???????? STATES, RIGHT?
2022 already has some major state legalization updates
2022 will be a big year for a number of states’ march toward legalization. Montana has launched adult-use cannabis sales and Louisiana just introduced flower to medical consumers in 2022, reports MJBizDaily.
Here are some more key milestones we’re following:
- New York’s opt-out period for retail and lounges has ended, and it has launched a $200 million equity-focused fund to further ensure social equity in the licensing process (via Marijuana Moment)
- Purchase limits on concentrates in Colorado decreased and in Oregon, purchase limits increased. Both states also launched delivery
- New Mexico’s ready to launch its adult-use market for April 1 (no kidding)
- But it’s not all good news – a recent court ruling in Minnesota could make all THC and CBD products illegal, putting the existing CBD industry at risk (take a watch from yesterday with Jason Tarasek from Minnesota Cannabis Law on Business of Cannabis)
The takeaway
“Strap in, because this is going to continue to change over time,” said Andrew Livingston, director of economics and research at Denver-based consulting firm VS Strategies.
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DO NOT COLLECT $200
The monopoly on cannabis for research has finally ended
The five decade-long US federal monopoly on cannabis for research purposes has ended, reports Marijuana Moment, who confirmed that both Groff North America Hemplex and the Biopharmaceutical Research Company (BRC) have harvested samples.
Why it matters:
- For 50 years, only one facility at the University of Mississippi was allowed to produce cannabis for research purposes
- The quality of those samples were subpar and chemically quite different from what’s available in stores, according to researchers, advocates and others
- By allowing more competition, researchers believe the quality of their cannabis studies will improve
The takeaway
“These steps are taking place because of the loud drumbeat of the advocates of the cannabis community over the past decades,” said George Hodgin, CEO of BRC.
PASS THE…
Dutchie is the ‘Shopify wannabe’ of weed: Forbes
Ross and Zach Lipson, the brother co-founders of Bend, Oregon-based Dutchie were profiled in Forbes. The piece shares the delivery app’s origin story and how the duo attracted investment from Howard Schultz, Kevin Durant and Snoop Dogg to build their company, now valued at $3.8 billion.
Some snags
- The company isn’t profitable yet, focusing instead of growth
- Depending on the state, many transactions are still done with cash. Visa, Mastercard, Square and other payment processors won’t accept cannabis transactions yet
- Should federal legalization happen, those payment processors will come enter the industry, along with Shopify and other mainstream competitors
Want to hear from Ross and Zach Lipson? We connected with Ross Lipson in November and with Zach Lipson in October. Watch and listen.
???? COOKIES GOES UK
Intercure is bringing Cookies to the UK
Through its partnership with Israel’s Intercure, California’s Cookies stores and medical pharmacies are opening in the UK and Austria early next year, reports BusinessCann.
The details:
- The pharmacies will be the UK’s first dedicated medical cannabis dispensaries
- CEO Alexander Rabinovitch Intercure is targeting regions where he believes adult-use cannabis legalization will follow
- Intercure/Cookies stores are already open in Israel
- Europe’s first will open in London and Vienna with “premium CBD” products and Cookies merch
The takeaway
“We believe that what happened in Israel, the process that we saw here in Israel coming from the tight, ultra-medical and very strict regulations, and opening it up and building up the confidence within the physician and the patient communities, will happen in Europe,” Rabinovitch said.
