Colorado set a new monthly cannabis sales record, Michigan is on track to collect $1 billion in cannabis sales this year, and Nevada is finally resuming a 2018 licensing process - check out the latest!
NATIONAL HIGHLIGHTS
Coronavirus Is Helping Reduce The Black Market And Grow The Legal Market
A new study found that the coronavirus pandemic has helped reduce activity in the illegal market. The legal cannabis industry is not only supplying U.S. consumers a safer, regulated cannabis market – it’s also keeping people away from the black market and products from drug trafficking organizations “that pose the greatest crime threat to the United States,” according to the report. (Green Entrepreneur)
STATEWIDE CHATTER
Colorado
Cannabis sales continue to grow and set new records in Colorado, even eight years after adult-use was legalized in the state. Sales reached over $226 million in July, totaling to more than $1.2 billion in 2020 so far. That means the state has collected more than $240 million in taxes this year. There's always business opportunities in Colorado's promising market. (4CBS Denver)
Michigan
The executive director of the Michigan Marijuana Regulatory Agency, Andrew Brisbo, announced the state’s cannabis sales could reach $1 billion in 2020. The state already pushed past $200 million in sales in July. Brisbo also projects the market could make as much as $3 billion in coming years. Michigan’s cannabis business opportunities are expected to grow as additional municipalities may opt in to allowing cannabis businesses to boost their economy after the effects of the coronavirus. (Green Entrepreneur)
Nebraska
The Nebraska Supreme Court has ruled that the medical marijuana legalization initiative can no longer appear on the state’s November ballot. After the initiative was certified to appear on the ballot, a Lancaster County Sheriff filed a challenge against it, arguing that the proposal violates the state’s single-subject rule for ballot initiatives. While the state initially rejected the argument, the sheriff pursued his case in court, and the court decided in his favor. Senator Anna Wishart has already promised to re-introduce a medical cannabis bill when the Nebraska Legislature reconvenes in January. (Marijuana Moment)
Nevada
A Nevada judge ruled the state’s cannabis business licensing process can resume after a two-year legal dispute involving dozens of entities. The ruling will allow companies who applied during the state’s last process in 2018 to have their application reviewed again, with some companies finally receiving their approval to operate. This also sets the stage for additional licensing processes to open in the future. (Marijuana Business Daily)
Oklahoma
Oklahoma’s medical cannabis industry will begin its own testing regime to build on the quality assurance process for cannabis businesses. Demeter Laboratory will represent the Oklahoma Medical Marijuana Authority to ensure other labs are complying with state regulations and provide secondary testing on products that are sent to other labs. The state is always accepting applications for additional medical cannabis businesses. (The Oklahoman)
Vermont
Vermont lawmakers have finally reached an agreement on Senate Bill 54, a bill to legalize adult-use cannabis sales and businesses. The bill previously passed in both legislative chambers but in differing forms. Now, those differences have been reconciled and the compromise bill awaits a final vote from the House and Senate before being sent to the governor to be signed into law. Cannabis business opportunities are closer than ever before. (High Green News)
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