Marijuana Business News

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Thu
04
Jun

Florida’s Medical Marijuana Market Flourishes Amid the Pandemic

Florida has long been one of the most important cannabis markets in the U.S., and even amid the COVID-19 pandemic, the medical cannabis market continues to flourish there. According to Marijuana Business Daily, demand seems to be higher now in the Sunshine State than it was before the outbreak started. Case in point: In the first 10 weeks of 2020, medical patients in Florida bought an average of 2 grams of cannabis per week. In May, that average had climbed to 2.9 grams. 

Thu
04
Jun

California’s legal pot industry faces year of decline because of coronavirus, Newsom warns

California’s legal marijuana industry faces a year of declining sales as a result of the pandemic-induced recession despite an initial spike in consumer demand after dispensaries were deemed essential businesses, according to details outlined in Gov. Gavin Newsom’s proposed budget.

Newsom projected in January that the state’s cannabis excise tax would bring in $479 million this year and $590 million in the fiscal year starting July 1, but his revised budget now forecasts just $443 million this year and a decline to $435 million next year.

Thu
04
Jun

Black-Owned Cannabis Businesses You Can Support Right Now

The movement to show support for Black Lives Matter has encompassed the nation. Protests have erupted calling for systematic change, police have responded with tear gas and rubber bullets, stores have been ransacked, including some in the cannabis industry.

We help, in part, beginning in the smallest way—where our money goes.

Thu
04
Jun

Cannabis research company dubs marijuana industry “recession proof”

According to market intelligence firm Prohibition Partners, cannabis could be better positioned to handle the crisis than other industries after having been declared an essential good in Canada and the U.S. 

The coronavirus pandemic has dealt a severe blow to the global economy, plunging countries into recession amid lockdowns designed to stop the spread of the disease.

Among the hardest-hit industries are the travel, retail, and restaurant industries, but other sectors haven’t been spared either by the crisis that could take years to recover from.

Thu
04
Jun

US Hemp Roundtable Asserts Industry’s Eligibility for USDA Coronavirus Program

The U.S. Department of Agriculture (USDA) caused a stir in the hemp industry when it announced a coronavirus relief program in late May that hemp producers were not automatically eligible for. The department instead established a comment docket for producers of ineligible commodities to argue their case for eligibility.

So far, more than 350 comments have been submitted to the USDA about ineligible commodities, including a 23-page document from the U.S. Hemp Roundtable that argues hemp products experienced a significant value decline since the beginning of 2020.

Thu
04
Jun

Cannabis and Coronavirus: Adjusting Against a Backdrop of Social Unrest

The first week of June arrived in America as states struggled to “reopen,” with retailers and other types of vendors taking cautious steps toward the second phase of Federal and state officials’ plans for kick-starting the U.S. economy.

At the same time, the death of African American man George Floyd on May 29 ignited nationwide protests against police brutality and supporting Black Lives Matter, among other civil rights groups.

Wed
03
Jun

Marijuana Stocks To Watch: Which Is The Better Cannabis Retailer?

The U.S. has continued to be a hotbed for marijuana stock growth. Although the cannabis industry has had quite a lot of ups and downs in the past few months, we are beginning to see quite a bit of positive momentum creep into pot stock prices. This momentum may be short-lived for now, but the real potential for marijuana stocks lies in the long term. In the U.S. as many as 33 states have legalized cannabis for medicinal use with 11 going full rec. in Canada, we recently saw the legalization of cannabis 2.0 as they call it.

Wed
03
Jun

Mass. Eases Restrictions, But Cannabis Retailers Are Still Struggling

Recreational sales of marijuana have started back up in Massachusetts. Only medical marijuana was deemed essential, so recreational sales were cut off for a full two months.  Adult-use cannabis fell under Phase 1 of Governor Charlie Baker’s plan to get Massachusetts up and running again.

Re-opening for recreational cannabis retailers comes with a caveat, though: businesses can only participate in curbside pickup. In Phase 2, those retailers will be permitted to open their doors for a limited capacity. Phase 2 is targeted for June 8th but that date could change.

Wed
03
Jun

960 Hemp Growers Licensed For Kentucky’s 2020 Hemp Season

The Kentucky Department of Agriculture has licensed 960 hemp growers along with 150 hemp processors and handlers for the 2020 growing season so far.

The farmers will collectively grow up to 32,000 acres of hemp and the Department has also licensed 4.6 million square feet of greenhouse space for production.

However, not all the licensees will be growing this year – 157 have not requested growing sites, but intend to store hemp from last year’s harvest for sale this year. There may also be more processor licences yet to be issued – the Department is still waiting on completion of dozens of  related applications. Processors are a critical part of success in hemp operations and one of the reasons the USA had problems last year – there simply weren’t enough of them.

Wed
03
Jun

Will Marijuana Stocks Continue to Surge in June?

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