July 2023 - Page 5 of 5 - CannabisNewsWire

MondayJul 10, 2023 4:20 pm

420 with CNW — Records Show Arizona Crossed $100M Mark for Monthly Cannabis Sales

State data has revealed that Arizona’s recreational cannabis market passed the $100 million sales threshold in March. The state legalized recreational cannabis in 2020 via the Safe and Smart Arizona Act, allowing the purchase, possession and use of recreational cannabis by adults aged 21 years of age and older. It took Arizona a little more than a year after legalization to reach $100 million in adult-use cannabis sales, with recreational marijuana sales tripling medical cannabis sales over the last three months. According to the Arizona Department of Revenue, the state’s medical marijuana market has averaged $30 million in sales every…

MondayJul 10, 2023 4:20 am

420 with CNW — NBA Formally Removes Cannabis from List of Banned Substances

The National Basketball Association, as well as its players’ association, has officially come to terms on an agreement that brings significant changes to the league's approach toward cannabis. In a comprehensive document spanning 676 pages, various provisions related to cannabis have been outlined, with the major change being the deletion of marijuana from the organization’s list of banned drugs for players. One key aspect of the new agreement is that players are now allowed to invest in and promote cannabis brands, but with specific conditions. Players can hold an ownership interest, either directly or indirectly, in entities involved in producing…

FridayJul 07, 2023 4:20 pm

420 with CNW — Italy Moves to Regulate Its ‘Marijuana Light’ Program

Last week, Italian lawmakers presented proposals aimed at regulating Italy’s booming low-THC cannabis industry. Dubbed “cannabis light,” Italy’s industry is now home to multitudes of retail outlets selling cannabis with low levels of THC. Although legislators didn’t initially set out to legalize recreational cannabis, a measure meant to legalize industrial hemp, a type of cannabis that has little to no THC, opened a loophole that allowed the cannabis light sector to take root. The government is now working to regulate the sector. On June 20, 2023, Italian Prime Minister Gorgia Meloni proposed amending tobacco legislation and extending it to cover…

FridayJul 07, 2023 4:20 am

420 with CNW — Despite Ongoing Challenges, California’s Legal Cannabis Market Remains Huge

Despite facing financial and tax challenges, California's marijuana industry remains unparalleled as the largest cannabis market globally. According to the recent MJBizFactbook report, the state is projected to generate approximately $5.9 billion in legal medical and recreational cannabis sales in 2023. To provide perspective, this revenue could sustain the economy of a small island country. For instance, the International Monetary Fund (IMF) estimates that Barbados’s gross domestic product (GDP) will reach $6.1 billion this year. Additionally, the IMF forecasts Fiji's GDP to be approximately $5.4 billion. Given California's colossal cannabis market, its magnitude is not surprising. If California were an…

ThursdayJul 06, 2023 4:20 pm

420 with CNW — Montana Legislators Override Cannabis Tax Distribution Bill Veto

Last week, lawmakers in Montana defied Governor Greg Gianforte's veto yet again, this time overriding an appropriations bill that contains provisions for directing cannabis tax funds to a program aimed at enhancing habitats. The Montana Wildlife Federation, the Montana Association of Counties and Wild Montana all expressed their approval of the legislature's decision to override Gianforte's veto of HB 868, the appropriations bill. The groups are currently suing the state’s secretary and Gianforte because of the governor's veto of SB 442. The bill, which enjoyed widespread support, seeks to redistribute revenue from Montana's cannabis tax toward county road funding, the…

ThursdayJul 06, 2023 4:20 am

420 with CNW — Florida AG Tells Supreme Court Cannabis Legalization Measure is Misleading to Voters

Florida Attorney General Ashley Moody is working hard to keep a cannabis legalization initiative off the 2024 ballot. The attorney general recently issued a brief to the Florida Supreme Court detailing why she is opposed to the addition of the legalization measure on next year’s ballot. Moody had received a two-week extension from the court to give her more time to finish the brief, and she submitted it on the Monday deadline. The Attorney General’s office is looking to nullify the marijuana legalization measure based on the argument that its ballot summary’s language is “affirmatively misleading” in several ways. According…

WednesdayJul 05, 2023 4:20 pm

420 with CNW — Minnesota Marijuana Sales Expected to Reach $1.5B

According to a forecast from a top marijuana law firm, Minnesota's legalized marijuana market will increase to more than $1.5 billion annually by 2029. Nearly 700,000 adult-use and medicinal marijuana users are anticipated to be served by Minnesota cannabis companies as the industry matures. Travis Copenhaver, a partner at the psychedelics and cannabis law firm Vicente LLP, stated at a seminar on marijuana entrepreneurship recently held by Surly Brewing in Minneapolis that the state’s recent legalization of recreational cannabis highlights new economic prospects for entrepreneurs in Minnesota. Vicente's market analysis suggests that Minnesota's legal marijuana market growth will closely resemble…

WednesdayJul 05, 2023 9:00 am

The 2023 Alternative Products Expo, Dallas Chapter – “Everything Counterculture Under One Roof”

ZJ Events is proud to announce the third leg of its four-part Alternative Products Expo – the Dallas Chapter – that will be held at the Kay Bailey Hutchison Convention Center Dallas. The expo, which promises to be the ultimate event for anyone in the counterculture industry, will serve as a melting pot for everything counterculture, with featured products including CBD, mushrooms, nicotine replacement, dietary supplements, and nootropics, among others. The event will be held from July 13-15, bringing together hundreds of leading brands such as 3Chi, Mellow Fellow, and Cali Kulture. The event will also offer a platform where…

WednesdayJul 05, 2023 4:20 am

420 with CNW — Cannabis High Linked to Improved Symptoms Among Patients Using Medical Marijuana

More than 30 states now allow their residents to purchase and even grow medical cannabis to treat several allowed conditions. Even though cannabis users typically tend to be younger, a decent portion of medical marijuana patients are older people dealing with conditions such as insomnia and chronic pain from arthritis. For a lot of medical marijuana patients, especially older ones, the “high” that comes with consuming THC cannabis isn’t always welcome. Some patients have taken to using cannabis alongside CBD (cannabidiol) to reduce the high, while some researchers have even developed a cannabis strain that delivers the benefits without the…

MondayJul 03, 2023 4:20 am

420 with CNW — NFL to Inject More Dollars into Studying Cannabis as Concussion Treatment

The joint efforts of the National Football League (NFL) and its players' union have resulted in the announcement of a new round of funding for independent research on the therapeutic advantages of CBD as an alternative treatment for pain in concussed players instead of relying on opioids. The amount of $526,525 has been allocated to support two studies, with one led by the American Society of Pain and Neuroscience (ASPN) investigating cannabidiol and noninvasive vagal nerve stimulation (nVNS) as potential remedies for post-concussion headaches. The study, which will be randomized and is the first of its kind, aims to compare…