RICHMOND, Va. (AP) — “We do grams, eighths, quarters, half ounces, pounds, wholesale pounds -- however you want it,” Jacob Stretch said, standing between crates of dried hemp in his living room that doubles as his hemp processing and drying facility. Stretch, owner of Chesapeake Blue, just finished his first season growing industrial hemp as a registered grower and processor on his family’s farm.
TORONTO -- Ontario is thinking about changing the lottery system being used to award cannabis retail licenses after the first year of legalization saw only 24 outlets open, with critics panning the lack of access for consumers.
Arguably the biggest legislative milestone to date related to the legalization of marijuana in the U.S. was achieved two weeks ago. The U.S. House of Representatives Judiciary Committee voted 24 to 10 to pass the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, a bill that would legalize marijuana at the federal level.
Canopy Growth Corp. said Monday it has named David Klein, currently chief financial officer at its biggest shareholder, Constellation Brands Inc., as its new chief executive, taking over from Mark Zekulin on January 14.
The news sent the U.S.-listed shares up about 13%.
A new law signed by Gov. Cuomo on Monday lays the groundwork for the manufacture and sale of home-grown hemp products — including popular CBD oil — across the state.
The regulations require growers, processers and sellers to obtain state permits and hire independent labs to test their merchandise.
The law also sets labeling standards and mandates that New York-based hemp companies use only crops grown in New York.
MLB and the MLB Players Association are negotiating changes to the drug agreement that would introduce opioid testing. As part of the new drug agreement, MLB would also remove marijuana from the league's list of banned substances for minor-league players, according to The Athletic's Ken Rosenthal. Players on the 40-man roster are not tested for marijuana, but non-40-man roster minor leaguers are, and several are suspended for marijuana use each season. There were 13 such suspensions in 2019.
Cannabis producers need not fret about hemp-based cannabidiol (CBD) products overshadowing demand for THC-oriented products, according to a leading cannabis industry think tank.
Despite the recent surge of CBD oil sales since hemp's legalization under the 2018 Farm Bill, its growth is expected to be limited compared with CBD products containing at least a small amount of THC.
MINNEAPOLIS (WCCO) — In the coming weeks and months, expect to hear a lot about the possibility of legalizing recreational marijuana in Minnesota.
The legalization push has a powerful new advocate who will be introducing the bill when the next legislative session gets underway in February.
Behind the scenes, supporters of legalizing recreational marijuana have been working hard, holding listening sessions around the state, and meeting with officials from Colorado, which legalized cannabis in 2014.
There's little question that the legal cannabis industry could be a giant. Every year, tens of billions of dollars of marijuana is sold in the black market, so we know that consumer demand for the product is strong. Assuming cannabis legalization continues throughout North America, Wall Street's varied prognostications of $50 billion to $200 billion in worldwide weed sales by 2030 could very well prove accurate.
Congress opened the door in 2018 to what many in the agriculture sector hope will be a 21st-century money crop: hemp. But the budding industry must first escape the shadow of marijuana, hemp’s botanical cousin.
