Marijuana Business News

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Wed
10
Feb

How to Buy Legal Weed Online

woman with credit card and phone

Marijuana’s slow but steady movement towards federal legalization has been heavily documented, gaining support across the nation and with more and more medical and recreational programs gaining approval. But there remains a lot of mystery in the purchase process, with many turning to black market marijuana because it seems simpler and less intimidating than legal weed.

Legal marijuana still has some growing pains, but it has slowly become a simple and more intuitive process. Now, depending on the state where you live, you’re able to purchase marijuana online, at times having it delivered or scheduled for pick-up. Here’s how to buy weed on the web.

Wed
10
Feb

Minnesota hemp industry still trying to catch fire

marijuana plants

Six growers helped launch Minnesota’s hemp industry in 2016, through a pilot program that prioritized study alongside cultivation.

Since then, that program is no longer experimental and that number has grown exponentially — to 343 licensed growers by 2019.

But hemp production has hit a plateau in Minnesota. Many farmers still have last year's crop in storage because markets were saturated and prices crashed. And after a bumpy few years of changing regulations and falling prices, the industry is now looking to branch out from its early products — primarily focused on CBD oil — to new markets, in fiber and grain.

Wed
10
Feb

Cannabis Reform and COVID-19: A Global Forecast

woman with face mask in black and white

The global pandemic has slowed down many aspects of daily life around the globe, and in some cases, shut them down entirely. Fortunately, the cannabis movement has pushed on despite the ongoing pandemic.

This is not to say that things are full steam ahead because there have certainly been setbacks and additional hurdles caused by the battle against coronavirus, especially in the United States.

Several cannabis legalization campaigns that were aiming to make the 2020 ballot were forced to postpone efforts because effective signature gathering for initiatives proved to be nearly impossible.

Wed
10
Feb

Hemp's potential relies on better regulation, more research, experts say

hemp field

Thirty years from now, hemp advocates envision the versatile crop will play a prominent role in the U.S. economy, used regularly in the production of everyday products including food, fiber, fuel, pharmaceuticals and building materials.

But getting to that point is not so simple. 

Lawmakers must adopt policies to ease the regulatory burden on farmers and processors. Scientists must conduct the research and development needed to pioneer new technologies. Breeders must continue studying hemp genetics that best serve such wide-ranging markets.

 

That was the underlying theme of the first National Hemp Symposium — looking ahead to 2050, and finding the roadmap for a thriving industry.

Wed
10
Feb

Colorado marijuana sales hit $2.2 billion in highest-selling year yet

man holding up marijuana leaf within a greenhouse of marijuana plants

Amid a global pandemic that disrupted many facets of commerce, Colorado’s marijuana industry experienced its most lucrative year on record with $2.2 billion in sales in 2020.

According to figures released Tuesday by the state Department of Revenue, dispensaries sold $186,343,208 in cannabis products in December, up 6.4% compared to the previous month. That brought the sales total for 2020 to $2,191,091,679.

The state collected nearly $32.4 million in taxes and fees in December, pushing the annual tax total to $387.4 million in 2020. And January proved to be an even bigger month for tax and fee collections as the state hauled in almost $35 million, according to the data released Tuesday.

Tue
09
Feb

Illinois collects $205.4M in cannabis taxes

cannabis jars on a shelf

About $31 million from adult-use cannabis taxes is going to nonprofits in Illinois as part of the Restore, Reinvest and Renew, or the R3 program, and it’s not all going to Chicago.

Cannabis sales for January neared $90 million. Since adult-use sales began in January 2020, nearly $757.9 million in cannabis has been sold. The taxes on that can be more than 40%, depending on the potency and whether a local sales tax is added on to the state taxes.

For the state’s taxes, the total collected from January 2020 through last month totaled more than $205.4 million dollars.

Tue
09
Feb

The Future of Smokable CBD Products Is Not Great

man smoking vape

The last few years have been a wild ride for the United States’ hemp-derived cannabidiol (CBD) industry. Ever since the Food and Drug Administration (FDA) took the position that CBD is unlawful in many consumer products, the industry has faced many questions about what it can and cannot do. To add fuel to this fire, many states have adopted laws and regulations that are different from, more complicated than, and/or inconsistent with the FDA’s position. To say the least, things are complex.

Tue
09
Feb

This Is What You Need to Know About Cannabis Banking Laws in 2021

stacks of money and marijuana plants

The prosperous cannabis industry has long faced significant barriers to obtaining financial services. For example, as of June 2020, only 695 banks and credit unions were servicing marijuana-related businesses, according to the latest report from the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. This despite the fact that the North America legal cannabis market was worth $16 billion in 2020. 

Tue
09
Feb

Cannabis Industry Could Be The Next Great Middle-Class Job Creator

man at interview shaking the hand of the interviewer

Unlike other industries that were badly hit by the COVID-19 pandemic and resulting recession, hiring in the legal cannabis industry has been booming. Experts attribute the industry’s designation as "essential" at the start of the outbreak as a key reason for the surge. However, challenges still mount. For instance, the industry may be growing exponentially, it is fragmented thanks to the federal illegality. Currently, 36 states (and D.C.) have legal medical marijuana markets while 15 (plus D.C.) permit adult-use.

Tue
09
Feb

How are Industry Leaders in Cannabis Working to Dismantle Systemic Racism?

people protest marching

Cannabis is not the only industry that can act as a microcosm of the world but it may be the most prominent. Cannabis is still federally illegal so there are many areas in which people can be turned away from participating due to previous arrests for cannabis.

During the Fall Emerge 2020 Virtual Cannabis Conference & Expo, Minorities for Medical Marijuana (M4MM) Founder and CEO Roz McCarthy led a panel discussion with industry-leading advocacy organizations. Together, they addressed the myriad concerns surrounding social equity within the cannabis industry.  

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