Jun 03 2024

Oregon Marijuana Sales Top $80 Million for Third Straight Month

In May, licensed marijuana stores in Oregon sold over $80 million worth of product for the third straight month.

According to recent data from the Oregon Liquor and Cannabis Commission, there was $81,976,813 worth of marijuana and marijuana products sold legally in May.  This is approximately half a million dollars more than the previous month, and around $2.5 million more than May 2023.

Since the start of legal marijuana sales in October 2016, cumulative sales have now surpassed $6.623 billion, resulting in $1.2 billion in tax revenue. Through May, there has been around $400 million in total sales for 2024, bringing in nearly $70 million in taxes.
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Jun 03 2024

New Mexico Marijuana Sales Surpass $50 Million in May

Monthly marijuana sales in New Mexico surpassed $50 million in May.

According to data released today by the New Mexico Regulation & Licensing Department, the state saw $51,200,880.26 in legal marijuana sales during May, spread across 1,212,097 transactions. This represents an increase of roughly $100,000 over total sales for April.

In May, recreational marijuana sales totaled $38,682,534.61, while medical marijuana sales reached $12,518,345.66. There were 958,361 recreational marijuana transactions and 253,736 medical marijuana transactions. Continue reading

Jun 01 2024

Oregon: Legal Marijuana Prices Hit Record Lows—$3.60/Gram for Flower, $15/Gram for Concentrates

The average price of legal marijuana has reached a historic low in Oregon.

Recent data from the Oregon Liquor and Cannabis Commission reveals that the average price for dried marijuana flower in licensed marijuana stores has fallen to $3.60 per gram—the lowest recorded rate. Additionally, the price for marijuana concentrates has dropped to a new low of $15 per gram, down from a previous stable average of $16.

These figures position Oregon as the state with the most affordable legal marijuana prices in the nation. For comparative context, Massachusetts, the next closest in terms of low prices, sells its marijuana flower at $5.36 per gram.
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Jun 01 2024

24 States and Counting: The Next 10 States Likely to Legalize Recreational Marijuana

There’s currently 24 states that have legalized recreational marijuana. That number could jump to above 30 in the near future.

As we approach mid-2024, it’s becoming increasingly clear which states are on the verge of legalizing recreational marijuana this year or next, and which are still some distance away. Below, we outline the 10 states most likely to legalize recreational marijuana next.

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Jun 01 2024

US House Bill to Allow Nationwide Marijuana Banking Garners 123rd Bipartisan Sponsor

Federal legislation that would explicitly allow banks to work with licensed marijuana businesses has garnered its 123rd bipartisan sponsor in the US House of Representatives.

The SAFE Banking Act (H.R. 2891) now has 123 sponsors, with Congressmember Dan Goldman (D-NY) becoming the latest to join as a cosponsor yesterday. The proposed law would provide federal protections for banks and credit unions that offer financial services to marijuana businesses legal under state laws. This would cover medical marijuana dispensaries in the 38 states where they are legal, as well as recreational marijuana stores in the 23 states where they are allowed.

Additionally, the legislation would allow state-legal marijuana businesses to take standard IRS tax deductions, which is currently prohibited.
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May 31 2024

Vermont Governor Signs Psychedelics Bill Into Law

Legislation establishing a “Psychedelic Therapy Advisory Working Group” has been signed into law by Vermont Governor Phil Scott.

Psilocybin mushrooms.

Governor Scott signed Senate Bill 114 into law recently, following overwhelming approval in the state’s legislature.

Once the measure takes effect, the Psychedelic Therapy Advisory Working Group will be established “to examine the use of psychedelics to improve physical and mental health and to make findings and recommendations regarding the advisability of the establishment of a State program similar to other jurisdictions to permit health care providers to administer psychedelics in a therapeutic setting and the impact on public health of allowing individuals to legally access psychedelics under State law.”
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May 31 2024

Illinois: $170 Million Worth of Legal Marijuana Sold in April, Prices Reach Record Lows

The legal sale of marijuana in Illinois amounted to roughly $170 million in April, according to the Illinois Department of Financial and Professional Regulation.

The sales total, specifically $169.6 million, includes dried marijuana flower and various products like concentrates, edibles, and topicals.

Of this amount, $144.5 million was purchased by recreational consumers, while medical marijuana patients accounted for $25.1 million. Although April’s total represents a slight decrease from March’s $174 million, it shows an increase compared to February’s $160 million and January’s $158 million. The year-to-date marijuana sales in Illinois now approximate $660 million.
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May 30 2024

New York Bill to Allow Licensed Marijuana Events Ordered to Third and Final Reading in Senate

Legislation aimed at allowing and regulating marijuana events across the state has passed through its second reading in the New York Senate and has been ordered to a third and final reading.

Filed by Senator Michelle Hinchey, Senate Bill 9679 will be sent to the Assembly if it passes its final reading in the Senate. If enacted into law, the measure would amend the existing marijuana law by adding Section 130-a, which establishes a framework for cannabis event permits.

The bill defines a “cannabis event” as an event where licensed retailers of adult-use cannabis can sell their products outside of their licensed premises. These events can take place at various locations such as theatrical productions, concerts, sporting events, exhibitions, private venues, or any other location authorized by the Office of Cannabis Management (OCM). Additionally, these events may include educational activities, music, and other forms of entertainment.
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May 30 2024

Study Finds CBD Gel Reduces Pain and Enhances Grip Strength in Hand Osteoarthritis Patients

A recent study published in the journal Scientific Reports and available online through the National Library of Medicine has revealed promising results for the use of cannabidiol (CBD) in treating hand osteoarthritis (OA).

Conducted by researchers at the University of Sydney, Avecho Biotechnology, and the NTF Group in Australia, the study explored the potential benefits of a novel transdermal CBD gel for managing this chronic condition.

Hand OA is a degenerative disease characterized by chronic pain and impaired functionality, and current treatment options often fall short. CBD has previously demonstrated analgesic and anti-inflammatory effects in preclinical arthritis models, prompting researchers to investigate its efficacy in human subjects.
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May 30 2024

Florida Governor Set to Veto Bill to Ban Delta-8 THC

Governor Ron DeSantis is set to veto legislation banning Delta-8 THC, according to multiple sources within the governor’s office.

Gummies made with delta-8 THC.

If enacted, Senate Bill 1698 would limit the sale of hemp products containing Delta-9 THC while placing a complete ban on the production and sale of products containing Delta-8 and Delta-10 THC. Those in the hemp industry argue that if the bill passes, it would devastate the industry and lead to thousands of job losses.

Florida’s Senate gave final approval to Senate Bill 1698 in a unanimous 39 to 0 vote, meaning they have well more than the two-thirds required to override a governor’s veto. However, the measure’s passage was much closer in the House of Representatives, with the final vote being 64 to 48.
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