Jan 08 2024

New Jersey Assembly and Senate Approves Bill to Allow State Officers to Represent Marijuana Businesses

New Jersey’s full Senate and Assembly have given approval to legislation to allow state officers to represent marijuana businesses and marijuana business applicants.

Senate Bill 4268 was given approval today in the Senate by an overwhelming vote of 33 to 2. The measure, filed by Senator Nicholas Scutari, was then amended slightly and passed in the Assembly 48 to 26. Given it was amended in the Assembly, it will need to go back to the Senate for one final vote of concurrence before it can be sent to Governor Phil Murphy for consideration.

This bill, as amended, “would permit special State officers or employees who do not have responsibility for matters affecting medical cannabis or personal use cannabis business activities to represent, appear for, or negotiate on behalf of cannabis businesses, applicants for cannabis businesses, and certain other entities associated with cannabis business activities, such as an entity that employs or uses a medical or personal use cannabis handler to perform work for or on behalf of a cannabis business.”
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Jan 08 2024

Study: Colleges See Increase in Applications Following State Marijuana Legalization

When a state legalizes marijuana, colleges in that state see a large increase in applicants, according to a recently published study.

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The study was conducted by researchers at Oxford College and the University of South Carolina, and it published in the peer-reviewed journal Contemporary Economic Policy with the title Higher education: The impact of recreational marijuana on college applications.

“Using a two-way fixed effects difference-in-differences model, we investigate the effects of local recreational marijuana (RMJ) policy changes on college applications and find that the three largest state public schools reaped, on average, an almost 54% increase in applications”, states the study.
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Jan 08 2024

Maine: $19 Million in Legal Marijuana Sold in December, $216 Million in 2023

Maine marijuana sales passed $200 million in 2023.

There was $19,310,089 worth of marijuana and marijuana products sold via licensed retail outlets in Maine in December, according to the state’s Office of Cannabis Policy. These sales were spread out among 338,983 transactions different transactions.

December sales bring the total marijuana sales for 2023 to $216.86 million.
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Jan 08 2024

US House Bill to Decriminalize and Deschedule Marijuana Sponsored by Lawmakers From 26 States

A federal House bill to fully decriminalize marijuana across the United States is sponsored by lawmakers representing the majority of states.

The Marijuana Opportunity Reinvestment and Expungement (MORE) Act, first filed by Representative Jerrold Nadler (D) in September, has 80 sponsors. These sponsors represent 26 different states, including states that are typically seen as more conservative like Tennessee, Texas and Ohio.

The MORE Act would completely deschedule marijuana, removing it from the federal list of controlled substances. This would decriminalize marijuana nationwide, while placing a 5% tax (that rises to 8% by the fifth year) on legal marijuana sales in states that decide to allow it.
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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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