Cannabis MSOs set to enter NY adult-use market after policy change
MJ Biz Daily reports that New York will be allowing some of the nation’s largest multi-state operators (MSOs) to enter the expanded market by year’s end.
The Office of Cannabis Management (OCM) recently proposed the revised regulations to jump-start the potential $3 billion market with more retail locations, writes the publication, noting that regulators hope to energize a supply chain that currently offers limited business opportunities.
The proposals eliminate a three-year waiting period for the state’s 10 vertically integrated medical cannabis providers, or registered organizations (ROs), to enter the recreational market.
The plan has generated plenty of buzz and controversy, says Mj Biz Daily, where cannabis MSOs including Curaleaf Holdings, Green Thumb Industries and PharmaCann want to make a bigger splash.
Here’s how Missouri spends its legal cannabis revenue
Marijuana Moment reports that since Missouri’s cannabis sales began in 2019, the state has collected nearly $100 million in revenue from taxes and program fees, according to state authorities.
It is laid out in the state’s constitution where the revenue can go, and the publication reports that, as of April 30, there was $22.7 million in the state’s medical cannabis fund and $10.9 million in the recreational cannabis fund.
It goes on to highlight that, after expenses, revenue can go towards processing cannabis expungements, supporting veterans, funding drug treatment and adding to the Missouri Public Defenders System’s budget.
California Assembly passes Bill 420 and Bill 374 which will now head to the senate
Yesterday, the Assembly passed passed two cannabis bills which will now be passed along to the Senate to be voted upon.
The first, Assembly Bill 420, seeks to make it clear that the Medical and Adult-Use Cannabis Regulation and Safety Act doesn’t prevent licensees from manufacturing, distributing or selling products containing industrial hemp, or derivatives from industrial hemp.
Meanwhile, Assembly Bill 374 has also passed through the Assembly, which would enable local jurisdictions to permit cannabis retailers and small businesses to engage in other business activities on premises where cannabis is authorized to be consumed, including the sale of food and non-alcoholic beverages.
