Jun 29 2024

Massachusetts: Over $150 Million in Legal Marijuana Sold in May, Resulting in Over $23 Million in Tax Revenue

In May, Massachusetts recorded a total of $154 million in legal cannabis sales, a slight increase from the $150 million reported in April.

(Photo credit: Getty Images/iStockphoto)

This figure comprises $137 million from recreational marijuana sales and $17 million from medical marijuana sales. This brings the year-to-date total to $671 million in sales. The cumulative sales figure has now reached an impressive $6.214 billion, according to data from the Massachusetts Cannabis Control Commission (CCC).

Of the total sales in May, $17 million was attributed to medical cannabis patients, while the remaining $137 million was for recreational use. These sales resulted in the state garnering around $23 million in tax revenue.
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Jun 29 2024

Minnesota Recreational Marijuana Store Opens to Hundreds Waiting in Line

A little over a year after Minnesota legalized recreational marijuana, hundreds of people gathered for the opening of one of the state’s first recreational marijuana retail outlet.

(Photo credit: Post Bulletin).

The Prairie Island Indian Community opened Island Peži today, with the outlet a variety of marijuana products including dried flower, pre-rolsl, vaporizers, and edible products. “Peži,” meaning grass in the Dakota language, is located at 6030 Sturgeon Lake Road, near Welch and Red Wing, adjacent to the Dakota Station convenience store and Treasure Island Resort & Casino.

By Saturday morning, a long line of people wrapped around the parking lot toward the casino. Some attendees sported T-shirts with slogans like “want to get high,” “welcome to marijuana country,” and “enjoy cannabis.” The store planned for 12 hours of operations, complemented by food trucks, music, and additional product sales outside.
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Jun 29 2024

US Congress: 25% Now Sponsoring Legislation to Deschedule Marijuana, Allow Expungements

Legislation to deschedule marijuana nationwide now has a combined 110 sponsors in the United States Congress, representing 25% of the entire body.

In the US House of Representatives, the MORE Act (H.R. 5601), initially filed in April 2023 with only a few sponsors, now boasts 92 sponsors, all Democrat. This proposed legislation aims to deschedule marijuana, introduce a federal excise tax on state-legal marijuana sales, and enable the expungement of prior cannabis convictions.

The Cannabis Administration and Opportunity Act (CAOA) in the Senate would also deschedule marijuana, establish a federal excise tax and allow for expungements. However, CAOA would go further by establishing regulatory standards for legal marijuana, including creating a Center for Cannabis Products within the FDA, tasked with regulating “the production, labeling, distribution, sales and other manufacturing and retail elements of the cannabis industry”.
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Jun 28 2024

Report: Legal Cannabis Market Worth $43 Billion, to Grow to $100 Billion by 2028

The legal cannabis market is valued at over $40 billion and is expected to grow substantially in the coming years, according to a new report.

The Technavio report shows that the market is expected to grow at a compound annual growth rate (CAGR) of 28.85% between 2024 and 2028.

“The market’s growth rate hinges on several key factors. Firstly, the rising number of countries decriminalizing and legalizing cannabis is significantly boosting market expansion”, states the report. “Secondly, the growing purchasing power of millennials in the cannabis industry is driving demand, particularly in the recreational and medicinal sectors.”
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Jun 28 2024

United States: Over $1.8 Billion in Legal Marijuana Sold in May Alone

Among the states that have legalized recreational marijuana, there was over $1.8 billion in marijuana and marijuana products sold in May.

There are 24 states that have legalized recreational marijuana, with all but Virginia allowing licensed sales. Among these states, Minnesota, Ohio, and Delaware do not yet have marijuana stores open as they legalized too recently.

For the states that do allow sales and have an active market, 19 have reported sales data for May. The combined total for these states is $1.824 billion, up from $1.73 billion sold in April. These figures do not include medical marijuana sales.
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Jun 28 2024

IRS Confirms Marijuana Rescheduling Will Allow Legal Marijuana Businesses to Take Tax Deductions

Once the Drug Enforcement Administration’s (DEA) proposal to move marijuana to Schedule III is finalized, marijuana businesses following state law will be allowed to take tax deductions like any other legal business, says the Internal Revenue Service (IRS).

In a press release sent today, the IRS confirms that once marijuana is moved to Schedule III, Section 280E of the agency’s code will no longer apply to legal marijuana businesses.

Section 280E “disallows all deductions or credits for any amount paid or incurred in carrying on any trade or business that consists of illegally trafficking in a Schedule I or II controlled substance within the meaning of the federal Controlled Substances Act.”
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Jun 28 2024

The 5 States With the Most Expensive Legal Marijuana Prices

Recently, we examined the five states with the lowest average cost of legal marijuana. In this article, we’ll explore the most expensive states.

There are 24 states that have legalized recreational marijuana, with all but one allowing licensed marijuana retail outlets. Average prices vary greatly from state to state, ranging from a little under $4 per gram to around $15 per gram.

Using data compiled by state regulatory agencies and the research firm Headset, here are the five legal marijuana states with the most expensive average cannabis prices:
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Jun 28 2024

US Congress: Bipartisan Lawmakers File Cannabis Research Act

The Cannabis Research Act has been introduced by Congressmembers Scott Peters (D-Calif.) and Dave Joyce (R-Ohio).

The legislation requires the National Institutes of Health (NIH) to collaborate with agencies such as the Centers for Disease Control and Prevention (CDC) to establish “a national cannabis research agenda that addresses key questions and gaps in evidence.” The measure requires the NIH director to designate certain universities as “Centers of Excellence in Cannabis Research” that would conduct interdisciplinary research on marijuana and related biomedical, behavioral, and social issues.

The NIH director, in choosing universities to receive the Centers of Excellence in Cannabis Research designation, must prioritize those with proven track records in medicinal cannabis research. The designation will be valid for five years, after which institutions can reapply.
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Jun 28 2024

US House Bill to Decriminalize and Deschedule Marijuana Gains 3 New Sponsors, Now Has 92

Legislation in the United States House of Representatives that would deschedule marijuana and facilitate expungements has gained three new sponsors.

Yesterday, Congressmembers Lee Summer (D-PA), Frank Mrvan (D-IN) and Gregorio Casar (D-TX) joined as a cosponsor to the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. This brings the total number of sponsors to 92. The SAFE Banking Act is the only marijuana-related bill in US Congress with more sponsors (124).

The MORE Act would deschedule marijuana, effectively decriminalizing it nationwide. The measure would establish a federal excise tax of 5% on legal marijuana sales in the initial two years, rising to 8% in the fifth year. Furthermore, it provides for the expungement of previous marijuana convictions and ensures that marijuana users are not denied public benefits.
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Jun 28 2024

Delaware: Legislation to Allow Recreational Marijuana Sales to Begin This Year Sent to Governor Carney

Legislation to allow medical marijuana dispensaries to begin selling recreational marijuana this year, far ahead of schedule, has been passed by the Delaware Legislature and sent to Governor John Carney.

By a 16 to 5 vote, House Bill 408 has been passed by the Delaware Senate. The measure has already passed the full House of Representatives, 29 to 11, and now will be sent to Governor Carney.

Sponsored by State Representative Ed Osienski with a companion bill from Senator Trey Paradee, the measure will establish a temporary conversion license for medical marijuana dispensaries, enabling them to sell recreational marijuana while maintaining their medical operations.
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