Schumer commits to making some progress on cannabis this year

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BIPARTISAN BILL

Schumer commits to making some progress on cannabis this year

Senate Majority Leader Chuck Schumer has pledged to get “something” achieved on the cannabis reform file “this year” by taking a bipartisan approach, per Marijuana Moment

The message, which Schumer conveyed during a speech he made after introducing the bill last Thursday, may be that any legislation that passes will be narrower in scope than he hoped. 

“I’ve had many productive conversations with my Republican and Democratic colleagues about cannabis reform,” he said. “And I look forward to working with members from both sides of the aisle to secure support for this bill.”


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THE NITTY-GRITTY

The ins-and-outs of New York’s incoming cannabis retail licences

New York-based attorney Jeffrey Hoffman shared the nitty-gritty details on cannabis licensing in the state, where sales are likely to launch later this year, per Syracuse.com.

The highlights

  • Applicants for conditional adult-use retail dispensary licences will have a four week-window to prepare their applications, with two weeks’ warning before the portal opens
  • Depending on the store location, it will cost an estimated USD $600,000 to USD $1.2 to build a store 
  • Flagship stores in Manhattan and Brooklyn could cost up to USD $2 million to construct
  • That means the USD $200 million earmarked to support successful applicants could support around 200 dispensaries
  • Registered medical cannabis organizations will have to wait until the initial conditional licencees, who are those who have been impacted by prohibition, are up-and-running
  • For the time being, no cannabis will be produced out-of-state

Lastly, smaller banks are servicing the cannabis industry. “I do wish that our Congress would get with the program and just deschedule cannabis … because that would address all kinds of problems,” Hoffman said. “We could get all the folks that are federally incarcerated for cannabis offenses out of jail, banking would no longer be a problem, 280E would go away, etc. But until we do it, you are going to need to work with these banks that you know have seen the light and are willing to do the extra work that’s necessary to bank cannabis.”


SALES DIP

For the first time, Colorado may not set a sales record

Colorado’s cannabis sales have declined in 2022, according to the state’s Department of Revenue tax records, reports KDVR

By the numbers

  • Medical and adult-use cannabis sales skyrocketed by 25% in 2020 
  • Total sales peaked at USD $2.2 billion in 2021
  • In June, Colorado brought in about USD $27.7 million in taxes

The takeaway

Even with slower sales, tax revenue is still in line with 2020’s impressive numbers, and higher than any records set before the pandemic. 


BYE BYE IMC

IM Cannabis could be delisted from NASDAQ

NASDAQ has warned IM Cannabis (IMC), which has operations in Israel, Canada, and Germany, that it could be delisted from the stock exchange unless its price rebounds above $1, per BusinessCann

The company launched a secondary listing on the exchange in March at about $10. Earlier this year, CEO Oren Shuster said that the company’s focus was moving away from M&A and toward organic growth. 

IMC has until Jan. 9, 2023 to regain compliance.

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