The passage of federal cannabis banking reform is considered possible this year, provided it’s combined with an existing marijuana expungement bill, according to published reports.
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US mayors, financial institutions throw support behind cannabis banking reform
The U.S. Conference of Mayors and two leading banking organizations have joined the call for the U.S. Congress to pass the cannabis banking reform measure known as the SAFE Banking Act.
Illinois adult-use marijuana sales flat in May at $130 million
Adult-use marijuana sales in Illinois are flat and on pace to reach roughly $1.5 billion this year, only about a 10% increase from 2021, according to the most recent state figures.
Scotts Miracle-Gro again warns of sluggish marijuana grow-supply sales
Scotts Miracle-Gro said it expects sales of its Hawthorne unit, which includes marijuana cultivation supplies, to decline 40%-45% for the fiscal year ending Sept. 30, a pessimistic turn from comments only weeks ago.
Mississippi starts medical cannabis licensing; sales to begin by year-end
Mississippi medical cannabis regulators opened the licensing application process last week for growers, processors, testing facilities and transporters, but it could be year-end before sales start.
As New York develops adult-use marijuana rules, equity concerns emerge
New York’s plan to create a diverse, multibillion-dollar adult-use marijuana industry is in danger of slipping from its high goals, according to critics, making it potentially the latest social equity program to experience a less-than-smooth start.
Louisiana lawmakers agree to expand medical marijuana dispensaries
Louisiana legislators passed a bill that allows for the expansion of the number of medical marijuana dispensaries, or so-called pharmacies, from nine to 30 over time, with the option to do so resting with the existing MMJ operators.
North Carolina Senate passes medical marijuana legalization bill
North Carolina’s state Senate on Thursday gave its initial approval to a restrictive, limited-license medical marijuana bill by an overwhelming vote of 35-10, but a Democratic senator expressed concerns that the vertical structure would shut out hemp growers.
Illinois issues 48 craft grower marijuana licenses to boost social equity
Illinois marijuana regulators awarded 48 additional craft grow licenses in an additional step to diversify the industry.
Marijuana MSO Curaleaf faces class action claim over mislabeled drops
A 77-year-old Oregon resident sued marijuana multistate operator Curaleaf Holdings, seeking class action status for hundreds of consumers who bought Select CBD wellness drops last summer that instead contained “substantial amounts” of THC.
Marijuana multistate operators see sluggish revenue, losses in first quarter
Most of the largest U.S. marijuana multistate operators experienced revenue declines in the first quarter of 2022 versus the previous three months, reflecting seasonal factors, declining cannabis prices and inflationary pressures that could be curbing consumer spending.
Cannabis tech firm Akerna cuts 59 employees as part of restructuring
Akerna, a Denver-based cannabis compliance software company, is implementing a financial restructuring plan that includes reducing its workforce by 59 employees, or a third, and cutting operating costs by $440,000 in its second quarter.
