In Denver: the first local prosecution of a legal marijuana enterprise in the US. The owners of dispensary chain Sweet Leaf have been charged for allowing a practice called “looping”, where a customer buys the maximum amount of marijuana allowed multiple times a day. Two and a half million tons ended up on the black market, and the owners ended up in prison.
Speaking of the black market, it may be the primary reason why California isn’t living up to its cannabis tax projections, with 2018’s totals coming in at almost half of last year’s estimates. High tax rates and local restrictions have certainly had an impact; but are policy changes in the near future?
Also in California, a cannabis distributor lost the first round of what could be an important test case in determining the role of the federal government in cracking down on marijuana businesses. They allege the CHP is targeting licensed MJ businesses for the purpose of forfeiture. So far, the court’s not buying it, but it could go on for months being resolved.
Recreational cannabis legalization is gathering steam in New Mexico. A new bill, which proposes state-run retailers, the option for local bans, and a strict regulatory framework, aims to keep marijuana away from children, and seems to have strong public support.
In Michigan, governor Witmer replaces one Marijuana regulatory board for another, after the former didn’t keep up with business license applications in a timely manner, but will the new one be any better?
In Canada, one of the countries biggest pension managers loads up on stocks from Canadian industry leaders such as Canopy Growth, Cronos Group, Aphria, and others, giving a vote of confidence to long-term investors in the booming industry.
In international news, Peru lays the groundwork for commercial medical cannabis production and sales. Why they’re an attractive option for international companies and how they could become leaders of regulation standards in the industry.
Directed by: Micah Tatum @arbitrageent
News Anchor: Jacqui Verdura
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