Author: Kate Robertson
[ad_1] Delaware’s launch of adult-use cannabis sales has been pushed back to 2025. That’s because retail and lab-testing licenses won’t be awarded until March 2025, Delaware Public Media reported. The state’s timeline initially indicated licenses would be issued in November 2024, according to Delaware Public Media. But Marijuana Commissioner Robert Coupe said the commission is still discussing how best to award adult-use licenses. Coupe’s office is considering a lottery system and delaying transitioning current medical cannabis dispensary licenses to adult-use until new retail entrants can also receive permits. “It’s good for fairness and the competition; it’s good for the market,”…
[ad_1] Virginia’s House of Delegates and the Senate advanced two separate bills that would establish regulations and taxes for an adult-use marijuana market in the state, but the governor might not sign off on either. House Bill 698 passed 52-48, and a veto from Gov. Glenn Youngkin can be overridden only if the bill wins two-thirds of the votes from members present, according to the Richmond Times-Dispatch newspaper. Senate Bill 448 passed 21-18. Both bills were introduced in January and take different approaches to regulating adult-use cannabis. Youngkin has said he doesn’t “have a lot of interest” in advancing marijuana legislation.…
[ad_1] From breeding capital and cannabis genetics to marijuana retail and the regulatory landscape, learn what industry experts predict for 2024. Cannabis industry predictions and trends for 2024 is a post from: MJBizDaily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs [ad_2] Source link
[ad_1] Advancing the federal regulation of hemp and other cannabis industry priorities will be easier now that hemp has its own category in the USDA’s Census of Agriculture, hemp cultivators and stakeholders say. Joshua Bates, a U.S. Department of Agriculture statistician, said it’s difficult to understate the impact of hemp’s inclusion in the 2022 Ag Census, which was released Tuesday and is updated every five years. “The most prominent result is hemp data published at the county level, as well as the number of farms growing hemp, data that are not collected and available for the annual National Hemp Report,”…
[ad_1] Maine authorities continue to crack down on allegedly illicit marijuana operations in the state and seizing thousands of plants, most recently in Corinna, Guilford and Sangerville. After neighbors complained of chemical odors, out-of-state traffic and being pressured to sell their real estate, Penobscot County police raided a Corinna property and seized 3,770 cannabis plants, according to the Bangor Daily News. Police said there they encountered exposed high-voltage electrical wires at the property and “inhumane” conditions. It’s not clear if the Corinna operation is related to a network of Chinese-owned illicit cannabis grows that Maine’s congressional delegation has repeatedly asked…
[ad_1] New Mexico’s largest medical and adult-use marijuana operator, Ultra Health, will close one of its two Santa Fe stores at the end of February. The Cerrillos Road store was more expensive to operate than Ultra’s other stores, President and CEO Duke Rodriguez told the Santa Fe New Mexican newspaper. “That location was the most expensive monthly rent at $8,000 in our entire system and the lowest revenue producer in our entire system,” he added. Ultra Health will continue running its other Santa Fe store on St. Michael’s Drive. After the Cerrillos Road outlet closes, Ultra Health will have 37…
[ad_1] Marijuana multistate operator Ayr Wellness completed its previously announced plan to manage its significant debt by extending the maturity date of its senior notes from 2024 to 2026. According to a news release, Ayr has retired or extended the maturity of nearly $400 million in debt over the past year. The Miami-based MSO also raised $40 million of new capital by issuing $50 million in additional senior notes, which mature in 2026. As a result of the arrangement – it was announced in November – as of Feb. 5, Ayr issued: Roughly 29 million subordinate voting shares to 2024…
[ad_1] Massachusetts cannabis sales broke records in 2023 for the sixth year in a row, and December was the best month ever. Retailers sold more than $1.56 billion in 2023, an increase of $78 million compared to 2022, Boston.com reported, citing Cannabis Control Commission (CCC) data. That’s despite falling wholesale cannabis prices and dwindling cross-border shoppers from states that have now legalized. According to a CCC news release: “This continued growth confirms that Massachusetts’ regulated marijuana industry is still a maturing market,” CCC Chair Ava Concepcion said in a statement. “As more retailers and delivery licensees come online, flower prices…
[ad_1] Minnesota’s Office of Cannabis Management say the only way adult-use marijuana sales will launch on time is if state lawmakers approve some amendments to the current regulations. Those tweaks include allowing temporary licenses, particularly for social equity licensees, according to Minneapolis TV station WCCO. Adult-use sales are scheduled to launch in Minnesota in early 2025. The state Legislature will return to session next week. The Office of Cannabis Management (OCM) detailed some of the adult-use program’s needs in its annual report on Jan. 16. The OCM would also like to take over regulation of hemp-derived products from the Office…
[ad_1] A new batch of cannabis incubator and apprenticeship programs are offering resources and hands-on experience to small marijuana brands and trainees to improve equity and carve out roles for people impacted by the war on drugs. In return, operators hope to reap the benefits of local community connections and low-cost labor while motivating employees with mission-driven work. Partnerships, sharing resources and building community were key themes at MJBizCon 2023 in Las Vegas. As capital has dried up in the cannabis industry, many operators feel pressure to do more with less. “All of these brands need an environment where they can…
[ad_1] A group of nonprofit and supplement organizations sent a letter pleading for the House of Representatives’ Energy and Commerce Committee to discuss U.S. Food and Drug Administration regulation of hemp products such as those containing CBD. A total of 32 organizations signed the letter, which noted that hemp was legalized five years ago and yet thousands of products still aren’t regulated. The Committee on Energy and Commerce has the “broadest jurisdiction of any congressional authorizing committee,” including areas such as “telecommunications, consumer protection, food and drug safety, public health and research, environmental quality, energy policy, and interstate and foreign…
[ad_1] The number of active cannabis licenses in Oklahoma dropped dramatically this year amid an oversupplied market, a crackdown on illicit operators and a moratorium on new licenses. The total number of active licenses fell by 27.4% to 8,555 between January 2023 and January 2024, according to the Oklahoman newspaper. Data shared by the Oklahoma Medical Marijuana Authority (OMMA) show that: There are 4,617 active cultivation licenses, down 34.7% since this time last year. There are 2,388 active dispensary licenses, down 13.4% year-over-year. There are 1,341 active processor licensees, a 21.2% decrease from the previous year. There are 115 active…