Marijuana Business News

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Fri
02
Jul

Wildfires Threaten California Cannabis Crops

An ever-expanding threat of wildfires is affecting a significant network of California cannabis farms, causing a tumultuous situation in the northern part of the state, as well as concern for some cannabis farmers about their crops. 

Fri
02
Jul

Fourth of July Weekend Expected to Bring More Than $206 Million in Legal Cannabis Sales

Move over hot dogs, beer, and fireworks. Weed officially has a seat at the Fourth of July picnic table.

Sales for legal cannabis are projected to skyrocket for the holiday weekend, with Friday, July 2, being the biggest day for purchases across the country. According to Akerna Corp., a regulatory compliance technology company that tracks worldwide cannabis sales, data shows that the retail spike will top $206 million, with nearly $91 million on Friday alone — the second highest sales day for 2021 (after 420, of course). 

Fri
02
Jul

Virginia Allows Adult-Use Pot, Although Retail Sales Are Years Away

When the clock struck midnight to mark the start of Thursday, history was made—marijuana legalization had finally arrived in the southern United States.

As of July 1, adults 21 years and older in the Commonwealth of Virginia can legally use and possess marijuana. The new law stems from legislation that passed in the Virginia legislature back in April and was promptly signed by the state’s Democratic governor, Ralph Northam.

The law makes Virginia the first southern state to end the prohibition on recreational pot use.

Thu
01
Jul

Hemp Research Gets A Helping Hand In Pennsylvania

Three hemp-related projects made the final cut in Pennsylvania’s latest round of Specialty Crop Block Grants.

The grants are provided to high priority specialty crops that are not eligible under the USA’s federal specialty crop grant program.

“Increasing market access and competitiveness means investing in crops with high growth potential that otherwise may be overlooked,” said PA Agriculture Secretary Russell Redding.

Hemp certainly qualifies as one of those crops – and it’s good to see the state’s government continuing to recognise that.

The projects to get a guernsey:

Thu
01
Jul

Oklahoma dispensary owners, growers frustrated over new medical marijuana tracking system

Confusion and frustration are growing in Oklahoma's medical marijuana industry as businesses were supposed to start using new software to track plants in the Sooner State

A class-action lawsuit, however, has put that on hold. Now, growers and dispensary owners told KOCO 5 they are concerned the money they've spent will go to waste.

Thu
01
Jul

The Dark Side of the Cannabis 'Gold Rush'

Medicine, cooking and smoking — whatever the use, cannabis has been a big part of the press lately.

Cannabis is the most consumed drug in the world. According to a report by the European Monitoring Center for Drugs and Drug Addiction (EMCDDA), published in June 2018, more than 24 million people use it in Europe. Three quarters of consumers are between 15 and 34 years old. And while cannabis has proven to be addictive and detrimental to health, it has become so popular around the world that in some countries it has been legalized as a "recreational drug." 

Thu
01
Jul

Michigan’s licensed cannabis industry wants bigger piece of $3.2B market

Michigan’s legal cannabis market nearly reached $1 billion in sales last year, but the industry says that most marijuana customers in the state still don’t buy through legal channels.

About $3.2 billion in cannabis was sold in Michigan in 2020, according to a new report done by the Anderson Economic Group for the Michigan Cannabis Manufacturer’s Association, an industry trade group.

That leaves 70 percent of buyers still turning to illegal or “off the books” transactions, according to the report that offered a first glimpse into the state’s cannabis market 18 months after recreational marijuana has been available to purchase in the state.

Thu
01
Jul

Florida’s $1.3 billion medical marijuana industry could nearly double by late 2022

Florida is set to nearly double the availability of medical marijuana over the next 18 months, pocketing millions in new license fees and tax revenues from an industry already generating $1.1 billion in Sunshine State sales.

The Florida Department of Health (DOH) is expected to issue up to 19 new medical marijuana treatment center (MMTCs) licenses under the state’s vertically-integrated regulatory scheme this year.

Florida has issued 22 MMTC licenses. Fourteen are active with eight awarded via lawsuits and likely for sale, where the bidding starts at $40 million. Acreage Holdings, Inc., paid $67 million for Nature’s Way’s MMTC license in January 2019.

Thu
01
Jul

Zimbabwe Initiates “Green Industry Fund” to Lure Foreign Cannabis Investors

The government of Zimbabwe has created one of the most interesting and potentially hottest cannabis financial “instruments” on the planet. Namely a “Green Fund” that has the backing of critical government agencies—and further specifically that the government hopes will be used to fund cannabis projects.

Thu
01
Jul

3 Predictions for Cannabis and Hemp in 2021

1. Hemp will diversify 

The hemp business is set to continue tremendous growth throughout the year and beyond. While hemp-derived products like CBD gummies and oils are currently all the rage, there is likely to be new uses of the fibrous portion of the plant, such as biodegradable plastic alternatives, textiles, paper products, and more.

As we look to the future, the usages of hemp will continue to be far more mainstream and distributed than ever before, and we'll likely even see it expand into insulation and geotextiles in building materials. 

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