MjLink Cannabis Business News and Press
The Ohio House Government Oversight Committee held its fourth hearing April 27 on legislation that would expand the state’s medical cannabis program.
Senate Bill 261, sponsored by Sen. Steve Huffman, R-Tipp City, would streamline the medical cannabis business licensing process and allow physicians to recommend cannabis for any medical condition in cases where they “reasonably” believe it will help a patient, according to a FOX 8 report.
“It makes it more patient-centered, and as a physician, I’ve always been for making it patient-centered, that they can get it for the right conditions and the right way for a good price,” Huffman told the news outlet.
RELATED: Ohio Republican Aims High With Medical Cannabis Expansion Bill
On the business licensing front, S.B. 261 would transfer most of the authority over Ohio’s medical cannabis program from the Board of Pharmacy to the Department of Commerce in a move that Huffman said will speed up the licensing process to keep up with the market’s demand.
A lack of licensed dispensaries has left many of California’s cannabis cultivators without a place to sell their wares, but legislation gaining traction in the state Legislature aims to provide some relief.
Assembly Bill 2691, sponsored by Assemblymember Jim Wood, D-Santa Rosa, would allow growers to sell products at licensed events, such as farmers markets, throughout the California.
The Assembly Business and Professions Committee passed the legislation April 26, according to a KCRA 3 report.
“It is no secret that cannabis businesses throughout the state are struggling, whether it’s taxes, compliance costs, competing with the illicit market or other challenges, but the focus of A.B. 2691 is to help legal cannabis farmers who grow less than one acre of cannabis get consumer recognition for their unique products, much as has been done for craft beer, artisanal wine and other family farm agricultural products,” Wood told the news outlet. “Giving these smaller farmers opportunities at locally approved events to expose the public to their products increases consumer choice and offers farmers a better chance to reach retail shelves, which is their ultimate goal. This is not about circumventing retailers, but growing the industry overall. My office has always been open to those who may have concerns about this bill and I’m here to listen to their concerns and their proposed solutions.”
Virginia adults 21 and older can legally possess up to 1 ounce of cannabis, but the possession of up to 1 pound of will remain a civil violation with a max fine of $25, at least for now.
While first-year Republican Gov. Glenn Youngkin signed 700 bills into law April 11, he added a proposed amendment to Senate Bill 591, one of the 141 bills he did not sign. His proposal was to establish new criminal misdemeanor penalties for people in possession of more than 2 ounces of cannabis.
That effort was squashed April 27 when the General Assembly held its veto session. Specifically, the amendment was defeated when legislators voted to re-refer the legislation to the Senate Rehabilitation and Social Services Committee for the next legislative session—killing the governor’s amendment for this year.
JM Pedini, NORML’s development director, said in a new release that there were pluses and minuses to the Senate kicking the can down the road. Pedini also serves as the executive director of Virginia NORML.
“The good news is Governor Youngkin’s effort to recriminalize personal possession failed,” Pedini said. “The bad news is lawmakers’ inaction today allows for products containing unregulated and potentially unsafe synthetically-derived THC products to continue to proliferate in Virginia.”
In part, S.B. 591 clarifies that the definition of “marijuana” excludes industrial hemp in several state code sections. Also, the bill defines “tetrahydrocannabinol” (THC) to include any naturally occurring or synthetic THC, removing specific references in state code to “delta-9” THC, according to the legislation’s summary.
Georgia voters will get the chance to make their opinions known on adult-use cannabis legalization in next month’s primary election.
One of the non-binding advisory questions on the state’s ballot asks if Georgia should legalize, regulate and tax cannabis like alcohol, according to The Dales Report.
The cannabis question is one of nine advisory inquiries that will appear on the ballot, the news outlet reported, and proposes legalizing cannabis for adults 21 and older and using the tax revenue generated from the market to fund health care and infrastructure.
If the majority of Georgia’s voters indicate support for the advisory question, it will not trigger immediate changes to the state’s laws, but will signal to lawmakers that their constituents are ready for cannabis policy reform.
In the meantime, Georgia continues to grapple with the rollout of a medical cannabis program that would allow the state’s roughly 20,000 registered patients to access low-THC oil.
Tennessee lawmakers have tabled legislation aimed at regulating delta-8 THC products in the state.
House Bill 1927, sponsored by Rep. William Lamberth, R-Portland, would essentially ban the sale or possession of any hemp-derived products containing more than 0.3% THC on a dry-weight basis.
Delta-8 THC products are currently legal to sell and consume in Tennessee since the compound is produced from hemp, but lawmakers have expressed concerns about the lack of regulations governing it and other cannabinoids in the state.
RELATED: New Legislation Would Outlaw Delta-8 THC Products in Tennessee
Lines wrapped around buildings as New Jerseyans 21 and older gained access to 12 adult-use cannabis dispensaries when the state officially launched its licensed retail program on April 21.
The results?
The 12 retail locations sold nearly $1.9 million in adult-use cannabis and products to 12,438 customers, or roughly $150 per transaction, according to the New Jersey Cannabis Regulatory Commission (CRC).
RELATED: New Jersey Adult-Use Cannabis Sales Have Commenced
CRC Executive Director Jeff Brown said in a statement April 27 that the 12 retail locations, which were already established medical cannabis dispensaries, did not report negative impacts to their medical cannabis supply amidst the adult-use rollout, the Asbury Park Press reported.
“We expected sales to be substantial, and the data shows that the market is effectively serving both adult-use consumers and patients,” Brown said. “We continue to monitor inventory and access for patients and are prepared to take enforcement action against any [retailer] that does not meet the requirements for patient access and supply.”
We are, all of us, swimming in debt. If you don’t owe anyone a penny then you’re not contributing to the International Monetary Fund’s estimate of $60 trillion of household debt.
Still, as a citizen of a sovereign nation or even a resident of a small town with a water tower to pay off, you’re on the hook for some of the $120 trillion of public-sector debt trading on the world’s bond markets. The IMF calculates that there’s roughly the same total of debt obligations issued by non-bank corporations globally. For comparison’s sake, the total market cap for all the world’s stocks is only about $93.7 trillion, according to the World Bank.
In other words, debt isn’t just big business. It’s the biggest business.
There are reasons why debt financing has become so much more attractive to issuers than equity. Some involve drivers internal to the firm—the founders’ desire to maintain control, for example. Some drivers are external—both regulatory and economic.
“[A] quirk of the U.S. tax code favors companies with capital structures that lean toward debt rather than equity,” according to American Estate & Trust. “Interest payments are tax-deductible; dividend payments are not.”
Adult-use cannabis products are expected to hit dispensary shelves in New York this fall, according to a top state official.
Cannabis Control Board Chair Tremaine Wright provided details about the program April 23 at a public forum hosted by the Central Harlem Community Board, Syracuse.com reported.
In sharing insight into New York’s adult-use cannabis cultivator and retail conditional licensing programs that the state launched last month, Wright said conditional dispensary license holders will be eligible to receive loans with interest—as opposed to grants or interest-free loans—and that the funding will come from a $200 million cannabis social equity fund, which Gov. Kathy Hochul announced during her State of the State address in January.
“Loan funds will be provided to our conditional dispensary licensees,” Wright said Saturday, according to Syracuse.com. “I want you to think about this as a franchise model: these folks don’t get to pick where their location is, they will have a lot of assistance on buildout, and they will repay their loans.”
The Dormitory Authority of the State of New York (DASNY) released a Request for Information in February, Syracuse.com reported, to gauge interest among possible investment partners in a program that would finance all expenses related to the sourcing, leasing, planning, design, construction and equipping of conditional license holders’ dispensaries.
Kentucky Gov. Andy Bashear is doing what he can to support a cannabis industry in his state.
The Democratic governor signed legislation April 26 that authorizes a cannabis research center at the University of Kentucky, according to the Associated Press.
The measure, approved by the Legislature on the last day of this year’s legislative session earlier this month, was backed by key lawmakers who were opposed to legalizing medical cannabis in the state, the news outlet reported.
The research center, they argued, would allow more time to study the effectiveness of medical cannabis in treating certain ailments.
Bashear used his line-item veto authority to expand the center’s work and allow more flexibility in choosing its oversight board, AP reported.
Canadian cannabis producer Canopy Growth Corporation has announced cost-cutting initiatives and layoffs as it further streamlines the organization in its quest to achieve profitability.
The company announced in an April 26 press release that it will take several steps to reduce costs and drive efficiency, including:
Reducing the cost of goods sold (COGS) in Canopy’s Canadian cannabis business by lowering per-gram cultivation costs through increased cultivation-related efficiencies and facility improvements;Implementing a flexible manufacturing platform inclusive of contract manufacturing for certain product formats;Rightsizing indirect costs and generating efficiencies across the company’s supply chain and procurement;Aligning selling, general and administrative costs (SG&A) with short-term business expectations by reducing third-party professional fees and office costs; andFurther streamlining the organization to drive process-related efficiencies.The organizational changes will impact Canopy’s employees “as the company operates with a reduced headcount moving forward,” according to the press release.
The company plans to lay off roughly 250 workers, according to a Reuters report.
Canopy had 3,259 employees, including 2,362 full-time workers in Canada, as of March 2021, according to the news outlet.
On Friday, April 15, cannabis analyst Alan Brochstein, founder of New Cannabis Ventures (NCV) and 420 Investor, was struck by a car while riding his bicycle, according to an email NCV sent to subscribers on April 24.
Brochstein received multiple operations for fractures that he sustained from the crash in a Level 1 trauma facility and is still being treated in the intensive care unit, NCV updated subscribers in the email.
NCV also provided the following update: “The trauma team has been impressed with his progress, yet time is necessary to heal physically, mentally and emotionally.”
Additionally, per the email, “The incident had witnesses, and a bystander treated Alan before first responders arrived. At this time, the investigation is still ongoing.”
The company had sent out a prior email about the accident on April 17, stating that Brochstein was in a severe accident while riding his bicycle. “Alan would often brainstorm potential topic ideas for the Sunday newsletter but today this newsletter is about him and supporting him and his family during his recovery,” that email stated, continuing: “Out of respect for the family, we are keeping this message brief. We will be sharing more information. Please keep Alan in your thoughts and prayers.”
East Hartford, CT—PRESS RELEASE—As the industry grows and states create medicinal or recreational markets, Zac Ricciardi’s appointment as Cannabis Specialist will help fulfill the demand for BioSafe Systems’ clean chemistries and their renowned technical support. His years of hands-on experience with countless cannabis growers equip him with the skillset to refine IPM programs and develop facility and company-wide standard operating procedures to generate a cleaner and more profitable yield.
Using his extensive knowledge of production and plant health, he continues to expand BioSafe Systems’ presence in the cannabis industry, especially as federal regulation within food safety parameters advance. Branching out from his current territory, Ricciardi will work closely with growers and consultants and multistate operators across the nation.
Ricciardi joined the BioSafe Systems team with experience from ACW Supply in Denver, accrued years of growing knowledge and learned many of the inner workings of the industry, then applied that understanding to help other growers.
Are Europeans ready for adult-use cannabis legalization?
According to a public opinion poll released earlier this month by cannabis-focused advisory firm Hanway Associates, the answer is yes.
The poll, conducted in partnership with Curaleaf, Cansativa and Ince, revealed that 55% of those surveyed support regulated adult-use sales.
While some European countries have well-established medical cannabis markets within their borders, legal cannabis frameworks remain fragmented from country to country.
Malta became the first European country to legalize adult-use cannabis in December 2021 when its parliament approved legislation that allows adults 18 and older to cultivate up to four plants and possess up to 7 grams of cannabis.
Gov. Janet Mills signed legislation April 22 that intends to help municipalities cover the costs of inviting adult-use cannabis business operations into their jurisdictions.
The bill, Legislative Document 1195, authorizes $20,000 reimbursements to help towns and cities pay for expenses associated with the state’s adult-use program roll-out, including legal fees, drafting or amending ordinances, conducting town meetings and holding elections.
Funding for the reimbursements will come from the state’s Adult-Use Marijuana Public Health and Safety and Municipal Opt-In Fund, according to a news release from Maine House Democrats. The fund receives money from the sales and excise taxes imposed on adult-use cannabis and related products.
The legislation was sponsored by Rep. Tiffany Roberts, D-South Berwick.
“In the development of Maine’s adult-use marijuana industry, the state has asked municipalities to help balance the newly sanctioned use of this commodity, however, they are not yet seeing a return on their investment,” Roberts said in the release. “This bill will allow municipal governments to recover expenses from their regulation of the adult-use industry and encourage partnerships with local businesses.”
Maine, which launched its commercial adult-use retail program in October 2020, recorded $81.8 million in adult cannabis sales last year, according to data from the state’s Office of Marijuana Policy.
Elected officials from the third-largest county in Mississippi did not make a final decision on participating in the state’s forthcoming medical cannabis market before adjourning from their April 25 meeting.
Members of the DeSoto County Board of Supervisors weighed their options, specifically as it pertains to zoning, for housing cannabis businesses as a May 3 deadline approaches, the DeSoto Times-Tribune reported.
Under the Mississippi Medical Cannabis Act (MMCA), legislation Gov. Tate Reeves signed into law on Feb. 2, municipalities have 90 days, or until May 3, to decide whether to opt out of allowing medical cannabis businesses in their jurisdictions. If city or county officials take no action before the deadline, they will opt in by default.
The DeSoto board’s meeting on Monday was to discuss the law and to hear from the public. Its next meeting is scheduled for May 2.
District 2 Supervisor Mark Gardner and District 3 Supervisor Ray Denison both said they were in favor of opting in because DeSoto County voters were overwhelmingly in favor of legalizing medical cannabis in the November 2020 election. Roughly 73.4% of voters cast ballots in support of either Initiative Measure 65 or 65A, according DeSoto County election results.
“I too, like Mark, believe we ought to do what the people voted for,” Denison said during the meeting, the Times-Tribune reported. “In this case, it was well over a majority. I think we still have a lot of work to do to iron out the details. There are so many questions and there are so many opinions.”
The California Exhibition & State Fair is now accepting applications for its first-ever science-based commercial cannabis competition until April 30.
The competition is open to all licensed California cannabis cultivators.
SC Labs, a California-based cannabis and hemp testing lab, will test and score California-grown cannabis flower for seven individual cannabis plant compounds. Seventy-seven awards will be presented based on the levels of terpenes and cannabinoid concentration in the samples, Cannabis Business Times previously reported.
According to a Cal Expo press release, the competition will serve as a platform to educate consumers and highlight how the state’s cannabis industry aids the economy.
In addition to the cannabis competition, the State Fair will also host matches for cheese, olive oil, wine and craft beer.
“The return of the State Fair this July is another testimony to California’s resiliency,” Rick Pickering, CEO of Cal Expo, said in a press release. “In addition to the iconic foods, entertainment and rides, the commercial competitions are part of the safe, fun and exciting way for families, friends and loved ones in our community to get back together this summer at their State Fair.”
Canadian actress and model ShayMitchell has added hemp as a primary material to create a new bag collectionunder her brand, BÉIS.
The High Line collection—made from 55%hemp—includes five lightweight bags in a neutral beige color ranging from $48to $138.
Mitchel told ENews she was “immediately sold” on using hemp as a primarymaterial to create The High Line collection.
“This is a new material forus and highly conceptual. I love that these bags are all lightweight but supersturdy. They are perfect for spring or summer and literally any occasion,”Mitchell told ENews. “Hemp seemed like a great materialregardless, but once I learned about the benefits of hemp, I was immediatelysold.”
]]>The majority of North Carolina voters support the legalization of cannabis for both medical and adult-use purposes, according to a WRAL News poll released April 12.
The poll, conducted through SurveyUSA, revealed that 72% of the state’s voters are in favor of medical cannabis legalization and 57% support adult-use legalization, WRAL reported.
Eighteen percent of respondents said medical cannabis should continue to be illegal, while 32% said adult-use cannabis should not be legalized, according to the news outlet.
Of the Democrats polled, 73% said medical cannabis should be legalized, 15% said it should remain illegal and 10% responded that they weren’t sure, WRAL reported.
Sixty-three percent of Democrats polled said adult-use cannabis should be legalized, 26% said it should remain illegal and 12% responded that they weren’t sure, according to the news outlet.
Before elected president, Joe Biden reaffirmed his position that “No one should be in jail because of cannabis use,” during his campaign trail in 2020.
Nearly a year and a half after he took office, those seeking justice for cannabis-related convictions as a $24-billion state-legal industry unfolded in 2021 began to wonder if his comments were just for show—Biden did not use his clemency powers once.
But the president turned a page on April 26, announcing that he is granting clemency to 78 individuals. Biden will pardon three people “who have demonstrated their commitment to rehabilitation” and are striving to be contributing members of society. Also, he is commuting the sentences of 75 people who are serving long sentences for non-violent drug offenses.
Many of the 75 people Biden plans to pardon would have received lower sentences if they were charged with the same offenses today, he said in a White House statement.
“America is a nation of laws and second chances, redemption, and rehabilitation,” Biden said in the statement. “Elected officials on both sides of the aisle, faith leaders, civil rights advocates, and law enforcement leaders agree that our criminal justice system can and should reflect these core values that enable safer and stronger communities. During Second Chance Month, I am using my authority under the Constitution to uphold those values by pardoning and commuting the sentences of fellow Americans.”
Among the three people Biden is pardoning is Dexter Eugene Jackson, a 52-year-old of Athens, Ga., who was convicted in 2002 for using his business to facilitate the distribution of cannabis. Jackson was not personally involved in trafficking but allowed distributors to use his pool hall to enable cannabis transactions. He pled guilty to the charge and accepted full responsibility, according to the White House’s clemency recipient list.
April 25, 2022 - Pittsburgh, Pennsylvania. - PRESS RELEASE - Ethos Cannabis, a multi-state vertically integrated operator headquartered in Philadelphia, has officially announced the opening of its third medical dispensary in the Pittsburgh, Penn., area. This location is in Harmarville, at 5 Alpha Drive East, and will open from Thursday, April 28.
Ethos is one of nine Clinical Registrant (CR) licensees in Pennsylvania that is conducting research related to medical cannabis. Ethos collaborates in its research efforts with Sidney Kimmel Medical College at Thomas Jefferson University, one of the country’s leading medical schools, and is certified by the Pennsylvania DOH as an Academic Clinical Research Center (ACRC). This new location in Harmarville represents Ethos’ sixth clinical registrant dispensary in the state and the third in the Pittsburgh area.
“We are excited to be opening another dispensary in Western Pennsylvania as part of our clinical research program partnership,” said David Clapper, chief executive officer of Ethos. “Not only will this new facility allow us to further expand medical marijuana research, but it will also open the door for new patients to experience the welcoming and educational atmosphere Ethos has come to be associated with.”
Ethos Cannabis’ two other locations in Western Pennsylvania are Pittsburgh South in Pleasant Hills—at 560 Clairton Blvd, Suite A—and Pittsburgh West at North Fayette—at 470 Home Dr.
