Apr 01 2024

These 10 States Are Next in Line to Legalize Marijuana

There’s currently 24 states that have legalized recreational marijuana. That number could jump to above 30 in the near future.

Recent developments such as Florida’s Supreme Court ruling in favor of a marijuana legalization initiative, and Hawaii’s full Senate and multiple House committees voting to legalize marijuana, has helped set the stage on which states will be the next to make recreational marijuana legal.  Although a few are further along in the process of making marijuana legal than others, below is a list of the 10 states next in line to make marijuana legal.
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Apr 01 2024

Legislation to Legalize Medical Marijuana Introduced in Kansas Senate

A measure that would make medical marijuana legal in Kansas was introduced today in the state’s Senate.

Kansas is one of just 12 states that have not legalized medical marijuana. Senate Bill 558, filed by the Senate Federal and State Affairs Committee, would make Kansas the 39th medical marijuana state.

The “Kansas medical cannabis act” would allow for the “licensure and regulation of the cultivation, processing, manufacturing, distribution, sale and use of medical cannabis and medical cannabis products”.  Those with a qualifying medical conditions would be authorized to purchase marijuana and marijuana products from licensed dispensaries, with regulations and licensing overseen by the Department of Health and Environment.
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Apr 01 2024

Legalizing Marijuana in Pennsylvania Would Net $270 Million Annually for State General Fund, Finds New Report

According to a new report conducted by the Pennsylvania Independent Fiscal Office (IFO), the state would garner hundreds of millions of dollars in new tax revenue by FY 2028 to 2029 if marijuana is legalized for recreational use.

The IFO report is based on a proposed budget by Governor Josh Shapiro’s (D), released last week, which would see marijuana legalized for everyone 21 and older.

“The Executive Budget includes a proposal to legalize cannabis for adult recreational use and impose a 20% excise tax on the wholesale price of products sold”, states the report. “Assuming legal sales begin on January 1, 2025, the IFO projects the proposal could generate $41 million in General Fund revenue for fiscal year (FY) 2024-25 and $271 million for FY 2028-29”.
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Apr 01 2024

New Mexico Sets Monthly Record With $52 Million in Legal Marijuana Sold in March

In New Mexico there was over $52 million in legal marijuana sold in March, a new monthly record.

According to data released by the New Mexico Regulation & Licensing Department, there was $52,507,206 worth of legal marijuana sod in March, just the second time monthly marijuana sales have passed $50 million (December, 2023 was the only other month). $13,042,682 of March’s sales came from medical marijuana patients, with recreational consumers purchasing $39,464,523 worth of marijuana and marijuana products.

March’s marijuana sales were distributed across 1,180,392 different transactions.
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Apr 01 2024

Florida Supreme Court Officially Rules Marijuana Initiative Will Be Voted On Later This Year

The Florida Supreme Court has ruled that an initiative to legalize recreational marijuana will be voted on during November’s election.

Last year the Florida Division of Elections verified that the nonprofit organization Smart & Safe Florida submitted 967,528 valid signatures for their initiative to legalize recreational marijuana. This is more than the 891,523 signatures required to put the measure a on the November, 2024 presidential election ballot.

If passed by voters this November, Amendment 3 would allow those 21 and older “to possess, purchase, or use marijuana products and marijuana accessories for non-medical personal consumption by smoking, ingestion, or otherwise.”
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Mar 30 2024

US House: Marijuana Banking Act Gains Three New Sponsors, Now At 112

A bill in the US House of Representatives to allow marijuana banking now has 112 sponsors.

Yesterday Congressmembers Troy Carter (D-LA), Ann D Kuster (D-NH) and Schakowsky (D-IL) joined on as sponsors to the SAFE Banking Act, bringing the total number of sponsors to 112, with eight signing on this month alone.

The SAFE Banking Act would explicitly allow banks and other financial institutions (credit unions, for example) that provide banking services to marijuana businesses that are legal under their state’s laws. This would allow banks to provide marijuana businesses with services such as debit and credit card processing and bank loans.
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Mar 29 2024

Hawaii House Committee Passes Senate-Approved Bill to Decriminalize One Ounce of Marijuana

Legislation to decriminalize the possession of up to one ounce of marijuana has been passed by a key committee in the Hawaii House of Representatives.

The House Judiciary and Hawaiian Affairs Committee voted 7 to 2 yesterday to pass Senate Bill 2487. The full Senate gave approval to the measure earlier this month, with the vote being 24 to 1.

Under current Hawaii law possessing up to three grams of marijuana is decriminalized, punishable by a maximum fine of $130. However, possessing more than three grams is a misdemeanor. Senate Bill 2478 would increase the three gram limit to one ounce (28 grams), mirroring the possession limit established in many other states that have decriminalize or legalized marijuana. It would also reduce the fine from $130 to $25.
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Mar 29 2024

North Carolina: $50 Million Marijuana Superstore Opens in Three Weeks

In three weeks the Eastern Band of Cherokee Indians (ECBI) will open their marijuana superstore on tribal land, accessible by those 21 and older regardless of whether or not they’re a tribal member.

On April 20, the unofficial marijuana holiday, the ECBI will open their marijuana superstore, located at the previous home of a bingo hall that cost over $50 million to refurbish. The Great Smoky Cannabis Company is located near Harrah’s Cherokee Casino Resort roughly three hours from Charlotte and 4.5 hours from Raleigh.

In September members of the EBCI voted overwhelmingly in favor of a measure to legalize recreational marijuana for everyone 21 and older. This allows the tribe’s planned medical marijuana superstore to open for recreational consumers rather than being exclusive to medical marijuana patients.
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Mar 29 2024

Maryland Legislature Approves Bill to Establish Psychedelics Task Force

Legislation to establish a psychedelics task force has been given approval by the Maryland House and Senate, with one technical vote required before the measure can be sent to Governor Wes Moore.

Psilocybin (top left), mescaline (top right), DMT (bottom left), and psilocin (bottom right).

House Bill 548 was passed through a second reading in the Senate today, 16 days after it was approved through the full House of Representatives by a vote of 136 to 1. A companion measure, Senate Bill 1009, passed the full Senate on March 18 in a unanimous 45 to 0 vote, and it was passed through a second House reading yesterday.

Now, if the Senate passes House Bill 548 through a third reading, or the House passes Senate Bill 1009 through a third reading, the legislation will be sent to a supportive Governor Moore.
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Mar 29 2024

IRS Issues Guidance on Marijuana Businesses Receiving Over $10,000 in Cash

The IRS’s Office of Chief Counsel has published a memorandum providing guidance to state-legal marijuana companies that are having issues complying with Form 8300, which must be completed whenever a company receives over $10,000 in cash.

The memorandum was issued in response to a set of questions regarding the Bank Secrecy Act, asked by those working with marijuana businesses that are legally licensed under their state’s laws. Of particular note, the memorandum states that marijuana companies are not required to check the “suspicious transaction” box on the form simply because they are operating a marijuana business.

“You have asked a series of question related to the filing of Form 8300 that have arisen in examinations of trades or businesses involved in the legalized substance industry”, states the letter. “The memorandum provides guidance on many of these issues in a question-and- answer format. We are working on additional guidance on questions related to cash couriers/armored cars who transport cash between growers/manufacturers and dispensaries/sellers.”
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