Latest Cannabis News: February 27, 2024

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.

Federal

The U.S. Department of Health and Human Services recently advised the U.S. Drug Enforcement Administration to reclassify marijuana as a Schedule III substance instead of a Schedule I substance, and rumors have swirled for weeks about a decision on the matter from the White House.

Source: https://arkansasadvocate.com/2024/02/21/tweaked-language-approved-for-arkansas-ballot-initiative-to-expand-medical-marijuana-access/

Medical

Arkansas: Arkansas’ cannabis industry and patient advocates can begin collecting signatures to qualify a constitutional amendment for the November ballot that would make medical marijuana more accessible. Supporters have until July 5 to gather 90,704 signatures from registered voters to put the amendment to a statewide vote in the Nov. 5 general election. The proposal would allow patients to grow their own plants at home, expand who qualifies for patient ID cards, remove retail prohibitions on certain smokeable products — like pre-rolled joints — and trigger the legalization of recreational marijuana in Arkansas if the drug is federally legalized among other changes.

Source: https://arkansasadvocate.com/2024/02/21/tweaked-language-approved-for-arkansas-ballot-initiative-to-expand-medical-marijuana-access/

Florida: The Florida Office of Medical Marijuana Use is expected to announce the winners of 22 MMTC licenses by the first week of April, which would nearly double the number of existing permits. Language in the November adult-use ballot initiative explicitly allows MMTC license holders to operate in the recreational marijuana market as soon as the measure is passed.

Source: https://mjbizdaily.com/what-to-consider-when-purchasing-a-florida-medical-marijuana-business-license/

Kentucky: Florida-based marijuana track-and-trace software company Metrc signed its 25th government contract, this time with the state of Kentucky.

Source: https://mjbizdaily.com/marijuana-software-company-metrc-lands-kentucky-track-and-trace-contract/

New Hampshire: The New Hampshire House of Representatives last week approved a bill to legalize recreational marijuana as lawmakers revisit the issue of cannabis policy reform for the Granite State. The measure, House Bill 1633 (HB1633), was passed by the full House on Thursday by a vote of 239-14, although legislators who back cannabis legalization efforts offered only lukewarm support for the legislation.

Source: https://hightimes.com/news/new-hampshire-house-advances-recreational-pot-legalization-bill/

Recreational

Arizona: Borrelli’s Senate Bill 1262 would give the state’s attorney general the authority to investigate allegations of “predatory tactics to seize control of nearly all the lucrative licenses,” according to the Arizona Center for Investigative Reporting (AZCIR). If SB 1262 were to become law, Mason and others with similar grievances would have a path to potentially have their ownership restored.

Source: https://mjbizdaily.com/arizona-bill-targets-predatory-tactics-toward-marijuana-social-equity-licensees/

Ohio: The first round of licenses, estimated between 200 and 250, is expected by September 2024. These licenses will be initially limited to existing medical marijuana dispensaries, with some receiving additional licenses for expansion. New licenses for businesses solely focused on recreational marijuana won’t be issued until at least two years after the initial round goes to medical dispensaries.

Canepa clarified that while new dispensaries might appear due to existing ones receiving expansion licenses, these will not be owned by new businesses. Opportunities for entirely new ownership will arise after the 24-month period. “We are following the guidelines laid out in the initiated statute that voters approved,” Canepa said, highlighting the potential for legislative changes.

Beyond the existing medical cannabis operators, Issue 2 provides for a future licensing round for an additional 40 cultivators and 50 dispensaries. These licenses will be issued to applicants with a preference to participants of a forthcoming Cannabis Social Equity and Jobs Program that the Department of Development is required to establish. Additional licenses could be awarded 24 months later based on market conditions.

Source: https://www.cleveland19.com/2024/02/23/ohio-recreational-marijuana-update-sit-down-interview-with-superintendent-ohio-cannabis-control-division/

https://www.cannabisbusinesstimes.com/news/ohio-adult-use-cannabis-licenses-dispensary-sales/

Virginia: After a negotiations by stakeholders early Thursday morning, a Virginia House panel approved a revised, “compromise” version of legislation to legalize and regulate retail marijuana sales in the commonwealth. Supporters now hope to push the bill through both chambers of the legislature and deliver it to Gov. Glenn Youngkin (R), though he has said he is not interested in signing cannabis commerce legislation. The House General Laws Committee passed the amended bill, SB 448, on a 12–10 vote. Members first adopted substitute language that attempted to bridge remaining gaps between the bill, originally introduced by Sen. Aaron Rouse (D), and a separate House measure sponsored by Del. Paul Krizek (D). Regarding timing, retail stores under the new compromise bill would open no earlier than May 1, 2025, although the licensing process would begin in September of this year.

Source: https://www.marijuanamoment.net/compromise-bill-to-legalize-marijuana-sales-in-virginia-passes-out-of-house-committee/

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