420 with CNW Archives - Page 94 of 307

WednesdayFeb 08, 2023 4:20 am

420 with CNW — FDA Passes the Buck, Gives Congress Plenty to Consider About CBD Marketing

The current tense situation regarding CBD-containing products will be maintained for the time being as a result of the U.S. Food and Drug Administration’s recent announcement that it will not regulate those products, instead delegating that responsibility to Congress. This adds to the workload for a Congress that is already becoming more acrimonious and creates more uncertainty for businesses considering entering the $4 billion-plus CBD market. Congress must make decisions regarding intoxicating cannabinoids derived from hemp, such as delta-10 THC and delta-8, in addition to tackling broader cannabis policy reform, which includes banking access, tax relief and the issue of…

TuesdayFeb 07, 2023 4:20 pm

420 with CNW — Plan to Legalize Cannabis in Germany Could Be Delayed Beyond 2024

In late October, the German government approved plans to legalize marijuana within the country’s borders. The legislation would have allowed individuals aged 18 years and older to purchase cannabis from federally licensed cannabis stores and pharmacies, possess up to 20 grams of cannabis flower and grow up to three plants at home for recreational use. At the time, officials said that the legislation’s passage depended on whether the European Commission would approve the bill. Germany’s deference to European and international bodies meant that the bill had to be in line with European and international policy before the Federal Cabinet could…

TuesdayFeb 07, 2023 4:20 am

420 with CNW — USDA Unveils First-Ever Weekly Report to Boost Hemp Market

The U.S. Department of Agriculture (USDA) announced last week that it will launch a weekly newsletter to promote the country’s nascent hemp industry by providing “unbiased, timely and accurate data” on hemp. The agency released the first edition of the National Hemp Report via its Agricultural Marketing Service in tandem with the announcement. In a press release, USDA Under Secretary for Marketing and Regulatory Programs Jenny Lester Moffit stated that the USDA had seen the industry’s need for “timely market information.” She explained that the National Hemp Report would provide hemp industry stakeholders with weekly volume and price information to…

MondayFeb 06, 2023 4:20 pm

420 with CNW — FDA Throws CBD Supplements Rulemaking Duty to Congress

Despite legislative requests from stakeholders, legislators and advocates, the FDA has stated that it will not develop regulations allowing the promotion of CBD as nutritional supplements, leaving the vast industry unregulated. After conducting a "careful study" of the nonintoxicating cannabinoid, the FDA concluded that CBD won't be regulated along the same lines as food supplements. The agency stated that it would instead like to collaborate with Congress to gain a fresh perspective. Meanwhile, the FDA is also rejecting three citizen petitions that asked for rulemaking regarding CBD marketing. Days prior to this announcement, the agency issued finalized guidelines outlining the procedure…

MondayFeb 06, 2023 4:20 am

420 with CNW — Colorado Opens Recreational Center Built Using Cannabis Taxes

Aurora, Colorado, celebrated the official opening of its new 77,000 ft2 recreational facility on Tuesday, which cost close to $42 million. The project was fully financed by tax revenue generated by legal cannabis sales. According to KDVR news, the building is the Southeast Recreation Center and Fieldhouse and offers a variety of amenities. It includes a 23,000-foot fieldhouse with an air-conditioned interior; a complete field with turf of the highest caliber; a multipurpose gym with 8,000 feet that can hold three pickleball courts, two cross basketball courts, two volleyball courts and one main basketball court; a track that is 1/9-mile…

FridayFeb 03, 2023 4:20 pm

420 with CNW — Predictions, Trends for Cannabis Industry This Year

As the first month of 2023 drew to a close amid price compression, chronic oversupply and a possible recession, several marijuana industry professionals offered their predictions on how the industry will perform for the rest of the year. The trends of oversupply and price compression will most likely continue through the year, experts believe, with market oversaturation and oversupply reducing access to capital and causing prices to drop. Arizona Dispensaries Association’s president of the board Lilach Mazor Power stated that players in the cannabis industry would have to make tough business decisions due to oversupply. Businesses will have to find…

FridayFeb 03, 2023 4:20 am

420 with CNW — State Data Shows Massachusetts Adult-Use Cannabis Sales Have Reached $4B

Authorities in Massachusetts have reported that adult-use cannabis sales in the state have officially exceeded $4 billion since legalization in 2018. Cannabis Control Commission data shows that the state's gross marijuana sales stood at $4,000,732,607 as of Jan. 12, 2023. This comes a few months after the state reached the $3 billion milestone, indicating continued industry growth. Currently, Massachusetts has 14 delivery services and 265 retailers. Authorities track and share sales data via the CCC’s Open Data portal. Last year, the state reported$1,483,898,511 worth of cannabis sales. Separate data from that portal indicates that medical cannabis sales, which are currently…

ThursdayFeb 02, 2023 4:20 pm

420 with CNW — New Poll Finds Americans Favor Looser Cannabis Regulation, Tighter Regulation of EVs and Cryptos

A recent poll from Harvard CAPS-Harris has found that Americans favor looser regulations for marijuana and tighter rules for social media, cryptocurrencies, coal and electric vehicles. The survey polled voters on a broad range of national issues and asked them if they thought the government should regulate the issues more or less, or keep current regulations as they are. Results indicate 45% of the survey participants stated that cannabis should be regulated looser than it is now, 22% said that cannabis regulations should stay as they are, and 33% wanted tighter cannabis regulations. Compared to all the other items in…

ThursdayFeb 02, 2023 4:20 am

420 with CNW — Oklahoma Voters to Decide on Cannabis Legalization in March

The past two decades have seen a plethora of states across the country vote on measures to legalize either the medical or recreational use of marijuana. By the end of 2022, dozens of states allowed medical marijuana within their borders while nearly 20 states had legal recreational cannabis markets. These state-level cannabis markets have been extremely lucrative for their home states, generating billions of dollars in cannabis taxes and creating hundreds of thousands of new job opportunities. Voters in Oklahoma may soon be able to see some of this cannabis action after a measure to legalize cannabis was slated to…

WednesdayFeb 01, 2023 4:20 pm

420 with CNW — Why Cannabis Firms Should Look Elsewhere for Financing

Currently, cannabis is legal in 21 states for recreational usage and 39 states for medical use, with total revenues anticipated to exceed $38.8 billion through 2023. The next logical stage in the development of the cannabis market is federal financial regulation for complying enterprises. Theoretically, most other sectors' opportunities for credit cards, deposits and loans should be available to the marijuana business as well. However, there hasn't been a legislative majority or the political desire to make tax and banking reform regarding cannabis business to happen, despite numerous efforts in Congress to do so. Despite numerous attempts, the usual bills…