California has Garnered $4.4 Billion in Marijuana Taxes Since Legal Sales Began in 2018

Legal recreational marijuana sales began in Q1, 2018 in California, and since that period the state has garnered billions in new tax revenue.

According to data released by the California Department of Tax and Fee Administration, there has been $19,262,487,673 in marijuana and marijuana products sold between Q1, 2018 and Q3, 2022. This has resulted in $4,397,112,676 in new tax revenue for the state.

A slight majority of this tax revenue came from the state’s excise tax on marijuana, followed by revenue earned from the state’s standard sales tax. A smaller, but still considerable portion of the revenue was garnered from California’s marijuana cultivation tax.
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Study: CBD has Direct Antineoplastic Effects on Lung Cancer Cells

Cannabidiol (CBD) has “direct antineoplastic [cancer treating] effects on lung cancer cells”, according to a new study being published in the upcoming issue of the Iranian Biomedical Journal.

The study was epublished ahead of print on the website for the U.S. National Institute of Health.

“Lung cancer remains a major factor contributing to morbidity and mortality worldwide”, states the study’s abstract. “Apart from the chemotherapeutic agents in routine use, factors targeting novel molecular pathways are in clinical trials and provide hope for terminal lung cancer patients.”

Researchers note that the endocannabinoid system has recently become a popular field of study, with many experimental studies showing that CBD and THC could be used outside of palliative care, as they play a major role in lung cancer cell apoptosis. The objective of this study was to “evaluate the antitumorigenic mechanisms of CBD in lung cancer cells.”
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Report: Market for Cannabis Infused Products to Grow from $29 Billion to $150 Billion by 2030

According to a new Cannabis Infused Products Market report, the market is currently valued at $29.68 billion and is expected to grow at an incredible rate to reach a value of $150.1 billion by 2030.

Data Bridge Market Research analyses that the cannabis infused products market which was USD 29.68 billion in 2022, would rocket up to USD 150.51 billion by 2030, and is expected to undergo a compound annual growth rate (CAGR) of 22.5% during the forecast period 2023 to 2030.

According to the report, the cannabis infused products market is expected to witness significant growth during the forecast period of 2023-2030. The increasing number of scientific trials of cannabis-infused medications for various therapeutic areas, particularly cannabidiol use, is driving market growth. Furthermore, the narrative among physicians about the benefits of cannabis-infused medicines, as well as supporting clinical evidence, is leading to an increase in patient prescriptions for cannabis-infused medicines.
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South Dakota Marijuana Legalization Proponents Vow to Put New Initiative on 2024 Ballot

Proponents of legalizing marijuana in South Dakota have vowed to once again put a legalization initiative on the ballot, this time during the 2024 general election.

South Dakotans for Better Marijuana Laws was successful in getting marijuana initiatives on the ballot in 2020 and 2022. In 2020 voters approved the initiative, though it was later struck down by the courts due to a technicality. In 2022, mainly due to low turnout, the initiative was defeated although 47% did vote in favor. Now the group is hoping third times a charm, and are aiming to put the issue to a vote in 2024, says campaign director Matthew Schweich.

Schweich says the initiative will be based on this year’s Measure 27, which would have legalized the possession and purchase (from a licensed retail outlet) of up to an ounce of marijuana, for those 21 and older, while also allowing them to grow a few plants for personal use.
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Study: CBD Reduces Seizures That Are Resistant to Common Medications

A new study has found that CBD reduces seizures in patients with Dravet syndrome (SD), Lennox-Gataut syndrome (LGS), or tuberous sclerosis complex (TSC), who are resistant to common medications.

Published by the journal Revista da Associação Médica Brasileira and epublished by the National Library of Medicine, the study was conducted by researchers at Medicina Baseada em Evidências and Faculdade de Medicina, both in Brasil.

According to its abstract, the objective of this “systematic review with meta-analysis was to evaluate the efficacy, safety, and short- and long-term tolerability of cannabidiol (CBD), as an adjunct treatment, in children and adults with Dravet syndrome (SD), Lennox-Gataut syndrome (LGS), or tuberous sclerosis complex (TSC), with inadequate control of seizures.”
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Report: Global Cannabis Cultivation Market Worth $132 Billion, to Grow to $235 Billion by 2026

According to a new Cannabis Cultivation Global Market Report 2022, the market is expected to grow from $114.66 billion in 2021 to $132.55 billion in 2022.

The report found that this number will grow drastically in the coming years, with estimates putting the market’s value at $235.74 billion by 2026, an over $100 billion increase in four years.

According to the report, the major players in the market are Pacific Cannabis Growers Inc, Atlas Growers, Canntrust Holdings Inc, The Hydropothecary Corporation, Better Holdings, Canopy Growth Corporation, Aphria Inc, Aurora Cannabis, Tilray, Organigram Holdings Inc, The Cronos Group, Maricann Group Inc, ABcann Medicinals Inc, GW Pharmaceuticals plc, and Vivo Cannabis Inc.
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CA$389.9 million in Legal Marijuana Sold in September in Canada

New Canada sales data shows that there was $389.9 million in legal marijuana sold in September, a 12% increase from September, 2021.

The 389.9 million Canadian dollars ($291 million) worth of legal marijuana sold in September exactly matches the amount of legal marijuana and marijuana products sold in August, according to the national data agency Statistics Canada.

In Ontario, the largest provincial market in Canada, marijuana sales grew 1.1% month-over-month to CA$155.5 million in September. In Alberta, the second largest market in the country, sales increased 2% on a monthly basis to CA$68.7 million. British Columbia’s September sales were up by 0.6% over August, to CA$59.4 million.

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Pew Research Poll: 88% of Americans Say Marijuana Should be Legal for At Least Medical Purposes

A drastic majority of adults in the U.S. believe marijuana should be legal for medical and/or recreational purposes.

According to a new Pew Research poll, an overwhelming share of U.S. adults (89%) say either that marijuana should be legal for medical and recreational use by adults (59%) or that it should be legal for medical use only (30%). Just one-in-ten (10%) say marijuana use should not be legal, according to the survey conducted Oct. 10-16, 2022. These views are virtually unchanged since April 2021, notes Pew.

The Pew poll shows support for legalizing recreational marijuana nine percent lower than a Gallup poll released last week which shows support for legalization at 68%.
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Legal Recreational Marijuana Sales Begin in Rhode Island on December 1

Rhode Island Governor Dan McKee announced this morning that five licensed medical marijuana compassion centers have received state approval to begin selling recreational marijuana on or after December 1.

These five outlets will be the first in the state to legally sell recreational marijuana to those 21 and older. The licenses are being issued pursuant to the Rhode Island Cannabis Act, which was passed by the General Assembly and signed into law by Governor McKee in May. The law called for applications for “hybrid retail licenses,” which allow licensed compassion centers to sell both medical marijuana as well as safe, well-regulated and competitively priced marijuana products to Rhode Island adults over the age of 21. Licenses were issued in early October

As of this morning, the five compassion centers that have received state approval to commence adult use sales are:

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Oregon Governor Announces Pardon of Over 45,000 Marijuana Convictions

Oregon Governor Kate Brown announced today that she has issued pardons to everyone caught possessing up to an ounce of marijuana prior to its legalization in 2016.

The pardons will remove 47,144 convictions for possession of a small amount of marijuana from individual records, eliminating barriers for thousands of people seeking employment, housing, and educational opportunities who have otherwise been ineligible. It will also forgive more than $14,000,000 in associated fines and fees.

The pardon applies to electronically available Oregon convictions for possession of 1 ounce or less of marijuana, in pre-2016 cases in which the person was 21 years of age or older, where this was the only charge, and where there were no victims, according to a press release. This pardon does not apply to any other offense related to marijuana or other controlled substances. More information can be found here.
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