May 02 2024

Legal Marijuana Sales in New Jersey Top $200 Million in Q1, 2024, a 38% Increase From 2023

Sales for New Jersey’s legal marijuana market for the first quarter of 2024 totaled more than $201 million —a 38% increase compared to the same period last year.

Sales from January to March 2023 were generated by 24 licensed dispensaries, whereas that number increased by 96, to a total of 130 licensed dispensaries, in the same time period in 2024.

“The significant growth in sales year over year is an indication of the strong potential of New Jersey’s cannabis market,” said Jeff Brown, New Jersey Cannabis Regulatory Commission’s executive director. “We anticipate that as even more dispensaries open across the state, new brands are introduced to the market, and cannabis becomes less stigmatized, sales numbers will continue to go up.”
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May 02 2024

Marijuana Banking Act Gains 117th Sponsor in US House

In the United States House of Representatives, the SAFE Banking Act to allow marijuana banking has just gained its 117th sponsor.

Representative Gabe Vasquez (D-NM) has signed on as a cosponsor to the SAFE Banking Act, giving it is 107th sponsors since the measure was filed in September by a group of 10. A Senate version of the bill, the SAFER Banking Act, is sponsored by 36% of the entire Senate, with it passing the Senate Banking Committee in September.

The SAFE Banking Act would explicitly permit accredited banks and credit unions to offer a wide range of banking services—including debit card processing and bank loans—to marijuana businesses compliant with state laws. Currently, banks are prohibited from servicing these businesses, even those licensed by the state. This restriction forces many to operate on a cash-only basis, increasing their vulnerability to robbery.
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May 01 2024

The 10 Biggest Implications of the DEA’s Decision to Reschedule Marijuana

Marijuana’s reclassification to Schedule III represents the most significant shift in federal marijuana policy since the Controlled Substances Act was enacted in 1970. Here’s an overview of the far-reaching implications of this landmark change.

In a groundbreaking move, the Drug Enforcement Administration (DEA) recently announced the rescheduling of marijuana from a Schedule I to a Schedule III controlled substance. This decision marks a significant pivot in U.S. federal drug policy, reflecting a new acknowledgment of marijuana’s medical benefits and a lower potential for abuse.

Here are the top five implications of this historic change, in no particular order:
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May 01 2024

New Mexico Marijuana Sales Top $50 Million for Second Straight Month

In April, monthly marijuana sales in New Mexico once again surpassed $50 million.

According to the latest data from the New Mexico Regulation & Licensing Department, the state saw $51,107,738.68 in legal marijuana sales during April, spread across 1,162,438 transactions. This sum, which falls roughly $1.4 million short of the record-breaking amount sold last month, includes $12,854,179.26 from medical marijuana patients and $38,253,559.42 from recreational consumers.

As of the end of April, New Mexico has 1,003 active marijuana retail licenses and a total of 2,843 active marijuana business licenses. The business licenses include a diverse range of entities such as producers, micro producers, manufacturers, couriers, consumption areas, testing labs, and research labs.
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May 01 2024

Sixth Illinois Marijuana Store Votes to Unionize With Teamsters

Workers at Sunnyside, a medical marijuana dispensary in Chicago, have voted overwhelmingly to join Teamsters Local 777.

The dispensary in the River North neighborhood of Chicago is the sixth location to organize with Local 777. In the fall, Local 777 secured strong first contracts for the five other organized locations in Elmwood Park, South Beloit, Schaumburg, Rockford, and Buffalo Grove, Ill., that contain significant improvements for dispensary workers.

“We are thrilled to welcome another Cresco location to Teamsters Local 777,” said Jim Glimco, President of Local 777. “Dispensary workers are seeing their counterparts at other locations organize with the Teamsters and they want to secure the benefits of a union contract for themselves. We look forward to helping these workers get their first contract and continuing to organize workers in the cannabis industry across Illinois.”
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May 01 2024

US Senate: Full Text of Bill to Deschedule and Legalize Marijuana Released to Public

The full text of the Cannabis Administration and Opportunity Act (CAOA) has been released.

Senate Majority Leader Chuck Schumer, along with 17 cosponsors, formally introduced the CAOA today. The measure proposes to remove marijuana from the list of controlled substances, allow expungement of past offenses, and establish federal tax and regulations for legal marijuana sales.

The sponsors have now made the full text of the measure available, which you can access by clicking here. They have also provided a detailed summary, available below:
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May 01 2024

The 6 Steps Required Before Marijuana Can Be Moved to Schedule III

The DEA has recommended rescheduling marijuana to Schedule III; here’s an overview of the procedural steps that must occur before this change can officially take effect.

In a significant policy shift, the U.S. Drug Enforcement Administration (DEA) has announced its recommendation to reschedule marijuana to Schedule III of the Controlled Substances Act (CSA). This recommendation, which follows an August recommendation from the Department of Health and Human Services (HHS), marks a potential turning point in the federal regulation of cannabis.

The process from here involves several bureaucratic steps. Here’s what to expect:
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May 01 2024

Nation’s Oldest Marijuana Reform Group Praises DEA’s Decision to Reschedule Marijuana, But Says “It Fails to Go Far Enough”

The National Organization for the Reform of Marijuana Laws (NORML), the oldest pro-marijuana reform group in the world (est 1970), has praised the DEA’s decision to reschedule marijuana, while promising to continue fighting for full legalization.

“Yesterday, the Department of Justice affirmed that the DEA has concurred with an HHS recommendation to move cannabis from Schedule I to Schedule III of the Controlled Substances Act”, says NORML Deputy Director Paul Armentano. “While the DEA’s opinion to reschedule cannabis fails to go far enough, it represents the first time the agency has ever abandoned its ‘Flat Earth’ position toward cannabis and acknowledged that the substance possesses legitimate therapeutic utility.”

Armentano says “Still, it continues to perpetuate the growing divide between federal marijuana laws and the marijuana legalization laws of a growing number of states. It also fails to align with public opinion, as most Americans agree that cannabis should be treated more like alcohol than like ketamine. Nonetheless, this decision marks both a symbolic and a very tangible victory.”
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May 01 2024

18 US Senators File Federal Legislation to Legalize Marijuana and Enable Expungements

A coalition of 18 United States senators have filed legislation to deschedule and legalize marijuana.

Today, led by Senate Majority Leader Chuck Schumer, the Cannabis Administration and Opportunity Act (CAOA) was filed by Senators Jeff Merkley (D-OR), Kirsten Gillibrand (D-NY), Michael Bennet (D-CO), Gary Peters (D-MI), Patty Murray (D-WA), Tina Smith (D-MN), Elizabeth Warren (D-MA), John Hickenlooper (D-CO), Ben Ray Luján (D-NM), Ed Markey (D-MA), Alex Padilla (D-CA), Raphael Warnock (D-GA), Peter Welch (D-VT), John Fetterman (D-PA), Laphonza Butler (D-CA).

The CAOA would require the US attorney general to finalize rules removing marijuana as a controlled substance within 180 days of the bill’s passage. The measure would also place a 5% federal excise tax on marijuana producers that would increase to 12.5% by the fifth year, and it would establish the Center for Cannabis Products within the FDA, tasked with regulating “the production, labeling, distribution, sales and other manufacturing and retail elements of the cannabis industry”.
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Apr 30 2024

Study Finds Psilocybin “Elicits Robust, Rapid and Sustained Antidepressant-Like Effects”

The results of a new study using an animal model “demonstrate that psilocybin elicits robust, rapid and sustained antidepressant-like effects”.

Dried psilocybin.

The study was published in the recent issue of the Journal of Psychopharmacology, and it was conducted by researchers at the Beijing Institute of Pharmacology and Toxicology, the Inner Mongolia Traditional Chinese and Mongolian Medical Research Institute, and Capital Medical University, all in China.

“Psilocybin offers new hope for treating mood disorders due to its rapid and sustained antidepressant effects, as standard medications require weeks or months to exert their effects”, states the study’s abstract. “However, the mechanisms underlying this action of psilocybin have not been identified.”
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