Jul 03 2024

California Marijuana Sales Top $2 Billion in First Half of 2024

In California, licensed marijuana sales have exceeded $2 billion for the first half of 2024, driven by strong sales figures in June.

The latest data reveals that there was $339 million worth of marijuana and related products sold legally in June, a slight decrease from the $350 million sold in May. This brings the total sales for the year to approximately $2.05 billion.

In June, the average price per gram for dried marijuana flower was $10, while marijuana concentrates averaged $18 per gram.
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Jul 03 2024

Nebraska: Enough Signatures Submitted to Put Medical Marijuana Legalization to November Vote

Nebraskans for Medical Marijuana (NMM) have submitted well more than enough signatures to put their medical marijuana legalization initiative to a vote this November.

Today, NMM submitted over 110,000 signatures for both of their initiatives: one to legalize medical marijuana and one to protect physicians who recommend it. This exceeds the required 87,000 signatures needed for the proposals to be voted on in November.

The group has also collected the required signatures across at least 38 of the state’s 93 counties for both initiatives, a legal requirement for making the November ballot.
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Jul 03 2024

Connecticut Law Limiting THC Beverages to Licensed Liquor and Cannabis Stores Takes Effect

Sales of THC-infused beverages in Connecticut are now restricted to state-licensed liquor stores and cannabis retailers.

The new law is due to the enactment of House Bill 5150, which was signed into law by Governor Ned Lamont in May. It officially to effect on July 1, prohibiting the sale of intoxicating hemp products at gas stations and convenience stores.

The state’s Department of Consumer Protection outlined the law’s requirements in a news release, which include:
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Jul 03 2024

Massachusetts Initiative Campaign to Legalize Psychedelics Submits Enough Signatures to Appear on November Ballot

An initiative to legalize certain psychedelics is set to be voted on this November.

Mescaline (top left), ibogaine (top right), psilocybin mushrooms (bottom left), and DMT (bottom right). All four, plus psilocin, would be legalized under the initiative put forth by Massachusetts for Mental Health Options.

In January, Massachusetts for Mental Health Options (MMHO) submitted over 96,000 valid signatures for their psychedelics initiative, well more than the roughly 74,000 needed to force a vote of the legislature. Given the legislature didn’t act on the measure prior to the May 1 deadline, it gave MMHO until July to collect an additional 12,429 signatures in order to place the proposal on the November presidential election ballot.

Today, the campaign announced that they have submitted over 14,000 signatures, well more than enough to qualify for the November ballot. In a press release, they said “The support from Massachusetts residents has been overwhelming.”
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Jul 03 2024

Michigan: $275 Million in Legal Marijuana Sales in June, Total Sales Surpass $10 Billion

Legal marijuana sales surpassed $270 million in June in Michigan, with all-time sales now above $10 billion.

According to the Michigan Cannabis Regulatory Agency, recreational marijuana sales in June amounted to $275.2 million, slightly below May’s $278 million. Medical marijuana sales in June reached $1.7 million, bringing the total sales for the month to around $277 million.

Since the legalization of recreational marijuana in December 2019, total sales have now reached $8.55 billion. Medical marijuana sales have added another $1.62 billion, making the combined total $10.17 billion. These robust sales have generated significant tax revenues, with recreational marijuana alone contributing over $1.4 billion.
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Jul 03 2024

North Carolina Marijuana Megastore to Open for Recreational Sales on July 4

The Eastern Band of Cherokee Indians’ (EBCI) marijuana megastore will open for recreational marijuana sales tomorrow, July 4.

Located in a former bingo hall that cost over $50 million to refurbish, the Great Smoky Cannabis Company — which has been open for medical marijuana sales since April — will begin recreational marijuana sales on July 4. Initially, these sales will be exclusive to tribal members. However, a spokesperson for the outlet tells us that sales will begin for everyone 21 and older, regardless of tribal membership, next month.

The Eastern Band of Cherokee Indians (EBCI) Tribal Council voted last month to legalize recreational marijuana. The vote followed a September ordinance approved by tribal members, requesting the council to develop legislation to legalize and regulate recreational marijuana.
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Jul 03 2024

Federal Legislation to Establish Marijuana Banking Protections Sponsored by Lawmakers From 41 States

Federal legislation in the US House of Representatives and Senate is now sponsored by lawmakers from 41 different states.

(Photo credit: GETTY Images).

In the House, the SAFE (Secure and Fair Enforcement) Banking Act has 124 bipartisan sponsors, more than any other marijuana bill in the US Congress. In the Senate, the SAFER (Secure and Fair Enforcement Regulation) Banking Act has 36 sponsors, also with bipartisan support. The combined 160 sponsors represent 41 states, or 82% of the entire country.

The SAFE and SAFER Banking Acts would both provide explicit legal protections for financial institutions that offer services to marijuana-related businesses that are legal under state law, aiming to mitigate the risks associated with the industry’s reliance on cash. Both measures would also allow marijuana businesses to take standard IRS tax deductions.
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Jul 03 2024

Bipartisan Lawmakers Introduce Federal Legislation to Expunge Marijuana Misdemeanors

Today, Congressmembers Troy A. Carter, Sr. (D-LA) and Kelly Armstrong (R-ND) introduced bipartisan legislation to create an expungement mechanism for low-level violations of federal marijuana law and provide an expedited, orderly process that clears the deck of non-felony marijuana offenses lingering in the federal system.

The Marijuana Misdemeanor Expungement Act “would deliver justice for countless Americans whose lives have been disrupted and deprived because of a misdemeanor Marijuana offense”, states a press release sent today.

Thirty-eight states, three territories, and the District of Columbia currently allow the use of cannabis products, including for medical or recreational use.
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Jul 03 2024

President Biden Issues Proclamation Saying He is “Changing Our Nation’s Failed Approach to Marijuana”

President Biden today issued a “A Proclamation on the 60th Anniversary of the Civil Rights Act”, which touts his Administration’s efforts to reform marijuana laws.

“Sixty years ago, President Lyndon B. Johnson signed into law one of the most significant pieces of civil rights legislation in history — the Civil Rights Act of 1964”, begins the proclamation.  “It prohibited discrimination on the basis of race, color, religion, sex, or national origin.  That day, our Nation moved closer to our North Star, the founding ideal of America:  We are all created equal and deserve to be treated equally throughout our lives.  We have never fully lived up to that idea, but we have never walked away from it either.  On this anniversary, we promise we will not walk away from it now.”

President Biden says Administration “is changing our Nation’s failed approach to marijuana, which disproportionately impacts communities of color.”
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Jul 03 2024

Legal Expert Says US Supreme Court’s Chevron Ruling is a Positive for Marijuana Rescheduling

Following claims that the U.S. Supreme Court’s decision to overturn the Chevron precedent could cancel marijuana rescheduling, a leading expert has provided a rebuttal.

Matt Zorn, an attorney and partner at the lawfirm Yetter Coleman LLP, detailed his perspective in an article on his Substack On Drugs. Zorn says that “overturning Chevron was a good thing for rescheduling.”

He further explained to Green Market Report that the ruling “changes nothing” about the ongoing process to reclassify cannabis from Schedule I to Schedule III.
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