A lot’s happened in the legalized cannabis, CBD, and hemp industry this week.
Advocates in Virginia are warning the governor that the restrictions in the recently passed delta-8 THC bill could result in an expansion of the dangerous illicit market. In addition to damaging the state’s hemp industry, the bill also restricts CBD and high-THC cannabis. The bill is more restrictive than what is required to curb the harm done by delta-8, the Virginia Cannabis Association claims. If signed into law as it is currently written, it could cause unnecessary damage and job losses.
Nevada saw a small decline in overall cannabis sales between mid-2021 and mid-2022. Consumers in the state spent a total of $961 million during the period, which represents a decrease of 3.8% from the 2020 to 2021 period. Experts attribute the decline to normal factors that impact many maturing markets as well as the effects of the COVID-19 pandemic. The decline is the first experienced by the state since the adult-use market opened.
Cannabis producers in Canada have reported 2,219 kilograms of cannabis products either lost or stolen since the adult-use market opened in 2018. In the past five years, Health Canada has received thousands of police reports involving product theft. While the number is high, it represents a relatively small percentage of the 4.5 million kilograms of cannabis grown in Canada.
In a long-awaited move, the Department of Justice has finally begun accepting applications for cannabis conviction pardons. It has been almost five months since Biden first announced the pardons. This move marks a tangible step toward a friendlier approach to cannabis on a federal level.
A $20 million grant program for California cannabis businesses is being rolled out this week. The aim of the program is to support local cannabis retailers by providing jurisdictions with the resources they need to bring more cannabis retail to underrepresented counties while also making the market more accessible with social equity initiatives.
That’s it for this week’s news roundup.
What cannabis industry headline caught your attention this week?
Let me know in the comments.
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Connect with Brian Fitzpatrick on LinkedIn: https://www.linkedin.com/in/briankfitzpatrick
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