Marijuana Business Magazine March 2020

Marijuana Business Magazine | March 2020 38 Nevada Supply of midgrade cannabis flower is on the increase in Nevada’s adult-use market, though demand remains robust and the market has not yet become oversupplied. Growers report an average-quality pound of flower is selling for around $2,000 wholesale, down from as high as $2,800 per pound a year ago because the supply has increased. But high-quality flower is still commanding a premium, with pounds of top-shelf material selling for well above $3,000 wholesale due to scarcity. New Jersey Three medical marijuana dispensaries in New Jersey moved closer to opening their doors. Regulators awarded permits to grow medical marijuana to three more companies: • Columbia Care NJ. • MPX NJ. • Verano. The cultivation licensing round advances a process that began more than a year ago in an effort to stimulate the state’s MMJ industry. New Mexico Medical marijuana providers can claim a tax deduction for prescription MMJ, the state’s Court of Appeals ruled, providing dispensary owners with a potential tax break unavailable in other states. Although it was a state-specific decision, the ruling could serve as a precedent in other U.S. markets. In other news, recreational marijuana businesses would be legal in all municipalities and counties in New Mexico under a bill that was approved 4-3 by the Senate Public Affairs Committee. Ohio The state medical marijuana industry pulled in nearly $60 million during its first year of sales, with increased access to dispensaries and falling prices making up for the market’s sluggish start. Roughly 50% of the state’s total medical marijuana sales came in the last quarter of 2019. The program kicked off with just five dispensaries that sold only dried cannabis flower; currently, 46 dispensaries are operating throughout the state. As more MMJ processors received licenses in Ohio, sales of infused products—which include offerings such as edibles, concentrates and tinctures—began to climb. IndustryDevelopments | International & State