Insights

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. ...

LOS ANGELES-- Efforts to legalize medical cannabis in North Carolina have hit a roadblock, as the bill that gained bipartisan support in the state Senate earlier this year has been deemed unlikely to pass in the lower chamber, confirmed Speaker Tim Moore of the state House of Representatives this week. Speaker Moore cited significant opposition ...

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 ...

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 ...

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 ...

NEW YORK - Plans for cannabis farmers markets in New York State have hit an impasse as Gov. Kathy Hochul's office puts the idea on hold indefinitely. The proposal, initially introduced by state regulators in May, aimed to establish farmers markets as a solution for cannabis growers facing an excess of unsold crops from 2022. ...

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 ...

LOS ANGELES-- Several licensed medical cannabis companies in Oklahoma have filed a petition with the state Supreme Court, seeking the repeal of a 2022 law that increased their fee burden. The petition, filed on June 30, argues that the new fee structure violates the state constitution and is essentially a disguised revenue-raising tax rather than ...

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 ...

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 ...

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 ...

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. ...

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 ...

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, ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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. ...