Author: News Room

New York City could eventually see marijuana sales reach up to $1.2 billion annually, resulting in about $47 million in local tax revenue, a new report from a government-funded independent economic agency found. But the question is, how long will it take? With an abundance of unlicensed retailers still operating in the city and lawsuits hamstringing regulators’ ability to expand the legal market, certain factors will need to change in order for New York’s cannabis industry to reach its full economic potential, the New York City Independent Budget Office (IBO) says. There are different projections for what can be expected…

A new report from the Congressional Research Service (CRS) offers an overview of challenges facing the nation’s hemp industry as lawmakers work to craft a regulatory framework for the lawful marketing of CBD products amid ongoing inaction by the Food and Drug Administration (FDA). In the report, released Friday, CRS said FDA’s determination that it lacks the necessary authority to create cannabidiol regulations has created a situation where lawmakers must themselves step in. Researchers noted that the hemp market has taken a major economic hit since being legalized under the 2018 Farm Bill. “Some claim that the lack of a…

Marijuana is just as effective at treating symptoms of neuropathy as opioids are, according to the results of a new survey. And what’s more, the majority of patients with the often-painful condition say they’re using cannabis with more than 20 percent THC, raising questions about the quality of prior studies that relied on government-grown marijuana that is generally lower in potency. The company NuggMD, which connects patients to doctors for medical cannabis recommendations, surveyed 603 patients who said neuropathy was either their primary or secondary reason for using marijuana. Because one of the most common symptoms is neuropathy is pain,…

A North Carolina official has now been appointed to serve on a medical cannabis commission that doesn’t even formally exist yet under state law. The problem is, the medical marijuana program itself hasn’t been approved, as a bill to enact legalization stalled out in the legislature this year. Sen. Bill Rabon (R), who sponsored a medical marijuana legalization measure that passed the Senate but failed to advance in the House during the first half of the two-year session, included a Medical Cannabis Production Commission appointment in a broader measure in July—a way to signal his seriousness about establishing the overall…

A GOP congressman is pressing the head of the Drug Enforcement Administration (DEA) to expand on her recent remarks about the origin and timeline of President Joe Biden’s marijuana scheduling review directive. In a letter sent to DEA Administrator Anne Milgram on Thursday, which was shared exclusively with Marijuana Moment, Rep. Matt Gaetz (R-FL) followed up on questions he asked the official in person at a House Judiciary subcommittee hearing last month. Specifically, he’s asking for a copy of a letter that Milgram said the president sent to the attorney general and U.S. Department of Health and Human Services (HHS)…

Things have taken a very strange turn in the saga of the cannabis plant, as if anyone needed an extra dose of weirdness added to the mix. A loophole in the Farm Bill passed in 2018 has inadvertently created a huge money grab for hemp producers: hemp-derived cannabinoids which are isolated, concentrated and put into gummies, vapes, sprays and any number of other consumables able to be sold all across America and overseas. This fun little segment of American hemp history has turned into a smorgasbord of strange new compounds designated with odd combinations of numbers and letters which can…

A Maryland tax official says the state has found an unusual workaround with Wells Fargo in order to avoid clearly identifying marijuana tax revenue on financial forms, yet another example of the creative workarounds being used by cannabis businesses and regulators amid ongoing federal prohibition. “This was a heavy lift and something we had to do,” Rob Scheerer, director of the Maryland Office of the Comptroller’s Revenue Administration Division, reportedly said at a Maryland Association of Counties conference last week. “In order to protect the banks, we can’t even call this cannabis on the tax return.” Instead, he added, “We…

The New York State Fair kicked off on Wednesday, and for the first time ever, attendees have the chance to browse—and buy—marijuana products from nearly a dozen local growers at a cannabis farmers market being held in conjunction with the event. The so-called Great New York State Cannabis Showcase technically isn’t part of the state fair, but the pop-up exhibition and market will run concurrently from August 23 through September 3. It’s located less than a mile from the fairgrounds in Syracuse—a short ride on the free shuttle bus provided by organizers. “We are happy to see a large-scale showcase…

The California attorney general’s office has been soliciting input from local government and cannabis industry groups as it works to finalize an opinion on the potential legal risks of authorizing interstate marijuana commerce under ongoing federal prohibition, documents obtained by Marijuana Moment show. At least three organizations representing local governments have so far answered the attorney general’s call, saying that they do not expect California would be at “significant risk” of facing federal enforcement action if officials were to authorize the import and export of cannabis with other consenting legal states. California, Oregon and Washington State have all passed laws…

A bipartisan group of U.S. senators are acknowledging that state-level marijuana legalization has disrupted the operations of international drug cartels as they raise concerns with the State Department over plans to ban menthol cigarettes and cap nicotine content. In a letter sent to Secretary of State Antony Blinken last week, Sens. Mark Warner (D-VA), Bob Casey (D-PA), Bill Cassidy (R-LA), Marco Rubio (R-FL) and Bill Hagerty (R-TN) said that prohibitionist policies for certain tobacco products would benefit the illicit market, which is continually evolving in response to new regulatory policies. The lawmakers used cannabis as an example of how cartel…