Cannabis industry news covering legalization, dispensaries, MSOs, regulation, and cannabis business finance.
Kevin Sabet argues that the cultural acceptance of marijuana in the US may be declining, citing rising addiction and psychosis rates. He contends that public perception is shifting as people witness negative consequences firsthand, suggesting the peak of legalization enthusiasm has passed.
Vireo Growth Inc. completed the acquisition of FarmX, LLC, gaining a Pennsylvania medical cannabis retail permit for up to six dispensaries. The $20 million deal includes $8 million cash and $12 million in Vireo shares payable in two years, conducted jointly with Vive Penn, LLC.
The New York Post editorial board argues that New York's rushed marijuana legalization, driven by political ambitions and revenue goals, has led to severe unintended consequences, including a spike in child poisonings and teen cannabis use disorder. It contends that state leaders must acknowledge these failures and consider reversing legalization.
A coalition of hemp businesses filed a federal lawsuit in Missouri to halt a statewide ban on intoxicating hemp products set to take effect Nov. 12. The lawsuit claims the ban's definitions for hemp and marijuana are unconstitutionally vague.
The letter argues that California's high taxes on legal marijuana will inevitably drive consumers to the illegal market, echoing historical patterns seen with tobacco in North and South Carolina. It contends that the state prioritizes revenue over safety, and that high-tax schemes ultimately fail to curb illegal trade.
This editorial argues that Canada's high cannabis taxes are hindering the legal market's ability to compete with the black market, undermining the goals of legalization. It contends that reforming the excise tax structure, which disproportionately burdens lower-priced products, would help reduce illegal sales and improve public safety.