News

With no historical data, projecting cannabis tax revenue is difficult

The Pew Charitable Trusts looks at the inherent difficulties in projecting tax revenues in states with legal cannabis. The report includes some interesting graphics comparing Colorado to other states.  

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Did you know Polis prints his business cards on hemp paper?

Colorado Gov. Jared Polis Polis outlined his plan for making hemp an agricultural mainstay in Colorado. Currently, 62,000 acres are allotted for hemp farming, which Polis wants to increase by 20 percent next year by speeding up registration procedures for farmers.

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Medical News 

 

Harvard University’s Dana-Farber Cancer Institute found a chemical in cannabis that has demonstrated “significant therapy potential” in treatment of pancreatic cancer.  The study is the first to show not only a potential new treatment for pancreatic cancer, but other cancers.  The scientists were “startled” to find the cannabis was capable of attacking other cancer cells.  

In the News

Cannabis opportunities on reservations?

Democratic presidential hopeful and U.S. Sen. Elizabeth Warren, D-MA, makes the argument that Indian tribes have the right to legalize cannabis without federal interference, and: 

 “A number of Tribal Nations view cannabis as an important opportunity for economic development,” she said. 

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Give us a hug

Is the federal government embracing the reality of cannabis legalization? Okay, that might be a step too far, but it appears the National Institute on Drug Abuse’s position is evolving. The agency wants to fund studies that look at regulations, industry marketing and reasons for medical cannabis use. 

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Colorado helps others legalize the responsible way

The National Foundation for Women Legislators hosted a Marijuana Policy Summit in Colorado last week, touring cannabis dispensaries and discussing CBD, licensing, potency, revenue and health and safety. About 30 elected women whose states or municipalities are considering legalization, or have already legalized cannabis, attended the summit. 

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Live like a refugee

Medical refugees. That’s the term now given to people who move to other states to access legal cannabis for medical reasons.  Groups, such as Colorado-based American Medical Refugees, help families hoping to connect with those in similar situations and find resources.

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Not your father’s Family Feud … 

One can’t help but wonder – for those of you old enough to remember Richard Dawson, the original host of Family Feud – what the 1970s would’ve thought of the daytime television question: “what kind of businesses are booming in states where marijuana is legal?” 

And how did the contestants do? Hint: it takes a very, very long time for someone to name dispensary. View on Twitter »

“Little old ladies walked into their local pharmacy to purchase CBD products” 

The New York Times notes that CBD has become so mainstream, even little old ladies are asking for it at their local drugstores.  The story also looks at CBD, marketing and the laws that do – or don’t – regulate it.

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The Senate Committee on Banking, Housing and Urban Affairs last week ushered in industry leaders and advocates to testify about the challenges cannabis companies face trying to get basic banking services in states where medical or recreational marijuana is legal. Those testifying urged lawmakers to change federal laws so the industry could access traditional financial services. 

While the hearing was the first-of-its-kind in the GOP-controlled Senate, passing federal legislation still remains an uphill battleExcept for the committee chairman, U.S Sen. Mike Crapo, R-Idaho, none of the other GOP committee members attended the hearing. He urged lawmakers to change federal laws to give the budding industry access to traditional financial services. 

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Related: 

Rob Nichols, President and CEO of the American Bankers Association and Jim Nussle President and CEO of the Credit Union National Association, co-authored an Op-Ed calling on Congress to pass marijuana banking legislation. 

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With the STATES Act and SAFE Banking Act, the cannabis lobby is on track to break a new record. 

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U.S Sen. Cory Gardner continues to urge the federal government to pass the SAFE Banking Act and the STATES Act:

Regs to stop the black market also prevent a bear market

If you somehow missed this classic Colorado moment, please take a moment to watch a bear in Lyons try – but fail – to break into a dumpster behind a marijuana dispensary.  Colorado regulations require that cannabis waste is kept in “a secured waste receptacle in possession and control of the Licensee” so that it isn’t diverted to the unregulated market. 

We can hardly bear how well those regulations are working (sorry). 

Watch the Bear! »

#winning

A new Marijuana Policy Project report looks at top 10 “marijuana policy wins” of the year and provides updates at the state-level and in Congress. Colorado is the only state to appear twice in the top ten:  #7 for onsite consumption and #8 for home delivery.  

Illinois, which was #1, became the first state ever where the legislature — as opposed to voters — passed a comprehensive adult-use legalization law that includes regulated sales.  

Definitely worth the read. 

 

Power-less in Denver 

Electricity use by Denver’s marijuana industry dropped 8 percent last year. The change marks the first time that the industry reduced power demand since Denver began tracking it in 2013. In 2018, marijuana businesses represented 3.9 percent of the city’s power use. 

As one CEO said: “More efficient operators are still around and continuing to make improvements and running more efficiently.”

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