October 2024 - Page 4 of 4 - CannabisNewsWire

MondayOct 07, 2024 10:00 am

Minnesota’s Medical Marijuana Industry Could Be Impacted by Launch of Recreational Sales

In May 2023, Minnesota Governor Tim Walz signed House File 100 into law, legalizing the recreational use of marijuana in the state. The law went into effect on Aug. 1, 2023, making it legal for Minnesotans to use, possess and grow marijuana in the state. The state is about three months away from allowing retailers to sell and purchase recreational marijuana. Experts expect the medical marijuana industry to be negatively affected if transitions in other states are anything to go by. Data from the Cannabis Regulatory Agency in Michigan shows that in August 2024, medical-marijuana sales totaled about $1.2 million,…

FridayOct 04, 2024 4:20 pm

420 with CNW — Does Florida Cannabis Ballot Measure Stand Chance of Passing?

Former President Donald Trump recently expressed support for Amendment 3, a ballot initiative scheduled for Nov. 5, 2024, that would legalize recreational cannabis in Florida. This unexpected endorsement has added a new twist to the ongoing legalization efforts in the state. Proponents of the measure are hoping that Trump’s backing will help sway the 15% of undecided voters to vote in favor of the legislation. With just over a month before the election, the fate of Amendment 3 is still uncertain as polls show the decision could go either way. To pass, the measure needs at least 60% of the…

FridayOct 04, 2024 10:00 am

Kentucky Issues First Medical Cannabis Business License

Last week, the state of Kentucky awarded the first license for its medical marijuana program to KCA Labs. The state legalized medical marijuana in March 2023, following the signing of SB 47 into law by Governor Andy Beshear. SB 47 legalized the use of medical marijuana for individuals suffering from various debilitating diseases, including multiple sclerosis, cancer, epilepsy, post-traumatic stress disorder, chronic nausea and chronic pain. Following the legislation’s passage, the governor signed a follow-up measure in April that reduced the timeline for licensing marijuana businesses, allowing the licenses to be awarded this year. Governor Beshear announced that granting this…

ThursdayOct 03, 2024 4:20 pm

420 with CNW — Kentucky Officials Prepare to Hold Medical Cannabis License Lottery

Kentucky will begin its lottery for medical cannabis business licenses next month, marking a key milestone in launching the state’s medical marijuana program. There has been an overwhelming response to the program, with Kentucky officials receiving close to 5,000 applications for business licenses before the Aug. 31, 2024, deadline. Most of these applications, around 4,096, came from individuals and groups wanting to open dispensaries. However, only 48 of those dispensaries will be granted licenses. Governor Andy Beshear commented on the significant interest, stating, “The results speak for themselves. There is amazing, even overwhelming, interest, particularly from Kentuckians. This demonstrates that…

WednesdayOct 02, 2024 4:20 pm

420 with CNW — IRS to Keep Applying 280E Until Marijuana Reclassification Completed

The U.S. Internal Revenue Service (IRS) intends to continue seeking tax payments from cannabis businesses that have taken deductions in anticipation of possible federal changes, according to an attorney with the agency. Even if marijuana is rescheduled federally, the IRS could theoretically seize assets from marijuana companies that fail to meet their tax obligations. Luke Ortner, IRS senior counsel, spoke about the possible effects of rescheduling marijuana from schedule 1 to 3 under the Controlled Substances Act (CSA) in a recent discussion at the American Institute of Certified Public Accountants (AICPA) marijuana conference in Denver. The change, if enacted, would…

WednesdayOct 02, 2024 10:00 am

Premium Cannabis Brands See Steady Sales Amid Unstable Economy

Amid a shaky economy, the marijuana industry seems to be thriving, with many premium brands raking in huge profits. Brand Marketing VP at Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF), Dana Mason, argues that consumers want the best and individuals who appreciate premium products are willing to pay more. Exclusivity, which is characterized by limited availability and high prices, is the primary element of luxury goods. In a recent interview, representatives from different premium cannabis brands operating in various categories revealed how they were doing in today’s economy. Under the marijuana edibles category, there is Cresco Labs, which produces Mindy’s…

TuesdayOct 01, 2024 4:20 pm

420 with CNW — Delaware, Ohio Temporarily Ban Adult-Use Marijuana Businesses

Delaware, Ohio, has put a temporary pause on recreational cannabis businesses operating within its city limits; the city council voted 5 to 2 to enforce a six-month moratorium. This decision halts recreational marijuana businesses from opening in the city, giving officials time to consider how to best regulate them. The move follows the approval of Ohio’s Issue 2, which legalized recreational marijuana in November 2023. The ban applies strictly to businesses and does not affect residents using cannabis in their homes. Although the council has the authority to lift the moratorium before the six-month deadline, opinions on the matter varied.…