MMJ Business Daily

4 Reno MMJ dispensaries could be first in NV to sell rec marijuana

The Reno City Council approved recreational marijuana business licenses for four MMJ dispensaries, positioning them to become the first in Nevada to start selling adult-use cannabis.

Thanks to a decision by Nevada regulators, existing MMJ dispensaries are allowed to participate in an early rollout of  recreational sales as soon as July 1 – as long as the businesses obtain local licenses to enter the rec market.

The city council unanimously granted that approval to four Reno dispensaries:

• Mynt Cannabis Dispensary, in the downtown casino district a block from Harrah’s
• Sierra Wellness Connection
• Blum Reno
• The Dispensary

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4 Reno MMJ dispensaries could be first in NV to sell rec marijuana is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Chart: Florida could someday be home to massive medical marijuana businesses

By Eli McVey

Primed to become one of the nation’s most lucrative medical marijuana markets once it’s up and running, Florida’s program will license just a handful of businesses to produce, process and distribute all MMJ sold in the state.

It’s a situation that may give rise to some of the nation’s largest marijuana firms.

During a special legislative session this month, Florida lawmakers were finally able to reach an agreement on rules governing the state’s MMJ program – previously thwarted by disputes between the House and Senate about the number of dispensaries each license holder should

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Chart: Florida could someday be home to massive medical marijuana businesses is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

CA lawmakers approve merger of rec, MMJ regulatory systems

The California legislature approved a state budget plan that includes a proposal from Gov. Jerry Brown to merge the regulatory systems for both medical and recreational marijuana businesses.
The implications of the move are enormous for cannabis compan…

Nevada firm picked to run LSU’s medical marijuana program

Louisiana State University selected GB Sciences, a Nevada-based marijuana company, to operate the school’s medical marijuana program, one of two in the state.

Under the arrangement, GB Sciences is required to make a minimum $3.4 million contribution or a 10% commission on gross receipts to the LSU AgCenter, according to the Greater Baton Rouge Business Report. The state won’t spend any money on the estimated $10 million undertaking, the Times-Picayune reported.

The company, which trades on the over-the-counter markets under the symbol GBLX, also must make a $500,000 annual investment in the

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Nevada firm picked to run LSU’s medical marijuana program is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Denver businesses losing interest in onsite cannabis consumption

Nearly all the businesses that had expressed interest in taking advantage of a new voter-approved initiative to allow onsite cannabis consumption say the initial regulations governing the issue are too burdensome.

And that means the city’s social use plan may be for naught.

One of the campaign directors for Denver’s Initiative 300, which city voters approved last year, said during a public hearing this week that “99%” of businesses that considered applying for a social use license are “no longer interested” because the rules would be too difficult to comply with, the Denver Post reported.

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Denver businesses losing interest in onsite cannabis consumption is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Week in Review: Vermont’s MMJ expansion, cannabis standards & Sessions’ warning

By John Schroyer and Bart Schaneman

Vermont adds dispensaries and qualifying conditions to its medical marijuana program, two standards organizations begin work on the cannabis sector, and U.S. Attorney General Jeff Sessions tries to strip MMJ protections.

Here’s a closer look at some notable developments in the marijuana industry over the past week.

Is more better for Vermont? 

Vermont’s tiny medical cannabis program – four licensed and vertically integrated dispensaries – is set to get a good bit larger now that the governor has signed off on a law to more than double the state’s MMJ

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Week in Review: Vermont’s MMJ expansion, cannabis standards & Sessions’ warning is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Self-regulatory group forms to set voluntary marijuana standards

As the marijuana sector continues to try to find its way without established standards, a new group has arrived to help guide the industry toward more mainstream practices.

Specifically, the National Association of Cannabis Businesses (NACB) hopes to offer U.S. cannabis companies direction in responsible business practices that include compliance, transparency and accountability, according to its website.

The self-regulatory organization – led by a team of government, legal, banking and data security experts – plans to assist its members in developing consistent national standards as well as providing them with the expertise, tools and services needed to effectively

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Self-regulatory group forms to set voluntary marijuana standards is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Los Angeles cannabis stakeholders join forces to influence regulations

In response to Los Angeles’ issuance of draft regulations for marijuana businesses, three organizations are joining forces to lobby for “comprehensive and equitable” industry rules.

The United Food and Commercial Workers Union, the United Cannabis Business Association and the L.A. Cannabis Task Force plan to work hand-in-hand with the aim of getting workable industry rules installed before January 2018 so there’s a seamless transition to the regulated market, the groups said in a news release.

“The collaboration is evidence that cannabis businesses are committed to forging alliances with existing and new members of our industry,” Jerred Kiloh,

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Los Angeles cannabis stakeholders join forces to influence regulations is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Rhode Island gov wants to triple medical marijuana dispensaries 

Rhode Island’s governor has called for an increase in medical marijuana dispensaries in the state and a hike in licensing fees to generate another $1.5 million in revenue.

Democratic Gov. Gina Raimondo submitted a budget amendment June 9 calling for “no less than six licensed compassion centers,” the Providence Journal reported.

The existing three centers each would be allowed to open a second retail-only location.

However, those three dispensaries – in Providence, Warwick and Portsmouth – have resisted a bill that would create additional MMJ businesses, arguing there’s no demonstrated need for more dispensaries. Rhode Island has more than 16,000 MMJ

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Rhode Island gov wants to triple medical marijuana dispensaries  is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Lawyer expects court decision on 280E by ‘end of year’

A potentially game-changing decision by the U.S. Tax Court on the applicability of 280E to the cannabis industry has been delayed, but the attorney who tried the case expects a decision before 2018.

Attorney Henry Wykowski argued roughly a year ago before the court that section 280E of the tax code wasn’t intended to apply to law-abiding businesses such as his client, Oakland’s Harborside dispensary. He has since been awaiting a ruling, which could lead to a major boost in profit margins for cannabis companies.

“We still don’t have a decision … because the Tax Court realizes the

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Lawyer expects court decision on 280E by ‘end of year’ is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs