Oct 04 2023

Ouster of US House Speaker Could Delay Passage of Marijuana Banking Act

The removal of Kevin McCarthy as Speaker of the House, and the potential for weeks or months without a replacement, is at least temporarily a bad sign for those hoping the SAFER Banking Act will be passed into law this year.

Last week the Senate Committee on Banking, Housing and Urban Affairs passed the SAFER Banking Act (S.2860), with Senate Majority Leader Chuck Schumer vowing soon after to put it to a vote of the full Senate “very soon”. The measure is sponsored by 26% of the entire US Senate, with proponents optimistic it has enough votes to be approved.

The SAFER Banking Act would provide legal protections for financial institutions (including banks and credit unions) that are interested in providing financial services to marijuana businesses that are legal under their state’s law.
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Oct 04 2023

Report: Global CBD Market Worth $9.4 Billion

The global market for cannabidiol (CBD) grew from $6.82 billion in 2022 to $9.4 billion in 2023 at a compound annual growth rate (CAGR) of 37.8%.

According to a report by Research and Markets, the cannabidiol market is expected to grow from $9.4 billion in 2023 to $31.85 billion by 2027 at a CAGR of 35.7%.

The cannabidiol (CBD) market “encompasses a range of CBD products, including full-spectrum CBD, broad-spectrum CBD, and CBD isolate, with values reflecting the factory gate values or the prices at which manufacturers and creators sell their goods”, states the report. These goods ?are distributed to downstream manufacturers, wholesalers, distributors, retailers, and end customers, and the market’s value includes related services offered by the creators of these CBD products.”
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Oct 04 2023

New York Governor Announces Plan to “Aggressively Expand New York’s Legal Cannabis Market”

Governor Kathy Hochul today announced the largest expansion of New York State’s legal cannabis market to date, with hundreds of licenses being made available to individuals and businesses interested in legally growing, processing, distributing, and selling cannabis.

According to a press release sent by the governor’s office, the application period is open as of today, October 4, and will remain so for two months.  The Governor also announced the results of “continued aggressive enforcement against the illegal sale of cannabis across the state undertaken by the Office of Cannabis Management and the Department of Taxation and Finance, which to date has yielded the seizure of more than 8,500 pounds of illicit product with an estimated street value of more than $42 million.”

Governor Hochul also announced new partnerships with localities that will enable them to pursue padlocking orders against businesses illegally selling cannabis from State courts, and a new multi-agency initiative to target illegal operators for labor violations, “thus significantly increasing fines and penalties that businesses may face.”
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Oct 03 2023

Michigan House Advances Bill to Allow Marijuana Agreements With Indian Tribes and Exempt Them From Taxes

A Michigan House committee has given approval to legislation that would allow the state to enter into agreements with Indian tribes while exempting them from the state’s marijuana excise tax.

The House Committee On Regulatory Reform passed Senate Bill 180 today without amendment, moving it towards a vote by the full House of Representatives. The measure was approved by the  Senate in June by a vote of 29 to 9.

Filed by Republican Senator Roger Hauck along with six Democrat cosponsors, the proposal would “allow the Cannabis Regulatory Agency (CRA) to enter into an agreement with an Indian tribe pertaining to marijuana related business”, and would “specify that sales of marijuana by a tribal marijuana business on Indian lands would be exempt from the State’s 10% excise tax on marijuana.”
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Oct 03 2023

Marijuana Company Officially Acquires Eight Beer and Beverage Brands From Anheuser-Busch

Tilray Brands, Inc., a global marijuana company, has closed a deal to acquire eight beer and beverage brands from Anheuser-Busch, roughly two months after entering into a definitive agreement.

Tilray has acquired Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy. The transaction includes current employees, breweries and brewpubs associated with these brands.

“Tilray has acquired a stellar lineup of eight craft beer and beverage brands that both solidify our leadership in the craft beer industry and strengthen our business in the expansive beverage sector in which we see tremendous opportunity to reinvigorate innovation across many categories including non-alcoholic beverages, energy, and nutritional drinks,” said Chairman and CEO Irwin Simon.
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Oct 03 2023

Portland, Maine City Council Passes Ordinance to Decriminalize Psychedelics

By a vote of 6 to 3 the Portland, Maine City Council has voted to decriminalize the personal possessions of psychedelic plants and fungi.

Mescaline (top left), ibogaine (top right), magic mushrooms (bottom left), DMT (bottom right).

The council of Maine’s most populated city voted 6–3 in favor of the resolution, which would apply to the possession of DMT, mescaline, psilocybin/psilocyn (magic mushrooms) and ibogaine.

“[The] use of psychedelic plants and fungi should be deprioritized by our criminal justice system in order to facilitate access to people who need this for a public health benefit”, said Councilor Anna Trevorrow prior to the council’s vote.
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Oct 03 2023

Maryland: Over $90 Million Worth of Legal Marijuana Purchased in September

In the third month of legal recreational marijuana sales (September), Maryland marijuana stores sold just over $90 million worth of marijuana and marijuana products.

In total there was $90,775,416 in marijuana purchased in September, a slight decrease from the $91.7 million sold in August but an increase over the $87.4 million sold in July.

$36,516,313 of the marijuana sold in September was purchased by authorized medical marijuana patients, while $54,259,102 was purchased by recreational consumers.
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Oct 03 2023

Federal Marijuana Banking Act Now Sponsored by Over 25% of the Entire US Senate

A bill to allow banks and other financial institutes to work with marijuana businesses now has 26 sponsors, over a quarter of the entire US Senate.

Last week the Senate Committee on Banking, Housing and Urban Affairs passed the SAFER Banking Act (S.2860), with Senate Majority Leader Chuck Schumer vowing soon after to put it to a vote of the full Senate “very soon”.

Since the committee’s approval of the bill, filed by Senator Jeff Merkley, it has gained three additional cosponsors, bringing the total number of sponsors/cosponsors to 26. Also following the committee’s approval of S.2860, a bipartisan coalition of 21 state attorneys general and the attorney general of D.C. sent a letter to congressional leaders urging them to pass the SAFER Banking Act.
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Oct 03 2023

Florida Supreme Court Schedules Hearing on Marijuana Legalization Initiative

The Florida Supreme Court has scheduled a hearing to decide whether or not an initiative to legalize marijuana will be put to a vote next year.

In June the Florida Division of Elections confirmed that the Smart & Safe Florida campaign submitted 967,528 validated signatures on their marijuana legalization initiative, well more than the 891,523 signatures required to place the measure on the November, 2024 general election ballot. However, the state’s attorney general is attempting to block the proposal from being considered, arguing that the ballot summary is “misleading”.

Now, the Florida Supreme Court has agreed to take up the issue, with oral arguments beginning on November 8 (case number: SC2023-0682). The court will decide whether or not voters can consider the measure during the 2024 election, or if the initiative language is invalid, requiring proponents to go back to the drawing board and recollect the necessary signatures.
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Oct 02 2023

D.C. Council Approves Bill to Allow 1-Year Medical Marijuana Cards for Non-Residents, Allow Patients to Submit Products for Testing

The Washington D.C. Council has given approval to an ordinance that would make several changes to the district’s medical marijuana law.

Bill 25-0368, the Medical Cannabis Clarification and Non-Resident Patient Access Temporary Amendment Act of 2023, has been passed by the council and sent to Mayor Muriel Bowser for consideration. The mayor has until October 11 to sign the ordinance into law, veto it, or allow it to become law without a signature. The proposal was filed in July by Councilmembers Phil Mendelson and Kenyan McDuffie.

The ordinance would allow those who live outside of Washington D.C. to obtain a temporary, one-year medical marijuana authorization. This would give them the same legal protections as medical marijuana patients who live in D.C., and it would allow them to purchase marijuana at licensed dispensaries.
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