Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 Marijuana Industry News stories for the week of March 2nd – 8th, 2020.
Without further ado, let’s get started.
Some experts believe that the U.S. Federal Government makes up for prohibition costs and lost tax revenue in other ways, such as by not allowing cannabis companies to write-off regular business expenses.
The Food and Drug Administration (FDA) issued an update to Congress this week on the status of rulemaking for CBD.
With spring training now in full swing, Major League Baseball (MLB) is further clarifying its stance on marijuana. Players can now consume cannabis without risk of discipline, the league explained in a new memo, but they can’t show up to work under the influence and—at least for now—are barred from entering into commercial arrangements with companies in the marijuana industry.
In fact, Joe Biden has changed his stance over time on the question of whether cannabis use leads to the consumption of other drugs.
Banking associations from 49 states and Puerto Rico sent a letter to the chairman and ranking member of the Senate Banking Committee on Friday, imploring them to advance a bill protecting financial institutions that service state-legal marijuana businesses.
Beer industry statistics show that sales fell sharply in 2019 in several provinces with large networks of cannabis retail stores: Newfoundland and Labrador and the three Prairie provinces. The effect is harder to see in provinces like Ontario and Quebec, which have been slower to build out retail networks. It co-exists with a longer-term, but gentler, fall in beer consumption.
Approximately 450 cannabis stores applications were filed in Ontario on March 2 – the first day Retail Store Authorization (RSA) submissions were accepted under the province’s new open-market process.
The Drug Enforcement Administration (DEA) recently acknowledged in a report that state-level marijuana legalization reduces instances of illegal interstate trafficking.
A tight supply of wholesale recreational marijuana flower in Michigan, one of the youngest adult-use markets in the U.S., is leading to sharply higher prices as producers struggle to keep pace with growing demand.
Adult-use cannabis customers spent almost $35 million at Illinois dispensaries in February, a decline from the previous month, but an industry analyst said the market still holds promise.