On Monday, the Vermont House Appropriations Committee narrowly advanced a bill (S. 54) by a vote of 6-5 that would legalize, regulate and tax adult-use cannabis sales for individuals 21 years and older. A full House vote on S. 54 is expected later this week.
THCnet sat down with Andrew Kline, the National Cannabis Industry Association's director of public policy, during this week's Northeast Cannabis Business Conference to get his take on a myriad of issues -- including the chances of rescheduling cannabis, the timeline for legalization and how the NCIA approaches its lobbying efforts in Washington D.C.
Sen. Mike Crapo’s inbox is overflowing. Over the last month, the republican from Idaho -- who serves as the chairman of the Senate Banking Committee -- has received several letters concerning the Secure and Fair Enforcement (SAFE) Banking Act, which would protect financial institutions working with state-approved cannabis companies.
Here's the latest batch of cannabis legislation news at the state level: Virginia is on the verge of eliminating the threat of jail time for possessing small amounts of marijuana, and the Kentucky House of Representatives appears poised to pass a bill legalizing medical marijuana. Meanwhile, a Senate Judiciary Committee in New Mexico has tabled a bill that would have legalized recreational sales.
Chicago-based cannabis firm Cresco Labs is once again tapping into talent from the beer industry as it works to continue scaling its operations across the U.S. The vertically-integrated, multi-state operator today named former Molson Coors marketing executive Gregory Butler as its first-ever chief commercial officer.
For years, bars and restaurants have served of-age customers their favorite alcoholic drinks. Meanwhile, cannabis consumption almost exclusively occurs in private, even in states that have legalized recreational sales. That’s because most states have been slow to establish and approve social consumption licenses. But as laws and attitudes loosen, on-premise consumption is slowly coming of age.
According to marijuana information firm Leafly, the U.S. cannabis industry added 33,700 jobs in 2019 even as many major cannabis firms have slashed hundreds of positions in search of profits. In its most recent jobs report, Leafly said the legal American cannabis market supported 243,700 full-time-equivalent positions as of January, 2020, up 15% from the previous 12-month period.
Aurora Cannabis Inc. co-founder Terry Booth is the marijuana industry’s latest executive casualty. The Alberta-based cannabis firm announced Thursday that Booth had stepped down as chief executive officer of the multinational marijuana firm. Aurora is he latest high-profile cannabis firm to announce a key executive change in recent months.
The cannabis industry’s preeminent investment and research network is moving beyond matchmaking and into dealmaking. The Arcview Group, which for years has helped connect high net-worth individuals to emerging cannabis companies seeking capital, has launched its first member-based fund that will invest upwards of $10 million into a portfolio of nearly two dozen up-and-coming cannabis ventures.
Illinois dispensaries sold nearly $40 million worth of legal cannabis during the first month of recreational sales, the state’s Department of Financial and Professional Regulation (IDFPR) announced Monday. According to the IDFPR, which oversees cannabis dispensary licensing, adult-use sales topped $39.2 million in January even as many pot shops dealt with marijuana shortages.
Sales of cannabis from legal dispensaries in California approached $3 billion and grew 18% in 2019, according to market research firm BDS Analytics.The two largest product categories in California were concentrates and flower, which accounted for nearly 70% of total dollar sales in the Golden State (or roughly $2 billion).