Apr 26 2023

Colorado Governor Announces Statewide Cannabis Loan Program

On Monday Colorado Governor Jared Polis and the Cannabis Business Office (CBO) announced the Cannabis Business Loan Program for social equity licensed cannabis businesses in Colorado.

The CBO (a department within the Colorado Office of Economic Development & International Trade), has partnered with mission-based lender NuProject to provide financing that is not otherwise available to cannabis businesses through traditional lenders.

“This landmark loan program will create and retain 239 good-paying jobs and promote equity in the cannabis industry by providing growing businesses access to funding. I am committed to saving small businesses money and ensuring our state remains a great place to start and run a business in every industry”, said Governor Polis in a press release. “Thank you to NuProject for partnering with Colorado on this exciting milestone and working to support innovation in Colorado’s cannabis industry.”
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Apr 26 2023

Georgia’s First Medical Marijuana Dispensaries to Open Within Days

The regulatory body overseeing Georgia’s medical marijuana program has issued five licenses to medical marijuana dispensaries, allowing them to open within days.

Georgia officials today issued licenses for marijuana dispensaries in Macon, Marietta, Pooler and Savannah.

“It’s an understatement to say that significant progress has been made in getting safe and secure medication to certified patients across Georgia,” said Sid Johnson, who serves as chair for the Georgia Access to Medical Cannabis Commission. “They’ve waited a long time for this relief.”
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Apr 26 2023

Montana Legislature Passes Bill to Alter How Marijuana Tax Revenue is Used

A measure to reappropriate some of the revenue generated from marijuana taxes was passed today through its third and final reading in the House of Representatives.

Montana’s House of Representatives has passed Senate Bill 442 with a vote of 82 to 17. The vote comes a few weeks after it was passed by the Senate, 49 to 1. The House saw more opposition to the measure with some arguing that it would reverse the will of the voters who approved very specific uses for marijuana taxes when they voted to legalize marijuana in 2020.

Given SB 442 received minor amendments in the House, it will need to receive one final vote by the Senate before it can be sent to Governor Greg Gianforte for consideration, in what is considered to largely be a technicality at this point.
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Apr 26 2023

Texas House Approves Decriminalizing Marijuana and Marijuana Concentrates

A bill to decriminalize marijuana possession and marijuana concentrates has received approval by the Texas House of Representatives.

The Texas House has passed House Bill 218 through its second reading. Filed by State Representative Joe Moody, the measure would remove criminal penalties for the possession of up to one ounce of marijuana or marijuana concentrates such as hash and oil.

The bill would not legalize marijuana, but those caught with up to an ounce would, at most, be given a fine of up to $500 with no possibility of jail time. A similar measure was passed by the House in 2019 and 2021, but both efforts failed in the Senate. Proponents of the measure are optimistic that rapidly shifting public opinion will lead the Senate to act on the measure this year. Governor Greg Abbott has also expressed support for the bill.
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Apr 26 2023

MN: House-Approved Marijuana Legalization Bill Passed by Committee, Sent to Senate Floor

A day after HF 100 to legalize marijuana was approved by Minnesota’s full House of Representatives 71 to 59, the Senate Finance Committee passed the bill, sending it to the Senate floor.

Rather than taking up SF 73, which is the companion bill to HF 100, the Senate Finance Committee voted on and passed the House-approved HF 100. This sends it to the Senate floor, with a vote scheduled for Friday. If the measure passes the Senate, and the two chambers concur on amendments, it will be sent to Governor Tim Walz for consideration.

HF 100 would legalize the possession of up to two ounces of marijuana for those 21 and older, while also allowing them to cultivate up to eight marijuana plants.
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Apr 25 2023

Founder of Keurig Joins Marijuana Company Making Single-Serve and Preloaded Bowls

The founder of Keurig Peter Dragone has joined the executive team of Convenient Cannabis.

Puffsy Pods.

Puffsy Pods.

Convenient Cannabis is a Kentucky-based startup who makes Puffsy pods, which are single-serve glass pods that are preloaded with cannabis and fit most standard bongs and pipes. The company plans to soon launch its first round of funding. Puffsy Pods launched last month in California.

The hiring of Dragone was announced by Convenient Cannabis CEO and Founder Zechariah Corcimiglia, who notes that Dragone is not an investor in the company, says he will serve as the CFO and strategic adviser for the company.
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Apr 25 2023

Report: Gobal Recreational Marijuana Market Valued at $20 Billion, to Grow to $123 Billion by 2032

The global market for legal recreational market was valued at $20 billion at the end of 2022, and is expected to quintuple by 2032, according to a new report.

(Photo credit: Shutterstock)

The report was conducted by the research firm Brainy Insights, which found that the legal recreational marijuana market is expected to grow from $20 billion in 2022 to $123.83 billion by 2032 at a compound annual growth rate (CAGR) of 20%.

According to the report, North America is expected to rise the fastest during the forecast period. In 2022, the edibles segment led the market with the plurality of market share at 25% and market revenue of $5 billion. The “CBD dominant segment” accounted for the largest market share, with 43% and a market revenue of $8.60 billion.
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Apr 25 2023

Minnesota Marijuana Legalization Bill Passed by Full House of Representatives

A Minnesota bill to legalize recreational marijuana has been passed by the state’s full House of Representatives by a vote of 71 to 59.

The House’s approval of HF 100 comes after the measure was passed through 15 different committees. A companion bill in the Senate (SF 73) has been passed by nearly as many committees, with the Finance Committee serving as the last stop before it can be considered by the full chamber.

Although the two measures differ slightly due to committee amendments, both would legalize the possession of up to two ounces of marijuana and the personal cultivation of up to eight marijuana plants for those who are at least 21 years old. Marijuana and marijuana products would be sold through licensed marijuana retail outlets, with regulations and licensing overseen by a newly created Office of Cannabis Management.
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Apr 25 2023

Bipartisan Maine Bill Would Legalize Marijuana Delivery Services, Allow Marijuana Advertisements

Legislation filed last week by Maine Representative David Boyer would legalize marijuana delivery services and would allow marijuana companies to advertise under the same rules as alcohol products.

According to the official summary of HP 1079, it “allows adult use cannabis and cannabis product stores, certain cultivators and products manufacturers to operate a delivery service to commercial locations, including locations operated as short-term rental properties”.

The proposal also “allows an adult use cannabis and cannabis product licensee to advertise, market and display signs promoting the licensee’s business and products in a manner no more restricted than the sale or promotion of alcohol, tobacco products or prescription drugs is restricted. This bill allows signs for adult use cannabis and adult use cannabis products on the exterior of motor vehicles.”
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Apr 25 2023

Study: Chronic CBD Use Reduces Blood Pressure in Those With Hypertension

According to a randomized, placebo-controlled study, “chronic administration of CBD reduces ambulatory blood pressure in those with untreated and treated hypertension.” In addition, a “lack of serious AEs (adverse effects) implies safety and tolerability”.

The study was conducted by researchers at the University Hospital of Split and the University of Split School of Medicine, both in Croatia. It’s being published in the upcoming issue of the peer-reviewed journal Cannabis and Cannabinoid Research, with the abstract published ahead of print by the US National Library of Medicine.

The primary aim of this randomized, triple-blind, placebo-controlled, and crossover study “was to examine the influence of chronic CBD on 24-h ambulatory BP [blood pressure] and arterial stiffness in hypertensive patients.”
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