Mar 26 2024

Connecticut Judiciary Committee Approves Bill to Decriminalize Psilocybin

A joint legislative committee in Connecticut has voted to pass legislation to decriminalize the personal possession of psilocybin mushrooms.

Dried psilocybin mushrooms.

Today Connecticut’s Joint Committee on Judiciary voted overwhelming to approve House Bill 5297. The measure would make it so that any person “who possesses or has under such person’s control less than one-half ounce of psilocybin shall, for a first offense”. For subsequent offenses the fine would be “not less than two hundred dollars or more than five hundred dollars.”

The measure clarifies that law enforcement officer issuing a complaint for a violation of this section “shall seize the psilocybin and cause such substance to be destroyed as contraband in accordance with law.”
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Mar 26 2024

U.S. Legal Cannabis Sales to Top $31 Billion in 2024

According to a new report, the 2024 forecast for legal adult-use and medical sales will top $31.4 billion, an increase of $2.6 billion from 2023.

safe banking act

Conducted by Whitney Economics, a global leader in cannabis and hemp business consulting, data, and economic research, the report finds that the legal marijuana industry will see a compound annual growth rate of 9.14% between 2023 to 2024, and will more than double to a value of $67 billion by 2030.

“Cannabis legal sales have been suppressed since the end of the pandemic, partly due to changes in consumer purchasing behavior, macro issues such as higher interest rates, declining cannabis business conditions and slower than normal regulatory implementations in new markets”, states a press release from Whitney Economics. “Despite these headwinds, growth rates have remained positive in the U.S. overall, however, legal cannabis revenues declined in 10 states in 2023.”
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Mar 26 2024

Delaware Bill Introduced to Protect Entities Serving the Legal Marijuana Industry, Supported by State Treasurer

Legislation has been introduced in the Delaware General Assembly aiming to protect banks and other businesses that provide financial services to marijuana cultivators, distributors, and retailers who operate within Delaware’s legal cannabis marketplace.

House Bill 355, sponsored by Representative Ed Osienski and Senator Trey Paradee, and in partnership with State Treasurer Colleen Davis, clarifies that these financial services are legal under Delaware state law and aims to reassure financial service providers that they can safely provide their services to legal marijuana businesses without risking criminal liability.

“Banks and credit unions are hesitant to serve the marijuana industry because of concerns regarding federal prosecution or penalties since marijuana remains illegal under federal law,” said Treasurer Colleen Davis.
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Mar 25 2024

US Census Data Shows Legal Marijuana States Made $710 Million in Tax Revenue in Q4, 2023

In the final quarter of 2023, legal marijuana states combined to make over $700 million in marijuana tax revenue, according to government data.

Data released by the US Census Bureau shows that among the states that currently allow it, licensed marijuana sales garnered $710 million in tax revenue during the final quarter of 2023, cover October 1 to December 31.

22 states plus the District of Columbia were included in this data. Minnesota allows marijuana sales, but stores aren’t expected to open until sometime next year. In Virginia, marijuana possession is legal, but not sales.
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Mar 25 2024

Federal Legislation to Protect State Marijuana Laws Gains 10th Bipartisan Sponsor in US House

A proposal in the House of Representatives to protect state marijuana laws has garnered its 10 legislative sponsor.

marijuana

Congressmember Bonnie Watson Coleman (D-NJ) has officially signed on as a cosponsor to the STATES (Strengthening the Tenth Amendment Through Entrusting States) Act 2.0, bringing the total to 10. The measure was filed in December by Representative Dave Joyce (R) with four cosponsors.

The STATES 2.0 Act would amend the Controlled Substances so that those acting in compliance with state marijuana laws would no longer be committing a federal crime, and it would allow commerce between legal marijuana states and tribes
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Mar 25 2024

House Republican Policy Committee Says Marijuana is “Dangerous” and Causes “Violence, Depression and Suicide”

An advisory committee for national Republicans says marijuana causes “violence, depression and suicide”, and they’re calling on Republican lawmakers to oppose legislation allowing banks to work with state-legal marijuana businesses.

The House Republican Policy Committee has released a report declaring their opposition to the SAFE/SAFER Banking Acts, which would allow marijuana banking, as well as legislation that would remove previous marijuana use as a barrier for federal employment and security clearances (the Cannabis Users’ Restoration of Eligibility – CURE – Act). The report is titled Guide to the Issues – The Victims of Marijuana Use.

“Marijuana is a dangerous, addictive drug with no mechanism to control rouge producers from increasing potency and causing more harm”, states the committee. “Rather than labeling marijuana as a recreational drug, it should be labeled for what it is, a gateway drug that increases schizophrenia and impairs cognitive ability.”
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Mar 25 2024

The 10 Most Popular Marijuana Strains Across the United States

In the United States there are hundreds of active marijuana strains (there’s over 600 in Massachusetts alone), but these 10 stand out among the crowd in terms of their popularity.

There are currently 24 states with legal recreational marijuana, and 38 with legal medical marijuana. The vast majority of these states have thriving legal marijuana markets, with licensed marijuana stores and dispensaries. Among these states, a handful of strains remain popular across the country, with some displaying some serious long-term interest.

With that in mind, using data compiled by Leafly and state regulatory agencies, below are the top 10 most popular marijuana strains across the US:
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Mar 25 2024

Utah Governor Lets Bill Allowing Hospitals to Administer Psilocybin and MDMA to Become Law

Legislation establishing a pilot program allowing hospitals to administer psilocybin and MDMA has become law without a signature from the governor.

Dried psilocybin (left) and MDMA (right).

Senate Bill 266, sponsored by Senate Majority Whip Kirk Cullimore (R) and House Speaker Pro Tempore James Dunnigan (R), was approved unanimously through both the House and Senate. Governor Spencer Cox (R) was given the option of signing it into law, vetoing it or allowing it to become law without a signature; he chose the latter. The measure will officially take effect on May 1.

Under the new law, psilocybin and MDMA could be administered by a privately owned and not-for-profit healthcare system that has 15 or more licensed hospitals, or is “closely affiliated with an institution of higher education”. Any healthcare system that decides to take part in the pilot program must inform the legislature by July 1, 2026.
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Mar 25 2024

Those 18+ in Germany Can Legally Possess and Grow Marijuana Starting April 1

Legislation allowing the personal possession and home cultivation of marijuana cleared its final parliamentary hurdle on Friday and will officially take effect next week.

Members of German Parliament’s upper house and lower chamber have both given approval to legislation legalizing recreational marijuana for residents who are at least a18 years old. The law allows for the possession of up to 25 grams of marijuana in public, while also allowing adults to grow up to three plants for personal use. The law takes effect on April 1.

As part of the new law, not-for-profit cannabis clubs will be allowed to grow and sell cannabis for their members beginning on July 1st. Each club will be authorized to have up to 500 members. Members can pay for marijuana and marijuana products, but the clubs can only charge enough to break even and not turn a profit.
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Mar 25 2024

American Bankers Association Poll Finds 63% of Adults Support Federal Marijuana Banking Legislation

According to new polling commissioned by the American Bankers Association (ABA), a large majority of American adults support passing federal marijuana banking legislation.

“The data released today also indicate that by greater than a 3-to-1 margin (63% support vs. 17% oppose) U.S. adults support Congress passing legislation that allows cannabis businesses to access banking services and financial products like checking accounts and business loans in states where cannabis is now legal”, states a press release for the poll, which was conducted by Morning Consult on behalf of the American Bankers Association.

“Americans have made it clear that Congress should resolve the ongoing conflict between state and federal law on cannabis banking issues by passing legislation that will enhance public safety, tax collection and transparency,” said Rob Nichols, ABA president and CEO.
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