Insights

Red Lake Nation to Open Minnesota’s First Native American Adult-Use Cannabis Store

LOS ANGELES --In a significant development for Minnesota's cannabis industry, the Red Lake Nation has voted to allow NativeCare Dispensary, an existing tribal medical cannabis dispensary, to commence sales to individuals aged 21 and older starting August 1. This decision positions the Native American tribal dispensary as a potential frontrunner in Minnesota's recreational marijuana market. ...

July 17th, 2023|

States Collaborate with Federal Regulators in Sharing Cannabis Data for Rescheduling Review

LOS ANGELES-- In a significant development, several states with medical cannabis programs have collaborated with U.S. health regulators to provide crucial data regarding cannabis use and its impact on patients. This information, including details about the specific cannabis products utilized and their effects, has been shared as part of the Biden administration's review to assess ...

July 14th, 2023|

Illinois Social Equity License Winners Face Challenges in Opening Cannabis Shops

ILLINOIS-- The 55 winners of the upcoming Illinois social equity license lottery, set to be announced on Thursday, may encounter difficulties in successfully launching their cannabis businesses. Historical data indicates that only a fraction of previously awarded social equity licenses have managed to open their doors for business. The Illinois Department of Financial and Professional ...

July 13th, 2023|

FDA and FTC Warn Companies Selling Delta-8 THC Foods for Safety Violations

LOS ANGELES-- The U.S. Food and Drug Administration (FDA) and the Federal Trade Commission (FTC) have jointly taken action against six companies for illegally selling food products containing delta-8 THC, a hemp-derived compound. Warning letters were issued to Delta Munchies, Dr. Smoke LLC, Exclusive Hemp Farms/Oshipt, Nikte's Wholesale LLC, North Carolina Hemp Exchange LLC, and ...

July 13th, 2023|

New York Secures $150 Million Investment to Fully Fund Social Equity Cannabis Retailers

LOS ANGELES--  In a significant boost to New York's social equity cannabis program, Chicago Atlantic Admin LLC has committed up to $150 million in senior secured capital for the Social Equity Cannabis Investment Fund. The announcement, made by Gov. Kathy Hochul's office on Friday, ensures that the $200 million fund aimed at supporting social equity ...

July 3rd, 2023|

Australia Becomes the First Country to Allow Prescription of Psychedelics for PTSD and Depression

LOS ANGELES-- Starting from July 1, doctors in Australia can now prescribe MDMA and psilocybin to patients suffering from post-traumatic stress disorder (PTSD) and hard-to-treat depression. This groundbreaking move makes Australia the first nation in the world to permit the prescription of psychedelics as therapeutic medicine. The announcement of these reforms was made in February ...

July 3rd, 2023|

New Jersey’s Cannabis Market Faces Plateau in Sales Amid Regulatory Challenges

LOS ANGELES-- Despite the growth of New Jersey's adult-use cannabis market during the first quarter of 2023, the state's overall sales figures have hit a nine-month plateau due to ongoing regulatory developments and the slow approval of new license applications. Licensed dispensaries reported approximately $145 million in adult-use sales and roughly $34.5 million in medical ...

July 2nd, 2023|

Canadian Government Invests $3 Million in Psilocybin-Assisted Psychotherapy Trials

LOS ANGELES-- The advancement of psychedelic medicine in Canada received a significant boost as the Minister of Mental Health and Addictions, Carolyn Bennett, announced an investment of nearly $3 million through the Canadian Institutes of Health Research. This funding will support three clinical trials exploring the potential of psilocybin-assisted psychotherapy as a treatment option for ...

June 30th, 2023|

Cannabis Industry Struggles Amid Worsening Economic Conditions, Report Finds

LOS ANGELES-- In a new report published by Whitney Economics, it becomes evident that the cannabis industry in the United States is grappling with worsening economic conditions. The report, titled "Cannabis Operator Sentiment and Business Conditions Survey," sheds light on the challenges faced by plant-touching businesses, which are experiencing a decline in sales and profitability. ...

June 30th, 2023|

FDA Releases Draft Guidance for Research on Psychedelic Drugs

LOS ANGELES-- the U.S. Food and Drug Administration (FDA) unveiled its Draft Guidance for conducting research on psychedelic drugs. The guidance encompasses substances such as psilocybin, LSD, and MDMA, reflecting the growing interest in exploring the therapeutic potential of these compounds. The FDA's guidance aligns with the established best practices required by other drug and ...

June 29th, 2023|

Curaleaf Holdings, Inc. Announces Launch of Adult Use Cannabis Sales in Maryland

LOS ANGELES-- Curaleaf Holdings, Inc., a provider of cannabis products, has revealed its plans to initiate adult use cannabis sales at all four of its dispensaries in Maryland on July 1, coinciding with the state's official first day of legal adult use sales. To commemorate this momentous occasion, Curaleaf dispensaries in Montgomery Village, Frederick, Columbia, ...

June 29th, 2023|
  • Cannabis Testing Market

Maryland Prepares for Launch of Recreational Cannabis Market on July 1

LOS ANGELES-- Maryland is gearing up for the launch of its state-legal recreational cannabis industry on Saturday, July 1, signaling a shift from its portrayal in HBO's The Wire to a regulated market for adult-use cannabis. Businesses in the state have been ramping up production to meet the anticipated surge in demand from both new ...

June 28th, 2023|

Colombian Lawmakers Narrowly Reject Bill for Legal Cannabis Sales

LOS ANGELES-- In a close vote of 47-43, Colombian lawmakers fell short of passing a bill that would have legalized adult-use cannabis sales nationwide. Although the measure received a majority of support in the chamber, it failed to meet the constitutional requirement for a minimum of 54 senators in favor of the bill. This outcome ...

June 28th, 2023|

Cannabis Industry Faces Legal Challenge as Anti-Cannabis Activists File Lawsuit in New York

NEW YORK-- A coalition comprising anti-marijuana activists and nonprofits has recently taken legal action against the state of New York, aiming to reinstate cannabis prohibition and roll back the legalization law enacted in 2021. The group, led by organizations such as the Cannabis Impact Prevention Coalition and Cannabis Industry Victims Seeking Justice, filed the lawsuit ...

June 27th, 2023|

FDA Releases Draft Guidance on Psychedelic Research, Paving the Way for Future Clinical Trials

LOS ANGELES-- The U.S. Food and Drug Administration (FDA) has taken a groundbreaking step in the field of psychedelic research by releasing a draft guidance document aimed at providing recommendations to researchers exploring the potential of these substances for medical treatments. This development marks a significant milestone, as it is the first FDA draft guidance ...

June 26th, 2023|

Canada House Cannabis Group Announces Restatement of Financial Statements to Rectify Accounting Errors

LOS ANGELES-- Canada House Cannabis Group Inc. announced today the filing of a restatement of its unaudited condensed consolidated financial statements for the six months ended January 31, 2023, and 2022. The restatement, referred to as the "Restated Financial Statements," corrects accounting errors identified subsequent to the issuance of the original unaudited condensed consolidated financial ...

June 22nd, 2023|

State-Level Tax Relief Provides Boost to U.S. Cannabis Industry Amidst Federal Uncertainty

LOS ANGELES-- In a much-needed respite for the U.S. cannabis industry, a growing number of states—20 in total—have passed legislation to exempt businesses from the burdensome Section 280E of the federal tax code. This move allows cannabis companies to deduct business expenses from their state income taxes, even though they remain illegal at the federal ...

June 21st, 2023|

Cannabis Legalization in the United States: A Look at Recent Developments and Future Prospects

LOS ANGELES-- Last fall, President Joe Biden made headlines when he issued pardons for federal offenders charged and convicted of cannabis possession. However, despite this gesture, cannabis still remains federally illegal, classified as a Schedule I controlled substance. Yet, what set Biden's actions apart was his directive for the Secretary of Health and Human Services ...

June 20th, 2023|

Australian Study Reveals Increase in Medicinal Cannabis Prescriptions for Psychiatric Disorders

LOS ANGELES-- Recent study conducted by the Lambert Initiative for Cannabinoid Therapeutics at the University of Sydney has shed light on the growing utilization of medicinal cannabis (MC) prescriptions for the treatment of psychiatric disorders in Australia. The study, which analyzed data from November 1, 2016, to September 30, 2022, sourced from the Therapeutic Goods ...

June 20th, 2023|

RIV Capital Expresses Optimism for New York Cannabis Market Amid Regulatory Developments

LOS ANGELES-- RIV Capital remains optimistic about its position in the New York cannabis market, as highlighted during the company's fourth-quarter and fiscal year-end 2023 earnings call. Interim CEO Mike Totzke expressed confidence in RIV's New York-based cannabis business, particularly with the completion of the expansion of Etain's Chestertown-based cultivation and production infrastructure. This expansion ...

June 19th, 2023|

Oklahoma Governor Kevin Stitt Vetoes Legislation Restricting Medical Cannabis Access

OKLAHOMA -- In a recent development, Republican Governor Kevin Stitt of Oklahoma has vetoed Senate Bill 437, a piece of legislation that aimed to impose new rules limiting patients' access to medical cannabis. The proposed changes included requirements such as physicians participating in a state registry, younger patients obtaining recommendations from multiple physicians, with one ...

June 19th, 2023|

New York Cannabis Control Board Faces Challenges in Retail Market Rollout

NEW YORK-- The New York Cannabis Control Board recently convened a meeting filled with action and key decisions, including the approval of 36 new retail permits. However, the board faced challenges related to the slow pace of retail openings, the resignation of a board member, and the delay in discussing proposals for cannabis farmers markets. ...

June 15th, 2023|
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