Cannabis Industry News: Feb 7th, 2023

The U.S. legalized cannabis, CBD, and hemp industries are rapidly evolving. It’s important to stay on top of changing regulations and shifting landscapes in order to protect and grow your business. That’s why we round up the leading headlines every week to help you stay up-to-date.

Keep reading to see what’s going on in the world of legalized cannabis, CBD, and hemp this week. And check back here every week for your regular update on the biggest cannabis news.

California Attorney General Considers Interstate Cannabis Trade After Letter From State Regulators

In a recent letter, California cannabis officials pitched a legal framework to expand the trade of marijuana across state lines. The plan would have to navigate federal regulations intended to prevent interstate cannabis trade.

It is the first step in what would be a long process, one that many experts believe may never be completed. The main concern is that another state will need to be willing to trade with California. Such an agreement is unlikely to happen this year. 

Florida Medical Cannabis License Date Set

Applications for 22 additional Florida medical cannabis licenses will officially open as of April 24th, 2023. This is the first increase in available licenses in over five years, so it marks a major milestone for the state’s medical cannabis market.

The new addition of 22 licenses will double the state’s existing market of vertically integrated cannabis companies. Florida is one of the country’s largest MMJ markets at $1.5 billion in annual sales. 

While advocates are celebrating the expansion, many are still pushing for an adult-use cannabis market.

Chicago Cannabis Store Expanding Into Multi-use Liquor Licensed Space

A Chicago suburb is about to get a unique cannabis store. Okay Cannabis and West Town Bakery Cafe + Lounge will be opening a space that is licensed to sell both cannabis and alcohol. The space will also sell baked goods and host events. It is the first multi-use cannabis space in the state of Illinois and one of only a select few across the country.

The goal of the new space is to facilitate gatherings and a community where customers can choose to consume cannabis or not.

Hong Kong Bans CBD Products

In a move that goes against the flow of many countries around the world, Hong Kong has enacted a ban on the trade and production of CBD products. Those in violation of the new law will face harsh penalties such as life in prison and up to $5 Hong Kong dollars.

Despite the growing market, the Hong Kong government has classified CBD with dangerous drugs such as cocaine. This means it will be heavily controlled and prohibited. 

Businesses selling CBD products were thriving until the prohibition was announced. Businesses that had previously been operating in Hong Kong will need to shift focus to friendlier markets in the Asia-Pacific region.

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