Aug 30 2023

Connecticut Launches Loan Program in Support of Social Equity Marijuana Businesses

Connecticut’s Social Equity Council and Department of Economic and Community Development says its Canna-Business Revolving Loan Fund is now actively accepting applications.

The new fund was established under the state’s marijuana legalization law. It offers social equity licensees loans with a fixed rate of 3%. In addition applicants who enroll in and complete SEC’s accelerator program will receive a 1.5% interest rate discount.

“Access to fair, safe and equitable funding for cannabis businesses is critical to standing up and building strong companies,” SEC Executive Director Ginne-Rae Clay said yesterday in a press release. “Connecticut is among the first states to offer direct state financial assistance to ‘budding’ cannabis entrepreneurs.”
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Aug 30 2023

Global Market for Medical Marijuana Oil Worth Over $2 Billion, to Grow to $7.1 Billion by 2030

According to a new report the global medical marijuana oil market was sized at $2.1 billion in 2021, and is forecast to grow to $7.1 billion by 2030.

The over tripling of value by 2030 would mark a compound annual growth rate (CAGR) of 12.1% during the forecast period of 2022 to 2030, finds the report conducted and released by Report Ocean.

“Cannabis oil is anti-inflammatory and acts as a pain reliever”, states the report. “In addition, it offers superior moisturization and unclogs the pores. Moreover, the rising use of cannabis oil in skincare products will drive the growth of the market.”
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Aug 30 2023

California Attorney General Calls for State to Lower Marijuana Prices

At a press conference California Attorney General Rob Bonta announced his plan to lower marijuana prices and combat illicit marijuana grows.

“The barriers to entry are too high”, Bonta said. “The costs to stay in operation are too high. And we should be lowering taxes at least temporarily for our legal cannabis businesses”.

Bonta unveiled the Cannabis Administrative Prosecutor Program that he says will make it easier for the government to shutdown illegal marijuana companies while lowering the price of marijuana as a means of encouraging people away from the blackmarket.
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Aug 30 2023

Official at Department of Health and Human Services Asks DEA to Reschedule Marijuana

A senior official at the US Department of Health and Human Services has officially recommended that the government ease restrictions on marijuana.

In a letter addressed to the Drug Enforcement Agency (DEA) administrator Anne Milgram, U.S. Assistant Secretary for Health Rachel Levine asked for marijuana to be reclassified as a Schedule III drug under the Controlled Substances Act, according to a report by Bloomberg News.

Under current federal law, marijuana is currently classified as a Schedule I drug, putting it alongside hard drugs such as heroin and LSD and indicating that it has “no known medical benefit” and making it illegal for all uses.
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Aug 30 2023

North Carolina Lawmakers Will Continue Fighting for Marijuana Legalization in 2024 Session

Sponsors of legislation to legalize recreational marijuana in the North Carolina plan to continue their support in the next session and beyond.

Senate Bill 346, a measure to legalize marijuana, was filed in March by Senator Graig Meyer. By the following month it had seven sponsors, representing almost 15% of the entire Senate. A companion measure (House Bill 626) was filed in April by State Representative Johnnie Autry with three cosponsors. It quickly garnered 10 additional sponsors, representing over 10% of the entire 120-member House of Representatives.

The companion bills would legalize the possession of up to two ounces of marijuana for those 21 and older, as well as the possession of up to 15 grams of marijuana concentrates and marijuana edibles with up to 2,000 milligrams of THC. The personal cultivation of up to six marijuana plants would also be allowed.
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Aug 30 2023

Supreme Court Judge Puts Hold on All Marijuana Licenses in New York

In yet another setback for the legal marijuana industry in New York, a state Supreme Court judge has put a hold on all marijuana licenses.

Marijuana was legalized in New York in 2021, with state lawmakers and officials declaring that the first batch of licenses for marijuana retail outlets would be reserved for small nonprofit organizations and “justice-impacted individuals” who have been negatively impacted by the war on drugs.

Earlier this month a group of military veterans sued the state claiming that this approach is unconstitutional and violates their rights given they are not eligible for the initial licenses.
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Aug 30 2023

St. Cloud State University in Minnesota Offering Certificate Courses in Marijuana Education

Minnesota recently legalized recreational marijuana, and now a new course at St. Cloud State University could help those wanting to take part in the new industry.

The 24-week certificate courses being offered by St. Cloud makes them the first in Minnesota to ever offer marijuana certificates. The program, with the tagline “Become an Industry Leader”, is being offered as part of a partnership with Green  Flower, a marijuana training company located in California. Industry experts will serve as instructors for the course.

There are currently four courses being offered:
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Aug 29 2023

Canada Marijuana Exports Increased 50% in Fiscal Year 2022-23 Compared to Previous Year

Canada exported 50% more marijuana in the most recent fiscal year than it did in the prior fiscal year, according to data released by Health Canada and first reported by MJBizDaily.

In fiscal year 2022-23 Canada shipped CA$160 million ($118 million) worth of marijuana and marijuana products overseas. This is a substantial increase over the CA$107 million sold during the previous fiscal year, and a 310% increase over the $39 million exported in fiscal year 2020-21.

Canada’s federal government fiscal year runs April 1 through March 31. The 2019-20 fiscal year is the first year Health Canada published export data, with $8 million in marijuana exported.
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Aug 29 2023

Alabama Judge Extends Moratorium on Medical Marijuana Licenses

A circuit judge in Montgomery County, Alabama has extended a temporary moratorium that prevents the state’s Medical Cannabis Commission (AMCC) from issuing licenses to medical marijuana businesses.

In June the Alabama Medical Cannabis Commission announced the 21 companies selected to receive licenses to grow, process, transport, test and sell medical marijuana. Earlier this month the state voided those licenses before they were officially issued, while announcing the issuance of a new batch of licenses. Now Judge James Anderson has extended a restraining order (first put in place on August 17) preventing those licenses from being issued.

The moratorium was extended because the commission held a private meeting when discussing which companies to issue licenses to, which Judge Anderson says goes against the Alabama Open Meetings Act.
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Aug 29 2023

Report: Hemp Milk Market Worth $112 Million Annually, to Over Double by 2032

 According to a new report, the market for hemp milk has grown substantially in recent years and is expected to more than double in value by 2032.

hemp milk

According to the report by Future Market Research, there was $112.8 million in hemp milk sales in 2022. The report predicts that by 2032, annual hemp milk sales will reach almost a quarter of a billion dollars at $236.4 million. This would represent a compound annual growth rate (CAGR) of 7.3%.

“The predicted period is expected to see a growth in hemp milk sales as people become more aware of the benefits of plant-based food and drink options”, states the report. “There are many different kinds of hemp milk being created, including unsweetened, flavoured, and flavourless variations.”
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