Gov. Polis On Legal Marijuana And Psychedelics, NY's Revenue Falls Short, Weed Workers Unionize

Colorado Governor Jared Polis (D) expressed his satisfaction with the decision to legalize marijuana and psychedelics, citing benefits such as putting dealers out of business, creating jobs, generating tax revenue and providing a safer product.

The governor has also taken steps to allow mass pardons for prior psychedelics convictions and signed bills to enable online marijuana sales and enhance marijuana-related protections for professionals in the state.

New Mexico Sets Record With $34 Million In July Recreational Cannabis Sales

New Mexico's Cannabis Control Division reports that July 2023 saw a new record in recreational cannabis sales, surpassing $34 million in purchases.

Although the per-purchase amount has remained steady at around $50, the total monthly sales value has increased by approximately 50% since retail sales began in April 2022, indicating a consistent upward trend in the state's cannabis market.

Officials Approve Federal Standards For Cannabis Definitions, Packaging And Labeling

Federal, state and local officials voted to add new marijuana items to a federal handbook that aims to establish model standards for cannabis definitions, packaging, labeling requirements, and storage practices. Standards were developed through the American Trade Association of Cannabis and Hemp (ATACH).

New York's Legal Cannabis Sales Reach $33 Million In First Six Months, Falling Short Of Projections

New York's legal cannabis sales during the first six months since its launch in January amounted to $33 million; state records show that the illegal marijuana trade continues to undermine legal sales.

The industry generated approximately $4.3 million in sales tax receipts, falling far short of the projected tax revenue of hundreds of millions of dollars per year, reported local media.

With 20 licensed dispensaries operating by June, legal sales saw a nearly 50% increase between May and June, but unlicensed marijuana deals still meet significant demand, representing a challenge for revenue growth in the legal market.

Social-justice goals of supporting people previously incarcerated for cannabis violations have been hindered by the high costs of opening licensed dispensaries, leading to a push to increase the number of licensed shops and encourage unlicensed ones to register.

Cannabis Workers Unionize In Rhode Island Amid Concerns Over Hours And Benefits

Employees at Warwick's RISE Dispensary in Rhode Island have unionized with United Food and Commercial Workers (UFCW) Local 328, following complaints of reduced employee discounts and sudden cuts in working hours after Green Thumb Industries GTBIF took over the dispensary in 2021.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Photo by Chad Madden on Unsplash.