WeedLife News Network
Cash-strapped governments around the country have found a silver lining in the pandemic-caused loss of tax revenue. Legalized marijuana has provided millions to state and local governments - in some cases, millions more than anticipated.
The ability to raise tax dollars has been a selling point for marijuana legalization from the beginning. Long before the state legislature approved adult-use sales, Illinois politicians hoped marijuana could help the state pay off some of its massive debt. Other states, such as Colorado, have used sales tax dollars to fund schools and public improvement projects and programs.
In the 50 years since President Richard Nixon initiated the war on drugs, politicians of both major parties have endorsed aggressive police tactics and harsh punishments to combat substance abuse, and minority communities have disproportionately suffered. Black Americans are several times more likely than whites to be arrested for low-level marijuana offenses, despite comparable usage rates.
Thailand will celebrate World Cannabis Day with a large convention in Bangkok, as the kingdom further relaxes laws regarding the use of hemp in food and cosmetics products.
Some 50 booths will be set up for cannabis business owners to present their products and strategies. A networking event is scheduled on the first day, while a seminar with 14 industry experts will take place on the second day.
The second day of the event is on April 20, or 4-20, a number that has survived since the 1970s as a slang term for cannabis or using cannabis. The date also marks a global counterculture celebration of cannabis. This year, Bangkok will partake.
For the first time legally, Colombia exported to the US an extract with a high THC (tetrahydrocannabinol) content, the main psychoactive cannabinoid derived from cannabis and a controlled substance under international treaties.
On March 30th, the Colombian company NatuEra, a subsidiary of the Canadian Cronos Group, sent THC extract to the U.S. company Biopharmaceutical Research Company, which will use it for scientific research composition and safety of cannabis in vapor form. The results of this study will serve to guide the public policy discussions that are advancing in that country on the legalization of cannabis at the federal level through a responsible regulatory framework based on science.
The American Herbal Products Association (AHPA) has published a lexicon to support the standardization of terminology used in the hemp industry.
As new industries develop, so does associated language and jargon. Sometimes words and terms used have different meaning when applied in other sectors, which can lead to confusion and mistakes being made.
Developed by a working group of the AHPA Cannabis Committee, the lexicon seeks to cover terms used in the cultivation, processing, manufacturing and labeling of hemp, and products derived from it.
Hemp cultivated for seed and grain comprised approximately ten percent of 2020 total U.S. acreage, approximately 14,000 acres, according to data provided by Hemp Benchmarks.
By comparison, Canadian cultivators grew more than five times that acreage, beyond 75,000 acres, the vast majority of which were exported to the United States.
People used cannabis in large numbers during the height of the lockdowns caused by the pandemic. Investors, including big-name celebrities and well-known venture capital funds, are banking on that trend to continue as the pandemic lessens its hold on the country.
The interest in cannabis became apparent the moment lockdowns began as long lines formed at dispensaries. Many governments named cannabis dispensaries as essential businesses. Cannabis sales jumped 45 percent. Investors took notice.
A new bill to be introduced in Michigan would potentially stop cannabis businesses from being able to advertise on billboards.
State Representative Mary Whiteford, a Republican based in Allegan County, is one of the co-sponsors of the bill, standing against cannabis billboards alongside Democratic State Representative Abdullah Hammoud out of Dearborn.
Big tobacco has been behind the curve with the legal cannabis industry thus far and seems to be following the footprint of big alcohol. Companies such Constellation Brands, Inc. (STZ) and Molson Coors Beverage Company (TAP) have executed major agreements with Canadian LP’s that are starting to look like brilliant moves.
Big tobacco’s recent foray into the Canadian cannabis industry shows that a change of tides is occurring at some of the highest levels of big business.
Nevada’s economic development board approved $4.7 million worth of incentives on Wednesday for nine companies that are either moving or expanding operations in the state.
The Governor’s Office of Economic Development estimates that the companies will create more than 1,300 permanent jobs across the state at an average wage of nearly $30 per hour. The companies range from manufacturing operations to technology companies.
Tax incentives and abatements have been a commonly used tool for the state to attract companies to Nevada, particularly during the Great Recession. Tesla, for example, received more than a billion dollars in incentives to build its Gigafactory facility just east of Reno-Sparks in Storey County.
In order to firmly establish itself as a leading farm-to-shelf producer of hemp and CBD products, Green Gorilla has completed the arduous process of having its 1,474-acre farm in Arizona certified Organic under the U.S. Department of Agriculture’s National Organic Program (NOP).
“It kind of puts us in a league of our own because there’s a lot of people who say they’re ‘organic’ but they’re not certified Organic,” CEO and co-founder Steven Saxton says.
They've never been higher.
Oregon recreational marijuana sales have climbed to record highs, but some say the industry's woes also have reached an apex. The difficulties range from an unfavorable federal tax code to a dangerous crime wave, wildfires, and cities and counties hungry for a larger slice of the tax pie.
"Businesses are still struggling," says Kim Lundin, executive director of the Oregon Cannabis Association. "High sales don't transfer to overall industry success."
But the marijuana milestone — $1.1 billion in sales in 2020, blowing past the $795 million benchmark set in 2019 — has started a battle for cash at the state Capitol regardless.
It’s up to entrepreneurs, activists, and various public entities to create campaigns making their local cannabis industries less exclusive and much more inclusive.
The statistics on disproportionate arrests against Black people when it comes to marijuana-related crimes are nothing short of shocking. Systemic racism plagues the industry, and cannabis crimes are just one part of it.
California has granted $15 million to 10 cities and counties that are part of social equity programs. The Governor's Office of Business and Economic Development and the Bureau of Cannabis Control announced the grant funding through the Cannabis Equity Grants Program for Local Jurisdictions earlier this week.
Nicole Elliott, senior advisor on cannabis to Governor Gavin Newsom, disclosed that generations of Californians have experienced impacts of cannabis prohibition and criminalization. The grant funding is poised to help those within the legal cannabis market that were disproportionately harmed by the war on drugs, California Cannabis Portal writes.
As the COVID-19 pandemic disrupted work, school and life schedules, it also caused marijuana buyers to change when they shopped, shifting from the evening hours to the daytime. A year later that pattern is returning to normal, with more shoppers visiting cannabis retail outlets in the evening.
Retailers in general, including marijuana outlets, experienced shifting peak hours after the outbreak of the pandemic as consumers sought safer, more-convenient shopping experiences during the day versus the evening. Many consumers were able to shop at different times because of new working conditions, or they deliberately avoided popular times. Knowing and understanding that peak shopping hours are shifting back will allow cannabis retailers to better predict their scheduling needs.
Top Marijuana Stocks Watch For A Rebound Next Month
Marijuana stocks are working to see better trading in the market. Since mid-February, many of the top marijuana stocks in the market have dropped in trading. Now in that time, small spikes in trading have occurred but overall a decrease in momentum has happened. Some investors are taking this time to look for the best marijuana stocks to buy. Others are holding their current position as they wait to see better trading in the near future. The current strategy that is taking place is buying the dips.