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 many different topics from the cannabis and psychedelics industries relating to business, research, policy, culture, and so much more!
Join us as we dive into the latest developments and insights shaping the cannabis and psychedelics industry.
BUSINESS:
New York Launches Enforcement Crackdown on Unlicensed Marijuana Shops New York state authorities have initiated a sweeping crackdown on unlicensed marijuana businesses that have proliferated over the past year. Surprise inspections and cease-and-desist orders were issued at several retail shops in New York City to enforce compliance with licensing regulations. [Green Market Report]
Rhode Island Courts Expunge More Than 23K Pot Cases Under New Legalization Law Rhode Island court officials announced the expungement of more than 23,000 marijuana possession charges as required under the state’s new legalization law. This move aims to rectify the past impact of cannabis-related convictions and provide individuals with a fresh start. [Cannabis Business Executive]
TerrAscend to Acquire Maryland Dispensary for $22 Million TerrAscend, a prominent multistate cannabis operator, has entered into a definitive agreement to acquire a Maryland-based medical marijuana dispensary for $22 million. This acquisition expands TerrAscend’s retail footprint and positions the company for growth in the emerging Maryland cannabis market. [Green Market Report]
Denver Industrial Leaders See ‘Calmer, More Rational’ Market Ahead Industrial leaders in Denver anticipate a more stable and rational market in the near future. The cannabis industry in Denver has experienced significant fluctuations, and industry experts predict a period of consolidation and improved market conditions, providing a favorable environment for businesses to thrive. [Bisnow]
U.S. Legal Cannabis Market Sales To Soar To $45 Billion In 2027, Says Top Researcher The legal cannabis market, which comprises both medical and adult-use, is poised to reach $45 billion in sales in 2027. This bullish projection is the latest made by top cannabis researcher BDSA, which just released its key market forecast update. [Forbes – Retail ]
Cannabis sellers are still using prohibited payment workarounds
Despite the threat of fines, some marijuana merchants continue to use a form of checkout designed to hide the nature of the payment from card companies and authorities. [American Banker]
RESEARCH:
Recreational to Medical? Psychedelics Hold Antidepressant Effects, Study Finds A team of 33 researchers across eight countries has found psychedelics to have an antidepressant effect on the brain more rapidly and with longer-lasting results than antidepressant drugs. [Nutrition Insight]
French Scientists Discover New Treatment for Cannabis Addiction A group of French scientists has developed a new treatment for people with cannabis use disorder. The treatment acts as an inhibitor of the type-1 cannabinoid receptor (CB1), reducing the side effects of cannabis without triggering withdrawal symptoms. This breakthrough could offer potential support for individuals struggling with cannabis addiction. [Tech Times]
JAMA Article Highlights Challenges of Psychedelic Therapy A recent article in the Journal of the American Medical Association (JAMA) explores the challenges associated with psychedelic therapy research. The authors emphasize the need for rigorous trial designs and improved methodological rigor to ensure the validity and reliability of findings in this emerging field. [Green Market Report]
POLICY:
Oregon to Crack Down on Illegal Pot Growers by Holding Landowners Responsible Oregon has long been known as a mecca for high-quality marijuana, but that reputation has come with a downside: illegal growers who offer huge amounts of cash to lease or buy land. The state is taking action by holding landowners responsible for illegal cannabis cultivation on their properties. [Cannabis Business Executive]
Connecticut Senate Passes Last-Minute Bills Regulating Hemp, Updating Cannabis Laws The Connecticut Senate has passed a multi-section bill aimed at updating the state’s cannabis regulations and closing loopholes in existing laws. These legislative changes will have a significant impact on the hemp and cannabis industries in Connecticut, providing a clearer regulatory framework for businesses and consumers alike. [Cannabis Business Executive]
PRODUCTS:
Rebel Rabbit High Seltzer Reinvents Cannabis-Infused Beverages; Remakes Itself in the Process Rebel Rabbit High Seltzer has announced a shift in its specialty beverage line, moving away from Delta-8 THC and focusing on Delta-9 THC to better align with consumer preferences. This strategic pivot reflects the brand’s commitment to innovation and adapting to evolving market trends in the cannabis-infused beverage sector. [BevNET]
CULTURE:
D.C. Judge Rules Cannabis Patient Must Stop Smoking in Apartment Because Odor Causes Nuisance for Neighbor A judge in Washington, D.C., has ordered a medical cannabis patient to cease smoking in their apartment following a complaint from a neighbor about the odor. This ruling raises questions about the rights of medical cannabis patients and the potential impact on their access to alternative forms of medicine. [Ganjapreneur.com]
EDUCATION:
New Mexico Rolls Out Education Campaign for Recreational Marijuana Use After more than a year of recreational marijuana sales, New Mexico is rolling out its first campaign to educate people about responsible use. The initiative aims to provide information and guidelines to ensure safe and informed consumption of recreational cannabis. [Cannabis Business Executive]
Marijuana SAFE Banking Bill Could Be Heard in US Senate Within ‘Weeks’ Legislation aimed at enabling marijuana banking reform could be heard in the US Senate in the near future. This development marks a significant step toward providing legal cannabis businesses with access to traditional banking services, addressing a critical issue in the industry. [MJBizDaily]
Federal Bill Introduced to Allow Cannabis Research at Universities A new bill, Medical Marijuana (cannabis) and Cannabidiol Research Expansion Act, introduced in the US House of Representatives aims to promote cannabis research at universities and remove federal barriers that hinder scientific studies on the plant. If passed, this legislation could significantly advance our understanding of cannabis and its potential medical applications. The legislation would provide up to $150 million in federal funding for university-sponsored medical cannabis research. [Ganjapreneur]
EVENTS:
Cultivate Music & Marijuana Fest Announces 2023 Lineup Riot Fest and Turnstyle Productions are teaming up to launch Cultivate Festival, a music and cannabis event taking place in Chicago. The festival lineup includes notable artists such as GZA, Murphy’s Law, and more, providing a unique experience that combines live music and the celebration of cannabis culture. [Music News]
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.
