The Week Ahead In Cannabis: A Slew Of Regulations Come Into Effect

The week ahead will be an exciting one for the cannabis industry for a number of reasons.

First, it'll be a holiday week due to the U.S. Independence Day and Canada Day celebrations on July 4 and July 1, respectively, businesses are expected to have higher sales as cannabis has made its way into all major U.S. and Canadian holidays.

The other reason is that since it's the first week of the month, a number of cannabis-related laws are coming into effect in several U.S. states. Here's a breakdown of some of the main laws to keep in mind as the week starts.

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New Mexico Decriminalizes Cannabis Possession

Starting this month, personal possession of small amounts of cannabis in New Mexico is no longer classified as a criminal offense after a bill was passed and signed into law in April. First-time possession of up to one-half ounce of cannabis is now considered a "penalty assessment" and carries a $50 fine, as opposed to the previous "criminal misdemeanor" charges.

Easier Access To Medical Marijuana

In several states, medical cannabis users will get easier access to the plant beginning in July.

In Minnesota, cannabis has become allowed for Alzheimer's patients. In Massachusetts, the "initial access certification" program comes into effect, allowing patients to acquire an initial 14-day supply before their registration card is delivered by mail.

In Virginia, two laws come into effect July 1. The first one would allow patients to appoint someone to pick up their cannabis prescription if they're unable to. The other one allows registered student patients to take their medicine at school and have it administered by a school health care provider.

New Jersey Expands Medical Program

July 1 is the day when companies can apply for new licenses for medical marijuana in New Jersey. The state plans to issue up to 108 additional licenses, which would substantially boost the industry in the state.

Currently, there are just 12 vertically-integrated licenses, half of which aren't yet operational. Under the new plan, New Jersey will offer up to 54 dispensary licenses, 30 processing permits, and 24 cultivation licenses.

FDA's Deadline on CBD

On July 2, the U.S. Food and Drug Administration will stop receiving comments regarding CBD. The agency held its first public hearing on May 31, which ended rather inconclusive. After receiving comments, the FDA is expected to start drafting the necessary regulations that would shape the US CBD industry.

Corporate News

On July 3, ETFMG Alternative Harvest ETF MJ will pay a dividend of 18 cents per share to shareholders of record as of the close of business on July 1.

On June 12, Sunniva Inc SNNVF is expected to close the sale of its Okanagan Falls, British Columbia, cannabis facility to cannabis-focused real-estate investment company CannaPharmaRX. The transaction worth CA$20 million was announced on June 12.

Need more cannabis news? Check out all of our coverage here.