With American support for legalizing cannabis at an all-time high, all sorts of people are keeping up with news about it. Which state will be the next one to fully legalize it? Who's the latest politician to introduce a legalization bill? It has gone from a political debate question to something both sides of the spectrum have found some common ground on.
Congressman Earl Blumenauer (D-Oregon) isn’t happy with new anti-cannabis guidance from the federal Small Business Administration (SBA). In a recent letter addressed to SBA head Linda McMahon, Rep. Blumenauer decried a new policy that restricts federal loans to businesses working within or with clients in the legal marijuana industry, calling on the agency to revoke the new rule immediately.
A new report finds that legalizing and taxing marijuana boosts revenue for state and local governments — but not by much.
The credit rating agency Moody’s Investor Service says in a study released Tuesday that legalizing recreational use of marijuana brings governments more money than it costs to regulate it.
Despite high taxes on the legal sales of the drug, the revenue accounts for a small portion of government budgets. In Colorado, the first state to legalize recreational use, a marijuana tax brings in the equivalent of about 2 percent of the state budget.
Going green has taken on a new meaning in the U.S. Thirty states plus the District of Columbia now allow legal use of medical marijuana. Eight of those states, along with D.C., also have legalized recreational use of marijuana. The numbers in both categories could be higher in the not-too-distant future.
Two states appear to be on course to legalize recreational marijuana in 2018. Another state could also join the ranks of those allowing legal use of medical marijuana. Here's what you need to know.
Not long ago, New Jersey had a medical marijuana program restricted to no more than 20,000 people, but that was the Gov. Chris Christie era. The campaign cannabis promises of new Gov. Philip Murphy are quickly becoming true. New Jersey is not only shaping up as the next big market for cannabis entrepreneurs, it’s also a good civics lesson on how one election can radically change public policy.
Beyond the Michigan news and Illinois’ Senate voting for cannabis to be considered as an alternative to opioids, this was a relatively tranquil week for weed.
“It feels like the cannabis industry needed a quiet week to recover from 420,” said Debra Borchardt, CEO and co-founder of Green Market Report. “There was some slightly positive news out of Washington DC where AG Jeff Sessions seemed to indicate he was open to the idea of more research for medical marijuana but still made sure everyone knew he wasn't going soft on cannabis just yet.
Michigan residents will decide whether to legalize the sale, possession and use of marijuana for recreational purposes in November, after a state board certified supporters had turned in enough signatures to qualify for the fall ballot.
The state Board of Canvassers agreed Thursday that backers of the ballot measure had turned in about 277,000 valid signatures, more than the 252,523 they needed to qualify for the ballot.
A company called MedMen is opening its first Manhattan medical marijuana dispensary Friday in the heart of one of the poshest shopping districts in the U.S. The polished retail space on Fifth Avenue sits just blocks from Bryant Park, right across the street from Lord & Taylor.
“The end of cannabis prohibition is inevitable.”
That is one of the core principles of Privateer Holdings, a Seattle-based private equity firm investing exclusively in the legal cannabis industry. Judging by the $100 million-plus funding round Privateer closed in January, the company is not having difficulty finding investors who subscribe to the company’s mantra.
Ask the people who grow, manufacture, and sell cannabis about the end of prohibition and you'll hear two stories. One is that legalization is ushering a multibillion-dollar industry into the light. Opportunities are boundless and green-friendly cities like Oakland are going to benefit enormously. There will be thousands of new jobs, millions in new tax revenue, and a drop in crime and incarceration.