Jul 02 2024

Three States to Launch Licensed Recreational Marijuana Sales Within the Next Six Months

Among the 23 states that have legalized recreational marijuana sales, three states do not yet have operating retail outlets. That’s set to change for all three within the next six months.

Minnesota, Delaware, and Ohio have all legalized marijuana within the past 15 months, bringing the total number of legal marijuana states to 24 (with all but Virginia allowing licensed distribution). All three states were initially expected to have licensed recreational marijuana sales begin in 2025, but all three have moved to allow sales to begin early, some within a matter of days.

Here’s a look at these three states and when legal marijuana sales may begin:
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Jul 02 2024

Analysis Finds Proximity to Marijuana Stores Increases Home Prices

According to a recent analysis, homes located near licensed marijuana retail outlets are more likely to appreciate in value.

(Photo credit: Insurify).

The analysis, conducted by Tomo Real Estate, evaluated the correlation between marijuana retailers and home prices in Colorado, Michigan, and Oregon. Researchers compared annual changes in median home prices in zip codes with dispensaries to those in surrounding areas.

The analysis found that homes in towns with dispensaries saw an average annual increase in value of $4,400. These findings align with several other studies released in recent months and years that have reported increased home values for properties near licensed cannabis establishments and in states with legalization.
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Jul 02 2024

North Dakota: Enough Signatures Gathered to Put Marijuana Legalization to November Vote

A campaign aiming to legalize marijuana in North Dakota has gathered more than enough signatures to place an initiative on this November’s ballot.

“After months of hard work and incredible community support, we are ready to submit our collected signatures at the North Dakota State Capitol,” said New Economic Frontier in an email sent today. Once the state verifies that enough of the signatures are valid (from registered North Dakota voters), the measure will be officially placed on the November 5 ballot. The group plans to submit the signatures next week.

The proposed initiative would legalize possession for adults 21 and older, allowing up to one ounce of marijuana, four grams of marijuana concentrates, and 1500 milligrams of adult-use cannabinoid products, including 300 milligrams in edible form. It would also permit the personal cultivation of up to three marijuana plants and the purchase of marijuana and marijuana products via licensed retail outlets.
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Jul 02 2024

Oregon: $80 Million in Legal Marijuana Sold in June, $6.7 Billion Since October 2016

In June, Oregon’s licensed marijuana stores reported sales totaling $79,854,131.

Although this figure is slightly below the $81,976,813 recorded in May, it continues to demonstrate the strong performance of Oregon’s marijuana market, according to the Oregon Liquor and Cannabis Commission. Monthly sales have no dropped below $75 million since February 2023.

Since the commencement of legal marijuana sales in October 2016, the cumulative sales have reached $6.703 billion, generating $1.2 billion in tax revenue. So far in 2024, sales have amounted to about $480 million, bringing in nearly $84 million in taxes.
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Jul 02 2024

Prominent Attorney Predicts Marijuana Rescheduling Will Be Cancelled Due to US Supreme Court’s Chevron Decision

A prominent attorney is suggesting that the DEA’s proposal to reschedule marijuana to Schedule III will be cancelled following the United State Supreme Court’s decision on Chevron v. Natural Resources Defense Council.

Attorney Josh Schiller is one of the lead lawyers in a case where multiple cannabis companies are challenging the federal prohibition on marijuana. The case was recently thrown out by a federal judge, with an appeal planned.

Schiller warns that the Supreme Court’s recent decision puts the DEA’s rescheduling plan in danger.
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Jul 01 2024

Kentucky Now Accepting Applications for Marijuana Business Licenses

The Kentucky Office of Medical Cannabis is now accepting applications for cannabis business licenses through the online Business Licensing Application Portal.

The portal, which can be found by clicking here, will remain open from July 1, 2024 until August 31, 2024 for application submissions. The state will be accepting applications for four different categories; medical marijuana cultivator, dispensary, processor and safety-compliance facility (testing lab).

Below is the state’s application submission and review process.
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Jul 01 2024

Federal Legislation to Decriminalize Marijuana and Allow Expungements Sponsored by Lawmakers From 31 States

Legislation in the United States House of Representatives and Senate that would deschedule marijuana is sponsored by lawmakers from 31 different states.

In the House, the Marijuana Opportunity Reinvestment and Expungement (MORE) Act now has 92 sponsors, while the Senate’s Cannabis Administration and Opportunity Act (CAOA) has 18 sponsors. The combined 110 sponsors represent 31 states, or 62% of the entire country.

Both the MORE Act and CAOA would fully deschedule marijuana, effectively ending its nationwide prohibition. Both measures would also establish a federal excise tax on legal marijuana sales and allow for the expungement of previous marijuana convictions.
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Jul 01 2024

Florida Governor’s PAC to Oppose Marijuana Initiative Has Raised $10,000, Supporters Have Raised $60 Million

Florida Governor Ron DeSantis’s recently established political action committee, “Florida Freedom Fund,” has encountered significant fundraising challenges in its campaign against a marijuana legalization initiative (Amendment 3).

As of last week, the PAC has garnered only $10,000 in contributions, according to the Division of Elections. 100% of these contributions came from former Pennsylvania Congressman Keith Rothfus (R).

In stark contrast, the Smart & Safe Florida campaign, the sponsors of Amendment 3, has amassed over $60 million, more than any prior statewide marijuana legalization campaign in any part of the US.
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Jul 01 2024

Colorado Recalls Marijuana Products Over Mold, Sixth Recall This Year

The Colorado Department of Revenue (DOR), in conjunction with the Colorado Department of Public Health and Environment (CDPHE), is issuing a Health and Safety Advisory due to the identification of potentially contaminated Retail Marijuana Flower (bud/shake/trim) produced and sold by NOCO Farm, LLC d.b.a. Snaxland.

Marijuana with mold on it.

The CDPHE and DOR deem it a threat to public health and safety when marijuana is found to have Total Yeast and Mold above the acceptable limits established in Colorado Marijuana Rule 4-115. This Advisory includes Harvest Batches tested and found to have exceeded acceptable limits established for Total Yeast and Mold. This is the sixth marijuana recall in Colorado this year.

NOCO Farm, LLC collaborated with the Marijuana Enforcement Division (MED) to initiate a voluntary recall for the affected Harvest Batches. The affected product is listed below (by license number and Harvest Batch) and was sold between May 1, 2024, and June 13, 2024. The locations that sold the affected product are also included below.
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Jul 01 2024

New Mexico Sees $48 Million in Marijuana Sales in June, Over 1.1 Million Transactions

New Mexico’s marijuana market continues to thrive, with June’s total marijuana sales passing $48 million.

According to the latest data from the New Mexico Regulation & Licensing Department, there was $48,072,161.91 in total marijuana sales in June. This month’s sales were distributed across 1,148,950 transactions.

Recreational marijuana sales contributed $36,513,095.44, while medical marijuana sales totaled $11,559,066.49. The state recorded 1,006 dispensaries actively serving customers, reflecting the robust infrastructure supporting the cannabis industry.
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