On the domestic front, CBD in the USPS. The United States postal service clarifies rules on mailing hemp-derived CBD products. They indicated that the restrictions will loosen in the future as hemp was legalized last year, but are proceeding with caution.
In California, another attempt to crackdown on the illicit market. Legislators propose a bill regulating internet ads for cannabis businesses, and holding advertisers, like Weedmaps, accountable. With controversy surrounding the bill, will this latest attempt be effective?
Florida’s largest cannabis retailer, Trulieve, sold the first flower to a medical marijuana patient after the ban on smokable cannabis was lifted in March. The move is expected to boost sales across Florida, and Trulieve plans to sell smokable product in all 26 of its stores statewide.
In finance news, private equity fund Gotham Green Partners invests 250 million dollars in California-based multistate operator MedMen, which is believed to be a record for the largest amount by a single investor in a publicly traded cannabis company with U.S. operations.
In international news, more celebrities partner with Canopy Growth. Seth Rogan and Evan Goldberg’s company, Houseplant will sell branded cannabis flower and concentrates. With Martha Stewart and Snoop Dogg already involved with Canopy, it looks like this may be a prevalent strategy for the Ontario-based cannabis company.
Will there be a new THC tax in Canada? A new proposal to apply a scaled tax on cannabis products based on the THC-level meets controversy. Some argue it will end up gouging medical patients, and should only apply to recreational sales.
Governor Guerrero signed a law legalizing and regulating recreational marijuana in the Western Pacific island of Guam, making it the second U.S. territory to do so, after the nearby Northern Mariana Islands did last year. In approving the bill, Guerrero said, “the writing’s on the wall”, when it comes to federal legalization.
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