Legalization has been a constant topic on the national level, meanwhile a handful of states are continuing to push the envelope further when it comes to banking, sales traction during the pandemic, delivery opportunities and more.
NATIONAL HIGHLIGHTS
Expect A Big Marijuana Legalization Wave Among States In 2021
Canaccord Genuity analyst Bobby Burleson in December pointed to 16 states that he expected to put pot legalization on their ballots this election year. That list has since dwindled as Covid-19 has dominated officials’ attention, slowing down ballot initiatives across the nation. He thinks the slowdown may be temporary and cites a study of 38 states from the Center on Budget & Policy Priorities, which forecasts an aggregate state budget shortfall of 10% in the fiscal year that ends on June 30. Of the 27 where the projected tax revenue shortfall is expected to be 10% or more, nine have discussed cannabis reforms in 2020. (Barrons)
Why U.S. Marijuana Legalization Is Likely On The Way In 2021
Hint: It's because of what might happen in five states. The Motley Fool Reporter Keith Speights shares what shifting political winds will likely occur in the year ahead that will lead to federal legalization in 2021. (The Motley Fool)
STATEWIDE CHATTER
Louisiana
Gov. John Bel Edwards signed legislation protecting banks and credit unions that service cannabis businesses from being penalized by state regulators, as well as another bill to provide legal protections for doctors who recommend medical marijuana and authorized medical facilities that have cannabis patients in their care. (Marijuana Moment)
Massachusetts
Adult use (or recreational) marijuana stores reopened in Massachusetts in late May after a state-mandated, two-month shutdown in response to the coronavirus, but sales during the first week were lukewarm. Retailers across the state generated $13.6 million for the week of May 25, up about 60% from the same week in 2019. By comparison, through the first 12 weeks of 2020, adult-use sales were up by an average of 200% from the previous year. (MJBizDaily)
Michigan
Adult-use marijuana sales in Michigan surpassed medical cannabis sales on a weekly basis for the first time since the state’s recreational market launched Dec. 1, 2019. According to MLive.com, recreational marijuana sales totaled $10.02 million between June 8 and June 14, beating out the medical marijuana market’s $9.97 million in sales for the same time period. (MJBizDaily) In addition, cannabis businesses must now go through a new application and resource process via the Michigan Marijuana Regulatory Agency that focuses on updated requirements for licensing and operations. It also lists new rules for testing cannabis-infused products like edibles. (High Times)(BusinessInsurance.com)
New Jersey
New Jersey’s 11 medical marijuana dispensaries are now allowed to deliver products to patients at home. The state department of health has issued paperwork for medical marijuana shops to complete so their employees can begin performing home deliveries. That option may well result in a sales uptick for dispensaries, since many patients are staying at home to avoid the coronavirus. (MJBizDaily)
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