Mar 27 2024
The Index ended the day valued at 10.49, the first time it’s been above 10 since September. The current value marks a 51% increase over the value from exactly five months ago on October 27, when the market was valued at 6.93.
In just the past 30 days the market has seen an increase in value of roughly 20%.
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Mar 27 2024
Last year the nonprofit political group Smart & Safe Florida campaign submitted 967,528 valid signatures on their initiative to legalize recreational marijuana, more than the 891,523 signatures required to put the measure a on the November, 2024 presidential election ballot. This was confirmed by the Florida Division of Elections.
Following the signatures being validated, Florida Attorney General Ashley Moody filed a legal challenge with the state Supreme Court, asking them to remove the legalization initiative from the November ballot based on technicalities in the proposal’s text. The Supreme Court has until April 1 to come to a decision on this issue.
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Mar 27 2024
Nearly six-in-ten Americans (57%) say that marijuana should be legal for medical and recreational purposes, while roughly a third (32%) say that marijuana should be legal for medical use only. Just 11% of Americans say that the drug should not be legal at all, according to Pew.
While a majority of Americans continue to say marijuana should be legal, there are varying views about the impacts of recreational legalization. About half of Americans (52%) say that legalizing the recreational use of marijuana is good for local economies; just 17% think it is bad and 29% say it has no impact.
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Mar 27 2024
The letter was sent to US Attorney General Merrick Garland, and signed by Congressmembers Earl (D-OR) Blumenauer and Barbara Lee (D-CA).
“We write to share our frustration that the U.S. Department of Justice (DOJ) has not reissued overdue protections against federal interference in state-legal marijuana markets”, states the letter. “We urge you to correct this oversight and reissue a memo making clear DOJ’s limited resources will not be spent prosecuting those acting in accordance with state or Tribal law.”
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Mar 27 2024
US Senator Mitt Romney (R-UT) today led his Foreign Relations Committee colleagues, Ranking Member Jim Risch (R-ID) and Senator Pete Ricketts (R-NE), in a letter to the Drug Enforcement Administration (DEA) Administrator Anne Milgram “highlighting concerns over HHS’s recommendation to reschedule marijuana from a schedule I to schedule III-controlled substance.” The DEA is currently conducting a review of whether or not marijuana should be moved to Schedule III.
Specifically, they argued that efforts to reschedule marijuana “should be driven by facts, not the administration’s favored policy, and questioned whether doing so would violate the Controlled Substances Act and U.S. treaty obligations under the Single Convention on Narcotic Drugs.”
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Mar 27 2024
The SAFE Banking Act now has 109 sponsors, with Congressmembers David Trone (D-MD) and Chellie Pingree (D-ME) signing on yesterday as the measure’s newest cosponsors. In the Senate, the SAFER Banking Act, has 36 sponsors, representing 36% of the entire chamber.
Both the SAFE and SAFER Banking Acts would provide explicit federal protections to banks and other financial institutions that provide banking services to marijuana businesses that are legal under their state’s laws.
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Mar 26 2024
Senate Bill 228, filed by Senator Patrick McMath earlier this month, was passed by the Senate today by a vote of 32 to 5. This sends the measure to the House of Representatives, with passage in the House Governor Jeff Landry.
Louisiana’s medical marijuana pilot program was passed in 2022, allowing Louisiana State University and Southern University as licensed producers of marijuana for therapeutic use. The production and distribution of medical marijuana is under the regulatory authority of the Louisiana Department of Health.
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Mar 26 2024
Today the House of Representative’s Economic Development/Banking/Insurance & Commerce Committee advanced House Bill 355, moving it towards a vote by the full House.
The measure, sponsored by Representative Ed Osienski and Senator Trey Paradee in partnership with State Treasurer Colleen Davis, clarifies under state law that those offering financial services to marijuana businesses are following state law and thus cannot be prosecuted.
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Mar 26 2024
The strain, called “Badger G” and developed by the Wisconsin Crop Innovation Center at the University of Wisconsin-Madison, is unique due to its absence of THC and CBD. Those behind the strain say this could help hemp farmers reduce waste.
Although Badger G does not produce THC or CBD, it does produce higher levels of the cannabinoid cannabigerol (CBG). This is accomplished by employing gene-editing technology that nullifies the CBDAS gene responsible for THC and CBD synthesis.
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Mar 26 2024
Senate Bill 3335 would legalize recreational marijuana for everyone 21 and older, including establishing a system of licensed, regulated and taxed marijuana retail outlets. Earlier this month the measure was given approval through the full Senate by a vote of 19 to 6. After being assed by three different committees in the House of Representatives, the measure received approval by the full House yesterday in a close 25 to 23 vote. This sends the measure to the Finance Committee.
Approval through the Finance Committee would set up one final vote in the House. If the vote remains 25 to 23, it would then be sent to Governor Josh Green for consideration. Governor Green is expected to sign the measure into law if given the opportunity.
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