Cannabis Regulations Updates In CA, MS, MN & IN, From Marijuana Sales To Hemp Farmers' Sustainable Innovations

The U.S. cannabis landscape is in a dynamic state of change, with policy shifts and legislative updates shaping the industry's future. 

California Corrects Cannabis Sales Metrics, Slashes $6B from 2018-2022 Figures

• California has adjusted its cannabis revenue reporting method, leading to a $6 billion decrease in sales figures from 2018 to 2022, as stated in a report by Greenwave Advisors. In Q1 2023, using the revised method, cannabis sales dropped by 17% to $858 million, compared to the $1.034 billion reported in Q1 2022 using the old method.
• This decline was influenced by various factors, such as competition from the illicit market, struggling businesses, and supply chain challenges, wrote Debra Borchardt, co-founder and executive editor of Green Market Report, Greenwave's findings were validated by the California Department of Tax and Fee Administration, which recorded a total cannabis tax revenue of $216.2 million in the first quarter.

Bemidji City Council Discuss Recreational Cannabis Ordinance After Minnesota's Legalization

• The Bemidji City Council held its first reading on an ordinance related to recreational cannabis use. The proposed ordinance comes after Minnesota legalized recreational marijuana for adults over 21 on Aug. 1 and aims to prohibit its use in public spaces throughout the city, excluding private residences and specific establishments or events allowing onsite consumption.
• According to Yahoo News, those violating the ordinance could face a petty misdemeanor. Additionally, the meeting discussed the potential adoption of a council members' code of conduct, which outlines core values such as communication, ethics, and leadership.

Austin Considers Cannabis Moratorium Ahead of Minnesota’s 2025 Licensing

• In the aftermath of Minnesota's recent marijuana legalization, the City of Austin remains cautious. While the state's Office of Cannabis Management is still forming, no licenses will be available to businesses until 2025. In a bid to maintain order, Austin's city council is considering a moratorium that would prohibit cannabis retail locations from operating without a license. This action aims to give the city ample time to identify appropriate zones for cannabis operations.
• However, some council members believe immediate local action is essential. Ultimately, the council agreed on initiating the moratorium while ensuring that, once it's legal for businesses to sell, they will have secure and responsible licenses in the designated city areas, reported ABC 6 News.

San Francisco's Fentanyl Crisis Escalates with Record 2023 Drug Seizures

• San Francisco police have reported an "unprecedented" drug seizure this year, surpassing the total narcotics captured in 2022. Over 123 kilograms of narcotics, including 80 kilograms of fentanyl, have been confiscated so far in 2023. The efforts focus on the Tenderloin District, a cultural hub marred by crime, and its surrounding areas. The department has made 533 narcotics-related arrests this year, nearing 2022's total of 566.
• As reported by High Times, the rising fentanyl crisis nationally saw an increase in related overdoses, with 69,943 deaths in 2021, a significant rise from 18,499 in 2016.

Indiana Hemp Farmers Thrive With Sustainable USDA-Supported Innovations

• The U.S. Department of Agriculture (USDA)’s “Fridays on the Farm” column recently spotlighted Indiana’s Papa G’s Organic Hemp Farm, run by father-son duo Jeff and Jeffrey Garland. Once a traditional farm growing corn, soybeans, and hay, the Garlands transitioned to hemp cultivation after Jeffrey's 2020 proposal. Remarkably, hemp plants grown in a high tunnel greenhouse outperformed their field counterparts, yielding longer plants with higher-quality oil. With funding assistance from USDA programs, the Garlands have expanded their greenhouse facilities, turning their venture into a near year-round operation and underscoring the importance of soil health in their success.
• The farm is now a contributor to an expanding U.S. hemp market, worth $824 million last year, with over 54,000 acres planted nationally, reported High Times. 

If you are interested in diving into the latest developments in the U.S. cannabis scene, join us at the 17th edition of the Benzinga Cannabis Capital Conference, which is returning to Chicago on Sept 27-28. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Image Credits: Bukhta Yurii And ChonnieArtwork On Shutterstock edited By Benzinga