April 20, 2020
Despite COVID-19 Lockdowns, Licensed Marijuana Sales Continue in the Vast Majority of States With Legal Pot
Measured by marijuana sales, 4/20 came early this year as cannabis consumers scrambled to stock up, apparently worried that COVID-19 lockdowns might cut off their legal supply. After local governments in the San Francisco Bay Area imposed stay-at-home orders in March, The New York Times reports, sales of edibles "surged to levels typically only ...
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New Jersey's historic law prohibiting the sale of all flavored e-cigarettes takes effect today. This action is the right move to reverse skyrocketing youth use of e-cigarettes and couldn't come at a better time as health experts are warning that smoking and vaping can worsen the effects of COVID-19.
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April 20, 2020
20 ways to address marijuana reform amid COVID
As Congress returns to address the global coronavirus pandemic, it should not leave out relief for cannabis workers, employers, patients, and individuals directly impacted by marijuana prohibition. The worst impacts of COVID-19 have disproportionately impacted the populations that were already the most vulnerable before the virus hit U.S. shores. Given the far-reaching consequences of marijuana criminalization, communities harmed by prohibition are at an elevated risk to economic and health challenges during this crisis.
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Dozens of lawmakers and congressional candidates are calling for marijuana reform on 4/20. While major brands are marketing off the informal cannabis holiday, policymakers and office-seekers are drawing attention to the ongoing harms of prohibition and encouraging policy changes. Here’s what they’re saying:
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Mexican lawmakers now have until Dec. 15 to legalize marijuana and hemp – a new deadline set by the country’s Supreme Court in light of the coronavirus outbreak. Late Friday, the Supreme Court announced the new deadline for legalization to happen during the lawmaker’s next scheduled session, which runs from Sept. 1 to Dec. 15. Only weeks ago, it appeared Mexico was on the verge of becoming the world’s most-populous country to legalize marijuana and hemp.
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April 19, 2020
Tied To Tobacco: Grower Not Ready To Give Up Original Crop
Inside Aaron Walker’s 30-foot wide by 96-foot long greenhouse, 500 trays filled with tobacco plants are steadily growing into what will eventually be transferred into a 14-acre field.
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April 19, 2020
Some Smokers Kick the Habit to Prevent Severe COVID-19 Symptoms, While Others Are Lighting Up More
With research showing that smokers are more likely to suffer severe COVID-19 symptoms, health experts are emphasizing the need for people to quit smoking and vaping.
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Vancouver police say while there is no organized event for 420 this Monday, they are monitoring locations where smaller groups of people may gather for the pot celebration despite physical distancing measures in place to curb the spread of COVID-19. Every year, thousands of cannabis enthusiasts light up at the annual 420 celebrations in Vancouver's West End neighbourhood. This year, instead of vendors and participants coming together in large crowds at Sunset Beach, a virtual 420 is being hosted on the Pot TV and Cannabis Life Network websites.
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April 19, 2020
US cannabis CEOs say coronavirus crisis will speed up legalization: ‘We have been deemed essential
U.S. cannabis CEOs say the chances for federal marijuana legalization will dramatically increase in the wake of the coronavirus pandemic, after several states declared dispensaries essential businesses, allowing them to remain open during stay-at-home orders aimed at halting the spread of the virus. CNBC spoke with the leaders of U.S. based cannabis producers Cresco Labs, Curaleaf, and Green Thumb Industries as well as cannabis investor Matt Hawkins about the state of the industry ahead of April 20, also known as “4/20,” the unofficial holiday for recreational cannabis users. “When we all start to be able to lift our heads from this Covid experience, we are going to be faced with a scenario where a lot of jobs have gone away, a lot of economic development impact has disappeared,” said Charlie Bachtell, CEO of Cresco Labs. “How are we going to bring that back? I think cannabis has to be part of that discussion.” According to Cowen estimates, the U.S. cannabis market is worth approximately $56 billion in 2020 with about 90% of sales going untaxed in the illegal market. “One of the programs by the federal government right after the Great Depression was to focus on tax revenue generation,” said Curaleaf Executive Chairman Boris Jordan. “They lifted prohibition on alcohol and therefore started to tax it -- and it became a major revenue generator for both the federal and the local governments around the country.” Jordan said governments will be looking for ways to generate revenue, as was the case after the Great Depression, and cannabis “is a significant revenue generator.” ‘Essential businesses’: As the global coronavirus pandemic brought most U.S. businesses to a near halt in March, cannabis dispensaries were designated as essential in 8 of the 11 states where adult-use is legal. Sales have also surged. According to Cowen, weekly sales in March topped $134 million in California, Washington, Nevada, and Colorado, a 17% increase from the weekly average in 2019. In the second half of March, the average purchase also increased by 47%. Cannabis investor Matt Hawkins says the data makes the best case for legalization. “You can just point to the fact that we have been deemed essential, why are we not legal?” said Hawkins, managing partner of Entourage Capital, a private equity firm with $200 million invested in Green Thumb Industries and other cannabis producers. “There is going to be a need for increased tax revenue and where else to look but at a legalized industry like cannabis, that is one of the few growth sectors in the world right now.” Ben Kovler, CEO of Green Thumb Industries, said the crisis has put a different light on the industry and more states could start legalizing as a consequence, making the federal government take note. “The great American experiment will become more real as the federal government sees what’s happening at the states,” Kovler said. Three states – New Jersey, Arizona, and South Dakota – are expected to have adult-use legalization on the November ballot. Three others – New York, Connecticut and Rhode island – have bills pending that could legalize adult-use cannabis through the legislature.
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April 19, 2020
Cannabis Entrepreneurs Sue LA Over Process Approving Shops
Marijuana entrepreneurs who want to open new pot shops in Los Angeles are suing the city, arguing that the application process for licenses was unfairly implemented, according to a newspaper report. The lawsuit by the Social Equity Owners and Workers Association asks a judge to require the city to vet each of the hundreds of applications submitted under a first-come, first-served process for licenses, the Los Angeles Times reported Saturday. Barring that, the suit seeks a new process that gives everyone “an equal, fair and transparent opportunity” to compete for a license. The group filed its suit about three weeks after an audit of the highly competitive process for handing out LA licenses for new pot shops was released.
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