A federal judge has temporarily halted Detroit regulators from processing adult-use cannabis license applications in response to a suit challenging the constitutionality of a city ordinance giving preference to longtime residents. A city official confirmed Detroit is temporarily halting the licensing process. The city, which started taking applications earlier this year, intends to issue as […]
Read MoreMarijuana Business Factbook projects nearly $45B US market by 2025
The U.S. recreational and medical marijuana markets are on a trajectory to reach up to $45.9 billion in annual sales by 2025, or as much as twice the level of sales projected for this year, according to the newly released 2021 Marijuana Business Factbook. U.S. adult-use and medical cannabis sales in 2021 are expected to […]
Read MoreSPACs help push funding for marijuana M&As to highest quarterly level since 2019
Capital raised for marijuana mergers and acquisitions totaled a whopping $600 million in the first three months of this year, reflecting the booming popularity of special purpose acquisition companies (SPACs) and more bullish investor sentiment about federal marijuana reform. Last quarter’s funding for marijuana M&A amounted to the highest level since the third quarter of […]
Read MoreVirginia lawmakers bump up some adult-use marijuana timelines
Legislators in Virginia approved measures that will allow the personal possession, cultivation and use of small amounts of marijuana beginning July 1, but a commercial market still isn’t permitted to begin until 2024. Virginia Gov. Ralph Northam proposed the amendments to accelerate the timeline of a bill lawmakers passed in February to legalize adult-use marijuana. […]
Read MoreGreen Thumb poised to build out $50 million cannabis facility in New York
Cannabis multistate operator Green Thumb Industries has won local financial incentives to build out a $50 million cultivation and processing facility in New York. The Orange County Industrial Development Agency indicated in a news release Wednesday that the incentives were approved in March before New York lawmakers legalized a projected $2.5 billion-a-year recreational marijuana market. […]
Read MoreArkansas medical marijuana regulators sued over license sale
An Arkansas mayor and several other entities are suing state medical marijuana regulators and an MMJ company in connection with the sale and transfer of a license in November 2020. The suit, filed this week in Jackson County Circuit Court, alleges fraud, conspiracy and breach of contract related to the sale of Natural State Wellness […]
Read MoreVice president: White House hasn’t yet ‘taken on’ federal marijuana reform
Marijuana reform advocates hope Vice President Kamala Harris eventually helps influence President Joe Biden to warm up to potential federal legalization. But apparently those discussions haven’t yet taken place, even as Senate Majority Leader Chuck Schumer of New York gets closer to introducing a comprehensive marijuana reform bill. “We haven’t yet taken that on,” Harris […]
Read MoreWorkers at Rhode Island medical cannabis dispensary vote to unionize
Employees at Greenleaf Compassionate Care Center in Portsmouth, Rhode Island, became the first cannabis dispensary workers in the state to unionize, approving the move by an overwhelming vote of 21 to 1. The employees, which include budtenders, delivery associates and online team members, voted to join United Food and Commercial Workers (UFCW) Local 328. The […]
Read MoreKey Democrat: US Senate will consider comprehensive marijuana reform
Senate Majority Leader Chuck Schumer said Democrats will move forward with comprehensive marijuana reform regardless of whether President Joe Biden embraces the idea. “He said he’s studying the issue, so (I) obviously want to give him a little time to study it,” Schumer said in an interview with Politico. “I want to make my arguments […]
Read MoreClosely watched Colorado cannabis patent lawsuit dropped
Colorado-based United Cannabis (UCANN) dropped a landmark CBD-related patent lawsuit against Pure Hemp Collective, leaving the legal issue unresolved. The end of the lawsuit, first reported by Law360, follows an unsuccessful attempt by UCANN to reorganize its finances under federal bankruptcy laws. The filing in US District Court in Colorado on March 31 ends the […]
Read MoreNew Mexico lawmakers approve potential $350 million recreational marijuana market
New Mexico lawmakers on Wednesday night passed a recreational marijuana bill that provides licensing opportunities for small businesses and individuals from communities disproportionately harmed by the war on drugs. Retail sales are to start no later than April 1, 2022. Marijuana Business Daily projects that an adult-use market in New Mexico will generate $125 million […]
Read MoreWhy adult-use cannabis legalization in New York, the nation’s financial hub, is a big deal
Adult-use cannabis legalization in New York will produce powerful impacts well beyond the sales generated within the state’s borders, industry experts say. Lawmakers passed the measure late Tuesday night, and Gov. Andrew Cuomo quickly signed the bill into law the next morning. Sales are expected to start within 12 to 18 months. Marijuana Business Daily […]
Read More