Oklahoma's Weed Industry Faces Severe Decline Amid Oversupply And Crackdown
The rejection of recreational legalization, heightened enforcement and a massive oversupply have led to closures in Oklahoma's once-thriving marijuana market.
Raids on illegal cultivation sites, product diversion and other issues plague the market, reported Politico. It's predicted that up to 80% of businesses may vanish soon, with many unable to renew their licenses due to compliance issues.
Federal Judge Upholds Virginia's Stricter Hemp Law Despite Industry Opposition
Judge Leonie M. Brinkema denied a request to block Virginia's new law imposing tighter restrictions on hemp products containing high THC levels. The law, targeting delta-8-containing edibles, remains in place as the lawsuit proceeds.
The Judge rejected claims that Virginia had exceeded its authority and interfered with interstate commerce, stating that delta-8 THC poses a credible threat to the state's population, especially vulnerable groups. While the ruling doesn't conclude the lawsuit, it signals a challenge for the hemp industry.
Kansans Support Marijuana Legalization Though Legislative Hurdles Persist
Despite substantial public support for marijuana legalization in Kansas, both for medicinal and recreational use, legislative progress remains stymied. A recent survey indicated that over two-thirds of Kansans support the legalization of recreational marijuana, while nearly 64% would vote for a candidate who backs medical marijuana.
With neighboring states legalizing medical or recreational cannabis, Kansans are urging lawmakers to listen to their constituents and consider the issue as 2024, an election year, approaches. Advocates accuse Republican leaders in the Kansas Senate of prioritizing opposition to THC's intoxicating effects over potential health benefits, reported Dylan Lysen for KNS.
Minnesota Seeks Public Input on Marijuana Industry Rules as Legalization Progresses
The Office of Cannabis Management is soliciting public input on regulations for the state's burgeoning marijuana industry, with a focus on cultivation, processing and product manufacturing.
Legislation passed in May aims to enable retail sales within 18 months; the agency has recently secured licensing software contracts for a 2025 system launch.
While personal marijuana use is legal in Minnesota, cannabis sales are restricted to tribal lands as the state develops its licensing framework, with the Red Lake and White Earth nations leading the way.
Vermont Launches Pilot Project Offering Child-Resistant Bags For Cannabis Safety
Vermont initiated the pilot project by providing free, child-resistant bags at select retail establishments to safeguard children from accidental access to cannabis and potent drugs.
The state distributed 3,000 bags to cannabis retail shops, with plans to expand the program if successful. The effort aims to promote responsible cannabis use, encourage parental education, and reduce accidental child ingestion incidents, which have risen since 2018. Health officials also suggest using the bags for other prescription medications.
Photo By: LaterJay Photography via Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.