NewsRoom Articles - Page 105 of 600

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 9:00 am

Lexaria Bioscience Corp. (NASDAQ: LEXX) – A Zacks Update

Lexaria just released its mid-year update, highlighting its key milestones so far and its objectives going forward, summarized in a recent Zacks update Of note was the company’s most ambitious clinical study yet, HYPER-H21-4, along with its growing patent portfolio that now sees six additional patents awarded across Australia, Japan, the U.S., and Canada so far in 2023 The company also noted its $2 million capital raise back in May, a strong indicator of shareholders’ confidence in the brand, and its efforts to grow its operations Lexaria looks to build on the momentum gathered so far, and its management is…

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…

ThursdayJul 06, 2023 4:20 pm

420 with CNW — Montana Legislators Override Cannabis Tax Distribution Bill Veto

Last week, lawmakers in Montana defied Governor Greg Gianforte's veto yet again, this time overriding an appropriations bill that contains provisions for directing cannabis tax funds to a program aimed at enhancing habitats. The Montana Wildlife Federation, the Montana Association of Counties and Wild Montana all expressed their approval of the legislature's decision to override Gianforte's veto of HB 868, the appropriations bill. The groups are currently suing the state’s secretary and Gianforte because of the governor's veto of SB 442. The bill, which enjoyed widespread support, seeks to redistribute revenue from Montana's cannabis tax toward county road funding, the…

ThursdayJul 06, 2023 4:20 am

420 with CNW — Florida AG Tells Supreme Court Cannabis Legalization Measure is Misleading to Voters

Florida Attorney General Ashley Moody is working hard to keep a cannabis legalization initiative off the 2024 ballot. The attorney general recently issued a brief to the Florida Supreme Court detailing why she is opposed to the addition of the legalization measure on next year’s ballot. Moody had received a two-week extension from the court to give her more time to finish the brief, and she submitted it on the Monday deadline. The Attorney General’s office is looking to nullify the marijuana legalization measure based on the argument that its ballot summary’s language is “affirmatively misleading” in several ways. According…