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Ohio senators take up bill to overhaul state’s medical cannabis program


Ohio senators take up bill to overhaul state’s medical cannabis program

Ohio senators are trying once more to overhaul the state’s medical cannabis system, whilst a bid to place recreational use on the ballot has gained steam, reports Marijuana Moment.

Ohio Senate’s General Government Committee heard proponent testimony raising concerns regarding the programme, such as the current system lacking competition, a lack of qualifying conditions and losing patients from the program.

One backer, Ted Bibart, stated: “This program is dying. The numbers tell us this. From last month’s numbers to this month’s numbers, we’ve lost 3 percent of the patient population. Over 4,000 patients have no longer participated in this program than did the month prior.”


Inside New York’s struggling weed real estate experiment

Politico highlights that the slow drip of dispensary openings underscores the challenges New York faces in securing real estate and raising capital for entrepreneurs.

Challenges include:

  • Finding real estate.
  • Landlords dealing with lenders that are wary of entering into the cannabis industry due to its federal illegality.
  • Competing with unlicensed dispensaries that are selling without paying taxes.

The publication highlights that applicants that opt to find their own retail location will be put in competition with the Dormitory Authority of the State of New York (DASNY) – which is raising money for a $200 million public-private fund that will go toward standing up these dispensaries – for a limited pool of spaces that meet state regulatory standards. “This is the boldest and most extreme social equity program that’s ever been attempted,” said University of California, Davis economist Robin Goldstein, co-author of the book Can Legal Weed Win? “It’s an experiment and nobody knows how it will turn out.”


Cannaray’s £18.6m RTO deal with Cellular Goods scrapped over ‘decrease in share price’

Cellular Goods’ proposed £18.6m reverse-takeover deal with Cannaray has been scrapped due to the ‘decrease in Cellular Goods’ share price’ since its initial negotiations, reports BusinessCann.

The announcement caused Cellular Goods’ share price to plummet – hitting lows of 0.54p at the time of writing – and raising questions over the company’s future.

The company explained:  “As discussions over the transaction progressed, we were unable to reach an agreement with Cannaray on final deal terms on the asset to be acquired. It became clear that the deal was not in either company’s interests, and would not deliver long-term value to our shareholders.”

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