Lawmakers in Mississippi and South Dakota are fighting for the will of their state residents, ensuring the new cannabis programs they voted to legalize are not lost. Meanwhile, the Massachusetts and Vermont markets are growing, and the United States as a whole continues to break annual cannabis sales records. It's clear, cannabis is growing and shows no signs of slowing down -- check out the latest!
NATIONAL HIGHLIGHTS
Annual U.S. Cannabis Sales Break Record In 2020
While the coronavirus was ruinous for other industries, 2020 was a breakout year for cannabis. Legal cannabis sales across the U.S. hit a record of $17.5 billion, which is a 46% increase from 2019. Most of the growth came from adult-use markets, especially long-standing ones like Colorado. Currently, 15 states allow adult-use and 35 allow medical use. The industry is only gaining momentum as numerous states are currently considering cannabis reform legislation. (Forbes)
STATEWIDE CHATTER
Massachusetts
The Massachusetts adult-use cannabis market is now worth $1 billion annually, with daily sales averaging $2.8 million in January 2021. While the licensing process in Massachusetts is known to be long and laborious, state regulators are beginning to accelerate their approval. The number of final approval-to-operate licenses has more than doubled over the past year and a record 25 final licenses were granted in January. The state is always accepting applications for dispensaries – the competition lies on the local level, as cities and counties are able to ban and regulate cannabis businesses within their area. (The Fresh Toast)
Mississippi
Last week, a House panel gutted a Senate medical marijuana bill and replaced the language with the medical marijuana initiative voters originally passed as a constitutional amendment in November. Senate Bill 2765 was being proposed as a legislative alternative to the voter-passed initiative, Ballot Initiative 65, which is now being challenged in the state Supreme Court. House minority leader Rep. Robert Johnson III said, “The people have spoken, with a constitutional amendment about medical marijuana, and that bill went against the spirit of what the people decided.” The Mississippi Supreme Court will hear arguments regarding the initiative challenge on April 14. (Marijuana Moment)
South Dakota
Despite the adult-use market being held up by a recent court appeals ruling that deemed it unconstitutional, state lawmakers are preparing and moving forward with a proposal on how to license retail cannabis businesses. Senate Bill 187B was approved by the Senate to establish a system of laws for the regulation of cannabis sales and the possession and consumption of adult-use cannabis. Furthermore, a bill has been passed by the legislature and is awaiting the signature of Gov. Kristi Noem to allow cannabis-related businesses to gain access to South Dakota banks. HB 1203 allows state banks to work with cannabis businesses without fear of being prosecuted for participating in illegal activity. (Cannabis Business Times, Argus Leader)
Vermont
Nearly 20 Vermont towns voted to allow adult-use cannabis sales last week as part of the state’s annual Town Meeting Day. Among the towns that voted in favor of adult-use sales is Burlington, the state’s biggest city, and Montpelier, the state’s capital. The Vermont legislature passed an adult-use cannabis regulation measure that became law last October, but it requires towns and cities to approve cannabis sales within their borders. Adult-use cannabis sales are expected to begin in Vermont in October 2022, with applications for retail licenses to become available on or before September 1, 2022. You can view a timeline for Vermont’s adult-use cannabis program implementation here. (MJ Biz Daily)
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