$100M-$150M annual market projected as Oklahoma legalizes medical marijuana
Oklahoma voters on Tuesday approved an open-market medical marijuana program: no caps on the number of business licenses, and doctors can recommend MMJ for any patient ailment.
Marijuana Business Daily projects that such an unrestricted MMJ market, if it sticks in its current form, could generate $100 million to $150 million in annual sales several years after the launch.
Voters supported the measure by a double-digit margin despite a strong, last-minute opposition effort by a coalition that included the Oklahoma State Medical Association, religious leaders, law enforceme....
Senate Democratic Leader Introduces Bill to End Federal Marijuana Prohibition
Senator Chuck Schumer introduced a bill that would remove cannabis from the controlled substances list.
Chuck Schumer D-NY introduced a bill on Wednesday June 27th that would remove marijuana from the DEAs list of controlled substances, which would allow states to determine their own cannabis policies without fear of federal interference.
Schumer, who announced his intention to file the bill in late April, was surely spurred on by recent midterm elections in which fellow ten-term, incumbent Democrat, Joe Crowley, was ousted by an independent 28-year-old Latina from Bronx, Alexandria Ocasio-Cortez.
The legislation, cosponsored by Sens. Bernie Sanders I-VT, Tim Kaine D-VA and....
FDA Approves Marketing Of Plant-Derived Marijuana Medicine
Regulators at the US Food and Drug Administration today granted market approval for Epidiolex, a prescription medicine containing a standardized formulation of plant-derived cannabidiol CBD, for the explicit treatment of two rare forms of severe epilepsy: Lennox-Gastaut syndrome and Dravet syndrome.
The FDAs decision was not unexpected, as the proprietary extract formulation developed by the British biotechnology firm GW Pharmaceuticals had previously demonstrated safety and clinical efficacy at reducing seizure frequency in several placebo-controlled trials. Epidiolex h....
Senate Democratic Leader Introduces Far-Reaching Marijuana Descheduling Bill
Senate Minority Leader Chuck Schumer, along with Senators Bernie Sanders, Tim Kaine, and Tammy Duckworth, just introduced legislation, the Marijuana Freedom and Opportunity Act, to remove marijuana from the Controlled Substances Act and to provide funding for the expungement of criminal records for those with past marijuana convictions.
Passage of descheduling legislation is necessary to resolve the existing and ever-growing state/federal divide over marijuana policy. Thirty-one states regulate medical marijuana use and nine states regulate the plants use, production, an....
NORML PAC Endorsed Jared Polis Scores Resounding Victory in Colorado
Representative Jared Polis, who was endorsed by NORML PAC, scored a resounding victory in Colorados Democratic primary for governor.
The results from the Democratic gubernatorial primary are not just a victory for Jared Polis and supporters of sensible marijuana policy, they are a victory for anyone who believes that our prohibition on marijuana is a failure and that states should be free to set their own policies when it comes to cannabis, free from federal incursion. Jared Polis has been the preeminent champion for ending our nations failed federal prohibition on marijua....
Marijuana prohibition is history in Canada. Last night, after months of negotiations, Parliament approved a bill to legalize, regulate, and tax marijuana for adults. After one formality Royal Assent Canada will become the second nation to end marijuana prohibition and the first G7 country to do so.
Regulations vary by province, but most set age limits at 18 or 19 to match the legal age for alcohol and tobacco in Canada. Once the law takes effect, adults can possess up to 30 grams and grow up to four plants in their homes. Read more about this historic legislation.
he initiative allows those with a recommendation from a physician to possess and use up to three ounces of cannabis eight ounces at home, and up to 72 ounces of cannabis-infused products such as tinctures, edibles and topicals. Patients will also be allowed to grow up to six mature cannabis plants, and six seedlings.
State Question 788 which passed with around 56 percent support legalizes a licensed and regulated system of marijuana cultivation centers and retail outlets, with the latter authorized to sell medical cannabis to any qualified patient.
Below are some furthe....
Pot growers win another round in fight against ban in southern Oregon
The Associated Press
The Oregon Court of Appeals has rejected an appeal by administrators of a prime marijuana-growing county who had been foiled in their attempt to restrict commercial pot production.
The court dismissed the Josephine County commissioners` appeal Wednesday.
The county commission in December tried to ban commercial pot farming on smaller rural residential lots and to drastically reduce larger grow sites.
The state Land Use Board of Appeals put those restrictions on hold, saying the county failed to properly notify landowners. It was that ruling that led the county commission....
California cannabis market transition period about to end; price spikes, shortages may occur
The end of the beginning is coming. The formal end of the six-month transition period for Californias newly regulated marijuana market, that is and it could be a bumpy ride for some MJ business owners.
Come July 1, retailers will no longer be able to sell product that hasnt passed testing lab standards mandated by regulators, which will be a serious shift for many companies and could be a major disruptor for retailers, growers and other businesses, such as edibles manufacturers.
Some retailers in particular could face supply shortages if:
They didnt line up reliable....
Oregon Brings in Nearly $9 Million in Taxes from Legal Marijuana in April
According to Oregons Department of Revenue, the state garnered $8,868,932 in marijuana sales taxes in April of this year. This marks an over 70 percent increase from April, 2017, when the state brought in a little over $5 million in marijuana taxes.
Of the $8.8 million in taxes garnered in April, the vast majority $7.6 million came from Oregons 17 percent state tax on marijuana. The remaining $1.2 million came from local taxes, which can be up to 3 percent.
Based in the new figures for April, Oregon is on tract to garner around $100 million in marijuana taxes for 2018, ....
Congressional Committee Declines to Approve Cannabis Banking Regulations
A congressional committee decided against amending banking rules for the cannabis industry.
If enacted, the new regulations would have prevented the U.S Department of Treasury from attempting to penalize a financial institution solely because the institution provides financial services to an entity that is a manufacturer, producer, or a person that participates in any business or organized activity that involves handling marijuana or marijuana products in compliance with state and local law.
After considerable debate, the House Appropriations Committee rejected the regula....
Trump Signals Possible Support For Bipartisan Marijuana Legislation
President Donald Trump steps off Air Force One as he arrives for the G-7 summit in Canada on June 8. (image:Evan Vucci/AP )
President Trump is signaling hes willing to support a move toward the legalization of marijuana, which would be a departure from the position of his attorney general, Jeff Sessions.
Sessions has been known for his vocal opposition to marijuana legalization, calling it a very real danger during his Senate confirmation hearing, and saying, Good people dont smoke marijuana.
Speaking to reporters as he left the White House Friday morning for the G-7 summit in Canada, Trump said, I probably will end up supporting bipartisan legislation that would give states wide latitude over....
Congressional Black Caucus seeks to decriminalize marijuana
June 8 at 1:20 PM
WASHINGTON Members of the Congressional Black Caucus are calling for decriminalizing marijuana use. The group wants the federal government to get out of the prohibition business when it comes to the drug, a position it says is supported by an overwhelming majority of the 48-member caucus.
The lawmakers say black communities have been disproportionately policed and convicted for drug offenses.
The group says it supports reforms that would reduce the number of black people in prison.
Among the reforms they seek is removal of marijuana from the class of....
Marijuana Legalization Initiative Officially Placed on November Ballot in Michigan
An initiative to legalize marijuana in Michigan has been officially placed on this Novembers general election ballot.
After proponents of the initiative submitted well more than the required number of signatures, the legislature was given the option of passing it into law, or placing it on the November ballot. Lawmakers today officially chose the latter option, cementing the opportunity for voters to make their state the 10th to legalizing marijuana for recreational use.
If passed into law, the initiative would legalize the possession and personal cultivation of marijuana for those 21 and older, while establishing a system of licensed marijuana retail outlets. The possession limit would ....
Canada Senate Gives Approval to Marijuana Legalization
A bill to legalize marijuana, proposed by Canadian Prime Minister Justin Trudeau, has been passed by the Senate through its third and final reading.
The legislation C-45 has already been passed by the House of Commons, but will go back for one final vote on Senate amendments before being sent to the Governor General for Royal Assent final approval. It was passed by the Senate 56 to 30.
Once the law takes effect, the possession and cultivation of personal amounts of marijuana will be legal for those 18 and older. The law authorizes licensed marijuana businesses to sell marijuana and marijuana products, and also allows online sales which will be handled similarly to how the country currently allows online medical marij....
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