Last week, the Marijuana Enforcement Division in the state of Colorado announced that cannabis grown under a medical cultivation permit could be recategorized as retail products and sold in adult-use shops. The division, which is tasked with the licensing and regulation of medical and retail cannabis industries in the state, also announced new safety protections for employees involved in the manufacture of marijuana. Workers who take part in a range of manufacturing tasks will now be required to wear goggles and masks as well as respirators.
Other announcements included the news that the eligibility period for would-be social equity licensees would also be extended from one to two years, which would afford equity applicants more time to navigate the licensing process once they were determined to be eligible.
In a news release, the division also announced that a report on intoxicating hemp products would be presented to the state legislature on Jan. 1, 2023. Intoxicating hemp products include delta-9 THC derived from hemp, which is a potent cannabinoid that induces a high when consumed. The agency also announced that business owners could also easily shift marijuana from one license type to another, which would significantly simplify business operations.
Currently, data from the state shows that it has 789 licensed cultivators of recreational cannabis and 431 licensed cultivators of medical cannabis, with some businesses holding both license types. With regard to retail outlets, the state of Colorado has 669 licensed recreational shops and 399 licensed medical dispensaries.
Observers of the burgeoning cannabis industry estimate that the total number of physical stores surpasses 700.
Licensees that hold both adult-use and medical permits to cultivate marijuana will also be allowed to change between medical cannabis to retail, on the condition that both permits have one or more common owners. This is stipulated in a measure that was recently signed by Governor Jared Polis.
The Marijuana Enforcement Division also announced that beginning Jan. 1, 2024, marijuana flower and pre-rolls sold in the state need to be labeled with a use-by date. These products will also need to be packaged with proper instructions on how they should be stored.
In addition to this, licensees have been ordered to carry out testing on shelf stability to determine appropriate sell-by dates for their products. Marijuana that isn’t tested will have a nine-month shelf life. However, the agency notes that marijuana can still be sold even after it passes its use-by date, as long as the buyer is aware of it.
Many companies such as India Globalization Capital Inc. (NYSE American: IGC) are going a step further to develop therapeutic formulations based on cannabis compounds so that these products secure FDA approval and are available for prescription.
NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC
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