approaches to Marijuana and a three-time ONDCP adviser who distributed the letter, did not mince words.
"To slash anti-drug finding during this opiate and marijuana crisis is exactly the wrong move at the wrong time," he said.
http://www.cbsnews.com/news/white-house-dismisses-concerns-over-steep-potential-cuts-to-drug-czar-office/