CCMA Political greenBrief
Wednesday, February 20, 2019
California Collected About $345 Million In Cannabis Sales Taxes And Fees, Rather Than The Original Projected $1 Billion, For The First Year Of Commercial Sales.
“The Senate includes an unknown number of men who were brought up convinced that marijuana is bad and a gateway to more dangerous drugs. The SAFE Act can’t pass without the support of some of those men.”Ian Katz, Director At Policy Research Firm Capital Alpha Partners, On The SAFE Act
“The Committee believes that keeping cannabis at that level of control would severely restrict access to and research on potential therapies derived from the plant.”World Health Organization Expert Committee On Drug Dependence On Reclassifying Cannabis Under International Law
EVENT: Cannabis Drinks Expo on July 25th (San Francisco – Cannabis Events)
On Thursday, July 25th, join CCMA and the Beverage Trade Network for the first Cannabis Drinks Expo in San Francisco. This will be the first time that drink producers, manufacturers, brand owners, distilleries, and brewers can look at the benefits of legal cannabis. The Cannabis Drinks Expo will help you grow your business, network with professionals and learn about new trends and market forecasts.
California Made $345 Million, Not Predicted $1 Billion, On Legal Cannabis In 2018 (CA – Cannabis Sales)
The Mercury News (February 19, 2019) California took in $345.2 million in tax revenue from legal cannabis during the first year of regulated sales in 2018, according to figures the state released Tuesday. There was $103.3 million in cannabis tax revenue in the final three months of 2018. That includes $50.8 million from California’s 15 percent excise tax on all cannabis sales, $16.4 million from the cultivation tax passed to growers and $36.1 million in sales tax on all recreational products sold.
California Made $300 Million On Legal Cannabis In 2018, And It’s Just Getting Started (CA – Cannabis Sales)
Leafly (February 19, 2019) The world’s biggest, most influential cannabis market generated around $300 million in taxes in its first year of commercial legalization. And it did it with both hands—and one foot—tied behind its back. California budget-makers had initially hoped to collect $655 million in year one cannabis taxes, on the way to an estimated target goal of $1 billion in annual tax revenue. That year one estimate had to be revised down, because about 75% of cities and counties in the state banned cannabis commerce.
New Cannabis Tour Company Is Now Booking Tours To Mendocino (CA – Cannabis Tourism)
The Progress (February 19, 2019) Locally owned NorCal Tour Company, Inc announced today that it is now booking tours of California Cannabis Country with its new Mendocino Experience Cannabis Tour. The tour is based on the Northern California wine tour model, taking tourists to licensed legal cannabis farms as well as an inside look at the Northern California cannabis industry.
New Push To Open Banks To Marijuana Industry (USA – Cannabis Banking)
The Hill (February 20, 2019) A bipartisan coalition of House lawmakers is pushing to give federally chartered banks and credit unions legal cover to serve the rapidly expanding cannabis industry. Financial institutions chartered under federal law have been wary of serving cannabis companies over fears of landing in regulatory or legal trouble. Without access to basic financial services, some cannabis growers and dispensaries can only operate with cash, complicating their books and spiking their risk of being subject to crimes such as armed robbery.
Last Year Was About Hype, Now Cannabis Companies Need To Execute (USA – Cannabusiness)
Forbes (February 20, 2019) Several factors make execution indisputably difficult for cannabis businesses. To further complicate matters, federal laws prevent legal cannabis sellers from transporting their products over state lines. And every state has its own regulations around grow houses and distribution, which makes it hard for producers to scale.
CBD Market Gains Momentum With Legislative Breakthroughs (USA – CBD Market)
PR Newswire (February 20, 2019) Marijuana has become a global medical phenomenon due to its therapeutic effects. However, one of marijuana’s derivatives, hemp, is becoming widely adopted, particularly in the U.S. Hemp has gained significant popularity among state officials and consumers after the passage of the recent U.S. Farm Bill.
U.S. CBD Projections Actually Being Fueled By Baby Boomers (USA – CBD Market)
PR Newswire (February 20, 2019) In 2018 the U.S. Farm bill opened the floodgates and effectively launched the CBD business . It may also be that with the millennials and the growing number of seniors buying CBD infused products, the projection may actually need to be updated!
It Seems Bees Like Hemp, Which is Great News for Sustainable Cultivation (USA – Hemp Industry)
Weedmaps News (February 19, 2019) Farmers (and Senate Majority Leader Mitch McConnell) aren’t the only ones who are excited about hemp. According to a recent study, the crop also attracts a variety of bees — and that can help inform ecologically sustainable agriculture practices. The study could prove helpful as ecologists attempt to address declining bee populations.
U.S. Cannabis Inventions On The Rise As Legal Marijuana Market Grows (USA – Cannabis Products)
IP Watchdog (February 19, 2019) The shifting status of marijuana from an illegal controlled substance to regulated medicinal product to, in some jurisdictions, legalized recreational activity has created a market that promises to be incredibly valuable in the years to come. Increased research and development expenditures among major cannabis producers are an indication that marijuana’s gradual legalization is spurring cannabis innovations.
Is Marijuana Legalization Driving Increases In Violent Crime? (USA – Legalization)
The Hill (February 19, 2019) The legalization of marijuana has not resulted in a reduction in crime, as we were told it would. The numbers show the results have been quite the opposite. It turns out that legalization of marijuana doesn’t eliminate the illicit black market, but may actually increase competition among rival factions of black-market dealers. State regulation, taxes, cultivation, and supply chain logistics force prices much higher for legal pot than its illegal and unregulated competition.
Global Pressure Swells For Cannabis Reform (World – Cannabis Market)
The Leaf Online (February 20, 2019) Members of the World Health Organization (WHO) Expert Committee on Drug Dependence have proposed amending the classification of cannabis under international law. Countries like Uruguay and Canada have acted on their own to make reforms without waiting for UN approval.
South Korea To Allow Medical Cannabis Imports Starting In March (South Korea – Cannabis Imports)
Benzinga (February 19, 2019) Almost three months after the legalization of medical marijuana, the South Korean government is moving forward and plans to allow imports of weed starting next month. The Ministry of Food and Drug Safety said Tuesday that the National Assembly passed a bill to amend a law that would allow imports and exports of non-hallucinogenic doses of medical marijuana.