MMJ Business Daily

MA tobacco wholesalers angling for MJ distribution monopoly

Cigarette wholesalers in Massachusetts are lobbying state lawmakers hard for a monopoly on recreational cannabis distribution, which would likely increase the cost of doing business for marijuana growers and retailers.

According to The Boston Globe, a tobacco trade group is leading the charge, trying to persuade policymakers that the best way to go on MJ distribution is to follow in the footsteps of the state’s alcohol industry, which mandates that producers use third-party shipping companies to get product to market. And, they’re arguing, companies that already ship cigarettes and collect taxes on them are in the

…

MA tobacco wholesalers angling for MJ distribution monopoly is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

New York legal battle pits medical marijuana firms against state health department

By Bart Schaneman

A legal battle has broken out in New York over the state’s plans to double the number of medical marijuana businesses, injecting fresh uncertainty into an MMJ market already struggling to gain traction.

Four of the state’s five MMJ businesses recently sued to block the New York State Health Department from issuing the new licenses, arguing the competition could damage an industry that is operating below capacity because of a relatively small patient base.

The five new licensees would bring the total to 10.

The state’s existing medical cannabis businesses are reported to

…

New York legal battle pits medical marijuana firms against state health department is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Colorado adds PTSD to medical marijuana qualifying conditions

Colorado medical marijuana dispensaries soon could experience an uptick in sales now that the state has made post-traumatic stress disorder a qualifying condition.

Under the measure – which the governor signed into law Monday – military veterans and other patients with a physician’s recommendation will be permitted to buy medical cannabis for PTSD, the Denver Post reported.

Sales could begin as early as next week, depending on how long it takes the state’s information technology office to prepare the forms, according to the newspaper.

The inclusion of the illness among Colorado’s qualifying conditions has been

…

Colorado adds PTSD to medical marijuana qualifying conditions is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Nevada OKs tax schedule for rec cannabis, increases MMJ rates

Nevada lawmakers have given final approval to a regulatory structure to tax the cultivation and sale of recreational marijuana when the industry is up and running.

Senate Bill 487 – which the governor is expected to sign into law – levies a 10% tax on retail sales and 15% tax on marijuana growers. The tax also would apply to cannabis grown and sold for medical use. Medical marijuana currently is taxed at 2%.

The legislation approved late Sunday is projected to raise $70 million in state tax revenue over two years when recreational sales begin, but a

…

Nevada OKs tax schedule for rec cannabis, increases MMJ rates is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

MJ investment firm, Seminole-led company form partnership

A Las Vegas-based canna-centric investment advisory firm and a company with Seminole ownership have forged a partnership aimed at bringing medical marijuana cultivation and production to Native American lands.

Electrum Partners, guided by CEO Leslie Bocskor, and Billie’s MCW, partially owned by former Seminole Tribe of Florida Chairman James Billie, hope to advise Native Americans in states with legal MMJ regulations on how to begin operations and abide by regulations, the Sun Sentinel reported.

The partnership plans to start with California tribes and eventually expand to other states, according to the newspaper.

If the initial model proves successful,

…

MJ investment firm, Seminole-led company form partnership is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Arkansas finalizing medical marijuana industry rules

Arkansas officials are anticipating that between 20,000 and 40,000 residents will sign up to purchase medical cannabis, which is close to Marijuana Business Daily’s estimates of the potential patient pool.

The state Health Department’s chief lawyer, Robert Brech, told a joint meeting of the Senate and House Public Health Committee that running Arkansas’ medical marijuana program will cost about $1.5 million over the next year.

Medical marijuana registration cards will cost about $50. Under the proposed rules, an Arkansas driver’s license or state ID will be required to obtain one.

Brech said there had been some debate about

…

Arkansas finalizing medical marijuana industry rules is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Prosecution of marijuana attorney could impact industry, fellow lawyers say

By John Schroyer
The week before Memorial Day, California lawyer Jessica McElfresh was charged with multiple felonies by the San Diego County district attorney.
Her alleged wrongdoing? Conspiracies to commit a crime and obstruct justice and manufacturi…

California commissioner to insurers: Serve MJ firms

California’s insurance commissioner is calling on insurance companies to provide coverage to cannabis firms in the state.

Commissioner Dave Jones’ efforts are notable given that insurance would be mandatory for cannabis businesses under proposed rules drafted by California regulators.

Jones is conducting a series of meetings with major insurance carriers in the state at which he is appealing to them to serve marijuana businesses, the Orange County Register reported.

Because insurance companies depend on federal licenses, most do not insure cannabis companies. Insurers fear that doing business with a firm that works in cannabis, which is federally

…

California commissioner to insurers: Serve MJ firms is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Steep Hill opening cannabis testing labs in Arkansas, California

One of the most prominent cannabis testing labs in the nation, Steep Hill, is expanding its reach by opening new facilities in Arkansas and Los Angeles.

Both labs are licensed to operate under the Steep Hill brand, which means they’ll utilize the Berkeley, California-based company’s testing methods and best practices. But the Arkansas facility will be owned and run by pharmacist Brandon Thornton and the L.A. lab will do business as Steep Hill Express L.A., according to news releases.

The L.A. lab opened for business June 1, while the Arkansas lab must

…

Steep Hill opening cannabis testing labs in Arkansas, California is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Chart: Retail cannabis chains are on the rise in Colorado

By Eli McVey

As Colorado’s retail marijuana market matures, a growing number of stores are controlled by a handful of retail chain operators.

It’s a sign the cannabis industry may be headed in a direction similar to traditional retail businesses, where players like a Wal-Mart or Home Depot squeeze out smaller mom-and-pop stores.

In Colorado, chain retailers are opening more stores across the state than those entrepreneurs who are opening stand-alone shops.

Roughly 9% of recreational retailers in the state currently own and operate three or more stores – up slightly from 7% in January 2015.

However, the percentage

…

Chart: Retail cannabis chains are on the rise in Colorado is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs