Start your day with our News Update, where we bring you a comprehensive roundup of the latest headlines from the past 24 hours. In this edition, we cover a wide range of topics. Join us as we dive into the latest developments and insights shaping the cannabis and psychedelics industry.
BUSINESS:
Report highlights ‘inadequate response’ to underage/illicit vape sales
These figures highlight a lack of consistent enforcement efforts and the need for greater support for Trading Standards teams across the country to combat the illicit vape trade effectively, said Arcus Compliance.
[Source: Talking Retail]
Rhode Island Cannabis Growers Plead for More Retailers
During a Rhode Island state Senate hearing this week, some of the 60 licensed marijuana farmers begged regulators to increase the number of licensed dispensaries, since the current number of seven is far from enough to handle the amount of cannabis the farms have ready to sell.
[Source: Green Market Report]
These Are Rules to Live By for Weed Marketers Amid the Green Rush
It is premature to predict that a commercial for cannabis will show up in the Super Bowl—at least in the near future—but marketers in the fast-growing industry should be prepping now for a more open advertising landscape.
[Source: Adweek]
Red White & Bloom to Acquire Distressed Canadian Cannabis Operator Aleafia
Red White & Bloom Brands, a marijuana multistate operator, has revealed plans to acquire financially troubled Canadian cannabis operator Aleafia Health through a share-exchange agreement. This strategic move aims to bolster Red White & Bloom’s position in the cannabis industry and expand its operations.
[Source: MJBizDaily]
Kansas City Royals Sign Second CBD Sponsorship Deal
The Kansas City Royals, a Major League Baseball team, has signed a sponsorship deal with Pure Spectrum CBD. This collaboration marks the second CBD sponsorship agreement between a CBD company and a professional baseball team. The partnership showcases the growing acceptance and integration of CBD products within the sports industry, as athletes recognize the potential benefits of CBD in supporting recovery, wellness, and overall performance.
[Source: MJBizDaily]
CO seeks higher marijuana licensing fees to bridge enforcement shortfall
The executive director of Colorado’s Department of Revenue wants marijuana businesses in the state to pay higher licensing fees to fund enforcement initiatives.
[Source: MJBizDaily]
Canadian Cannabis Chain Fire & Flower Files for Bankruptcy
Fire & Flower, a Canadian cannabis retailer, has filed for bankruptcy, signaling financial challenges within the cannabis industry. The company intends to lay off workers and terminate leases for some of its 80 stores as part of its restructuring efforts.
[Source: RetailWire]
RESEARCH:
Opioid Deaths Could Hit 165,000 Annually Without Intervention, Biden Official Warns
Biden-nominated drug czar Dr. Rahul Gupta warned of the potential increase in opioid deaths at Politico’s Health Care Summit Wednesday, saying it’s crucial the administration continue to focus on addressing the opioid crisis.
[Source: Forbes]
POLICY:
Federal criminal investigators examining former Secretary of State Shemia Fagan’s dealings with a cannabis company
Federal criminal investigators are currently examining the dealings between former Secretary of State Shemia Fagan and a cannabis company.
[Source: Cannabis Business Executive]
Connecticut Senate Passes Last-Minute Bills Regulating Hemp, Updating Cannabis Laws
A multi-section bill targeting an array of fixes to Connecticut cannabis regulations was passed by the Senate this week that also included language intended to close loopholes in existing law.
[Source: Cannabis Business Executive]
Arizona Appeals Court Requires Expungement of Criminal Records Related to Marijuana Sales
The Arizona Court of Appeals has ruled that a new law legalizing cannabis in the state necessitates the expungement of criminal records associated with marijuana sales. The court vacated and remanded a lower court’s denial of the state’s petition to expunge all records linked to a defendant’s conviction. This decision affirms that sale-related marijuana offenses are eligible for expungement under the law passed in 2020, reflecting a significant step toward rectifying past convictions related to cannabis.
[Source: Law.com]
Berlin Introduces Free and Anonymous Drug Testing
Berlin has launched a legal drug testing program that allows individuals to get their drugs tested anonymously and free of charge. This initiative aims to promote harm reduction and reach drug users who may not otherwise seek assistance.
[Source: Mixmag]
No New Cannabis Business Licenses in San Francisco Until 2028
Under the terms of the measure approved unanimously by the city Board of Supervisors on Tuesday, no new cannabis business license applications will be eligible for consideration until New Year’s Eve in 2027 at the earliest, and that will only be if the board that year decides to let the new moratorium expire, CBS News reported.
[Source: Green Market Report]
Pennsylvania Bill Calls on Feds to Deschedule Cannabis
The Pennsylvania House Judiciary Committee is considering a resolution urging the federal government to deschedule cannabis as a controlled substance. This move reflects ongoing discussions and efforts to revise the legal status of cannabis at the federal level.
[Source: Ganjapreneur]
Legal Pot Promised Second Chance for Thousands in Illinois, but Did the State Deliver?
The implementation of legal marijuana in Illinois was expected to provide a second chance for thousands of individuals. However, questions arise regarding whether the state has fulfilled its promise of creating equitable opportunities and addressing social justice concerns through its cannabis legalization efforts.
[Source: Cannabis Business Executive]
Connecticut Repeals Marijuana Investor Tax Credit, Permits New Tax Deductions
Connecticut is repealing a program that provided a tax credit to marijuana industry angel investors, while also introducing new tax rules that allow for cannabis business expense deductions from state taxes. These changes aim to refine the state’s tax regulations and support the growth of the marijuana industry.
[Source: MJBizDaily]
PRODUCTS:
CULTURE:
Bothered by pot smell, she sued her neighbor to stop smoking — and won
A judge has ruled that a man who smokes medical marijuana in his apartment must stop after a neighbor complained that the odor from his marijuana crept into her home.
[Source: Cannabis Business Executive]
Art-focused retailer sprouts in a central California cannabis desert
Being one of a small number of stores in a cannabis desert might seem like an easy proposition:… But as Lauren Fontein learned when she opened a store in Fresno (population 500,000), being a cannabis oasis comes with its own challenges.
[Source: MJBizDaily]
EDUCATION:
AI powered robotics help combat weed. Good for production. Bad for workforce.
A farm in Central California is using an AI-powered robot to combat weed issues…
[Source: Medium]
VOICES:
Keep Yourself Informed
We hope you enjoyed today’s news update! Check back with us daily to see what’s going on in the world of cannabis, psychedelics, and recreational drugs. And make sure to subscribe below to our newsletter for all the latest stories and deals!
Disclaimer: Our Daily Updates are created using AI tools. PsychePen is an AI author who is constantly improving. We appreciate your kindness and understanding as PsychePen continues to learn and develop.
