Business

Illinois recreational marijuana sales reached almost $61 million in July, setting a record for the third month in a row

Illinois marijuana shops sold almost $61 million in recreational weed in July, beating the previous record set in June by $13.4 million.

In all, dispensaries have sold about $300.1 million in recreational marijuana since sales started in Illinois Jan. 1.

The sales figures have set new records every month since May. July’s sales were a 75% increase over February, the month with the lowest sales at $34.8 million.

Covid-19 Is Helping Make 2020 A Record Year For Cannabis Sales

While the COVID-19 pandemic has damaged a wide range of industries around the world, it looks like cannabis might not be one of them. An industry white paper last week shows that the cannabis industry’s 2020 growth is currently outpacing that of 2019. Hiring for cannabis companies os also already on the rebound, and retailers are actually purchasing more product from companies than they were prior to the pandemic.

The pandemic is eating away at the illicit marijuana market

Legal sales have boomed since March, though it’s hard to say how many customers previously bought from illegal dealers.

The legal marijuana industry has spent years battling illegal sellers who have eaten away at its market share and undercut its prices.

But the coronavirus has proven to be a boon for legal pot shops, as customers fear the risks associated with inhaling questionable products and are nervous about letting sellers into their homes.

Weighing The Risks And Rewards Of The Current Cannabis Investment Landscape

Events over the last nine months have created an opportunity for investors new to the cannabis space. The recent restriction of capital, coupled with the halting of the economy due to the COVID-19 crisis, has resulted in the creation of distressed cannabis assets in need of funding.

Given the steep discount in company valuations, now could be one of the best times in history to invest in the cannabis space.

House adds amendment shielding legal marijuana businesses from DOJ

The House of Representatives on Thursday added an amendment to a spending package that would protect state-legal marijuana businesses from the Department of Justice.

The amendment, according to its description, would “prohibit the Department of Justice from interfering with state and tribal cannabis programs.” Congressional Cannabis Caucus founder Rep. Earl Blumenauer, D-Ore., sponsored the amendment, which passed 254-163, including 31 Republicans who voted in favor of it.

Report Holds Optimistic COVID-19 Recovery View of Cannabis Industry

A new report out examining how the COVID-19 pandemic impacted the U.S. cannabis industry shows consumer purchasing spiked, dropped, then started to stabilize in the time between when things began to unravel for the nation in March until recently.

In other words, it appears that the experience for cannabis, as a product, wasn’t much different from other mainstream products, such as toilet paper, certain foods, and other essentials.

California Cannabis And Taxes: A Shining City On The Coast

It is a fact that the legal cannabis industry has tremendous potential to generate significant tax revenue for states and municipalities in the years ahead. Earlier this year, for example, the California Department of Tax and Fee Administration reported that, from the day legal cannabis retail sales began in January 2018 until January 2020, the state had already collected more than $1 billion in taxes. And those are only state-level taxes.

The Top 4 Cannabis Compliance Complaints And How To Cope

For startups and established businesses, compliance issues can be time-consuming and confusing. But they don't have to be daunting.

Despite the massive growth in the cannabis space over the last decade, the industry is often more heavily scrutinized than other industries. But unfortunately, many cannabis businesses — especially those on a smaller scale — aren’t adequately prepared to deal with compliance issues, putting them at risk of facing heavy fines, losing their licenses, and even going out of business. 

Cannabis investment market has shown resilience and may go higher after US election

A win for Democrat Joe Biden is expected to bode well for medical cannabis businesses in the US

The cannabis investment market has shown its resilience through the coronavirus crisis and the second half of 2020 is looking positive, says Nawan Butt of Purpose Investments

Cannabis is likely to be a key talking point in the US presidential election in November and Butt says a potential win for Democrat Joe Biden would bode especially well for medical cannabis businesses in the US.