Nov 15 2023

Report: Global CBD Market to Grow From $3.8 Billion in 2022 to $46 Billion in 2032

The global market for cannabidiol (CBD) is expected to increase by over 1,100% between 2022 and 2032, according to a new report.

The report by Emergen Research found that as of the end of 2022, the global CBD market was valued at $3.86 Billion. It’s expected to register “a rapid revenue CAGR [compound annual growth rate] of 28.3% during the forecast period”, to reach a value of $46 billion by 2032

Key factors propelling this growth “include the rising preference for cannabis extracts, changing regulatory landscapes, and a surge in retailers offering CBD-based products”, states the report. “CBD, a natural compound in the cannabis plant, has gained significant traction for its potential health benefits, including treating chronic pain, anxiety, inflammation, and insomnia. FDA approval for epilepsy treatment underscores its therapeutic potential.”
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Nov 15 2023

In New Study Marijuana Significantly Reduced Symptom Severity in Those With PTSD

In a new study the use of marijuana led to significant improvements in symptom severity including reduced nightmares and better sleep among those with post traumatic stress disorder (PTSD).

The study was conducted by researchers at the University of Florida. It was published in the journal Medical Cannabis and Cannabinoids, as well as by the National Library of Medicine.

“Post-traumatic stress disorder (PTSD) is a debilitating disorder experienced by a subgroup of individuals following a life-threatening trauma”, notes the study. “Several US states have passed laws permitting the medical use of marijuana (MMJ) by individuals with PTSD, despite very little scientific indication on the appropriateness of marijuana as a therapy for PTSD.”
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Nov 15 2023

Legal Marijuana States Sold Over $4.5 Billion in Marijuana Between June and August

Among the legal recreational marijuana states that have operating marijuana stores and regularly report sales data, there was over $4.5 billion in legal marijuana sold between June 1 and August 31 of this year.

There are currently 24 states that have legalized recreational marijuana, with Ohio being the most recent do to so last week. Among these states, nearly all allow marijuana retail outlets, though some states have legalized too recently for these to be up and running (Minnesota, for example).

Among the states that do currently have legal marijuana stores and report sales data, there was a whopping $4.52 billion worth of marijuana and marijuana products sold between the start of June, and the end of August, according to an analysis by The Marijuana Herald.
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Nov 15 2023

Oklahoma Has Highest Percentage of Medical Marijuana Patients, Followed by Maine and Pennsylvania

There are 39 states that have legalized some form of medical marijuana, but in some states it’s more prevalent than others.

In 1996 California became the first state to legalize medical marijuana. 27 years later and nearly 40 states have legalized at least some form of medical marijuana, while 24 have legalized marijuana recreationally.

Although some states don’t report medical marijuana patient counts, many states do, and in some instances it’s a mandatory reporting requirement for regulators. Using data from states that do report, the Marijuana Policy Project has compiled a list of medical marijuana states and how the number of medical marijuana patients compare to states’ total population.
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Nov 14 2023

Hawaii Approves 25th Medical Marijuana Dispensary, Ninth on Maui

The Hawaii Department of Health (DOH) announced this week that it’s given approval to Maui Wellness Group to open a new medical marijuana dispensary on Maui.

(Photo credit: MJBizDaily).

The DOH announced that the new dispensary will open its doors on Friday, and it will be located at 1215 South Kihei Road. It is the ninth medical marijuana dispensary approved for Maui, and the fourth operated by the Maui Wellness Group. However, one of the Group’s locations in Lahaina was destroyed by wildfires in August.

“Maui Grown Therapies’ new dispensary will provide much-needed access to patients on Maui, especially as its Lahaina dispensary was destroyed in the Lahaina wildfires”, Liam Gimon, Dispensary Licensing Supervisor for DOH, said in a statement.
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Nov 14 2023

Oklahoma Extends Moratorium on Marijuana Licenses to August, 2026

Legislation signed into law earlier this year to extend Oklahoma’s moratorium (temporary ban) on new marijuana businesses is now officially in effect.

In May Governor Kevin Stitt signed House Bill 2095 into law, with the measure officially taking effect this month. The new law extends the state’s ban on the establishment of any new medical marijuana businesses by a full two years.

Prior to enactment of House Bill 2095 the state’s moratorium on new marijuana licenses – put in place by state lawmakers last year – was set to expire on August 1, 2024. Now, the moratorium will expire on August 1, 2026, a full 991 days away.
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Nov 14 2023

Detroit Issues 37 New Licenses for Marijuana Consumption Lounge and Retail Outlets

Detroit has issued a new batch of marijuana business licenses.

Detroit’s Office of Marijuana Ventures and Entrepreneurship announced this week that of the 65 applications it received for marijuana retail outlets, microbusinesses and consumption lounges, 37 have received approval and will soon receive their licenses.

“These individuals and organizations have exhibited remarkable potential and commitment to operate successfully, while honoring the city’s diversity and equity goals,” said Kim James, director of the Office of Marijuana Ventures and Entrepreneurship
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Nov 14 2023

56% of US Senate Democrats and 100% of Independents Are Sponsoring Marijuana Banking Act

A federal marijuana banking bill (the SAFER Banking Act) is now sponsored by a majority of the majority party, and all Senate independents.

Initially filed by Senator Jeff Merkley (D), the SAFER Banking Act (S.2860) is sponsored by 34 of the Senate’s 100 members. 27 of these sponsors are Democrats, representing 56% of all Senate Democrats (48 in total). The measure is also sponsored by all three of the Senate’s independents (who all caucus with Democrats), and four of the Senate’s 49 Republicans.

The widespread support indicates that it’s chances of passage through the Senate are higher than ever, with Senate Majority Leader Chuck Schumer vowing recently that the bill would receive a full Senate vote “very soon”. Schumer has also vowed to include provisions to allow for marijuana expungements and to establish gun rights for legal marijuana consumers.
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Nov 14 2023

Lubbock, Texas City Council Unanimously Sends Marijuana Measure to May Ballot

An ordinance that would make marijuana possession the lowest enforcement priority in Lubbock, Texas will receive a vote of the people in May.

Lubbock Compact, the group pushing the Freedom Act Lubbock, announced last month that it had collected more than double the required signatures to put their marijuana measure before the city council. The council had the option of passing it into law, or putting it before voters. Yesterday the council unanimously – 7 to 0 – rejected the measure, officially placing it on the May, 2024 special election ballot. The council had no option to reject it outright.

“The heart of our ordinance is pretty simple. We just don’t think people should go to jail for personal use of marijuana in Lubbock”, ” Adam Hernandez, communications chair for Lubbock Compact, said at Tuesday’s council meeting.
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Nov 13 2023

New Ohio Bill Would Fund Peace Officer Training With Marijuana Tax Revenue

Legislation was filed today in the Ohio House of Representatives to reallocate some marijuana tax revenue.

(Photo credit: Ohio Peace Officer Training Academy).

On November 7 Ohio voters approved an initiative to legalize marijuana. Portions of the law take effect on December 7, with the state required to issue licenses for marijuana businesses with nine months of passage.

As passed by voters, Issue 2 establishes a 10% tax on marijuana, with 36% going to a cannabis social equity and jobs fund, 36% to a host community cannabis facilities fund, 25% to a substance abuse and addiction fund and 3% to a division of cannabis control and tax commission fund.
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