Nov 13 2023

Michigan: Marijuana Tax Revenue in FY 2023 Was 38% Higher Than Beer, Wine and Liquor Taxes

Michigan Tax Revenue grew by around 50% in fiscal year (FY) 2023 to surpass $420 million.

According to a newly released House Fiscal Agency report, the excise tax on the legal distribution of marijuana and marijuana products resulted in $266.2 million in tax revenue for Michigan. This is a 50% increase over the $178.6 million in marijuana taxes made in FY 2022.

The $266.2 million in excise taxes made from marijuana sales is 38% higher than the excise taxes made from beer, wine and liquor combined ($192.6 million), and it’s 82% higher than liquor alone ($146 million).
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Nov 13 2023

$262 Million in Legal Marijuana Sold in Michigan in October

For the fifth straight month, legal marijuana sales in Michigan surpassed a quarter of a million dollars.

According to the Michigan Cannabis Regulatory Agency, there was $262,891,203.09 worth of legal marijuana and marijuana products sold in October. This included marijuana flower and shake as well as marijuana concentrates and marijuana-infused edibles, tinctures, topicals and so forth.

The vast majority of the marijuana purchased in October – $258,474,612.51 – was for recreational use. Medical marijuana patients purchased $4,416,590.58 in product.
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Nov 12 2023

CBD Led to Significant Improvements in Animal Model of Leukemia, According to New Study

In a new study the administration of CBD “resulted in a significant improvement in the biochemical, antioxidant status, morphological, and molecular measures in leukemia in adult male rats.”

The study was conducted by researchers at the University Rey Juan Carlos (Spain), the Scientific Research Superior Council (Spain), Victoria University (Australia), the University of Melbourne (Australia), the Australian Institute of Musculoskeletal Science and the Working Group of Basic Sciences on Pain and Analgesia of the Spanish Pain Society.

According to researchers, who note that “Cannabidiol (CBD) has anticonvulsant, anti-inflammatory, anti-anxiety, antioxidant, and anti-cancer properties”, the purpose of this study “was to investigate the possible protective and therapeutic benefits of CBD oil in DMBA-induced leukemia in rats.”
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Nov 11 2023

Washington State: $465 Million in Marijuana Taxes Made in FY 2023, Over 5,000 Approved Products

According to data released by the Washington Liquor and Cannabis Control Board, there was over $1.2 billion in legal marijuana sold in fiscal year (FY) 2023.

The $1,257,812,688 in marijuana and marijuana products sold in fiscal year 2023 resulted in $465,399,615.68 in tax revenue for the state. Fiscal year 2023 began on July 1, 2022, and ended on June 30, 2023. Data between July 1, and November is not yet available.

The marijuana taxes made in FY 2023 were a roughly 9% decrease from the $511 in marijuana taxes made in FY 2022.
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Nov 11 2023

Researchers Find THC and CBD in Skeletons From 1600s Milan, Italy

According to a newly published study, researchers have found traces of the marijuana compounds THC and CBD in the femurs of two skeletons from 1600s Milan.

The study, published in the Journal of Archaeological Science, found traces of the marijuana compounds in a woman who researchers say was in her 50s, as well as in her teenage son.

“In this paper, we reported the results obtained from toxicological investigations on bone samples collected from human remains of the 17th century in Milano (Italy)”, says researchers. “The aim of this study was to search for analytical signs of the administration of medical or recreative plants in the population of Milano during the 17th century.”
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Nov 10 2023

Massachusetts: $148 Million in Marijuana Sold in October, Price Per Gram Drops to All-Time Low of $5.68

Massachusetts marijuana sales fell just short of $150 million in October.

Licensed marijuana retail outlets and dispensaries in Massachusetts sold $148.8 million worth of marijuana and marijuana products in October. $17.3 million of this was purchased by medical marijuana patients, with the remaining $131.5 million purchased by recreational consumers.

Year-to-date marijuana sales is now $1.32 billion. All-time sales, starting in 2018, are now $5.31 billion.
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Nov 10 2023

Colorado: $22.8 Million in Marijuana Taxes Made in October, Over $230 Million Year-to-Date

Colorado’s legal marijuana industry garnered over $22 million in revenue from taxes and fees in October.

According to data compiled and released by the Colorado Department of Revenue, the state made $21,845,360 in tax revenue from the legal distribution of marijuana. The state also made $937,627 in marijuana fees, bringing the combined total to $22,782,987. This is a slight increase over the $22,608,782 made in September.

Colorado’s year-to-date marijuana tax total is now $232,906,849. The total since the start of legal sales in 2014 is $2,764,458,618.
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Nov 10 2023

Ohio Governor Asks Legislature to Revise Voter-Approved Marijuana Legalization Law By December 7

Just days after Ohio became the 24th state to legalize recreational marijuana, the state’s governor is already seeking changes.

(Photo credit: Fred Squillante).

Governor Mike DeWine made comments to reporters yesterday indicating that he wants rapid changes made to Issue 2, prior to it taking effect on December 7.

“What the people have clearly told us is they want legal marijuana in Ohio,” said DeWine. “We are going to see that they have that, but we’ve also got to live up to our responsibility to all the people in the state of Ohio, whether they voted for it or voted against it.. that we do this in a very responsible way, we do it in a respectful way. And we do it, frankly, the Ohio way.”
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Nov 10 2023

Former FDA Official Would Be “Shocked” if Marijuana is Not Rescheduled By 2024 Election

A former official with the Food and Drug Administration (FDA) says he’d be “shocked” if marijuana is not moved to schedule III prior to the 2024 presidential election.

Howard Sklamberg, former FDA Deputy Commissioner for global regulatory operations / compliance, says he would be “really shocked if it took the DEA longer than the second quarter of next year to come up with its final rule. Even when I was at FDA, we knew that important regulations that you wanted to get done in an election year, you want to get done by the summer before.”

Sklamberg, who chaired the FDA’s Marijauna Working Group for several years, says he believes the DEA will approve the Department of Health’s recommendation to move marijuana to schedule III, which would effectively legalize it for prescription use across the United States.
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Nov 09 2023

Study: CBD Reduces Over-the-Counter and Prescription Drug Use, May Improve General Health

According to a recently published study, the use of oral CBD products is associated with a reduction in over-the-counter and prescription drug use and “significantly improves self-perception of general health”.

The study was published in the journal Medical Cannabis and Cannabinoids and it was published online by the US National Library of Medicine. It was conducted by researchers at Tarleton State University in Texas, the University of Chicago, and Syzygy Research Solutions in Florida.

According to researchers, “This study examined the relationship between long-term self-dosing of CBD and (a) indications and, when a verified concentration of CBD is being consumed, (b) the daily CBD dosage, (c) the impact on general health and symptoms, and (d) over-the-counter (OTC) and prescription (Rx) drug usage.”
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