Marijuana Politics

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Fri
16
Nov

Cannabis banking takes off in US as women forge path around ban

A federal prohibition on marijuana has locked U.S. banks out of an industry surging toward $75 billion in sales. Who’s catching that money? A small number of local credit unions, and the women who run their operations.

Thu
15
Nov

$4.7B in cash-based cannabis taxes overwhelm IRS

The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”

According to Quartz, the U.S. government collected approximately $4.7 billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. Most of these companies were forced to pay their federal taxes in cash because about 70 percent of all legal cannabis businesses are unbanked.

Thu
15
Nov

Election returns likely to usher in hemp amendment with farm bill

Last week, millions of Americans took to the polls to cast their vote in the 2018 midterm elections, writes William Sumner for Benzinga. Though the implications for the Democratic Party majority's retaking the House of Representatives are still taking shape, one consequence of the elections could be revival of the 2018 Farm Bill, which contains an amendment that would fully legalize hemp production in the United States.

Thu
15
Nov

Ontario's private cannabis retailers open their doors on April 1, and here are the rules

The Ontario government has released regulations that will guide the startup of private cannabis stores on April 1.

The stand-alone stores can be open any day between 9 a.m. and 11 p.m., but they must be at least 150 metres away from schools and bar entry to anyone under 19 years old.

A market concentration limit of 75 stores per operator has been set. Until April, cannabis can only be legally purchased from the online Ontario Cannabis Store.

Applications for licences will begin on Dec. 17 and illegal cannabis retailers who were operating after legalization on Oct. 17 will not be eligible to receive cannabis sales licences.

Thu
15
Nov

New York's marijuana rules taking shape

Governor Andrew Cuomo created a committee a few months ago to make recommendations to the state Legislature on an adult-use recreational program. 

News10NBC Investigative Reporter Jennifer Lewke looked into how programs in other states work and sat down with the only member of New York's committee that lives in our part of the state.  

New York is not forging new ground by developing a recreational plan. A number of other states have paved the way. 

"No one had ever taxed it and setup a whole regulatory framework, and to do that and to be in conflict with the federal law, I don't know... it's just not my idea of a good time," says Governor John Hickenlooper of Colorado.

Thu
15
Nov

Legal cannabis shortages will continue for years due to Canada's strict regulations, industry experts warn

Marijuana industry experts in Canada have predicted that nationwide shortages plaguing dispensaries following legalization last month will continue for years to come—and strict regulations are to blame.

Lack of product has caused some legal pot shops to temporarily close down within the first month of national legalization, with the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Quebec and Saskatchewan all reporting shortage problems. Khurram Malik, CEO of the Ontario-based cannabis company Biome Grow Inc, told Canada’s Global News that overly stringent regulations are one of the driving factors behind a lack of supply.

Thu
15
Nov

Nevada breaks another marijuana sales record

Nevada has broken another record for marijuana sales. The Nevada Department of Taxation reported on Wednesday that in August, the state collected $8.1 million in taxes alone from cannabis sales. That’s $3.2 million more than the same time last year.

August 2018 was the largest month of combined marijuana tax revenue to date in Nevada, the agency said. Marijuana tax collection alone for 2019 is expected to be nearly $70 million.

Thu
15
Nov

Federal government seeks cultivators to grow thousands of kilos of cannabis

Those looking to play a role in the development of medical uses of cannabis in the United States, listen up; Uncle Sam needs you. As reported by Marijuana Moment, a listing posted by the National Institute on Drug Abuse via the Federal Business Opportunities website last week asked for “capability statements” from businesses with the capacity to produce a variety of marijuana strains and products. Prospective firms must also be equipped with storage space for up to 5000 kilograms of cannabis stock.

Thu
15
Nov

House reps. announce trio of bills to make VA more 420-friendly for veterans

A bi-partisan duo of congressmen from Massachusetts and Florida will co-sponsor a trio of bills that, together, would help make the Department of Veterans Affairs more responsive to veterans who use and are interested in seeking medical cannabis treatments. Massachusetts Rep. Seth Moulton, a Democrat and former Marine Corps office who fought in Iraq, and Florida Rep. Matt Gaetz will introduce the bills in the next legislative session, Moulton announced Wednesday.

Wed
14
Nov

Where will marijuana be legal next? Asian countries race toward cannabis legalization

Several Asian nations have taken note of cannabis legalization movements in North America and other countries, with several moving to chart a similar path.

Last Friday, Thailand’s National Legislative Assembly sent a proposed amendment to the country’s Health Ministry, which would reclassify marijuana as medicinally legal and regulate its possession and distribution, British online newspaper The Independent reported. The proposed law change will be reviewed by the ministry before being sent to the cabinet for potential revisions. After these steps, the legislature will vote on the amendment, with some analysts suggesting medicinal cannabis could be legalized by the end of the year.

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