Latest Cannabis News: October 29, 2024
Latest Cannabis News: October 29, 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.
No Legalization
Kansas: A Kansas legislative panel voted against a recommendation that lawmakers legalize medical cannabis in 2025, instead saying the state should wait to see what other states and the feds’ actions are.
Nebraska: The Hall County Election Commissioner has been called to testify in a civil case to determine whether signatures on medical marijuana petitions are valid. So far, only Egbert and Todd face charges, and a total of 202 signatures have been considered to be invalid with evidence significant enough to merit charges. In addition to Overstreet, election commissioners from Saunders and Lancaster counties were subpoenaed to testify. Egbert has also been called to testify.
Medical
Florida: According to the language of Amendment 3, if the initiative passes, it would go into effect in six months and the 25 companies currently licensed to operate vertically integrated “Medical Marijuana Treatment Centers” (MMTCs) in Florida “… are allowed to acquire, cultivate, process, manufacture, sell, and distribute marijuana products and marijuana accessories to adults for personal use upon” that date. State legislators are aware they would need to pass follow-up “implementation legislation” to create new business opportunities in Florida’s adult-use cannabis market as well as “guardrails” for public consumption under Amendment 3.
Most ost observers contacted by MJBizDaily believe Florida is likely to follow the example set last year by Ohio, where voters also legalized adult-use marijuana against the wishes of Republican majority lawmakers. Rather than obstruct or defy voters’ will, elected officials allowed medical marijuana operators to begin serving the adult-use market while slowly working on follow-up legislation that would license some new businesses.
That seems to be a likely scenario in Florida, but the pending MMTC permits are major unfinished business.
Source: https://mjbizdaily.com/florida-could-add-adult-use-cannabis-licenses-if-amendment-3-passes/
Kentucky: Kentucky awarded its first 26 medical cannabis licenses through a lottery held Monday at the Kentucky Lottery Corporation in Louisville.
The first round of licenses, drawn by state lottery staff, went to 16 cultivators and 10 processors. A lottery date for the dispensers will be announced on Thursday, Beshear said.
South Dakota: Cannabis legalization advocates in South Dakota could be facing defeat come Election Day.
That’s because 50% of likely voters plan to oppose a 2024 ballot measure to legalize adult-use cannabis, while 45% plan to support the proposal and 5% are unsure, according to a survey released Oct. 24 by Emerson College Polling that was conducted in partnership with KELO-TV and The Hill.
Recreational
Delaware: The Office of the Marijuana Commission conducted the drawings during a Facebook Live broadcast, with 727 of more than 1,200 applicants qualifying for consideration. An accountant monitored the process, which used random-number generation software across 21 separate drawings for Delaware’s three counties.
The three-hour event covered all categories except open retail licenses, which will be awarded in a separate December lottery due to high demand, after more than 800 applications were submitted for just 30 available permits. That included 519 submissions for 15 open retailer permits and 325 applications for 15 social equity retailer licenses.
Maryland: The Office of Social Equity (OSE) is distributing Technical Assistance Grants and has launched a new online community platform to support eligible businesses in the State’s cannabis industry. These initiatives will provide substantial economic support to recipients, promote equality, ensure compliance, and foster collaboration within the growing cannabis sector.
Source: https://mgmagazine.com/press-releases/maryland-backs-equity-cannabis-businesses-with-14k-grants/
Minnesota: But two weeks ago it sent out letters to 350 applicants with what it termed “deficiency notices” and requests for more information. The deficiency notices had to be responded to by Wednesday, Oct. 30.
OCM then completes the processing of those applications and continues to examine license hopefuls for something called “true party of interest,” which tries to assure that the certified social equity applicants — generally those who suffered from cannabis prohibition — will own at least 65% of the business and that no single person is a significant partner in more than one license application.
And while the social equity lottery will grant only 100 micro business licenses — the small businesses that can both grow and sell in cannabis operations similar to small craft brewers — that license type is not capped under the law, and losing applicants can reapply next year and will likely win licenses.
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. Stay up to date on the latest cannabis news with The CB Advisors!
Contact Info@thecannabisbusinessadvisors.com for more information on how to apply for a cannabis business license.
YOU MIGHT ALSO BE INTERESTED IN
