Maine is a state defined by its rocky coastline, lobsters, moose, and Acadia National Park.
Now the Pine Tree State can add burgeoning legal cannabis marketplace to its notable characteristics.
Even though the state’s voters legalized recreational, or adult-use marijuana back in 2016, business licenses are only now being processed via the Office of Marijuana Policy (OMP) as the state’s legislators have grappled with numerous bills aimed at regulating its usage.
The financial benefit to the state is expected to be significant! Recreational marijuana will have an effective tax rate of 20 percent (a 10 percent weight-based excise tax and a 10 percent sales tax) under the current laws.
Sales are to begin in March, and while revenue forecasters for the state are estimating $4.4 million in the fiscal year 2020 on marijuana sales and excise taxes, marijuana industry analysts are predicting a much more considerable amount; $158 million in the first year netting Maine almost $32...
Cannabis companies could be caught in the middle as the FDA cracks down on tobacco products using the Electronic Nicotine Delivery Systems (ENDS), as outlined in a recent announcement.
The main concern is that many cannabis oil pens and vapes are similar to tobacco vape products and use the same electronic systems as the ENDS products, potentially putting these products in question as well. Therefore, even though it is a gray area, cannabis business owners are advised to take note.
Although the statement from the FDA does not call out cannabis products specifically, it is expected that companies in the cannabis space will have their products, the cartridges for the products, their delivery systems, and their marketing and advertising methods scrutinized. Also, the lack of uniform cannabis product policies across all of the states may prompt the FDA into action. The beginning of the announcement seems to show that this is a good possibility:
While we recently covered the states of Alabama and Kentucky as they consider passing restrictive medical marijuana legislation, there is a definite national trend as several additional states are also looking to expand their presence via new laws or regulations.
While the main driver behind medical marijuana is the health benefits for many patients within these states, adding medical marijuana programs will create tremendous opportunities for businesses. These opportunities will be in the form of business licenses and ancillary services related to this hot market as well as tax revenue for the states.
The states of Arkansas, Florida, Iowa, Maryland, Minnesota, New Hampshire, New Jersey, and Rhode Island are considering removing license restrictions for cultivators, processors, and dispensaries or adding patient conditions for qualification. Any expansion in these states will continue the steady growth of medical marijuana programs across the USA.
Arkansas recently awarded...
Medical marijuana is currently legal in 33 states, including 11 that have also legalized its recreational use, and is supported by an overwhelming majority of the USA.
Two additional states, Alabama and Kentucky, have recently taken steps towards becoming the 34th and 35th states to approve and regulate marijuana for medical purposes. Both states, part of the 17 states holding out against legalization, have advanced respective bills that will authorize the restrictive use of marijuana to treat medical conditions.
Alabama’s bill, titled SB 165 and sponsored by state Sen. Tim Melson, R-Florence, will make it legal for patients who suffer from cancer, chronic pain, or anxiety to receive a medical marijuana card. Only tablets, certain types of edibles, and creams would be authorized under the bill, excluding smoking and vaping.
The Alabama bill follows a study commissioned by the legislature, which was composed of doctors, lawyers, and legislators who met through the last half of...
Attention future cannabis experts! There’s now a college degree program designed for you!
Colorado State University-Pueblo campus recently announced that beginning in the fall; they will offer a brand new undergraduate degree program in Cannabis Science. Graduates of the new program will receive a Bachelor of Science in Cannabis Biology and Chemistry.
The Colorado Department approved the new program of Higher Education as federal healthcare officials seek research into the effects that cannabis has on humans.
In addition to this new degree, CSU-Fort Collins plans to commence a Cannabinoid Research Lab within its College of Natural Sciences. The lab plans to collaborate with the Institute of Cannabis Research at CSU-Pueblo.
CSU-Pueblo based its new program on the successful Medicinal Plant Chemistry degree, which is offered at Northern Michigan University. When it was introduced back in 2017, this degree was the first of its kind.
The school is expecting high demand from...
The fourth Cannabis Jobs Report conducted by Leafly revealed incredible employment growth for the legal marijuana industry in 2019.
Over the past twelve months, the industry has added 33,700 new full-time-equivalent (FTE) jobs, which represents a 15% increase year over year! This brings the new total of legal cannabis-related jobs to 243,700 and makes cannabis the fastest-growing industry in the United States!
The top 10 states for employment are California, Colorado, Washington, Oregon, Florida, Arizona, Nevada, Massachusetts, Oklahoma, and Illinois.
While the west coast continues to lead the industry in overall employment opportunities, states such as Oklahoma and Florida are benefiting greatly from medical marijuana.
Florida has more than 300,000 state residents enrolled in the medical marijuana program, making it the country's largest market and supporting its 20,000 plus cannabis-related workers. Oklahoma's medical marijuana market grew 221% in 2019 and was a key driver in...