Marijuana Business News

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Tue
14
Jul

Hawaii's first medical marijuana dispensary system becomes official at midnight

A bill to establish Hawaii’s first medical marijuana dispensary system will become law at midnight Tuesday, with or without Gov. 

Tue
14
Jul

Boy band star Nick Lachey thinks Hudson is spot for pot

He used to croon love songs to the masses.

Now, he wants to grow pot in Hudson.

Nick Lachey, a member of the band 98 Degrees and more recently a television actor, is among five investors in a Hudson marijuana grow center, one of 10 that would be created across Ohio under a proposed ballot issue.

The other investors include three owners of the CashMax stores in Ohio and a car business owner from Texas.

Cheney Pruett and John Humphrey, two of the CashMax owners, attended a news conference in Akron on Tuesday held by ResponsibleOhio, the group backing the ballot issue.

“This is an exciting entrepreneurial opportunity,” Humphrey said.

Tue
14
Jul

Two more medical pot companies, one offering free marijuana, target Syracuse NY

Syracuse, N.Y. -- Two more companies seeking state licenses to grow medical marijuana have announced plans to open dispensaries in the Syracuse area and one of them is promising free medical pot for patients who cannot afford it.

Citiva Medical, a company that wants to grow medical marijuana at the former Seneca Army Depot in Romulus and open a dispensary in Cicero, said it will set aside 2 percent of its annual profits to help patients in need pay for their medical marijuana.

Tue
14
Jul

Uruguay cannabis market still struggles for legitimacy a year after historic ruling

The South American country became the first ever to legalize the sale of marijuana in May 2014 but regulatory bodies, police and pharmacies have yet to catch up with home growers and their steady clientele

In the back room of a store in the Uruguayan capital, connoisseurs pore over boxes of Ziploc bags containing seven varieties of marijuana, with names like “amnesia,” “chocolope”, “tangie” and “sour power”.

The stash belongs to members of the 420 Cannabis Club, who are collecting their monthly allowance of 40 grams, while the next harvest basks in the orange glow of sun lamps in a ventilated room upstairs.

Tue
14
Jul

Ohio: Marijuana Growers Move Plants Indoors For Protection

A drop in the number of marijuana plants seized in Ohio in recent years can be attributed to a greater push by growers to cultivate the plants indoors, according to authorities.

Investigators say they have seized $326 million in marijuana across the state since 2008. But authorities say that the underground market for marijuana continues to thrive, with growers moving operations inside to avoid police, thieves and unpredictable weather. *edit*

Jason Park, an agent with the U.S. 23 Major Crimes Task Force in Chillicothe, said just as much and maybe more marijuana is being produced now, even though the number of confiscated plants has dropped.

Tue
14
Jul

Making a killing on cannabis

Rarely does an enormous, totally virgin industry emerge with guaranteed demand, where startups are better placed to capitalise than big corporates. Beyond the ethical debate around legislation of cannabis, it’s this tantalising commercial prospect that’s getting a growing number of people excitedly sizing up opportunities and making business plans in anticipation of a change in law.

Each year, over 1,000 tonnes of cannabis is produced across the UK in secret basements, bedrooms, repurposed sheds and warehouse farms. Another 200 tonnes is imported from places like Morocco and the Netherlands. In short, UK cannabis production is booming.

Mon
13
Jul

Seattle council OKs plan to close medical-marijuana businesses

The Seattle City Council approved a plan to shut down medical marijuana businesses that have opened since January 2013.

Green cross signs will become more scarce in Seattle under a plan adopted by the City Council Monday.

The city will force medical-marijuana businesses that opened Jan. 1, 2013, or later to shut down by next July as part of a new licensing plan proposed by Mayor Ed Murrayand approved by the council in a unanimous vote.

 

A rash of new medical-marijuana shops have opened since the start of 2013, just after voters legalized adult possession of an ounce or less of pot through Initiative 502.

Mon
13
Jul

Senators Move Bill to Give Marijuana Industry Access to Banking

The Colorado Department of Revenue collects millions of dollars in taxes each month from marijuana businesses around the state. The state collected $9.6 million from sales of retail and medical marijuana in April, bringing the current year through May 1 total to $78 million.

Many of these millions are stuffed into duffel bags and driven to the Department of Revenue to be paid in cash.

“It can be really scary,” said Mike Elliott, the executive director of the Marijuana Industry Group.

After 18 months of full-scale legalization of recreational marijuana in Colorado, the federal government and state governments here and elsewhere have not found a solution to providing access to banking to the marijuana industry.

Mon
13
Jul

Update: Tilray Medical Cannabis Extracts

As part of our ongoing commitment to improving our patients’ experience with Tilray, we’re excited to announce that we have submitted an application to Health Canada to produce medical cannabis extracts. Under new guidelines issued last Wednesday, July 8, licensed producers may now produce and sell medical cannabis derivatives of medical cannabis such as oils and capsules. These new products will make it possible for patients to utilize medical cannabis in ways other than smoking or vaporizing.

Mon
13
Jul

Pot money changing hearts in Washington

This week marks the one-year anniversary since sales of marijuana for recreational use began in Washington state.

In the first year, $70 million in tax revenue has been generated statewide from marijuana sales. The Washington State Liquor Control Board, which oversees the state's cannabis industry, reports that dispensaries sold more than $257 million worth of marijuana.

Chip Boyden, who owns a medical marijuana dispensary in Tucson, Arizona, jumped at the thought of expanding his marijuana business with family in Washington after the first dispensaries started to open in July 2014. Washington voters passed a law in 2012 to legalize marijuana for adults over 21.

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