The Illegal cannabis market continues to be one of the biggest threats to legal marijuana industry, whether through diverting revenue from licensed businesses or stunting the growth of legal MJ companies across the United States.
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The full US House is expected to vote next month on a sweeping reform bill that would remove marijuana from the Controlled Substances Act, in what would be a historic development for the industry.
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The governor of Pennsylvania is calling on lawmakers to legalize marijuana to aid the economic recovery from the coronavirus pandemic—and he’s floating the idea that the state itself would sell the cannabis to consumers.
During a press conference on Tuesday, Gov. Tom Wolf (D) talked about his plan to address the COVID-19 crisis and included legalization prominently in his agenda. Tax revenue from marijuana sales could help “supplement” relief loans provided by the federal government, he said.
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Election Night 2020 has the potential to be a monumental night for cannabis reform, but several of the ballot initiatives aren’t as clear-cut as they may seem.
As National Organization for the Reform of Marijuana Laws (NORML) Executive Director Erik Altieri tells Benzinga, the quirks to these initiatives aren’t because of cannabis. Rather, it’s often the state’s legislative framework.
NORML supports legalization efforts in each state but expects more work to come even if the initiatives pass.
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The SAFE Banking Act is filled with hopeful possibilities. Simply put, the U.S. needs the SAFE Banking Act, the global cannabis industry needs the SAFE Banking Act, and our post-COVID economy needs the SAFE Banking Act.
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Cannabis is the fastest-growing industry in America, employing over 240,000 people as of early 2020. Medical cannabis is now legal in 34 states, and 11 states plus Washington D.C. legalized adult-use cannabis. Although the nascent cannabis industry is booming, succeeding in the space isn’t a walk in the park.
So, with the help of Steve DeAngelo — the “Father of the Cannabis Industry” — Green Flower Media put together the 10 secrets of success in the cannabis industry to help guide entrepreneurs. If you are passionate about marijuana and want to use your skills and experience to be an asset to the industry, this is the perfect place to start.
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On Tuesday, July 21, the Food and Drug Administration (“FDA”) released draft guidance for clinical research related to the development and manufacturing of cannabis-based drugs, which gained particular interest following the legalization of hemp in December 2018.
Although the guidance does not cover other FDA-regulated products, such as hemp-derived CBD (“Hemp CBD”)-infused foods and dietary supplements, the last section of the document – Section III C. – addresses delta-9 THC and dosage calculations that may be indicative of the manner in which the FDA may propose to regulate hemp-derived finished products.
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The pandemic has hobbled entire sectors of the economy but the cannabis industry is surviving, even thriving. Sales are up as consumers turn to marijuana for stress relief and recreation. Companies in the industry are making those sales easier and safer with online ordering to reduce contact between retailers and customers. There are even a variety of new products for consumers to try.
Consumers may be cutting their spending, but not on cannabis. Retail sales of medical and recreational cannabis in the U.S. is predicted to top $15 billion by the end of 2020 according to the Marijuana Business Factbook. That’s an increase of about 40% over 2019 sales.
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In November of 2019, a Pew Research study revealed that 9 out of 10 Americans favor legalization of either medical or recreational/adult-use marijuana. As a political issue, the study found that a majority of Republicans—55%—and a majority of Democrats—78%—were in favor of legalization. American voters no longer believe marijuana should remain a criminalized, Schedule I substance. This is not shocking. The people have spoken, the money is flowing, and the globe keeps on spinning.
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The medical cannabis market in Maryland is flourishing, with sales rapidly moving toward half a billion dollars a year.
Experts credit that success, in part, to clear and transparent regulations – and regulators who have balanced compliance with patient access.
But a huge lingering issue looms: litigation and investigations into a 2019 licensing round that was designed to boost diversity in the industry.
Four cultivation and 10 processing licenses hang in the balance, as does the state’s reputation to provide fair access to minorities and women.
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