May 03 2024

Arizona Made Over $24 Million in Marijuana Taxes in March

In March, Arizona collected over $24 million in tax revenue from legal marijuana sales.

Arizona collected a total of $24,308,528 in marijuana taxes in March. This figure slightly exceeds the $23.4 million collected in March 2023 and the $22.4 million in March 2022, illustrating a consistent upward trend in revenue from the state’s marijuana sales. These March collections add to the overall tax revenue, which has reached $830,733,898 since the inception of legal recreational cannabis sales in February 2021.

Although monthly marijuana tax revenue in Arizona has exceeded $25 million on four occasions, the revenue for March remains noteworthy due to its steady growth year-over-year. The tax revenue is derived from the sale of various cannabis products including dried marijuana flower, prerolls, concentrates, edibles, tinctures, and topicals.
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May 03 2024

Oregon Marijuana Prices Reached All-Time Lows in April, With Sales Topping $80 Million

According to recent data from the Oregon Liquor and Cannabis Commission, legal marijuana sales in April amounted to $81,436,230.

This figure represents a slight decrease from the $82,352,507 recorded in March, yet remains substantially higher than the $75.6 million in January and the $75.9 million in February.

Since the initiation of recreational marijuana sales in October 2016, cumulative sales have now surpassed $6.541 billion. Through April, total sales for 2024 have amounted to $315 million thus far. Since legalization, Oregon has amassed more than $1.1 billion in tax revenue from these sales.
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May 03 2024

Congressional Research Service Releases Report Titled “Legal Consequences of Rescheduling Marijuana”

The Congressional Research Service (CRS) has released an updated report titled Legal Consequences of Rescheduling Marijuana.

Established in 1914, the CRS is a division of the Library of Congress that provides nonpartisan analysis for federal lawmakers. Following the Biden Administration’s decision to move marijuana to Schedule III, the CRS has released an updated report detailing the implications and consequences of this change.

The report is released into three sections, covering the “Current Legal Status of Cannabis Under the CSA”, the “Legal Consequences If Marijuana Moved to Schedule III”, and “Considerations for Congress”.
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May 02 2024

National Anti-Marijuana Group Forms “Rescheduling Legal Defense Fund” to Oppose the DEA’s Decision to Reschedule Marijuana

The nation’s largest anti-marijuana political group has established a “Rescheduling Legal Defense Fund” to potentially sue over the Biden Administration’s decision to reclassify marijuana as Schedule III.

“The Biden Administration announced plans to weaken federal regulations on marijuana by moving it to Schedule III. Let’s be clear: this does not mean marijuana is legalized—it will remain federally illegal”, said Smart Approaches to Marijuana (SAM) in an e-mail. “But, if implemented, moving marijuana to Schedule III would give Big Marijuana billions in tax write-offs as well as continue the normalization of high-potency THC drugs. SAM will oppose this change at every level, including, if necessary, pursuing legal action.”

SAM says they’ve established a “Rescheduling Legal Defense Fund” that “will be used to support our challenges of marijuana laws and regulations, specifically marijuana’s Schedule III recommendation”.
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May 02 2024

Court Rules New Jersey’s Marijuana Legalization is Compliant With Federal Law

In a pivotal ruling, New Jersey’s state appellate court has upheld the compatibility of its recreational marijuana legislation with existing federal marijuana enforcement norms, announcing their decision this Wednesday.

Judge Jack Sabatino, along with a two-judge panel, supported a previous lower court’s decision which had dismissed claims by a faction of Highland Park residents. These residents contended that the borough’s sanctioning of recreational marijuana sales infringed upon federal law, given marijuana’s continued prohibition under federal statutes.

At the heart of this dispute was a local ordinance passed in August 2021, which permitted the operation of cannabis retail shops, consumption venues, and delivery services within Highland Park. The dissenting group argued that this ordinance, along with the broader New Jersey Cannabis Regulatory, Enforcement Assistance and Marketplace Modernization Act (CREAMMA), contravened not only the federal Controlled Substances Act but also the New Jersey Municipal Land Use Law among other regulations.
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May 02 2024

Study Finds Fewer Young Adults (18 to 25) Drive Impaired Following Marijuana Legalization

Washington State legalizing recreational marijuana did not lead to an increase in the percentage of young people driving under the influence of either cannabis or alcohol, finds a new study.

The study was published in the recent issue of the journal Prevention Science, and it was conducted by researchers at the University of Washington. The study is titled Young Adult Alcohol and Cannabis Impaired Driving After the Opening of Cannabis Retail Stores in Washington State.

“Motor vehicle crashes are a leading cause of death for young adults (YA) in the USA, and driving under the influence of alcohol (DUIA), cannabis (DUIC), and simultaneous use of both substances (DUIAC) are prominent risk factors”, begins the study’s abstract. “Trends in YA impaired driving behaviors after opening of cannabis retail stores have been understudied.”
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May 02 2024

Randomized Clinical Trial Finds CBD is Effective at Treating Acute Toothaches

According to a study published in the journal Evidence-Based Dentistry, a purified CBD formulation, known commercially as Epidiolex, significantly alleviates acute toothache symptoms.

This finding comes from a placebo-controlled clinical trial involving 61 participants experiencing moderate to severe dental pain. The study was conducted by researchers at the University Hospital Crosshouse in Scotland, and the abstract was published online ahead of print by the US National Library of Medicine.

In the study, 40 patients received Epidiolex in 10 or 20 mg doses, while 21 received a placebo. Over the three hours following administration, those treated with CBD reported, on average, more than a 50% reduction in pain, with relief occurring within the first 15 minutes. In contrast, the placebo group reported a 37.5% reduction in pain.
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May 02 2024

Poll: 64% of Americans Say Marijuana Banking Act Would “Help Improve Public Safety”

The Independent Community Bankers of America (ICBA) released new polling today showing that most Americans believe federal marijuana banking legislation would have a positive impact.

“64% of Americans agree that the SAFER Banking Act’s provisions allowing cannabis-related businesses to access the banking system would help improve public safety”, found the poll. The poll also found that 54% “agree that opening the banking system to cannabis-related businesses would help underserved communities.”

The results are similar to a American Bankers Association poll released last month, which found that 63% of American adults support the SAFE Banking Act.
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May 02 2024

Legal Marijuana Sales in New Jersey Top $200 Million in Q1, 2024, a 38% Increase From 2023

Sales for New Jersey’s legal marijuana market for the first quarter of 2024 totaled more than $201 million —a 38% increase compared to the same period last year.

Sales from January to March 2023 were generated by 24 licensed dispensaries, whereas that number increased by 96, to a total of 130 licensed dispensaries, in the same time period in 2024.

“The significant growth in sales year over year is an indication of the strong potential of New Jersey’s cannabis market,” said Jeff Brown, New Jersey Cannabis Regulatory Commission’s executive director. “We anticipate that as even more dispensaries open across the state, new brands are introduced to the market, and cannabis becomes less stigmatized, sales numbers will continue to go up.”
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May 02 2024

Marijuana Banking Act Gains 117th Sponsor in US House

In the United States House of Representatives, the SAFE Banking Act to allow marijuana banking has just gained its 117th sponsor.

Representative Gabe Vasquez (D-NM) has signed on as a cosponsor to the SAFE Banking Act, giving it is 107th sponsors since the measure was filed in September by a group of 10. A Senate version of the bill, the SAFER Banking Act, is sponsored by 36% of the entire Senate, with it passing the Senate Banking Committee in September.

The SAFE Banking Act would explicitly permit accredited banks and credit unions to offer a wide range of banking services—including debit card processing and bank loans—to marijuana businesses compliant with state laws. Currently, banks are prohibited from servicing these businesses, even those licensed by the state. This restriction forces many to operate on a cash-only basis, increasing their vulnerability to robbery.
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