Jan 08 2024

Report: Medical Marijuana Market Valued at $14.50 Billion, to Grow to $60 Billion Value by 2030

The global market for medical marijuana was valued at $14.50 billion in 2022 and is expected to more than quadruple by 2030.

According to a new report conducted by the research firm SkyQuest, the global market for medical marijuana grew was $11.84 billion in 2021 to $14.50 billion in 2022. It’s anticipated to grow to be worth over $60 billion by 2030, representation an eye-opening compound annual growth rate of 22.5%.

“The medical cannabis market is currently in a phase of significant growth, primarily attributed to the increasing awareness surrounding its diverse therapeutic applications”, states the report. “Cannabis and its derivatives, including CBD and THC, have garnered attention for their potential to address various health concerns.”
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Jan 08 2024

Wisconsin Republicans Unveil Medical Marijuana Legalization BIll

Wisconsin Republicans have officially unveiled legislation aimed at legalizing the medical use of marijuana.

In multiple press conferences held throughout the state today, leading Republican lawmakers revealed their conservative approach to legalizing medical marijuana.

The proposed law would allow those with a physician recommendation to possess a variety of marijuana products such as tinctures and capsules, while not allow patients to actually smoke marijuana. Patients would be allowed to purchase medical marijuana products from state-operated dispensaries that are staffed by government pharmacists. The state’s dispensary system would be overseen by the Department of Health Services.
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Jan 08 2024

WA Bill to Require Cities to Get Voter Approval to Ban Marijuana Stores Scheduled for Public Hearing

Legislation requiring cities to get voter approval before they can place prohibitions on marijuana businesses will receive a public hearing tomorrow in the Washington State Legislature.

House Bill 1650 will receive a public hearing at 4:00PM in the House Committee on Regulated Substances & Gaming. The measure was approved through the committee last February by a vote of 6 to 5, but it didn’t advance any further in the House of Representatives prior to the end of last year’s legislative session.

The proposed law would “ban local governments from prohibiting cannabis retail businesses in their jurisdiction after July 1, 2027, unless a majority of voters in the jurisdiction voting in a general election vote to approve an ordinance prohibiting cannabis retailers.”
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Jan 07 2024

Florida Bill Filed to Allow Medical Marijuana Dispensaries to Take Federal-Equivalent Tax Deductions

Legislation was filed yesterday in Florida to allow medical marijuana dispensaries to take tax deductions equal to what they’d be allowed to take federally if medical marijuana wasn’t a schedule 1 controlled substance.

(Photo credit: AP Photo/Gosia Wozniacka).

House Bill 1427 would amend the state’s tax code to allow licensed medical marijuana treatment center to take “deductions and credits that would have been allowable for federal income tax purposes if not for section 280E of the Internal Revenue Code [IRS].”

Section 280E of the IRS code states that a business can not take federal take deductions if they distribute a substance that’s federally illegal, even if that substance is legal under state law.
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Jan 06 2024

Study: CBD May Be a Therapeutic Option for Combatting Nicotine Addiction

A new study has found that the marijuana compound cannabidiol (CBD) may be a potential option for combatting nicotine addiction.

The study was published in the Journal of Affective Disorders, and it was conducted by researchers at the University of California Irvine and Virginia Commonwealth University. The study is titled Cannabidiol as a potential cessation therapeutic: Effects on intravenous nicotine self-administration and withdrawal symptoms in mice.

“Cigarette smoking remains a leading cause of preventable disease and death worldwide”, notes the study. “Due to the devastating negative health effects of smoking, many users attempt to quit, but few are successful in the long-term. Thus, there is a critical need for novel therapeutic approaches.”
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Jan 06 2024

Legislation to Legalize Personal Cultivation of Marijuana Filed in Washington State

A bill to legalize personal marijuana cultivation has been filed in the Washington Legislature.

Despite being one of the first two states to legalize recreational marijuana, Washington is one of the only legal marijuana states to not allow personal marijuana cultivation. Legislation filed yesterday by State Representative Shelley Kloba would change that.

House Bill 2194, cosponsored by Representatives Sharon Wylie, Beth Doglio, Roger Goodman and Nicole Macri, would allow those 21 and older to cultivate up to six marijuana plants at a private residence.
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Jan 06 2024

Slew of Medical Marijuana Bills Scheduled for Public Hearings in New Hampshire Legislature

Multiple medical marijuana-related bills, including one to double the possession limit and several to grow the list of qualifying medical conditions, have been scheduled for public hearings in the New Hampshire Legislature.

New Hampshire first legalized medical marijuana in 2013, with the state’s first dispensary opening in 2016. Now, at least five different bills that would alter the state’s medical marijuana law have been filed in the state’s legislature, and scheduled for public hearings.

Below is a look at all five medical marijuana bills that will receive public hearings on January 18.
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Jan 06 2024

Florida Bill Filed to Ban Courts From Denying or Restricting Parental Rights Over Medical Marijuana

Legislation “prohibiting a court from denying or restricting certain parental rights based solely on a parent’s medical marijuana use” was filed yesterday in the Florida Legislature.

“A court may not deny or otherwise restrict a parent’s custody of a minor child or the parent’s visitation rights or parenting time with a minor child based solely on the parent’s status as a certified medical marijuana user pursuant to s. 22 381.986”, states the official text of Senate Bill 1496.

The measure states that there “is no presumption of neglect or child endangerment based solely on the person’s status as a certified medical marijuana user pursuant to s. 381.986. In determining the best interest of the child with respect to custody or dependency, the provisions of this section shall apply.”
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Jan 05 2024

Rhode Island Lawmakers File Bill to Legalize Possession and Cultivation of Psilocybin Mushrooms

Legislation to legalize the personal possession and cultivation of psilocybin (“magic”) mushrooms has been filed in the Rhode Island Legislature.

Dried psilocybin mushrooms.

House Bill 7047 was filed by State Representatives Brandon Potter Brandon Potter along with cosponsors Representatives June Speakman, Joseph McNamara, Scott Slater, Cherie Cruz, Jose Batista, David Bennett, Robert Craven, Enrique Sanchez and Arthur Handy.

If passed into law, the possession of up to one ounce of psilocybin mushrooms would be legalized for those 21 and older.
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Jan 05 2024

US Department of Veterans Affairs Announces They’re Funding Psychedelics Research

The United States Department of Veterans Affairs (VA) announced today that they will be funding and conducting research on the use of certain psychedelics to treat PTSD and depression.

Psilocybin ("magic") mushrooms.

Psilocybin (“magic”) mushrooms.

Today, the VA issued a request for applications (RFA) for proposals from its network of VA researchers (in collaboration with academic institutions) to study the use of certain psychedelic compounds in treating posttraumatic stress disorder (PTSD) and depression.

Through this new research opportunity, VA intends to gather definitive scientific evidence on the potential efficacy and safety of psychedelic compounds such as Methylenedioxymethamphetamine (MDMA) and psilocybin when used in conjunction with psychotherapy to treat Veterans with PTSD and depression, according to a press release sent today. This is the first time since the 1960s that VA is funding research on such compounds.
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