Policy

California Voters Take Another Shot at Cannabis Legalization

California’s Secretary of State approved language for the “Marijuana Legalization Initiative Statute” that would legalize marijuana and hemp use, possession, cultivation, transportation, and distribution. While the piece of legislation failed to collect enough signatures to get on the ballot in November, the approval of the language means they have another shot to collect signatures by […]

Florida Senate Panel Approves of Medical Marijuana

Senators in Florida voted to let doctors prescribe non-euphoric strains of marijuana for patients suffering from things like seizures or cancer pain after hearing testimony from patients. The bill sponsored by Senators Bean, Brandes and Bradley would strictly control the use of an oil derivative of marijuana that contains no more than 0.5% THC – […]

Colorado’s Marijuana Laws are a Work in Progress

Colorado became the first state in the U.S. to legalize recreational marijuana in January, but the laws governing the legalization are far from finalized. As one would expect, there are many different moving parts to a brand new piece of legislation designed to govern a multi-billion dollar nationwide industry. For example, Governor John Hickenlooper recently […]

New Jersey Senator Proposes Marijuana Legalization

New Jersey State Senator Nicholas Scutari introduced legislation on Monday, March 24, 2014 making the case for legalizing and taxing marijuana. The legislation is modeled after similar legislation in Colorado and Washington after the former state brought in more than $2 million in tax revenue in January alone. “Anybody that looks at the facts knows […]

Las Vegas Moves to Allow Dispensaries

Clark County commissioners approved land-use and licensing regulations that clear the way for prospective medical marijuana businesses to begin filing applications for special-use permits next month. The move followed the Las Vegas City Council’s decision to allow medical marijuana dispensaries and bring back final regulations for a vote in May or June. While the drug […]

New Jersey Looks to Legalize Possession

New Jersey could legalize the possession of up to one ounce of marijuana and paraphernalia after a bi-partisan bill was introduced last week. If passed by the legislature, Assembly Bill 2842 would put marijuana legalization in the hands of New Jersey’s voters as the first state to pass a marijuana legalization measure of any kind […]

Colorado Collects $3.5 Million from Selling Pot in January

Colorado reported total marijuana taxes, licenses and fees of over $3.5 million in January of 2014 after legalizing recreational marijuana use. The 10% tax on retail marijuana generated about $1.4 million in revenue, the 15% excise tax generated nearly $200,000 in revenue, and the 2.9% state sales tax generated about $1.3 million in revenue. Licenses […]

Cannabis Industry Could Create Many Jobs

Hundreds of people gathered in Denver for a job fair for those interested in the legal marijuana business in Colorado. O.penVAPE hosted the O.penVAPE Cannabis Job Fair for any adults over 21 years of age with 15 Colorado-based companies present looking to fill a variety of positions. Positions ranged from accounting and customer service to […]

Uruguay’s President Urges U.S. Drug Policy Changes

The United States and Europe need a new strategy in the warn on drugs and should look at alternatives such as the regulated sale of marijuana, said Uruguayan President Jose Mujica in an interview with Reuters. The industrial societies are the ones that have to change, he added, saying that it’s very possible for developed […]

California Democrats Add Cannabis to Party Platform

California Democrats will add cannabis legalization to the state party’s official platform after a vote showed tremendous support for the initiative. The move marks a key shift away from Governor Jerry Brown’s own position on the drug, but reflects the widespread public support for legalization, particularly in one of the country’s largest and most progressive […]

Caribbean Islands Debate Medical Marijuana Legalization

Jamaica’s move to legalize cannabis has brought the matter to the attention of CARICOM, the Caribbean’s major trade bloc. CARICOM spokesman Leonard Robertson confirmed that a preliminary report from researchers indicating that the decriminalization of cannabis could help the region’s ailing economies will be discussed by the trade bloc. The move comes after criticism that […]

CNN’s Dr. Gupta Doubles Down on Medical Marijuana in New Documentary

Dr. Sanjay Gupta, a practicing neurosurgeon and CNN’s chief medical correspondent, was once a medical marijuana skeptic. In 2009, he authored a TIME Magazine article titled “Why I Would Vote No on Pot” dismissing the many studies showing that medical marijuana provided benefits to some patients. He admittedly lumped those patients with “the high-visibility malingerers […]

First Cannabis Ad to Air on National Television

The first ever national advertisement for marijuana will air on U.S. television in the very near future, according to media reports. MarijuanaDoctors.com, which connects patients with doctors who prescribe marijuana, will air the minute-long spot in New Jersey, Chicago and Massachusetts on Fox, Comedy Central, CNN, ESPN, AMC, Discovery, and the Food Network. Watch the […]

A Closer Look at the United Nations Condemnation of Cannabis

The United Nations’ International Narcotics Control Board (“INCB”) published its 2013 Annual Report on March 4, 2014 voicing its concerns about “misguided initiatives” on cannabis legalization in the United States and Uruguay, saying that they failed to comply with international drug conventions. Cannabis supporters counter that cannabis prohibition has failed to reduce its use, filled […]

Georgia Lawmakers Back Medical Marijuana Laws

Georgia’s state legislature voted 171-4 backing a medical marijuana bill designed to let people suffering from cancer, glaucoma and some seizure disorders take products derived from cannabis oil. The bill will now head to the state senate for debate before going before the governor for final approval. Under the new rules, cannabis could be given […]

Colorado Cannabis Tax Revenue Could Exceed Alcohol

Colorado legalized adult-use cannabis on January 1, 2014 and tax revenues have already exceeded expectations. Governor John Hickenlooper expects cannabis sales to reach $610 million next fiscal year which could bring in nearly $100 million in tax revenue. These funds are slated to be spent on prevention measures, substance abuse treatment, public health, and schools […]

CNBC’s Marijuana in America Provides Glimpse into Cannabis Market

NBC News correspondent Harry Smith will tell the story behind Colorado’s road to becoming the first U.S. state to legalize recreational marijuana tonight on CNBC’s Marijuana in America: Colorado Pot Rush premiering tonight on CNBC at 10:00pm EST. Watch a preview of the program here:

Could Canada Experience a Cannabis Shortage?

Canada’s new Marihuana for Medical Purposes Regulations (“MMPR”) will require all medical marijuana to be purchased from federally approved suppliers starting in April. Despite the impending deadline, the government has only licensed five producers to grow and sell cannabis to an estimated 38,000 patients consuming 190,000 kilograms of the substance. Under existing regulations dating back […]

CannabisFN Weekly: Banking Access Opens Up New Opportunities

Cannabis stocks moved significantly higher last week alongside the broader markets, after the U.S. Department of Justice and Treasury Department issued joint memos providing the banking sector with guidelines for dealing with cannabis companies. Top movers last week included companies like CannaVEST Corp. (OTCBB: CANV) that jumped more than 180% to more than $170.00 per […]

IRS Continues to Cripple Cannabis Industry Profits

Dispensaries in states where cannabis is legal are banned from writing off expenses related to the distribution of their product, since cannabis remains illegal by federal law governing the Internal Revenue Service. Labor, rent, health insurance, advertising and other operating expenses that are commonly written off by business are not eligible for cannabis companies. As […]

Cannabis Tax Revenue Exceeds Expectations in Colorado

Colorado’s adult use cannabis sales are coming in far greater than expected, according to a Colorado budget proposal from Governor John Hickenlooper earlier this week. The proposal estimates that total cannabis sales next fiscal year would be approximately $610 million which will be taxed at 12.9% and bring in an estimated $98 million when all […]

California Coalition Delays Cannabis Vote Until 2016

The Coalition for Cannabis Policy Reform announced that it would wait until 2016 to put its legalization proposal on California’s ballot despite receiving approval to circulate petitions and gather signatures this fall. While polls suggest that Californian voters would support the measure, the coalition wants more time to raise money and build public support. The […]

U.S. Offers Cannabis Guidance to Banks

Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act which means it’s among the most tightly restricted drugs. Since the sale of cannabis is federally illegal, commercial banks have largely stayed away from the industry. Accepting the proceeds from an illegal activity could expose these banks to money laundering and racketeering charges. […]

Cannabis Supporters Rally at Oklahoma Capitol

Hundreds of cannabis supporters rallied at the Oklahoma state Capitol earlier this week to ask the Legislature to reconsider both medical and recreational marijuana laws. Supporters were backing Senate Bill 2116 which would allow people aged 21 or older to possess up to one ounce of marijuana and allow for lawful cultivation of the plant […]

Pressure Builds on Obama to Address Cannabis Laws

More than a dozen members of Congress sent a letter to President Obama requesting that marijuana be removed from the federal government’s list of hard drugs on Wednesday, after the president’s own comments in a recent interview that cannabis is no more dangerous than alcohol. Here’s a copy of the letter sent to the President: […]

Coloradans Still Support Cannabis Legalization

Quinnipiac University released a new poll this week showing that more than half of Coloradans still support the legalization of adult use cannabis a little over a month after it went into law. Slightly more than half of Coloradans say they’ve smoke cannabis at some point in their life, but only 10% admit to smoking […]

Alaska Will Vote on Cannabis Legislation in August

Cannabis advocates in Alaska surpassed the required 30,169 signatures needed for the issue to appear on ballots during elections on August 19, 2014. If the measure succeeds, Alaska will join Colorado and Washington to become the third state legalizing adult use marijuana despite federal prohibition. The Alaskan proposal was modeled after the Colorado law that’s […]

New Farm Bill Green Lights Hemp Cultivation

President Obama will sign a five-year, $1 trillion farm bill into law this week that will ease restrictions on hemp – a non-intoxicating derivative of marijuana. While the amendment won’t fully legalize hemp production, it will allow researchers in states where production is already legal to grow and study the plant that’s used for fabric, […]

Banking Access & Security Needed at Dispensaries

The Denver Police Department estimated that roughly 17% of cannabis dispensaries had been robbed or burglarized in 2009 which is less than liquor stores and banks and on par with pharmacies. Unfortunately, this figure has risen to about 50% over the past year or more than double the 2009 rate, according to an analysis for […]

Californians Will Get to Vote on Cannabis Legalization

California Attorney General Kamala Harris has approved the Marijuana Control, Legalization and Revenue Act for signature gathering for the November 2014 election. If the proposal is approved by voters, adults would be permitted to have up to 12 marijuana plants with six flowering per residence and possess all of the marijuana produced from those plants. […]