Beleaguered D.C. market sees rise in patients but not in sales
D.C.’s medical market expansion is going through difficulties as new manufacturers and cultivators struggle to open and the District’s enforcement against I-71 operators is slow to grow teeth. June continues to cast a dark shadow on the D.C. medical market sales, according to a newly released program report. Overall program sales fell by more than 13% compared to June 2023. This is despite a more than 30% increase in registered patients and over 6% increase in patients served.
Also from D.C.:
- ABC Board heard two cease and desist cases for gray market cannabis stores.
- According to the agenda the ABC board’s Wednesday meeting will cover no cannabis issues. Though, these agendas are known to be incomplete or change.
- Grace Hyde of District Cannabis told a national publication that the D.C. medical market could perish in three months due to poor sales.
- One cease and desist order was lifted from an unlicensed shop after last week’s hearing.
Maryland’s legal cannabis boom fails to eradicate illegal market
Over a year ago, Maryland transitioned its medical cannabis dispensaries into recreational retailers, aiming to foster new businesses and curb illegal sales. However, the state’s burgeoning legal cannabis industry hasn’t eliminated the illicit market. Instead, it’s created a regulated competitor.
Virginia hemp farmers see potential in recreational cannabis market, awaiting legalization
One year after Virginia implemented stricter regulations on edible hemp products to protect public health, especially children, many stores are still not complying with the new law. Despite new regulations, many Virginia stores continue to sell illegal hemp products. State officials have issued over $10 million in fines in the past year to retailers violating the law.
- Chicago-based cannabis company Verano Holdings is acquiring operations from The Cannabist Co. to expand its presence in Virginia. The $90 million Virginia deal includes a cultivation facility, production facility, and six dispensaries.
- West Virginia has struggled to establish clear and consistent marijuana laws. While medical marijuana was legalized in 2017, ongoing debates among lawmakers and local governments have created confusion over possession and use regulations.
East Coast Roundup
Connecticut officials announced successful raids resulting in the confiscation of cannabis products suspected of violating state regulations.
A recent study by the New York Office of Cannabis Management revealed that a significant majority of medical marijuana patients are using cannabis as a substitute for prescription opioids.
Pennsylvania’s attorney general announced the shutdown of a large-scale drug manufacturing operation producing illegal substances including DMT, psilocybin mushrooms, and THC products.
At least four employees of New York’s Office of Cannabis Management have resigned.
Culture & More
NFL and Broncos ask for dismissal of former Broncos player Randy Gregory suit for banning THC, a substance he claims helps his injuries and mental health.
While overall alcohol use is still higher, a recent study found that the number of people who use marijuana daily has surpassed the number of daily alcohol users.
Around the Country
FEATURED: A recent report by Whitney Economics paints a stark picture: only 27% of US cannabis operators are profitable, compared to a much healthier 65% for small businesses in general. This disparity is even more pronounced for minority-owned businesses, highlighting the struggles of social equity programs. The report emphasizes the need for data collection and policy changes to support the industry, especially considering the lack of federal legalization.
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California cannabis company Glass House Brands has successfully defended itself against a lawsuit filed by competitor Catalyst Cannabis Co. The court dismissed the case and ordered Catalyst to pay legal fees.
The popular cannabis brand, Cookies, has agreed to pay a significant fine after admitting to violating New Mexico’s cannabis laws during its grand opening event last November.
From the Swamp
A new report from the Congressional Research Service (CRS) said rescheduling cannabis from a Schedule I drug to a Schedule III drug would allow cannabis businesses to advertise in newspapers and magazines for the first time.
The House Safe Banking bill received one new democratic sponsor for a total of 93.The majority of public comments for rescheduling supported full descheduling not just rescheduling.
