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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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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