Nevada pardons cannabis offenders
The Nevada Board of Pardons Commissioners unanimously approved the governor’s resolution to pardon more than 15,000 people with past marijuana convictions. It’s another sign of change in the political environment for cannabis laws, especially on the criminal side. The more the industry’s wish list of new laws is seen through an equality lens the more momentum the industry should have. At the state level legalization also offers tax revenues that are sorely needed with most state budgets severely strained.
Michigan recreational use surpasses medical
Michigan adult-use marijuana sales surpassed medical cannabis sales on a weekly basis for the first time. Recreational use started on Dec. 1 in Michigan. Recreational use totaled $10.0M for the week ended June 14 compared to medical sales of $9.97M. Since recreational use began Michigan’s medical patient count has declined by 7%. What is holding Michigan’s recreational use market back is that 1,400 of the state’s municipalities are not allowing it.
A Missouri First
Missouri regulators approved the first medical cannabis company to start growing marijuana in the state. BeLeaf Medical received final state approvals which extends a sales launch into Q4. The state’s medical program was expected to launch in the spring but has been delayed by the pandemic and other factors. The state took in more than 2,200 applications for 192 dispensary, 60 cultivation, and 86 processing licenses. At the same time, the program faces more than 800 appeals, several lawsuits, and a state inquiry into alleged misconduct and conflicts of interest. Marijuana Business Daily has projected that the market will generate $300 million in annual sales within a few years of its launch.
