The Black Market isn’t going away.
Weedmaps, a cannabis tech platform, and advertising company saw themselves in the crossfires again as more complaints to state and federal regulators arose last week. Filings show that Weedmaps is promoting illegal and unlicensed cannabis dispensaries on their site, again, in the state of California. “The complaints, filed in May and June with the California Department of Cannabis Control (DCC) and the U.S. Securities and Exchange Commission (SEC), allege that Weedmaps’ leadership is “allowing vast amounts of black-market activity through their website, and they know about it but won’t do anything about it.” They had similar complaints back in 2020, which led to them removing those black-market retailers from their site.
only 55 more senators are needed for caoa.
Recently, two more senators signed onto the Cannabis Administration and Opportunity Act (CAOA) which is being sponsored by Cory Booker, Ron Wyden, and Senator Majority Leader, Chuck Schumer. The two new advocates of the bill are Patty Murray (WA) and Gary Peters (MI). “Our bill will undo deeply unfair and racially unjust laws that have disproportionately harmed people of color—that’s hugely important. It will also strengthen our economy by finally recognizing the cannabis industry and modernizing federal regulations,” Senator Murray said. “While the reforms we are pushing for are critical and long overdue—I remain fully committed to passing SAFE Banking however possible—including as a standalone bill,” Murray said. “It makes absolutely no sense that legal cannabis businesses are forced to operate entirely in cash and my bill would bring them into the formal banking system where they belong.” It is good to hear that their eyes are still on SAFE Banking given how unlikely the CAOA is to get support from 60 senators.
Illinois cannabis licenses are on the rise.
Illinois regulators announced on Friday the tentative winners of 185 new adult-use cannabis retail licenses. There are currently only 110 adult-use shops in operation, so the new 185 licenses show a huge effort to grow the access to cannabis within the state. “The conditional licensing status, rather, allows those 185 winners to begin building out their shops in anticipation of eventually getting the green light from regulators to begin sales.” These licensees have 180 days to get fully approved by the Illinois Department of Financial and Professional Regulation (IDFPR).
