Jul 03 2024
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
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
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
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
(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
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
“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
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
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
(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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