420 with CNW Archives - Page 64 of 298

ThursdayJul 13, 2023 4:20 pm

420 with CNW — Key Senators Plan on Cannabis Banking Vote This Month

Cannabis banking has been one of the most contentious issues since states began legalizing medical and recreational cannabis. Although more than 30 states now allow the purchase and use of either recreational or medical cannabis, federal law still classifies cannabis as a Schedule I controlled substance. As a result, players in the cannabis market typically cannot access financial services that are accessible to every other industry This includes access to banking institutions and federal aid, forcing businesses to operate on a cash-only basis and making it difficult for them to access capital. Lawmakers introduced a bill called the Secure and…

ThursdayJul 13, 2023 4:20 am

420 with CNW — Missouri Conducts Outreach Events as Cannabis Microbusiness Lottery Looms

The cannabis industry in Missouri is likened to the modern-day "gold rush," according to Tiffany and Anwar Lee, a couple from St. Louis. Intrigued by the potential, they contemplate participating in a lottery system by paying a $1,500 application fee for a chance to obtain a coveted cannabis microbusiness license. The new initiative, designed to foster opportunities for businesses in marginalized communities, stems from the constitutional amendment that legalized recreational marijuana following last year's voter approval. Discussing their prospects at an outreach event in St. Louis, Anwar acknowledges the financial potential the industry holds, providing a means to achieve a…

WednesdayJul 12, 2023 4:20 pm

420 with CNW — Maryland Legislators Recognized ‘Marijuana’ as Racist Term While Formulating Cannabis Law

In 1924, the people of Baltimore awoke to a startling illustration in their leading newspaper. It depicted a devil emerging amid the fumes of cannabis being cooked in a pot over coals. The smoke drove those with the habit of secluding themselves into a frenzy. The headline of that August edition of the Baltimore Sun read, “The Mystery of the Peculiar Mexican Herb,” as several news outlets at the time used similar imagery and language. The article continued, attributing all kinds of negative tendencies to indulgence in the dreaded "marihuana weed" from Mexico. This sentiment was part of a wider…

WednesdayJul 12, 2023 4:20 am

420 with CNW — Oklahoma Cannabis Companies Sue Regulators over Proposed Fees

Although most cannabis reform activists and industry stakeholders are delighted with nationwide efforts to legalize cannabis and promote social equity, they aren’t happy with the fees and taxes cannabis businesses are forced to pay. Cannabis operators in most states with legal markets have long complained of excessively high fees and taxes they are required to pay under their respective regulatory policies. Even though cannabis is still illegal at the federal level, taxes across the country are so high that they exceed taxes for alcohol by a wide margin in many states. These fees significantly limit participation in the market, increase…

TuesdayJul 11, 2023 4:20 pm

420 with CNW — Home-Grow Cannabis Law Takes Effect in Connecticut

Starting this week, adults aged 21 years and older in Connecticut have been granted the legal right to grow their own cannabis for personal use, as per the latest provision of the state's marijuana legalization law. As a reminder of this policy change, the DCP released a notice that emphasized the value of responsible cultivation and provided a thorough rundown of the requirements that must be adhered to. Some of the key points that adults should be aware of regarding cannabis home cultivation include: Individuals aged 21 and older can grow a maximum of six marijuana plants, with only three…

TuesdayJul 11, 2023 4:20 am

420 with CNW — Maryland Starts Implementing Adult-Use Cannabis Law

Two months after Maryland approved legislation to create a regulatory framework for recreational cannabis sales, the state has officially launched its adult-use market. State lawmakers approved Senate Bill 516 in April following months of negotiation on key issues such as social equity and taxation before forwarding it to the governor’s desk. Governor Wes Moore signed the measure into law in May and set the stage for recreational sales in Maryland, stating at the time that the bill would make sure Maryland’s recreational cannabis market would provide equitable opportunity. The recreational cannabis bill finally took effect last week and made simple…

MondayJul 10, 2023 4:20 pm

420 with CNW — Records Show Arizona Crossed $100M Mark for Monthly Cannabis Sales

State data has revealed that Arizona’s recreational cannabis market passed the $100 million sales threshold in March. The state legalized recreational cannabis in 2020 via the Safe and Smart Arizona Act, allowing the purchase, possession and use of recreational cannabis by adults aged 21 years of age and older. It took Arizona a little more than a year after legalization to reach $100 million in adult-use cannabis sales, with recreational marijuana sales tripling medical cannabis sales over the last three months. According to the Arizona Department of Revenue, the state’s medical marijuana market has averaged $30 million in sales every…

MondayJul 10, 2023 4:20 am

420 with CNW — NBA Formally Removes Cannabis from List of Banned Substances

The National Basketball Association, as well as its players’ association, has officially come to terms on an agreement that brings significant changes to the league's approach toward cannabis. In a comprehensive document spanning 676 pages, various provisions related to cannabis have been outlined, with the major change being the deletion of marijuana from the organization’s list of banned drugs for players. One key aspect of the new agreement is that players are now allowed to invest in and promote cannabis brands, but with specific conditions. Players can hold an ownership interest, either directly or indirectly, in entities involved in producing…

FridayJul 07, 2023 4:20 pm

420 with CNW — Italy Moves to Regulate Its ‘Marijuana Light’ Program

Last week, Italian lawmakers presented proposals aimed at regulating Italy’s booming low-THC cannabis industry. Dubbed “cannabis light,” Italy’s industry is now home to multitudes of retail outlets selling cannabis with low levels of THC. Although legislators didn’t initially set out to legalize recreational cannabis, a measure meant to legalize industrial hemp, a type of cannabis that has little to no THC, opened a loophole that allowed the cannabis light sector to take root. The government is now working to regulate the sector. On June 20, 2023, Italian Prime Minister Gorgia Meloni proposed amending tobacco legislation and extending it to cover…

FridayJul 07, 2023 4:20 am

420 with CNW — Despite Ongoing Challenges, California’s Legal Cannabis Market Remains Huge

Despite facing financial and tax challenges, California's marijuana industry remains unparalleled as the largest cannabis market globally. According to the recent MJBizFactbook report, the state is projected to generate approximately $5.9 billion in legal medical and recreational cannabis sales in 2023. To provide perspective, this revenue could sustain the economy of a small island country. For instance, the International Monetary Fund (IMF) estimates that Barbados’s gross domestic product (GDP) will reach $6.1 billion this year. Additionally, the IMF forecasts Fiji's GDP to be approximately $5.4 billion. Given California's colossal cannabis market, its magnitude is not surprising. If California were an…