Weekly Wrapup: California’s Chaotic Cannabis Climate + the Promise of Cannabidiol Products
California’s medical marijuana industry is facing a great deal of uncertainty, as evidenced by two developments in the state last week.
First, a City Council committee advanced a measure that would ban all dispensaries in Los Angeles, which currently is home to the largest number of medical marijuana centers in the country. (The committee also supported a separate bill that would allow roughly 100 dispensaries to remain open but force all others to close.)
Less than 48 hours later, state lawmakers advanced a bill that would create a government body to oversee the medical marijuana industry across California.
These measures, if passed, could have a huge impact on MMJ businesses in the state. The ban in LA would be devastating, of course, as it would essentially destroy the biggest medical marijuana market in the United States. The statewide regulations, on the other hand, would be beneficial – bolstering the industry’s credibility and helping rid California of shady operators that have ruined its image. But they would also be disruptive, requiring existing businesses to meet certain criteria and likely shell out thousands of dollars in the process.
As a business owner, it’s hard – if not impossible – to prepare for the future given these uncertainties. The best strategy is to try to remain as flexible as possible so that you can react quickly to change. That means you should shelve any expansion plans and think twice about any big expenditures, as you might need that cash to meet new regulations. And if you run an MMJ business in Los Angeles, it’s probably wise to have a personal backup plan in case you are forced to close.
The other big story during the shortened holiday week revolved around cannabidiol, or CBD. Colorado-based Dixie Elixirs & Edibles announced last week the launch of its new line of hemp-based CBD products. The company says these products are legal in the U.S. and can therefore be sold in any state. This represents a promising new market for MMJ companies willing to invest in CBD and could present a host of new opportunities without all the risk.
Minnesota will let hospitals dispense medical cannabis in pill and liquid forms after the governor [click to continue...]
State police raided eight medical cannabis dispensaries in northern Michigan this week, serving 16 search [click to continue...]
A company that has applied for a permit to grow, process and dispense medical marijuana [click to continue...]
More high-ranking government officials across the globe are taking up the cause of cannabis, with [click to continue...]
Oregon may revoke all 13 licenses it issued to hemp growers earlier this year after [click to continue...]
Florida’s long-awaited CBD program could move into the fast lane now now that a Tallahassee [click to continue...]
Marijuana producers and dispensers in Oregon face a laundry list of new regulations under a [click to continue...]
Medical marijuana dispensaries in Seattle would need to obtain a special local business license by [click to continue...]
Although a number of marijuana activists have pegged Pennsylvania as one of the more likely [click to continue...]
CannaVest Corp. said it has closed a $6.5 million round of financing with an unnamed [click to continue...]
Businesses in Anchorage, Alaska, that allow patrons to smoke cannabis indoors may face legal issues [click to continue...]
A complaint filed by one marijuana legalization campaign against another in Ohio was dismissed unanimously [click to continue...]
Kyle Kingsley, MD, is hoping he’s found a way to expand his cannabis cultivation company [click to continue...]
A quartet of recreational cannabis shops in Washington State wrongly sold marijuana to minors in [click to continue...]