Following important cannabis news articles every day can be a real burn-out, we know. That’s why the Emerald rolls up a chronicle of the headiest news hits, and passes them to you at the end of each week. We Bring You: The Dime.
Growing Medical Cannabis Market in Ohio Poised to Reach $400 million in Sales per year
On Monday, March 29th, Marijuana Business Daily reported that sales from Ohio’s medical cannabis increased from $2.5 million a week pre-pandemic to upwards of $5 million per week. According to the MJ Biz Daily Factbook, Ohio’s medical cannabis sales are projected to reach half a billion dollars a year by 2022 or 2023.
South Carolina Senators Approve Medical Cannabis Bill in Committee
On Wednesday, March 31st, a South Carolina Senate committee approved a bill to legalize medical cannabis. Republican Sen. Tom Davis sponsored The Compassionate Care Act, making it possible for “patients with qualifying conditions [to] purchase 2 ounces of cannabis every two weeks.” But, according to Marijuana Moment, the senate’s version would ban smokable cannabis products. It would also prohibit home cultivation. After pre-filing this legislation in December, Davis said he feels there’s a good chance the bill will pass this session. For instance, he said, “this bill has been fully vetted after five years of testimony and input by various stakeholders. The time has come for lawmakers to get out of the way and allow patients, in consultation with their physicians, to legally and safely access medical cannabis.”
Chicago’s Green Thumb Industries Under Investigation After Pay-to-Play Allegations
On Wednesday, March 31st, Ganjapreneur reports that Green Thumb Industries is the subject of a federal investigation. The investigation concerns possible pay-to-play violations during the licensing process, which the company has since denied. Furthermore, Ganjapreneur said alleged violations include campaign donations and other actions by the company during the state’s initial retail licensing process. It’s thought to be the first federal inquiry of an Illinois canna-business. The investigation also comes as Illinois works to renegotiate its adult-use cannabis regulations to improve social equity ownership. But, with arrests over extortion and bribery related to licensing, it’s uncertain whether Green Thumb Industries is the subsequent offender.
New York Legalizes Adult-Use Cannabis
On Wednesday morning, March 28th, Democratic Gov. Andrew Cuomo signed legislation that legalized recreational cannabis in New York. It comes after a long awaited effort by lawmakers. According to CNBC, Cuomo signed the bill the morning after the State Senate and Assembly voted in favor of it. It makes New York the 15th state to legalize recreational cannabis, states CNBC. In response, Cuomo said, “this is a historic day in New York – one that rights the wrongs of the past by putting an end to harsh prison sentences, embraces an industry that will grow the Empire State’s economy, and prioritizes marginalized communities so those that have suffered the most will be the first to reap the benefits,” Axios reports. Consequently, residents can immediately possess 3 ounces of flower, or 24 grams of concentrate, CNBC reports. However, officials say it could take up to two years for adult-use sales to begin.