Cannabis Industry News: Jan 24th, 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.

U.S. House Oversight Committee Ready to Question the FDA Regarding CBD Regulations

In a recent interview between James Comer, the chair of the House Oversight Committee, and the U.S. Hemp Roundtable group representative Comer expressed his intention to question the Food and Drug Administration on their lack of action regarding CBD regulations. 

CBD falls under the FDA’s jurisdiction and representative Comer believes that the group’s inaction is leading to a number of safety and quality issues in the industry. Comer also explored the possibility of questioning the FDA on other areas of jurisdiction, and what factors may have influenced the present lack of regulation. 

A Cannabis Consumption Hotel is Scheduled to Open in Las Vegas This Spring

Las Vegas is preparing for the opening of the city’s first cannabis-friendly hotel. Cannabis consumption lounges have been legal in the city since 2022, and advocates are looking forward to this next step toward destigmatization.

The new project is from Elevations Hotels and Resorts. The company bought the Artisan hotel last year for an estimated $11.9 million and has since invested over $15 million into the renovations.

The new hotel is called The Lexi—it is currently undergoing renovations but will host 64 rooms and an entire floor designated for cannabis consumption. Elevations’ rewards program aims to attract travelers who are interested in cannabis tourism as well as other novel experiences.

Texas Prepares for More Medical Cannabis Dispensaries as Applications Open

Public safety officials in Texas are beginning a new medical cannabis business license process. The aim of the project is to expand upon the existing restrictive medical dispensary program.

Businesses who wish to apply for a medical cannabis license can do so until April 28th. While there is no information regarding the number of licenses that will be approved, officials were open about their decision to consider adding more licenses to the state’s program.

Over the past three years, only three medical cannabis licenses have been approved. Governor Greg Abbott passed legislation to increase that number in 2021, citing the need to make medical cannabis available to more patients. 

Legislation in Texas now includes low-THC cannabis for PTSD patients and patients with any form of cancer. THC products were formerly only available to terminal cancer patients and those with a select group of other medical conditions.

Workers to be Laid Off as Tilray Cuts a Quarter of Portugal Medical Cannabis Facility Jobs

Canadian multinational company Tilray is set to let go of approximately 25% of its workforce at its Portugal-based medical cannabis facility. The facility, which employs nearly 200 employees, is scaling back production, manufacturing, and quality control processes. 

Layoffs will take place over the next three months. The affected employees are currently working in the above departments, as well as in labs, cultivation, logistics, and IT.

Tilray Brands hopes these changes will help the company adapt to the current economic challenges facing the industry.

MJBizDaily Predicts Continued Cannabis Layoffs in 2023

The cannabis industry has been facing a series of layoffs and cost-cutting for the past year. According to many industry experts, these trends are likely to continue throughout 2023. 

As demand slows and the market gains halt quicker than anticipated, hundreds of employees across multiple businesses have been affected. The layoffs and exits have impacted C-suite executives as well. 

Some of the businesses that have laid off workers include:

• Dutchie
• WM Technology
• Curaleaf
• Leafly Holdings
• Trulieve
• Leaflink
• Akerna
• Green Leaf Medical

While most experts agree that layoffs will continue for the next year, some even predict they will extend into 2024. 

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