VIRGINIA CANNABIS
Virginia House panel kills GOP-led push to legalize retail cannabis sales
Benzinga reports that Virginia lawmakers struck down a push to legalize and set a framework for retail sales of recreational cannabis on Tuesday.
HB 1464 which aimed to create a framework for retail sales failed 5-2 with Republicans being against it, and HB 1750 which would have allowed Virginia Cannabis Control Authority to issue cannabis licenses in 2024, was also killed.
NORML Development Director JM Pedini stated: “Absent a regulated marketplace, consumers of cannabis products don’t know whether they’re getting a safe, tested product or one contaminated with potentially dangerous adulterants.
“If we do nothing, we have a problem on our hands. And we need to protect the citizens of Virginia from the illicit market.”
OKLAHOMA ECONOMY
Oklahoma could generate nearly half a billion in cannabis tax dollars over five years
Marijuana Moment reports that new economic analysis shows Oklahoma could generate nearly half a billion dollars in revenue from adult-use cannabis sales in the first five years if voters approve the reform at the ballot next month.
The proposed 15 percent excise tax for adult-use cannabis products would account for more than half of that revenue, and adult-use sales are expected to reach $1.8 billion over the first five years.
Andrew Livingston, director of economics and research at Vicente Sederberg, stated: “Marijuana tax revenue is not a panacea, but it can support a lot of critical government services that would otherwise go unfunded. With hundreds of millions of dollars in tax revenue and thousands of jobs on the line, the economic stakes are quite high for Oklahoma in the March 7th special election.”
EUROPEAN CANNABIS STOCKS
European cannabis stocks review: Akanda announces ‘first significant revenue’, Jazz Pharma reimbursement & Kanabo climbs
BusinessCann brings you the latest roundup of European cannabis stocks, exploring developments with Akanda, Jazz Pharmaceuticals and Kanabo.
Akanda has seen a sharp recovery in its share price this week, seeing its stock jump nearly 80% since last Thursday. However, Ben Stevens of BusinessCann highlights that this is still significantly below its listing price of $4, and still some way off the $1 price needed to avoid delisting from the NASDAQ in late March 2023.
Additionally, Jazz Pharmaceuticals announced its drug Epidyolex has now been ‘recommended for reimbursement’ in the UK for a new condition, and Kanabo, which has seen its jump nearly 60% since last week to reach highs not seen since May 2022.
