Sep 25 2023

Report: Marijuana Cultivation and Processing Market to Grow from $32 Billion Now, to $95 Billion in 2030

According to a new report conducted by RationalStat, the global market for growing and processing marijuana is around $32 billion.

The report estimates that the market will triple to reach a valuation of nearly $100 billion by 2023. This would mark a compound annual growth rate of over 16%.

“The factors contributing to the growth of the market include legalization and decriminalization, growing medical applications, expanding recreational use, and investment and entrepreneurship”, states the report. “The increasing trend toward cannabis legalization and decriminalization around the world has been a major driver for the market. As more countries and states legalize or decriminalize cannabis for medical or recreational use, it opens up new opportunities for cultivation and processing businesses.”
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Sep 25 2023

President Biden Says No One Should Be In Prison for Marijuana Possession or Use

At a recent event President Biden emphasized the actions he has taken towards reforming our marijuana laws while working to help remedy some of the negative consequences associated with prohibition.

President Biden speaking at the Congressional Black Caucus Foundation’s annual award ceremony. (Photo credit: Reuters).

“I’m keeping my promise that no one – no one – should be in jail merely for the use or possession of marijuana” said President Biden at an event held by the Congressional Black Caucus Foundation. “And those who are in jail, they’re going to be released and the records are going to be expunged.”

The comments from President Biden come roughly a month after his Department of Health sent a letter to the DEA requesting marijuana be rescheduled to Schedule III, effectively legalizing it for prescription use across the country.
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Sep 25 2023

National Conference Of State Legislatures Endorses Federal Marijuana Banking Bill

The CEO of the National Conference of State Legislatures (NCSL) has sent a letter to Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell urging them to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act.

“Our current system relies on cash-only cannabis transactions, increasing the real risk that these cannabis businesses become prime targets for theft, burglary, armed robbery and other property crimes that jeopardize the safety of the business owners and the communities in which they operate”, said CEO Tim Storey. “The bipartisan SAFER Banking Act will create a safe environment for cannabis businesses and would allow financial institutions to provide banking services to legitimate state authorized cannabis-related businesses.”

Storey says the bill is a “much-needed solution” to the “unsafe and untenable”status quo.
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Sep 25 2023

Michigan: Starting October 1 Potential Government Employees Will No Longer Be Tested for Marijuana

Starting October 1 Michigan will no longer test potential government employees for marijuana.

The Michigan government employs nearly 50,000 people, and roughly two-thirds of these positions will no  test those seeking employment for marijuana use. This is due to a rules change made this summer by the Michigan Civil Service Commission, which unanimously approved the alteration.

“Use of marijuana on the job is different than having used it months before you take the test”, says Commissioner Nick Ciaramitaro. “It doesn’t make sense to eliminate qualified people because they took a gummi two weeks ago.”
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Sep 24 2023

New Jersey City Must Reinstate and Give Backpay to Second Officer Fired Over Marijuana

The Jersey City Police Department must reinstate a second officer fired over marijuana, according to a new ruling.

The New Jersey Civil Service Commission has ordered the Jersey City Police Department to reinstate Omar Polanco, who was fired in March for his off-the-job marijuana use. The decision affirms a ruling by the Office of Administrative Law. Jersey City PD is also required to give Polanco backpay (almost seven full months worth), seniority and they must cover attorney fees

Polanco is the second officer this year (out of four fired) that the Jersey City PD must reinstate with backpay. The other officers are Norhan Mansour.
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Sep 23 2023

Minnesota Governor Appoints Director of Marijuana Regulations, She Resigns Following Day

Erin Dupree has officially resigned as director of Minnesota’s marijuana regulatory body, a day after she was appointed by Governor Tim Walz.

Dupree has resigned amid reports that she sold illegal cannabis products in the state, according to Minnesota Public Radio. She was set to officially take over the position on October 2. Interim director Charlene Briner will remain in the role until a new person is appointed by Governor Walz.

According to reports, Dupree ran a business that sold and promoted products that exceeded state limits on THC potency. This is in addition to her owing money to former associates and accumulated tens of thousands of dollars in tax liens.
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Sep 22 2023

North Carolina House Votes 110 to 0 to Regulate Kratom and Hemp-Derived Consumables

North Carolina’s full House of Representatives has unanimously passed a bill that would establish a regulatory and licensing system for both kratom and products made from hemp.

Hemp (left), and kratom (right).

The House voted 110 to 0 yesterday to pass House Bill 563, filed by State Representative Jeffrey McNeeley along with a bipartisan coalition of 10 other lawmakers. The measure will now be sent to the Senate, with passage in that chamber putting it on the desk of Governor Roy Cooper.

According to its official summary, House Bill 563 would:
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Sep 22 2023

US Senate Banking Committee Chairman Says Committee Will Pass Marijuana Banking Bill With a “Strong Majority”

Senator Sherrod Brown, a Democrat from Ohio who chairs the Senate Banking Committee, says that the committee will “decisively” pass the SAFER Banking Act when it’s considered on September 27.

During an interview with Matt Laslo from Ask a Pol, Senator Brown says he expects a “strong majority” of the committee will vote to approve the SAFER Banking Act, which is a bipartisan update of the SAFE Banking Act that was filed on Wednesday. The proposal is cosponsored by Senate Majority Leader Chuck Schumer and Senators Jeff Merkley, Steve Daines, Kyrsten Sinema, Cynthia Lummis, Kevin Cramer, Cory Booker, Dan Sullivan and Bob Menendez.

The SAFER Banking Act would offer federal protections for banks, credit unions and other financial institutions accepting deposits, extending credit, or providing payment services to an individual or business engaged in cannabis related commerce in states where such activity is legal, so long as they are compliant with all other applicable laws and regulations. It also provides a safe harbor to credit unions and employees who are not aware if their members or customers are involved in cannabis businesses.
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Sep 22 2023

New Michigan Bill Would Legalize Magic Mushrooms, DMT, Ibogaine and Mescaline

Legislation filed in the Michigan Legislature would legalize certain psychedelic substances.

Mescaline (top left), ibogaine (top right), psilocyn mushrooms (bottom left), DMT (bottom right).

Senate Bill 499 would legalize the personal possession of psilocybin and psilocyn, both forms of magic mushrooms, while also legalizing DMT, mescaline and ibogaine.

The proposal, filed by Senator Jeff Irwin, would allow these substances to be grow and distributed so long as it’s done “without receiving money or other valuable consideration.” With that in mind, the measure would not allow psychedelics to be sold through retail outlets.
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Sep 22 2023

Columbia, Missouri City Council Votes to End Marijuana Testing for Job Applicants

The Columbia City Council has approved an ordinance that will place an end to the practice of testing city employees for marijuana.

The new law will go into effect on October 1. Approval of the ordinance follows a four-year collective bargaining agreement between the city and Laborers’ International Union of North America Local 955 (representing service and maintenance workers).

“The most clear (reasoning) is that it’s legal,” said Andrew Hutchinson, a union representative. “There’s no reason to continue to waste time and thin the pool of applicants when it’s a legal, recreational or medicinal drug.”
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