New Rule In This State Jeopardizes Marijuana Retailers, California's Weed Cafes & More Pot Reg Updates


Recovering Cannabis Market: Price Rise in Colorado Defies 2021 Deflation

  • Since October 2021, the price of cannabis in Colorado has been on a downward trend. However, over the past couple of months, cannabis price has rebounded, reported Green Market Report citing the Colorado Department of Revenue.
  • In June 2023, the retail price for a pound was $703, a significant recovery from its historic low of $649 in April but still significantly lower than its peak of $1,731 in January 2021.
  • In addition, the total marijuana sales in Colorado have reportedly declined over the past five years. Monthly figures have dropped steadily since last winter, hovering between $125 million and $140 million.

House GOP Aims To Ban D.C. Marijuana Sales

  • House Republicans on Wednesday unveiled a draft federal spending bill that includes numerous policy restrictions targeting Washington, D.C., reported DCist.
  • The proposal seeks to maintain an eight-year-old ban on legalizing marijuana sales and prohibit the city from using traffic cameras. This move is expected to put the city's budget in deficit, forcing officials to implement significant spending cuts or tax increases.
  • The GOP-led House Appropriations Committee included policy riders in their draft of a $25 billion spending bill for financial services and general government. These riders are provisions of the federal budget that require or prohibit certain activities.

Minnesota's Legal Marijuana Sales Will Reach $1.5B By 2029, Analysts Say

  • A market analysis by cannabis law firm Vicente LLP has found there's a potential for Minnesota's legal marijuana market to generate $1.5 billion in annual sales by 2029 while serving more than 700,000 consumers per year, reported StarTribune.
  • Vicente LLP also predicted that marijuana sales will launch statewide in January 2025, surging from roughly $550 million that first year to $1.54 billion by the decade's end.
  • Travis Copenhaver, a partner at the firm, called the new market an "amazing opportunity for people interested in adult-use cannabis."

Four More Companies Get OK From NJ Cannabis Regulator For Dispensaries

New Jersey cannabis regulator gave the green light on Wednesday to additional recreational cannabis dispensaries to kick off sales, reported Heady NJ.

The companies that won the state's conditional conversion annual cannabis N.J. dispensary licenses include:

  • 2378 Agri-Kind NJ LLC Cultivator Standard
  • 2615 Hera Solutions LLC Manufacturer Microbusiness
  • 2386 Agri-Kind NJ LLC Manufacturer Standard
  • 2677 Xena NJ LLC (formerly Medusa) Retailer Standard

The state Cannabis Regulatory Commission also said that the state's 18-month-old market has brought in approximately $180 million so far.

Latest Tax Rules For Oregon Cannabis Retailers: Comply Or Lose Your License

  • Marijuana retailers in Oregon now face the danger of revoking their business licenses if they don't show state tax collectors that they are in good standing prior to renewal, reported Green Market Report.
  • According to a recent statement from the Oregon Liquor and Cannabis Commission's Recreational Marijuana Program, the rule underlying this temporary measure will be taken into further consideration in the course of this year for permanent rule making, with the current deadline set for Dec. 12.
  • As of Sept. 15, cannabis businesses must demonstrate that they are tax compliant to be able to renew their licenses.

California Assembly Passes Bill to Legalize Marijuana Cafes

  • California Assembly members approve a measure allowing cannabis dispensaries statewide to sell non-cannabis food and beverages on Tuesday, reported Marijuana Moment.
  • The Assembly Business and Professions Committee advanced Sen. Ben Allen's (D) measure in a 15-2 vote.
  • The bill that previously sailed smoothly through the Senate is now heading to the Governmental Organization Committee for consideration.

Photo: Courtesy of NikolayFrolochkin and ganjaspliffstoreuk by Pixabay

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisGovernmentNewsRegulationsPoliticsMarketsGeneralBen Allencannabis regulatory updateColorado Cannabismarijuana legalizationVicente LLP
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Top Cannabis Event In New Jersey

Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!