Category Archives: News

Cannabis Industry News: Feb 7th, 2023

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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.

Stay Up-to-Date With Cannabis News in Qredible®

In our rapidly changing industry, it’s important to stay in the know with regard to headlines and important events. If you want in-depth cannabis news coverage tailored for you, you’ll find all the resources you need to stay current in Qredible®.

Qredible’s pro subscribers unlock access to a customized stream of the latest industry headlines so they can remain relevant and avoid missing key updates about regulations in their state.

To learn more about Qredible’s premium features and functionalities, set up a discovery call today. And for free updates on cannabis industry news, follow us on LinkedIn and Instagram.

 

Cannabis Industry News: February 1, 2023

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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 for your regular update on the biggest cannabis news.

Tribunal Finds Canadian Cannabis Company SNDL Used Intimidation to Squash Union Efforts

A provincial labor tribunal in Alberta, Canada found that cannabis grower SNDL intimidated workers meeting to discuss unionization. As a result of this action, the company must now pay workers to attend mandatory meetings with the union.

Workers at SNDL, previously called Sundial, were scared to attend the meeting because of two managers who had parked out front of the location. The managers claimed to be interested in what the union could do for them, but a union worker testified that many employees were uncomfortable.

The tribunal rejected the managers’ testimonies and ruled that the actions were consistent with union-busting behavior.

Unionization wins have been sweeping the continent over the past few months, including in the cannabis industry. SNDL’s experience sets an example of how interfering with union efforts can backfire.

Massachusetts Adult-use Cannabis Sales Exceed $4 Billion

Since the launch of Massachusetts’ adult-use cannabis market in November of 2018, the state has surpassed $4 billion in sales. The state has had 265 retail locations and 14 delivery businesses operating over the past four years.

Demand in the state has been consistent, and the expansion of licensed businesses has led to significant growth over the past year. In 2022, the state saw 71 new dispensaries and seven new delivery businesses open.

Cannabis Legalization in Wisconsin Challenges MMJ Progress

Wisconsin lawmaker Robin Vos is halting Democratic Governor Tony Evers’ medical and recreational cannabis legalization plans. Vos believes a medical program should be the primary priority.

Budget is the main concern for Vos—the speaker believes if adult-use cannabis legalization is included before a medical program is established, it could threaten the success of the medical program. 

The Assembly and Senate are both Republican-controlled, so the inclusion of adult-use sales could cause both groups to oppose legalization.

Officials in Virginia Push Two Cannabis Bills Despite Legislature Divide

Virginia legislators are acting to move forward two bills to legalize both medical and adult-use cannabis sales in the state. If passed, the state could see its adult-use market open in 2024 so businesses would be able to take business tax deductions.

The first bill would open the cannabis market on Jan. 1, 2024. The second would qualify cannabis businesses to follow tax regulations under Section 280E of the U.S. tax code. 

The biggest challenge to these efforts is Republican Governor Glenn Youngkin. The governor is on the fence about adding an adult-use market in addition to the state’s existing medical program. His top priority with regard to the issue of cannabis is delta-8 and consumer safety. 

Floridan House Republican Pushes to Reschedule Cannabis From Class 1 to Class 3

For the third time since 2019, Republican representative Greg Steube has reintroduced a bill to reclassify cannabis from Schedule 1 to Schedule 3 in the Controlled Substances Act. 

The move is intended to support cannabis businesses struggling to cope with federal tax responsibilities while also opening the door to more research opportunities. 

President Biden requested that the Department of Health consider the classification of cannabis last fall. 

Steube’s moves to pass this legislation failed in 2019 and 2021.

Stay Up-to-Date With Cannabis News in Qredible®

In our rapidly changing industry, it’s important to stay in the know with regard to headlines and important events. If you want in-depth cannabis news coverage tailored for you, you’ll find all the resources you need to stay current in Qredible®.

Qredible’s pro subscribers unlock access to a customized stream of the latest industry headlines so they can remain relevant and avoid missing key updates about regulations in their state.

To learn more about Qredible’s premium features and functionalities, set up a discovery call today. And for free updates on cannabis industry news, follow us on LinkedIn and Instagram.

Cannabis Industry News: Jan 24th, 2023

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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. 

Stay Up-to-Date With Cannabis News in Qredible®

In our rapidly changing industry, it’s important to stay in the know with regard to headlines and important events. If you want in-depth cannabis news coverage tailored for you, you’ll find all the resources you need to stay current in Qredible®.

Qredible’s pro subscribers unlock access to a customized stream of the latest industry headlines so they can remain relevant and avoid missing key updates about regulations in their state.

To learn more about Qredible’s premium features and functionalities, set up a discovery call today. And for free updates on cannabis industry news, follow us on LinkedIn and Instagram.