Legalization Milestone: Missouri Clears 100K Cannabis Cases, But Challenges Loom
Missouri expunged over 100,000 marijuana-related convictions in its first year of legalization, yet some courts missed the deadline for felony expungements. Lawyer Dan Viets, a key legalization proponent, stated, “It might be years before all past-century cases are expunged,” citing the extensive history of marijuana prohibition.
The state’s marijuana law, approved by a 53-47 margin, aims to reverse the impact of a century-long prohibition by ending the roughly 20,000 annual arrests. Funding for expungements comes from a 6% sales tax on adult-use marijuana, which has already exceeded revenue expectations, noted Marijuana Moment. The tax has also allocated $17 million for veterans’ health, drug treatment, and legal aid.
Virginia State Senator Pushes For Marijuana Sales Regulation Amid Political Shifts
In the wake of recent elections, Virginia state Senator Adam Ebbin (D) expressed confidence in advancing a bill to regulate and tax marijuana sales, aiming for bipartisan support to circumvent a potential gubernatorial veto. The proposed legislation, yet to be detailed, aims to legalize sales for adults and curtail the black market, ensuring safer, regulated products.
Despite previous roadblocks from Republican lawmakers, recent Democratic gains in the legislature bolster hopes for legal sales. As reported in Marijuana Moment, advocates emphasize the need for a pragmatic approach to gather sufficient support, amidst concerns over Governor Glenn Youngkin‘s ambiguous stance on cannabis reform.
New York’s Hemp Debate: Governor Hochul Rejects Hemp Seed In Animal Feed
New York Governor Kathy Hochul (D) vetoed legislation allowing hemp seed in animal feed, citing safety concerns and the absence of FDA approval. She directed the Department of Agriculture and Cornell University to swiftly study hemp seed’s effects in animal feed, reported Marijuana Moment.
The vetoed bills, supported by the National Hemp Association, had aimed to boost the state’s hemp industry, paralleling laws in Montana and Pennsylvania, they excluded livestock for human consumption. Supporters argued these measures could increase state tax revenues through higher hemp seed product sales.
Illinois Freezes New Transporter Licenses: Small Businesses Get A Boost
Illinois Governor JB Pritzker signed Senate Bill 1559, providing relief to small-scale cannabis transporters by waiving their annual licensing fees for three years, effective January 1, 2024.
According to the Green Market Report, the law also pauses issuing new transporter licenses until 2027 to avoid market oversaturation, aiding smaller businesses in establishing themselves in the growing legal cannabis market of Illinois.
The bill mandates a disparity study to identify industry discrimination and suggest inclusive licensing processes. Pritzker highlighted this move as part of broader efforts to address past drug laws’ impact and promote equity in the cannabis industry.
Massachusetts Cannabis Prices Plummet: Eighth-Ounce For $20
In Massachusetts, the price of one-eighth of an ounce of cannabis flower has seen a remarkable drop in the past two years.
According to data on cannabis sales and product distribution released by the Massachusetts Cannabis Control Commission, it sold for over $50 in many cannabis shops. By the end of 2021, the average price was $45, but within a year, it plunged to $26. Currently, it’s available for just $20 on average. This price decline could continue, posing challenges for cannabis business owners.
© 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.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.