Start your day with our News Update, where we bring you a comprehensive roundup of the latest headlines from the past 24 hours. In this edition, we cover a wide range of subjects, including Recreational Drugs, Business, Cannabis, Mushroom Extracts, Regulations, Pot Edibles and CBD. Stay informed with the following news items:
BUSINESS
Trulieve to Close Last California Store; Exit Massachusetts by End of 2023
The multistate operator said it is closing its last California store and will exit Massachusetts by the end of 2023. [California Business Executive]
Canadian Cannabis Company Cronos Group to Exit U.S. CBD Market
Canadian cannabis company Cronos Group Inc…. on Wednesday announced plans to end its hemp-derived CBD operations in the U.S. [Ganjapreneur]
New Jersey Revokes Cannabis Company’s Licenses Over $700k in Unpaid Fees
A vertically integrated New Jersey cannabis company had several of its business licenses yanked this week by regulators, who said the revocations were due to $700,000 in unpaid permit fees. [Green Market Report]
California’s Cannabis Tax Revenue Sinks to 13-Quarter Low; Excise Tax Reporting Shifts
Licensed operators have provided nearly $4.9 billion in total tax revenue to the state since adult-use sales launched in 2018. [Cannabis Business Times]
New York Will Allow Licensed Cannabis Growers and Retailers to Host Farmers Market-Style Events This Summer
The new proposal is seen as a pressure release valve for the state’s bottlenecked supply chain. [Cannabis Business Times]
Proposed Michigan Regulations Would Deny Cannabis Licenses to Businesses That Don’t Pay Their Vendors
The proposed rules will undergo public hearings this summer. [Cannabis Business Times]
Gotham aims to bring NFTs and art to cannabis retail. Can it succeed?
Gotham, a new, high-end cannabis concept store, has opened an experiential two-storey space in the Bowery in New York City, featuring a retail floor and art gallery. [Inside Retail]
REGULATIONS
Government Bans 14 Fixed Dose Combination Drugs Citing Risk to People
The government has banned 14 fixed dose combination drugs including Nimesulide and Paracetamol dispersible tablets and Chlopheniramine Maleate and Codeine syrup citing there is “no therapeutic justification” for these medicines and that they may involve “risk” to people. “And whereas, on the basis of the recommendations of the Expert Committee and the Drugs Technical Advisory Board, the Central Government is satisfied that it is necessary and expedient in public interest to regulate by way of prohibition the manufacture for sale, sale and distribution for human use of the said drug in the country,” the notification stated. [BloombergQuint]
California Assembly Passes Cannabis Cafés Bill
The California Assembly on Wednesday overwhelmingly approved a bill to allow cannabis cafés in the state, KTVU Fox 2 reports…. The legislation would permit the sale of non-cannabis products for consumption at the cafés, which is prohibited under current state law although limited on-site cannabis consumption is allowed. [Ganjapreneur]
Minnesota Legalizes Recreational Marijuana, Protects Off-Duty Use
Under a new Minnesota law legalizing recreational marijuana, beginning August 1, 2023, individuals 21 years of age or older may possess or transport up to two ounces of cannabis flower in public and to possess up to two pounds of cannabis flower in the individual’s private residence, among other things. [The National Law Review]
Florida Cannabis Legalization Campaign Reaches Signature Threshold to Put Issue to Voters
The Florida campaign seeking to put an adult-use cannabis question to voters in 2024 has surpassed the signature threshold to get the issue on ballots, according to Florida Division of Elections data. [Ganjapreneur]
Kansas gov won’t use executive powers to legalize medical marijuana
Laura Kelly says executive action on medical marijuana reform is not within her powers, despite other governors making similar moves. [MJBizDaily]
Illinois Lawmakers Approve Budget Bill With Cannabis Tax Provisions
Pritzker’s desk would allow licensed cannabis businesses to take state tax deductions that are currently prohibited at the federal level. [Cannabis Business Times]
Arizona bill aims to expand shrinking medical marijuana market
An Arizona bill making its way through the legislature aims to significantly cut the price of medical marijuana cards as MMJ sales and patient registrations has fallen dramatically the last few years. [MJBizDaily]
Ohio Representatives Introduce New Adult-Use Cannabis Legalization Bill
House Bill 168 builds on legislation considered during last year’s legislative session and comes as advocates collect signatures to put a legalization measure on the November ballot. [Cannabis Business Times]
MORE BUSINESS AND REGULATIONS NEWS
PRODUCTS
“It’s the Wild West:” Dispensaries are putting these mood-altering mushroom extracts in pot edibles
Chillum, a hemp dispensary in the Ybor City neighborhood, stopped selling the pot edibles (cannabis edibles) in December after regulators from the Florida Department of Agriculture and Consumer Services ordered it to do so, calling A. When a hemp dispensary in this Florida city started to stock edibles with certain mushroom extracts last year, state regulators quickly ordered it to stop selling the items. [Inverse]
Finding High-Quality and Trustworthy CBD Gummy Brands
In recent years, the world has seen a tremendous increase in the acceptance and usage of cannabidiol (CBD) products, especially CBD gummies…. As a result of its popularity, the market is now flooded with countless CBD gummy brands. [TechBullion]
HEALTH
Revolutionizing Mental Health: The Rise of Psilocybin Therapy in New York
In recent years, there has been a groundbreaking shift in the field of mental health as researchers and practitioners explore the therapeutic potential of psilocybin, a naturally occurring psychedelic compound found in certain species of mushrooms. [TechBullion]
Biden plans to pick Mandy Cohen to lead CDC
President Biden plans to tap longtime federal and state health official Mandy Cohen to lead the Centers for Disease Control and Prevention after Rochelle Walensky departs at the end of June, according to three people with knowledge of his plans. [cafepharma]
VAPING
UK government-endorsed e-cigarette firm accused of fueling underage vaping
The government has been criticized for its “completely inappropriate” endorsement of an e-cigarette manufacturer blamed for fueling an “epidemic” of underage vaping in the US. [The Guardian]
New York Regulators Again Promise to Crack Down on Unlicensed Smoke Shops
A top New York state cannabis official vowed to quickly bring the heat now that Albany has granted regulators the power to shut down hundreds of unlicensed smoke shops across New York City. [Green Market Report]
Increased vaping and smoking among young Australians a danger
New survey data released 2 June by Quit and Cancer Council Victoria shows worrying increases in vaping and smoking among young Australians putting their health and well-being at risk, according to a leading expert from The Australian National University [Health News – Health, Health Technology].
Final thoughts
We hope you enjoyed today’s news segment! Check back with us daily to see what’s going on in the world of cannabis, psychedelics, and other drugs. And make sure to subscribe to our newsletter for all the latest stories and deals!
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