Business Archives - Page 19 of 34 - The Real Dirt with Chip Baker

Massachusetts to allot 70K acres for cannabis, hemp production

by The Real Dirt | May 4, 2021 | 420 News, Blog, Business, Growing, Hemp, Hemp Law, Politics

The Massachusetts Department of Agricultural Resources released updated guidance on Wednesday making way for more than 70,000 acres belonging to its Agricultural Preservation Restriction and Farm Viability Enhancement programs to be used to grow cannabis and hemp.

The APR program was established in 1977 and offers to pay farmland owners the difference between fair market value and the agricultural value of their farms in exchange for permanent deed restrictions which preserve farmland for agricultural use in the future, according to the department website.

The Farm Viability Enhancement Program, in turn, provides business and technical assistance to established farmers through grant funding, in exchange for signing an agricultural covenant on the farm property to keep it in agricultural use for a five-, 10- or 15-year term, per the state website.

Under the new guidance released last week, both hemp and cannabis production will now be allowed on APR and Farm Viability Enhancement lands, so long as the land in question isn’t federally funded, because cannabis remains illegal at the federal level.

Although the DAR did not say how many APR lands are beholden to federal restrictions, the guidance noted nearly all recently acquired APRs were purchased with federal financing.

Still, the new guidance effectively opens options for APR farmers interested in adding or transitioning to the cannabis and hemp markets.

“The department looks forward to working with APR and Agricultural Covenant landowners and the farming community on the implementation of this new interpretation and has prepared the following guidance,” the department said in its announcement.

Original Story from Worcester Business Journal

Las Vegas Braces for Cannabis Consumption Lounges

by The Real Dirt | May 3, 2021 | 420 Culture & Travel, 420 News, Blog, Business, Cannabis Law, Cannabis Law and Compliance, Culture

Cannabis lounges, where patrons can smoke a joint, rip a bong, vaporize a dab or do just about anything else you can think of with the plant, appeared to be a certainty as part of a Las Vegas ordinance back in 2017—and then again in 2019. They’ve been talked about for over four years in the entertainment capital of America.

But this time around, after years of setbacks and political meddling from the rival gaming industry, a bill at the Nevada State Legislature is on track to settle the score once and for all.

Assembly Bill 341 would pave the way for an unlimited number of lounges to open across the state, in counties where local governments allow cannabis businesses to operate. That includes in Sin City, where over 40 million tourists visited each year before the COVID-19 pandemic.

“This would really open the floodgates for something marijuana users have wanted for a long time,” said Assemblyman Steve Yeager, a Democrat from Las Vegas who sponsored the bill. “And there’s a social equity part to it where we’re not restricting this just to licensed dispensary owners.”

Yeager, in his third term at the state’s biennial legislature, has felt the frustration himself. Long considered the heir apparent to former State Sen. Tick Segerblom, who was known as Nevada’s “Godfather of Marijuana,” Yeager watched as the fledgling industry offered all of its spoils to a tiny group of anointed business owners, most of whom were lawyers, doctors, casino operators, lobbyists and former public officials.

Less than 100 groups control almost all of the industry, as the state capped dispensary licenses from the adult-use program’s inception in 2017. Many of the companies are also vertically integrated, meaning dispensary owners also hold the lion’s share of production and cultivation permits. Disproportionately left out have been women and racial minorities, the latter group of which was most harmed by cannabis prohibition.

The new bill runs so contrary to the state’s years of meticulously restricting licenses and hand-picking operators that many dispensary owners are wondering if opening a lounge is even worth the investment.

“You have to figure out if you can make any money with them,” said David Goldwater, owner of Inyo, a dispensary located just over a mile from the Las Vegas Strip. “There’s going to be a ton of new competition.”

Read Full Story from Cannabis Business Times

Vermont Joins List of States to Ban Delta-8 THC

by The Real Dirt | Apr 29, 2021 | 420 News, Blog, Business, Cannabis Law, Cannabis Law and Compliance, Culture, Hemp, Hemp Law, Politics

Vermont regulators have officially categorized hemp-based Delta-8 THC products as illegal under state law.

The Vermont Agency of Agriculture, Farms, and Markets (AAFM) informed all registered hemp cultivators that Delta-8 THC products are not regarded as legal hemp products in an email sent out last Friday, April 23.

With this statute, Vermont joins 12 other states that have categorized the manufacturing and sale of Delta-8 THC products as illegal under state law; Delta-8 THC has also been banned in Alaska, Arizona, Arkansas, Colorado, Delaware, Kentucky, Idaho, Iowa, Mississippi, Montana, Rhode Island, and Utah.

On their website, Vermont AAFM clarifies the state’s position further by acknowledging that hemp plants naturally produce Delta-8 THC in trace amounts. However, products with intoxicating levels of the cannabinoid are created using isomerization, which synthetically converts CBD to THC.

The Vermont Hemp Rules state that, “A processor shall not use synthetic cannabinoids in the production of any hemp product or hemp-infused product” (6.3). With this rule, the manufacturing, labeling, or sale of any Delta-8 product in the state of Vermont would violate state law. As such, anyone who distributes, uses, or possesses one of these products may face criminal penalties in the state.

Many CBD retailers have seen great financial gains due to the recent proliferation of Delta-8 throughout the states. This clarification may heavily impact their newfound revenues.

Meanwhile, the hemp industry in Alabama recently praised lawmakers there after they pulled an amendment proposal that would have categorized Delta-8 THC and Delta-10 THC as controlled substances.

Original Story from Ganjapreneur

U.S. House of Representatives approves cannabis banking bill

by The Real Dirt | Apr 20, 2021 | 420 News, Blog, Business, Cannabis Law, Cannabis Law and Compliance, Legalization, Politics

The U.S. House of Representatives on Monday passed legislation that would allow banks to provide services to cannabis companies in states where it is legal, a step towards removing what analysts say is a barrier to development of a national industry.

Lawmakers voted 321-101 to approve the bill and send it to the Senate.

The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and directs federal regulators to craft rules for how they would supervise such banking activity.

Banks have generally been unwilling to do business with companies that sell marijuana or related products, fearing they could run afoul of federal laws.

That has left companies in the marijuana industry with few options, including relying on just a handful of small financial institutions or doing business in cash.

The American Bankers Association has lobbied aggressively for the “SAFE Banking Act” bill.

“Banks find themselves in a difficult situation due to the conflict between state and federal law, with local communities encouraging them to bank cannabis businesses and federal law prohibiting it,” the group wrote in a letter to lawmakers on Monday. “Congress must act to resolve this conflict.”

Thirty-six states have legalized medical cannabis while 17 states now allow adult use, according to the National Conference of State Legislatures.

Senate Majority Leader Chuck Schumer, in an early-April interview with Politico, said he would try to advance legislation legalizing marijuana use for adults. Asked about the SAFE Banking Act, he said he would like to see such a bill move forward as part of a more comprehensive measure – even if President Joe Biden was not supportive.

Original Story from Reuters

Playboy Celebrates National Cannabis Awareness Month

by The Real Dirt | Apr 20, 2021 | 420, 420 Culture & Travel, 420 News, Blog, Business, Culture, Legalization, Politics

LOS ANGELES, April 19, 2021 /PRNewswire/ — In celebration of National Cannabis Awareness Month taking place throughout April, Playboy Enterprises today announced a month-long initiative supporting nationwide cannabis reform and advocacy. Building on the success of their legalization and expungement campaign in September, Playboy will continue its decades-long work championing the legalization and decriminalization of cannabis using a multifaceted approach focused on the three levers of people, policy and culture. In addition to making notable contributions to the Marijuana Policy Project and tapping into partners like Eaze Momentum, Playboy will also host a series of Twitter takeovers handing the mic over to notable members of the cannabis community throughout the month to discuss cannabis culture and important issues facing the industry today.

“Playboy has been fighting for cannabis rights for over six decades, and today we are closer than ever to achieving our goal of full federal legalization. Now is the time to make sure we do this right,” said Rachel Webber, Chief Brand Officer and President of Corporate Strategy at PLBY Group. “We are proud to support the amazing work our partners at Marijuana Policy Project are doing to ensure that the new laws enacted around legal cannabis are humane, combat injustices, and promote equality.”

“As we continue the fight to end cannabis prohibition nationwide, MPP is proud to partner with Playboy in celebration of National Cannabis Awareness Month,” said Steven Hawkins, Executive Director, Marijuana Policy Project. “Our shared vision for humane and equitable cannabis policies will help to ensure a diverse and inclusive future for legal cannabis that roots out injustices and empowers individuals and communities all across the country.”

Playboy has been engaged with cannabis reform since the 1960s and continues to use its platform to push the conversation forward today. As a proud founding donor of the National Organization for the Reform of Marijuana Laws (NORML) over 50 years ago, Playboy has been a pioneer in the cannabis space since the brand’s beginning. Today, once again, Playboy is doubling down on its efforts in support of cannabis reform and advocacy programs, and working to bring conversations surrounding cannabis mainstream.

People: Playboy will produce a collection of Instagram Stories and tweets to introduce and update their audience on Eaze’s Momentum program, a business development incubator for under-represented founders in the cannabis industry. Playboy supports Momentum and its 2021 class of entrepreneurs through monetary and in-kind donations.
Policy: The Playboy Foundation will make a donation of $25,000 to the Marijuana Policy Project to support their Diversity, Equity and Inclusion work and further their advocacy for fair and equitable cannabis policy in the fight for federal legalization and expungement. Marijuana Policy Project activates people and mobilizes resources to create lasting policy solutions that improve the quality of life for patients and their families, empower individuals with personal choice, combat injustices, and promote equity.
Culture: Throughout the month, Playboy will continue to use its media platforms to drive conversations around cannabis, as they have done for almost 70 years. In doing so, Playboy will pass the mic to notable members of the cannabis industry, partnering with Brian Karem, Ashlee Marie Preston, Matt Barnes and dream hampton to take over their Twitter channel the week of April 19th and engage with Playboy’s audience of 1.5 million followers around the newest information in the cannabis space. Playboy will also be hosting the class of Eaze Momentum startups, whom the company has sponsored and been mentoring, at their company happy hours, where these cannabis entrepreneurs will pitch their businesses to the Playboy team for support and feedback.

In honor of its legalization and expungement campaign in September, Playboy made a charitable donation of $25k to Eaze Momentum, kicked off its mentorship program with both Eaze Momentum and the Last Prisoner Project, urged Congress to pass the Marijuana Opportunity Reinvestment and Expungement Act via a Medium piece written by Playboy CEO Ben Kohn, commissioned eight artists to create work inspired by the inequities of federal cannabis prohibition, and more.

Playboy remains committed to pushing boundaries through its lifestyle and consumer product business, and driving important conversations that bring topics like cannabis reform, social justice and free expression out from the shadows, doing the work to ensure Pleasure for All. The company has also rolled out a line of pleasure-forward CBD products and smoking accessories over the past year on its sexual wellness hub, www.pleasureforall.com.

Press Release from PR NewsWire

Illinois Gets More Tax Revenue From Marijuana Than Alcohol

by The Real Dirt | Apr 14, 2021 | 420 News, Blog, Business, Legalization, Stranger Than Fiction

Illinois cannabis tax revenue has surpassed alcohol for the first time

Illinois took in more tax dollars from marijuana than alcohol for the first time last quarter, according to the state Department of Revenue.

From January to March, Illinois generated about $86,537,000 in adult-use marijuana tax revenue, compared to $72,281,000 from liquor sales.

Those following the cannabis market in Illinois might not be entirely surprised, as the state has consistently been reporting record-breaking sales, even amid the pandemic. In March alone, adults spent $109,149,355 on recreational cannabis products—the largest single month of sales since retailers opened shop.

It was in February that monthly cannabis revenues first overtook those from alcohol, a trend that continued into March.

If the trend keeps up, Illinois could see more than $1 billion in adult-use marijuana sales in 2021. Last year, the state sold about $670 million in cannabis and took in $205.4 million in tax revenue.

Officials have emphasized that the tax dollars from all of these sales are being put to good use. For example, the state announced in January that it is distributing $31.5 million in grants funded by marijuana tax dollars to communities that have been disproportionately impacted by the war on drugs.

The funds are part of the state’s Restore, Reinvest, and Renew (R3) program, which was established under Illinois’s adult-use cannabis legalization law. It requires 25 percent of marijuana tax dollars to be put in that fund and used to provide disadvantaged people with services such as legal aid, youth development, community reentry and financial support.

Awarding the new grant money is not all that Illinois is doing to promote social equity and repair the harms of cannabis criminalization. Gov. J.B. Pritzker (D) announced in December that his office had processed more than 500,000 expungements and pardons for people with low-level cannabis convictions on their records.

Relatedly, a state-funded initiative was recently established to help residents with marijuana convictions get legal aid and other services to have their records expunged.

But promoting social equity in the state’s cannabis industry hasn’t been smooth sailing. The state has faced criticism from advocates and lawsuits from marijuana business applicants who feel officials haven’t done enough to ensure diversity among business owners in the industry.