CCMA Political greenBrief
Monday, August 27, 2018
According To The BCC, 358 Recreational Marijuana Stores Are Licensed In California. That’s Less Than One Store Per 100,000 Residents – About 15 Times Less Than The Number Of Adult-Use Stores In Oregon On A Per-Capita Basis
“We are very excited to roll out Equipment Breakdown coverage among other new coverages to our Cannabis package policy. This additional endorsement will provide our insureds with vital coverage for losses to inventory and income caused by the failure of refrigeration equipment, HVAC equipment, and manufacturing equipment so important to the cannabis industry. This coverage enhancement provides Golden Bear insureds with even more peace of mind as they operate their businesses.”Michael Brown, VP & Underwriting Property Manager At Golden Bear Insurance Co., On The Expansion Of Insurance Options In CA
“Women should definitely be counseled that it’s not a good idea to use marijuana while pregnant. If you’re breastfeeding, we would encourage you to cut back or quit. There’s a myth out there that it’s benign. And for many adults who are sporadic users, that’s probably true. But in these circumstances it may be harmful.”Seth Ammerman, Co-Author Of The American Academy Of Pediatrics Study Of Pregnancy & Marijuana Use
California Cannabis: The Path Forward, August 29th (CA – San Jose Event)
Join the CCMA, the California Cannabis Industry Association, Lori Ajax, Bureau of Cannabis Control and licensed operators from across the California cannabis industry two days after the end of the 45 day public comment period.Board member Gavin Kogan will be speaking. This is an opportunity for brands and manufacturers to voice their hopes and concerns to the regulators. August 29th from 6-9pm in San Jose. Event details below.
Chart: Number Of California Licensed Recreational Marijuana Stores Falls Short (CA – Recreational Cannabis)
Marijuana Business Daily (August 27, 2018) The number of licensed recreational cannabis stores in California is far short of what’s needed to adequately supply the market, as licensing logjams at the local level constrain establishment of operations in large portions of the state. It’s yet another issue hampering the rollout of California’s recreational marijuana industry, which has experienced lower-than-expected tax revenue and a flourishing illicit market.
How California’s Messy Cannabis Taxes Are Hurting Businesses (CA – Cannabusiness)
420 Intel (August 27, 2018) As one of the largest cannabis markets in the world, California’s thriving marijuana industry has every product imaginable for the casual user and connoisseur alike. The state has had a legal medical cannabis industry for more than two decades now accompanied by the recreational market legalized at the start of 2018. Accompanying one of the largest legal cannabis markets in the world is a thriving black market, which has recently been attributed in headlines as the number one reason the state hasn’t seen the tax revenue they were initially expecting from the new, legal market.
California’s 1st Cannabis Insurer Expands Coverage (CA – Cannabis Insurance)
Insurance Journal (August 27, 2018) California Insurance Commissioner Dave Jones approved a filing from Golden Bear Insurance Co. amending its California Cannabis program product to lower rates, expand coverage options, and expand the classes of business they will cover. Jones last year approved a Golden Bear filing to make the company the first admitted commercial insurance carrier to file cannabis business insurance in the state.
California’s First Cannabis Insurer Expands Coverage Options/Lowers Premiums (CA – Cannabis Insurance)
Lake County News (August 25, 2018) Insurance Commissioner Dave Jones approved a filing from Golden Bear Insurance Co. amending its California Cannabis program product to lower rates, expand coverage options, and expand the classes of business they will cover. Last November Insurance Commissioner Jones approved a Golden Bear filing making the company the first admitted commercial insurance carrier to file cannabis business insurance in the state. Since then, the department has approved five additional insurance companies to write cannabis-related insurance products in the California market.
Meet The Leader Of L.A.’s Cannabis Revolution (CA – Cannabusiness)
Fast Company (August 27, 2018) When California’s recreational marijuana law took effect in January, Los Angeles became one of the country’s largest cannabis markets. Cat Packer, head of the city’s department of cannabis regulation, is guiding a booming business—which includes hundreds of eager entrepreneurs as well as still-thriving unlicensed operators—through an unprecedented transition. Here’s how Packer, a former advocate with the Drug Policy Alliance, a nonprofit aimed at ending the war on drugs, is addressing the issues facing the industry.
OPINION: The Best Under-the-Radar Marijuana Stock I’ve Seen So Far (USA – Cannabis Investments)
The Motley Fool (August 26, 2018) Sometimes a first impression doesn’t tell the full story. That’s the case for my opinion of a small marijuana stock that perhaps hasn’t caught the attention of most investors — CannaRoyalty. You have probably read and heard a lot about the top marijuana stocks. For the most part, these are the stocks of Canadian marijuana growers like Canopy Growth. But U.S.-based marijuana businesses don’t get nearly as much attention. I’ll be the first to admit that I haven’t focused on some of these stocks of U.S. companies as much as I have on the Canadian stocks.
Marijuana Users Being Turned Away From Cannabis Industry Jobs (USA – Cannabusiness)
Forbes (August 26, 2018) One of the first rules of operating a successful illicit market drug dealing operation is to never get high on your own supply. Well, it turns out this thug-life ethos is being practiced by parts of the legal cannabis industry. Medical marijuana cultivation facilities, dispensaries and other pot-based businesses operating in the post-prohibition landscape are reportedly rejecting job applicants with a strong admiration for weed. Even those marred by marijuana-related criminal convictions are often turned away.
Many Insurers Just Won’t Touch Legal Marijuana (USA – Cannabis Industry)
Sentinel Source (August 25, 2018) Marijuana is already a multibillion-dollar industry in the U.S. that’s drawing attention from some lawmakers eager for tax revenue and investors looking for profits. So far, however, some of the biggest insurers are taking a pass. Allianz, Hartford Financial Services and Nationwide Mutual Insurance are among large insurers that aren’t covering marijuana-related businesses. Even as U.S. states increasingly permit the use of pot for medicinal or recreational purposes, the federal government has held fast in keeping weed illegal.
Weekly Legislative Roundup 8/24/18 (USA – Cannabis Industry)
NORML (August 24, 2018) In Congress this week, U.S. Sen. Cory Booker (D-NJ) and six cosponsors introduced a bill that would remove the penalty that strips college financial aid from students with drug convictions. Also, U.S. Sen. Robert Menendez (D-NJ) filed an amendment that would require the federal government to study the monetary and health impacts of state marijuana legalization. A Senate floor vote could occur in the coming days.
Pediatricians Put It Bluntly: Motherhood And Marijuana Don’t Mix (USA – Cannabis Consumption)
California Healthline (August 27, 2018) More and more people consider smoking marijuana harmless or even beneficial, but mounting research suggests women who are pregnant or breastfeeding should avoid it altogether. That’s according to new recommendations from the American Academy of Pediatrics, which cites growing evidence of marijuana’s potential harm to children’s long-term development. The strong direction to women and pediatricians comes as more than half of states, including California, have legalized marijuana for medical or recreational use, and studies show that a growing number of babies are being exposed to the drug.
Alaska Releases Proposed On-Site Cannabis Consumption Rules (AK – State Regulations)
Cannabis Business Times (August 27, 2018) Alaska’s Marijuana Control Board, which oversees the state’s regulatory system for cannabis, has released its proposed rules for the on-site consumption of cannabis at approved locations. Under the proposed regulations, a cannabis retailer in a freestanding location could become licensed to sell adults 21 and older up to a gram of cannabis to be consumed on-site. Products containing up to 10mg of THC could also be made available for on-site consumption, although concentrates would be prohibited.
Push To Legalize Marijuana Consumption Spaces In Oregon Kicks Off (OR – Cannabis Consumption)
Marijuana Moment (August 26, 2018) An Oregon lawmaker is preparing a renewed push to legalize marijuana consumption lounges—and, if going through the state legislature doesn’t work, a coalition of cannabis businesses and advocates says they are prepared to go to the ballot. As in most other states that have ended marijuana prohibition for adults, efforts to allow “cannabis cafes” or other licensed businesses where adults can consume the drug together socially have thus far been stymied.