News

The changing politics of marijuana

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Nothing’s ever certain when it comes to politics, a fact that has become increasingly clear in recent weeks both at home and in Washington, D.C.

Here in Colorado Gov. Joh Hickenlooper, long considered supportive of the strictly-regulated marijuana industry, vetoed three industry-backed measures – including one that allowed for increased capital infusions into the state, which is crucial for keeping the industry growing in the state. It was a disappointing veto that not only jeopardizes tens of thousands of jobs but also ignores the professionals that worked tirelessly during his term to build the safest and most respected cannabis industry in the country.

Representatives from the cannabis industry expressed their discontent with the vetoes at a press conference.  Three Colorado Leads members are quoted here. 

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Meanwhile in Washington, D.C., U.S.  Sen.  Cory Gardner, R-Colorado, introduced a bill that would protect the cannabis industry from uncertain federal enforcement policies.

“It’s time that we take this industry out of the shadows,” Gardner said. 

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Headlines

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Colorado rules

A new report ranks Colorado as the best state in the country to start a marijuana business.

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Looking ahead

Cannabis pioneers predict where the industry is headed.

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Parents upset over veto of cannabis for autism bill

One of the three bills Gov. John Hickenlooper vetoed at the end of the session would have allowed individuals with autism spectrum disorder to access medical cannabis. Parents of these children said they were devastated by his decision. 

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Marijuana proceeds help fund record school construction program

State officials have approved the largest ever school building program, one that is funded in part by proceeds from legal marijuana sales.

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Quotable

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“I’m actually kind of thrilled to see there are a lot of lobbyists at the table right now. We are representing businesses that are trying to run a business. Marijuana is the single most heavily regulated industry in the world. More than alcohol. More than oil and gas. Far more than any other substance in commerce today.”

– Lobbyist Cindy Sovine

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Cannabis Business Coalition Denounces Gov. John Hickenlooper’s Veto of Bill Providing Companies Access to Capital

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Colorado Leads, a cannabis business alliance of more than 50 Colorado companies, denounced Thursday Gov. John Hickenlooper’s veto of HB18-1011, a bipartisan bill which would have provided greater investment flexibility in marijuana businesses and created a more level playing field for the cannabis industry.

The bill, which overwhelmingly passed the state House and Senate last month, balanced the industry’s need to access capital – like any other legal business – with public safety. Prohibited by law from taking standard tax deductions and hamstrung by steep regulatory operating costs, the capital-starved industry viewed the bill as a critical solution.

“The Governor’s disappointing veto not only jeopardizes tens of thousands of jobs but also shows a true lack of respect for the professionals that worked tirelessly during his term to build the safest and most respected cannabis industry in the country,” said Chuck Smith, Colorado Leads Board President and CEO of Dixie Brands, Inc. “We look forward to working with the next governor who will show true leadership by honoring the will of the voters and keep Colorado at the forefront of this vibrant and growing world-wide industry.”

The governor’s veto puts Colorado cannabis companies in a precarious position. Only two other states in the country with legal cannabis prohibit businesses from accessing legitimate capital. Blocking the cannabis industry from accessing capital not only puts companies at an enormous competitive disadvantage, it renounces Colorado’s role as the nation’s cannabis leader.

“Colorado was uniquely positioned to lead the United States cannabis industry. We have a mature market, the best operators, and world class operations. If HB 1011 was not vetoed, investment would have eagerly poured into Colorado to establish the nation’s headquarters of operations, leading the roll-up of the cannabis industry from around the United States,” said Andy Williams, a Colorado Leads board member and Chief Executive of the Denver-based grower and dispensary Medicine Man.

“The jobs and revenue would have been a tremendous boost to our economy. As it is now, Gov. Hickenlooper has opened the door to other states to take that lead from us​. I will most assuredly be looking to move my headquarters to a state that welcomes our industry.”

Headlines

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Cannabis industry slowly wooing banks

While most banks are still weary, some are finding ways to jump into the cannabis space.

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State expands cannabis education campaign

The new “Responsibility Grows Here” campaign targets youth, tourists and pregnant and breastfeeding women.

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‘Cannabis girl’ fights to operate cannabis gym

City of Wheat Ridge and Fit Cannabis Girl at odds over whether business is a gym or marijuana club.

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Quotable

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“Section 280E of the federal tax code remains the single biggest threat to small cannabis businesses. It mandates that all of our revenue, without deducting any expense, is considered taxable profits. This makes it a challenge to even break even in the industry. Until cannabis is de-scheduled [and 280E no longer applies to us], entrepreneurs and big businesses will face the same challenge to turn a profit.”

~ Colorado Harvest Company founder and CEO Tim Cullen

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Candidate Speaks with Colorado Leads

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State Sen. Owen Hill, a Republican running for U.S. Rep. Doug Lamborn’s congressional seat, stopped by to talk to Colorado Leads members about the future of legal marijuana at both the state and federal level.

Members in the News

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Colorado’s Wana Brands, a top seller of cannabis edibles, has entered a year-long partnership with ultrarunner Flavie Dokken to break the stigma that marijuana users are lazy and to promote it as an effective training tool and pain relief alternative.

Races on Dokken’s horizon include the Quad Rock 50 Miles, Bryce Canyon 50K, and Mad Moose Crested Butte 105K. SNEWS talked to her about her alliance with Wana Brands and why she opts for cannabis capsules over other painkillers.

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Industry peaks just keep getting higher

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Just when the Colorado’s marijuana industry was expected to start leveling out a bit, the newest reports show sales have hit yet another all-time high. Heading into what is considered peak sales season, adult-use marijuana sales in Colorado eclipsed $105 million in March 2018, the highest monthly total in the program’s history. That’s up more than 23 percent from February, which on a percentage basis represents the largest month-over-month sales gain in Colorado’s market in more than three years.

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And as sales grow, prices drop

As more and more states legalize adult-use marijuana, prices are dropping.

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Headlines

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Why Colorado needs to legalize cannabis delivery

A veteran who works with many disabled and terminally ill vets explains why he supports efforts to make marijuana delivery legal.  And no, it’s not about being able to get pot with your pizza.

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Colorado Gazette backpedals on black market report

Earlier this year, the newspaper reported the black market for marijuana had dramatically expanded in Colorado since adult-use was legalized. Its newest report admits that isn’t really true because there isn’t a central, comprehensive data collection mechanism in place to track the black market.  As the Department of Public Safety spokeswoman Patricia Billinger said:

“We did not have a definitive measurement of the black market prior to legalization and do not have a definitive measurement today, so at best we can say with certainty that the percent of black market activity in Colorado has gone down.”

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Cannabis Tax Money Funding Local Projects

The Denver Parks and Recreation department is receiving four million dollars in funding to get “projects done that would not have been done before,” said Scott Gilmore, Denver’s Executive Director of Parks and Planning. 

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Education

Responsibility Grows Here,” the new public education effort launched by the state health department this week, will include four targeted campaigns addressing consumers, youth, trusted adults, and pregnant and breastfeeding women.

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Jefferson University seeking 100,000 medical marijuana patients.

The Philadelphia-based  Thomas Jefferson University is working to build the world’s largest database of medical cannabis users to provide evidence-based resources for patients and caregivers.

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For the record

The Motley Fool compiles “7 Jaw-Dropping Marijuana Statistics You Have to See to Believe.”

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