Nov 15 2023

US Congress: Coalition of 20 Lawmakers Push For New Marijuana Banking Guidance

U.S. Senators Elizabeth Warren, Jeff Merkley and Raphael Warnock joined Representative Earl Blumenauer and 16 other lawmakers in a letter to Secretary of the Treasury Janet Yellen and Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki.

The letter is asking FinCEN to update its “out-of-date guidance on marijuana-related businesses to promote fairness in financial services for marijuana businesses operating in states where marijuana is no longer illegal.”

Senators Tina Smith (D-Minn.),  Ed Markey (D-Mass.), Ron Wyden (D-Ore.), Bernie Sanders (I-Vt.), Cory Booker (D-N.J.), Peter Welch (D-Vt.), Brian Schatz (D-Hawaii), Amy Klobuchar (D-Minn.), Chris Van Hollen (D-Md.), and John Fetterman (D-Pa.) and Representatives Eleanor Holmes Norton (D-D.C.), Jan Schakowsky (D-Ill.), Barbara Lee (D-Calif.), Becca Balint (D-Vt.), Val Hoyle (D-Ore.), and Katie Porter (D-Calif.) signed the letter.
Continue reading

Nov 15 2023

President Biden Should Smoke Marijuana, Says US Representative and Primary Challenger

US Representative Dean Phillips (D-MN), one of two primary challengers to President Biden, says Biden should smoke marijuana to better understand the hypocrisy of the federal government’s stance on the plant compared to alcohol.

(Photo credit: Getty Images).

During a town hall in New Hampshire, Rep. Phillips says he’s “sure” that President Biden “has never even smelt weed, let alone smoked it.”

This led to Phillips says that the “fact of the matter is, I think he should.” Phillips says if he does, “he would find it awfully hypocritical that you can drink a half a gallon of Jack Daniels at night and report to work in his White House, but if you ate a gummy and it was discovered you’d be fired and maybe even imprisoned”.
Continue reading

Nov 15 2023

Report: Global CBD Market to Grow From $3.8 Billion in 2022 to $46 Billion in 2032

The global market for cannabidiol (CBD) is expected to increase by over 1,100% between 2022 and 2032, according to a new report.

The report by Emergen Research found that as of the end of 2022, the global CBD market was valued at $3.86 Billion. It’s expected to register “a rapid revenue CAGR [compound annual growth rate] of 28.3% during the forecast period”, to reach a value of $46 billion by 2032

Key factors propelling this growth “include the rising preference for cannabis extracts, changing regulatory landscapes, and a surge in retailers offering CBD-based products”, states the report. “CBD, a natural compound in the cannabis plant, has gained significant traction for its potential health benefits, including treating chronic pain, anxiety, inflammation, and insomnia. FDA approval for epilepsy treatment underscores its therapeutic potential.”
Continue reading

Nov 15 2023

In New Study Marijuana Significantly Reduced Symptom Severity in Those With PTSD

In a new study the use of marijuana led to significant improvements in symptom severity including reduced nightmares and better sleep among those with post traumatic stress disorder (PTSD).

The study was conducted by researchers at the University of Florida. It was published in the journal Medical Cannabis and Cannabinoids, as well as by the National Library of Medicine.

“Post-traumatic stress disorder (PTSD) is a debilitating disorder experienced by a subgroup of individuals following a life-threatening trauma”, notes the study. “Several US states have passed laws permitting the medical use of marijuana (MMJ) by individuals with PTSD, despite very little scientific indication on the appropriateness of marijuana as a therapy for PTSD.”
Continue reading

Nov 15 2023

Legal Marijuana States Sold Over $4.5 Billion in Marijuana Between June and August

Among the legal recreational marijuana states that have operating marijuana stores and regularly report sales data, there was over $4.5 billion in legal marijuana sold between June 1 and August 31 of this year.

There are currently 24 states that have legalized recreational marijuana, with Ohio being the most recent do to so last week. Among these states, nearly all allow marijuana retail outlets, though some states have legalized too recently for these to be up and running (Minnesota, for example).

Among the states that do currently have legal marijuana stores and report sales data, there was a whopping $4.52 billion worth of marijuana and marijuana products sold between the start of June, and the end of August, according to an analysis by The Marijuana Herald.
Continue reading

Nov 15 2023

Oklahoma Has Highest Percentage of Medical Marijuana Patients, Followed by Maine and Pennsylvania

There are 39 states that have legalized some form of medical marijuana, but in some states it’s more prevalent than others.

In 1996 California became the first state to legalize medical marijuana. 27 years later and nearly 40 states have legalized at least some form of medical marijuana, while 24 have legalized marijuana recreationally.

Although some states don’t report medical marijuana patient counts, many states do, and in some instances it’s a mandatory reporting requirement for regulators. Using data from states that do report, the Marijuana Policy Project has compiled a list of medical marijuana states and how the number of medical marijuana patients compare to states’ total population.
Continue reading

Nov 14 2023

Hawaii Approves 25th Medical Marijuana Dispensary, Ninth on Maui

The Hawaii Department of Health (DOH) announced this week that it’s given approval to Maui Wellness Group to open a new medical marijuana dispensary on Maui.

(Photo credit: MJBizDaily).

The DOH announced that the new dispensary will open its doors on Friday, and it will be located at 1215 South Kihei Road. It is the ninth medical marijuana dispensary approved for Maui, and the fourth operated by the Maui Wellness Group. However, one of the Group’s locations in Lahaina was destroyed by wildfires in August.

“Maui Grown Therapies’ new dispensary will provide much-needed access to patients on Maui, especially as its Lahaina dispensary was destroyed in the Lahaina wildfires”, Liam Gimon, Dispensary Licensing Supervisor for DOH, said in a statement.
Continue reading

Nov 14 2023

Oklahoma Extends Moratorium on Marijuana Licenses to August, 2026

Legislation signed into law earlier this year to extend Oklahoma’s moratorium (temporary ban) on new marijuana businesses is now officially in effect.

In May Governor Kevin Stitt signed House Bill 2095 into law, with the measure officially taking effect this month. The new law extends the state’s ban on the establishment of any new medical marijuana businesses by a full two years.

Prior to enactment of House Bill 2095 the state’s moratorium on new marijuana licenses – put in place by state lawmakers last year – was set to expire on August 1, 2024. Now, the moratorium will expire on August 1, 2026, a full 991 days away.
Continue reading

Nov 14 2023

Detroit Issues 37 New Licenses for Marijuana Consumption Lounge and Retail Outlets

Detroit has issued a new batch of marijuana business licenses.

Detroit’s Office of Marijuana Ventures and Entrepreneurship announced this week that of the 65 applications it received for marijuana retail outlets, microbusinesses and consumption lounges, 37 have received approval and will soon receive their licenses.

“These individuals and organizations have exhibited remarkable potential and commitment to operate successfully, while honoring the city’s diversity and equity goals,” said Kim James, director of the Office of Marijuana Ventures and Entrepreneurship
Continue reading

Nov 14 2023

56% of US Senate Democrats and 100% of Independents Are Sponsoring Marijuana Banking Act

A federal marijuana banking bill (the SAFER Banking Act) is now sponsored by a majority of the majority party, and all Senate independents.

Initially filed by Senator Jeff Merkley (D), the SAFER Banking Act (S.2860) is sponsored by 34 of the Senate’s 100 members. 27 of these sponsors are Democrats, representing 56% of all Senate Democrats (48 in total). The measure is also sponsored by all three of the Senate’s independents (who all caucus with Democrats), and four of the Senate’s 49 Republicans.

The widespread support indicates that it’s chances of passage through the Senate are higher than ever, with Senate Majority Leader Chuck Schumer vowing recently that the bill would receive a full Senate vote “very soon”. Schumer has also vowed to include provisions to allow for marijuana expungements and to establish gun rights for legal marijuana consumers.
Continue reading