Cannabis Countdown: Top 10 Marijuana Industry News Stories of the Week

Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 Marijuana Industry News stories for the week of March 2nd – 8th, 2020.

Without further ado, let’s get started.

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10. Here’s the Real Reason Why the U.S. Federal Government Hasn’t Legalized Cannabis

One Harvard Economist Says the U.S. Government Loses up to $20B a Year By Keeping Cannabis Illegal

Some experts believe that the U.S. Federal Government makes up for prohibition costs and lost tax revenue in other ways, such as by not allowing cannabis companies to write-off regular business expenses.

READ FULL FEDS CANNABIS ARTICLE

9. FDA Finally Sends Overdue CBD Enforcement Update to Congress

Hemp and its Derivatives Were Federally Legalized Under the 2018 Farm Bill

The Food and Drug Administration (FDA) issued an update to Congress this week on the status of rulemaking for CBD.

READ FULL FDA CBD ARTICLE

8. MLB Players Can Smoke Marijuana But Can’t Be Sponsored By Cannabis Companies

MLB is Also Teaming Up with NSF to Analyze and Certify Legal, Contaminant-Free CBD Products

With spring training now in full swing, Major League Baseball (MLB) is further clarifying its stance on marijuana. Players can now consume cannabis without risk of discipline, the league explained in a new memo, but they can’t show up to work under the influence and—at least for now—are barred from entering into commercial arrangements with companies in the marijuana industry.

READ FULL MLB CANNABIS ARTICLE

7. Joe Biden is Frustrated People Think He Still Believes Marijuana Is A Gateway Drug

Biden Really Wants to Make Sure You Don’t Think He Still Believes Cannabis is a Gateway Drug

In fact, Joe Biden has changed his stance over time on the question of whether cannabis use leads to the consumption of other drugs.

READ FULL JOE BIDEN CANNABIS ARTICLE

6. 50 State Banking Associations Demand Senate Vote on Marijuana Banking Legizlation

They Urged a Markup of the SAFE Banking Act, Which Was Approved in the House Last Year

Banking associations from 49 states and Puerto Rico sent a letter to the chairman and ranking member of the Senate Banking Committee on Friday, imploring them to advance a bill protecting financial institutions that service state-legal marijuana businesses.

READ FULL CANNABIS BANKING ARTICLE

5. Are Canadians Drinking Less as Weed Gets Easier to Buy?

It’s Starting to Look That Way

Beer industry statistics show that sales fell sharply in 2019 in several provinces with large networks of cannabis retail stores: Newfoundland and Labrador and the three Prairie provinces. The effect is harder to see in provinces like Ontario and Quebec, which have been slower to build out retail networks. It co-exists with a longer-term, but gentler, fall in beer consumption.

READ FULL CANNABIS VS BEER ARTICLE

4. Ontario Received 450 Cannabis Store Applications on March 2

Strong Interest Demonstrates Pent-Up Demand for Regulated Recreational Marijuana Stores

Approximately 450 cannabis stores applications were filed in Ontario on March 2 – the first day Retail Store Authorization (RSA) submissions were accepted under the province’s new open-market process.

READ FULL ONTARIO CANNABIS ARTICLE

3. DEA Admits State-Level Marijuana Legalization Reduces Illegal Market Demand

The DEA Gave an Overview of its Enforcement Efforts and Made Predictions About Future Trends

The Drug Enforcement Administration (DEA) recently acknowledged in a report that state-level marijuana legalization reduces instances of illegal interstate trafficking.

READ FULL DEA CANNABIS ARTICLE

2. Michigan Wholesale Marijuana Flower Prices Soar on Tight Supply, Lack of Community Approvals

Municipalities Opposed to Cannabis and Strict Testing Have Caused a Bottleneck in the Supply Chain

A tight supply of wholesale recreational marijuana flower in Michigan, one of the youngest adult-use markets in the U.S., is leading to sharply higher prices as producers struggle to keep pace with growing demand.

READ FULL MICHIGAN CANNABIS ARTICLE

1. Illinois Recreational Marijuana Sales Totaled $35 Million in February

The State Had One of the Best Opening Months of Legal Cannabis Sales Topping $39 Million in January

Adult-use cannabis customers spent almost $35 million at Illinois dispensaries in February, a decline from the previous month, but an industry analyst said the market still holds promise.

READ FULL ILLINOIS CANNABIS ARTICLE

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