Welcome Spaced Cadets! This blog will discuss the latest news in Cannabis from the past two months. There has been a lot that has happened in the industry from new states legalizing weed, rescheduling of cannabis, and new laws happening. Follow along with the multiple topics discussed to be up to date with the latest cannabis news worldwide.
Federal Rescheduling Efforts
The cannabis industry has been closely watching the potential rescheduling of cannabis by the DEA following the Health and Human Services (HHS) recommendation to reclassify it from Schedule I to Schedule III. This move could align federal policy with most states that have legalized medical marijuana and many that permit recreational use. However, the process is complex and faces significant opposition, which may delay implementation (Green Market Report).
North Carolina
The North Carolina Senate recently approved the legalization of medical marijuana, marking a significant shift in the state's approach to cannabis regulation. This legislation allows for the controlled use of medical cannabis for patients with specific conditions, aiming to provide relief and improve the quality of life for many residents (MJBizDaily)
Los Angeles Equity Week
In April, Los Angeles hosted its inaugural Equity Week to highlight and support social equity businesses in the cannabis industry. This initiative aimed to promote businesses owned by individuals from communities disproportionately affected by the War on Drugs, providing them with much-needed visibility and support (LA Cannabis Regulation)
Canada
Canadian cannabis companies have been making strategic moves to strengthen their market positions. For instance, Cronos Group invested $51 million in a joint venture to expand production, reflecting ongoing growth and consolidation in the industry. Meanwhile, other companies like Indiva have entered creditor protection, highlighting some players' financial challenges (MJBizDaily).
Colombia
The Colombian government extended the sell-by dates for medical cannabis products, boosting the export market which reached $10.8 million. This move supports the country's growing cannabis industry by allowing more flexibility in the sale of medical cannabis products internationally (MJBizDaily).
After many years it is great to see the DEA start to plan to reschedule cannabis to a Schedule III drug. Rescheduling cannabis is going to be a game-changer for major companies. You can see that other countries and states are testing the waters by going past the sell-by dates and investing millions into the cannabis industry for better quality products and cheaper ones. There are now more states with legalized weed than those without.
Sources
Fisher, Austin. “Senate Narrowly Votes to Keep Drive-Thru Cannabis Sales • Source New Mexico.” Source New Mexico, 6 Feb. 2024, sourcenm.com/2024/02/06/senate-narrowly-votes-to-keep-drive-thru-cannabis-sales/.
Jackson, Adam. “Cronos Group Expands Growco Cannabis Joint Venture.” Green Market Report, 20 June 2024, www.greenmarketreport.com/cronos-group-expands-growco-cannabis-joint-venture/.
Press, The Associated. “North Carolina Senate Gives Initial Approval to Legalizing Medical Marijuana.” Https://Www.Foxcarolina.Com, 20 June 2024, www.foxcarolina.com/2024/06/20/north-carolina-senate-gives-initial-approval-legalizing-medical-marijuana/.
Somerset, Sara Brittany. “DEA Reportedly Set to Reschedule Cannabis to Schedule III.” Cannabis & Tech Today, 1 May 2024, cannatechtoday.com/dea-reportedly-set-to-reschedule-cannabis-to-schedule-iii/.
Staff, MJBizDaily. “New Mexico’s Combined Marijuana Sales Surpass $1 Billion.” MJBizDaily, 5 Mar. 2024, mjbizdaily.com/new-mexico-combined-medical-recreational-marijuana-sales-surpass-1-billion/.
Dispatch, Canna. “April 24.” April 2024 CannaDispatch | Cannabis Regulation, 2 Apr. 2024, cannabis.lacity.gov/articles/april-2024-cannadispatch
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