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Marijuana Business News

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Fri
29
Apr

Investments in hemp industry highlighted at summit

hemp seeds

The 2022 Pennsylvania Hemp Summit ran Tuesday and Wednesday in Lancaster, featuring nearly 100 hemp growers and entrepreneurs.

Industrial hemp is grown for fiber and seed. It is a different variety of the plant that produces marijuana and became regulated with marijuana in the 1950s and 1960s. Industrial hemp must maintain a concentration of the psychoactive chemical tetrahydrocannabinol below the 0.3 percent legal threshold.

“Industrial hemp is an economic driver delivering innovative approaches to everyday challenges,” Agriculture Secretary Russell Redding said, opening the trade show.

Thu
28
Apr

MariMed completes acquisition of kind therapeutics USA, a Maryland vertically integrated cannabis business

Cannabis Plants

MariMed Inc. (OTCQX: MRMD) (“MariMed” or the “Company”), a leading multi-state cannabis operator focused on improving lives every day, today announced it completed the acquisition of Kind Therapeutics U.S.A., LLC (“Kind”), a leading vertically integrated cannabis business in Maryland.

The Maryland Medical Cannabis Commission approved the transfer to MariMed at their April 13th meeting and the closing took place April 27, 2022. MariMed was instrumental in the development of the Kind operations from its inception in 2017. The Company owns, and had developed, a 180,000 square foot cannabis cultivation and production facility in Hagerstown and is developing a 6,000 square foot dispensary in Anne Arundel County, both of which were leased to Kind.

Thu
28
Apr

Hemp eggs: Kreider Farms introduces An egg-centric idea

Eggs

 

 

The concept made its first trip through a Kreider Farms brainstorming session about six years ago. Hemp products were only an exciting idea then. Not yet a legal possibility.

Eggs were a natural starting point for Kreider, which was already producing a wide range of organic and brown options. That led to a question.

“Why not throw some hemp in there, see if we can get some elevated omegas and some elevated nutrients?” said Khalee Kreider, the company’s marketing manager. “It seemed like it would fit into what we already had going on.”

A seismic shift came two years later. The 2018 Farm Bill authorized the production of hemp and removed hemp and hemp seeds from the Drug Enforcement Administration’s list of controlled substances.

Thu
28
Apr

Nearly $1.9 million in cannabis, related products sold in NJ on 1st day of legal sales

Pot Leaf Edibles

The Garden State raked in the green during the state’s first day of recreational marijuana sales.

More than 12,000 people headed to dispensaries and bought nearly $1.9 million worth of cannabis and cannabis products, according to the New Jersey Cannabis Regulatory Commission. In the days since sales started on Thursday, lines have been steady at dispensaries.

“We expected sales to be substantial and the data shows that the market is effectively serving both adult-use consumers and patients,” Jeff Brown, executive director of the NJ-CRC, said. “We continue to monitor inventory and access for patients and are prepared to take enforcement action against any ATC that does not meet the requirements for patient access and supply.”

Wed
27
Apr

Newly licensed Western New York marijuana growers anxious to be on forefront of state's cannabis market

New York Skyline

 

 

Kerry Trammel and Michael Yager are excited to be at the forefront of New York's recreational cannabis industry.

But they're also nervous, since the market hasn't been established yet and they're not sure exactly what to expect. 

Trammel, owner of The Releaf Market in Jamestown, and Yager, one of the owners of Yager Farms in Eden, are among the 52 growers granted the first licenses to cultivate adult-use recreational marijuana in the state.

Wheatfield Gardens in Wheatfield is the other local business that was awarded a license from the state Office of Cannabis Management.

Wed
27
Apr

Report: IL marijuana sales fall short of projections

Stock Profile picture

Illinois could have realized an additional $600 million in revenue from recreational marijuana sales, according to an analysis by the Illinois Policy Institute.

The group said it found a complicated tax system and restrictive licensing has cut into the state's revenue stream. In 2021, Illinois took in $317 million from cannabis taxes despite the demand for the product due to the pandemic.

Illinois lawmakers had projected in 2019 that revenue could produce $440 million to $676 million in annual tax revenue. The number of dispensary licenses has also been a problem.

Tue
26
Apr

Arizona collects more cannabis than liquor taxes, poll finds one-third Americans prefer weed over booze

One Hundred Dollar Bills

In March, Arizona generated more tax revenue from legal marijuana than from tobacco and alcohol, reported Marijuana Moment. (Article Originally Appeared on: Benzinga)

The state receives Marijuana Tax revenues from three different sources: 1) the 16% Recreational Marijuana Excise Tax; 2) Sales Tax applied to Recreational Marijuana purchases; and 3) Sales Tax applied to Medical Marijuana purchases.

The state collected $11.9 million in dedicated marijuana excise taxes in March and $94.3 million in fiscal years to date.

Tue
26
Apr

Billings lowers minimum age to own or work for marijuana businesses to 18

Cannabis Grower Hand and Plant

 

On Monday night, the Billings City Council brought its marijuana laws in line with state marijuana laws and lowered the age a person can work for or own a marijuana business from 21 to 18.

The city has the right to establish an age requirement for marijuana business license holders and their employees, but voted 8-3 to lower the minimum age to 18.

The 21-year-old age requirement prompted the Billings dispensary, Montana Advanced Caregivers, to file a lawsuit against the city earlier this month. The dispensary employs three people who are older than 18, but not yet 21.

Mon
25
Apr

NY weighs giving pizza joints, other eateries OK to sell cannabis-infused food

Pizza Stone Oven

This could give new meaning to Big Apple pizza joints.

New York State officials are weighing whether to allow pizzerias and other eateries to sell fresh cannabis-infused grub and packaged pot edibles, The Post has learned.

Aaron Ghitelman, a spokesman for the state Office of Cannabis Management, confirmed there have been discussions about awarding such licenses to food preparers — raising the possibility of offerings such as pesto pot pizza or pepperoni with sweet weed sauce.

However, “the regulations regarding infused food products have not been released yet,” Ghitelman stressed.

Mon
25
Apr

Cannabis grower shares tips on how to obtain cannabis business license

girls meeting table

Before recreational cannabis was legal, there were only 35 licensed marijuana retailers across New Mexico.

According to the state's cannabis control division, that number now stands at 125.

With the state of New Mexico not limiting the number of retailers who can open up cannabis dispensaries, there's an influx of people applying for and obtaining cannabis business licenses.

The state's Cannabis Control Division has an online map that shows where people have applied for their cannabis business licenses and how far along they are in the process.

Chad Lozano is the lead grower with Gnarly Farmers.

Lozano said the first step in the application process is figuring out what license you want to apply for.

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