Latest Cannabis News: July 27, 2022

Latest Cannabis News: July 27, 2022

Shelby Knight
JULY 27TH, 2022

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.

 

Medical

 

Minnesota: As cities across Minnesota figure out how they’ll regulate food and drinks containing the component of cannabis that causes a high, some cities have opted to block sales altogether.

In the past month, the cities of Marshall, Robbinsdale and St. Joseph approved moratoriums on sales. Other cities across Minnesota are also considering moratoriums as they weigh how they’ll tackle enforcement, including Waite Park near St. Cloud, and the Twin Cities suburb of Prior Lake. Stillwater enacted a one-year moratorium on all cannabis product sales in November 2021, including the nonpsychoactive hemp product CBD.

Food and beverages containing THC, the psychoactive part of cannabis, became legal in Minnesota on July 1 . The new law allows products to contain 5 milligrams of THC per serving so long as it is derived from hemp, not marijuana, which remains illegal under federal law. Packages can contain a total of 50 milligrams of THC. Sales are restricted to those 21 and older.

Source: https://www.duluthnewstribune.com/news/minnesota/handful-of-minnesota-cities-pause-cannabis-edible-sales-as-they-develop-local-rules

 

 

Recreational

 

Arizona: Two new amendments to a strike-everything bill moving through the Arizona Legislature could tighten marijuana testing standards and ease access to medical marijuana licenses across the state. A strike-everything amendment passed in late March to House Bill 2050, sponsored by Phoenix Republican Representative Justin Wilmeth. The bill would require the Arizona Department of Health Services to allocate nonprofit medical dispensary licenses in counties in which medical dispensaries are more than 25 miles apart.

Source: https://www.phoenixnewtimes.com/marijuana/amendments-to-arizona-marijuana-bill-could-mean-major-industry-overhaul-13832827

 

Colorado: The wholesale price of cannabis flower in Colorado dropped to an all-time low, reflecting a market saturated with supply and squeezing cultivator margins.

According to Colorado Department of Revenue data, the price per pound was $709 as of July 1, down 46% from $1,309 a year ago and nearly 60% from $1,721 in January 2021. Previously, the low was $759 a pound in October 2018.

The data is published quarterly, so there are fluctuations within a given quarter. But the figures indicate the degree of price depression in the market. That also is reflected in the fact that marijuana sales in dollar amounts have declined for 12 months in a row in Colorado, Denver.

Source: https://mjbizdaily.com/colorado-cannabis-wholesale-flower-prices-plummet-to-all-time-low/

 

Illinois: Illinois regulators on Friday announced tentative winners for 185 new recreational marijuana retail permits.

The licenses awarded by the Illinois Department of Financial and Professional Regulation (IDFPR) mean that the marijuana retail market in the state will double, since there are only 110 adult-use shops in operation. Still, the new licenses are only conditional, and the winners aren’t yet fully approved to begin sales, according to a statement from the IDFPR.

The conditional licensing status, rather, allows those 185 winners to being building out their shops in anticipation of eventually getting the green light from regulators to begin sales.

Source: https://mjbizdaily.com/illinois-issues-185-new-recreational-marijuana-retail-licenses/

 

New York: Days after filing a much-anticipated federal marijuana legalization bill, Senate Majority Leader Chuck Schumer (D-NY) joined advocates and community leaders in New York City on Sunday to launch a new cannabis resource center that’s meant to promote equity in the state’s marijuana market.

The leader said that New York’s cannabis law, and its equity components in particular, should serve as a model for the rest of the country. But while the state’s reform move is a positive step, he stressed the need for a federal policy change in order to most effectively achieve social justice.

To that end, there is overlap between the legalization law that New York enacted and his new legislation to end prohibition, Schumer said. Specifically, while both would stop cannabis criminalization, they were also crafted in a way that attempts to help people who have been disproportionately impacted by the drug war.

Source: https://www.marijuanamoment.net/schumer-helps-launch-marijuana-equity-initiative-in-new-york-after-filing-federal-legalization-bill/

 

Washington: Following an analysis of the entire marijuana marketplace in Washington State, the Washington State Liquor and Cannabis Board (WSLCB) today heard a recommendation from staff to increase the number of retail marijuana stores from the current cap of 334 to a new cap of 556. The methodology for the cap will be part of emergency rules which will be announced Jan. 6, 2016. The allocation of retail licenses determined by the board will be published on the WSLCB website at lcb.wa.gov.

“Our goal was clear; to ensure medical patients have access to the products they need,” said WSLCB Director Rick Garza. “There will be more storefronts for patients going forward than are available today. In addition, qualified patients can grow their own or join a four-member cooperative.”

Source: https://lcb.wa.gov/pressreleases/lcb-to-increase-number-of-retail-mj-stores

 

 

 The Cannabis Business Advisors have more than thirty years of combined industry experience, spanning across the U.S. and around the globe. C.B. Advisors offers a comprehensive suite of services, including application and licensing preparation, operational analysis, merger and acquisition support, policy and procedures, exit strategy guidance, and business development planning.

Contact Info@thecannabisbusinessadvisors.com for more information on how to apply for a cannabis business license.

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