Latest Cannabis News: December 5, 2023

Stay up to date with the latest legalization and cannabis news with the C.B. Advisors. Every week, we will release a snippet of what’s happening with each state in the cannabis industry. Did you miss last week? No worries – click here for last week’s cannabis news.

CBD

South Carolina: The delta-8 THC market is bigger than ever before, regulated like hemp, but South Carolina could change that if one proposal takes root. Producers and retailers would be licensed by the state, and any hemp-derived cannabinoid product produced or sold in the state must be tested for pesticides and toxins and to ensure it contains only the legal amount of delta-9 THC.

The license would be in addition to other required business licensing. The annual licensing fee would be $500 for producers and $250 for retailers, according to the pre-filed bill draft.

Source: https://hightimes.com/news/south-carolina-bill-would-tax-regulate-delta-8-thc/

Medical

Alabama: The Alabama Medical Cannabis Commission awarded licenses on Friday to 20 companies to cultivate, process, transport, test, and sell medical marijuana products, a key step toward starting the new industry in Alabama.

Source: https://www.al.com/news/2023/12/20-companies-awarded-licenses-to-start-alabamas-medical-marijuana-industry.html

Florida: A new poll found that 67 percent of Florida voters support a marijuana legalization initiative that the state attorney general is trying to keep off the 2024 ballot. There’s majority support in every single political, age, gender and race demographic.

Source: https://www.marijuanamoment.net/fl-cannabis-legalization-leads-in-new-poll-newsletter-december-1-2023/

Recreational

Ohio: The legislation being advanced in the GOP-controlled chamber would eliminate a home grow option for adults, reduce the possession limit, raise the sales tax on cannabis and steer funding away from social equity programs and toward law enforcement—along with other amendments concerning THC limits, public consumption and changes to hemp-related rules that stakeholders say would “devastate” the market. The bill as amended would also add criminal penalties for public consumption, restrict marijuana advertising, reduce the cap on cannabis dispensaries from 350 to 230 and allow localities to ban marijuana cultivators in their borders.

Source: https://www.marijuanamoment.net/ohio-senate-committee-advances-bill-to-eliminate-marijuana-home-grow-reduce-possession-limits-and-raise-taxes-days-before-legalization-takes-effect/

Illinois: A bill soon to be sent to Gov. J.B. Pritzker makes changes to the licensing policies for cannabis growers and how the product is transported in an effort to bring equity to the industry. During the fall veto session, advocates and lawmakers discussed an amendment to a measure to make it easier for small growers and address a lack of licenses for transporters. After passing both chambers, the bill can now be sent to Pritzker for further action.

Source: https://www.advantagenews.com/news/local/illinois-cannabis-industry-seeking-changes-to-increase-licensing/article_9fc16d4e-8f04-11ee-8a24-a7d5633162f2.html

New Jersey: The New Jersey Economic Development Authority is accepting applications for “Seed Equity” grants that will provide up to $8 million in funding for 48 marijuana equity businesses.

Source: https://www.marijuanamoment.net/feds-cannabis-report-deadline-newsletter-december-4-2023/

New York: The New York Supreme Court officially lifted an injunction that has blocked regulators from processing hundreds of new marijuana retailer licenses—clearing the path to significantly expand the state’s cannabis market. Per the settlement, the veterans will be given dispensary licenses and the Office of Cannabis Management will not approve other dispensaries near their planned locations.

Source: https://spectrumlocalnews.com/nys/central-ny/politics/2023/12/02/judge-lifts-injunction-blocking-some-new-york-cannabis-licenses

Rhode Island: In terms of when more new stores will open beyond the existing medical cannabis dispensaries that have now converted to hybrid businesess, commission chair Kimberly Ahern said the commission is hoping to open license applications next year.

“Our overall goal is still to have applications open in 2024 but that is dependent on multiple factors that will make this an iterative process,” she said in a statement, according to the Boston Globe. “We understand the sense of urgency for some, but it is our goal that this be a thoughtful process.”

The state’s legalization law envisioned 33 total stores, or 24 additional retailers on top of the state’s nine medical marijuana dispensaries. Some of those will be reserved for social equity operators and others will go to worker-owned co-ops.

Source: https://www.marijuanamoment.net/rhode-island-governor-celebrates-one-full-year-of-legal-marijuana-sales-to-adults/

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