MMJ Business Daily

Diversity in medical marijuana: Q&A with Maryland license applicant Greg Daniel

By John Schroyer

New York-based physician Greg Daniel is the face and voice of a Maryland lawsuit that could bring the issue of race to the forefront in marijuana business licensing.

The suit contends the Maryland Medical Cannabis Commission ignored a law requiring that racial diversity be a consideration in who received MMJ cultivation permits.

Daniel, the CEO of Alternative Medicine Maryland, is part of the suit, which has resulted in a temporary restraining order that prohibits the commission from handing out the final 14 licenses.

So far, only

Diversity in medical marijuana: Q&A with Maryland license applicant Greg Daniel is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Nevada early rec marijuana sales may be delayed after court order

The early rollout of adult-use cannabis sales in Nevada may not start in July after a district court judge signed an order barring the state from issuing MJ distribution licenses under rules recently adopted by regulators.

The order stems from a lawsuit filed by liquor wholesalers. They argue that under the letter of a voter-approved ballot measure, only licensed liquor wholesalers can hold MJ distribution licenses for at least the first 18 months of recreational sales, according to the Las Vegas Review-Journal.

Many in the industry had anticipated that MJ growers and retailers

…

Nevada early rec marijuana sales may be delayed after court order is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Billion-dollar fund manager plans MMJ investment trust

First Trust Portfolios, an Illinois-based fund manager that oversees more than $100 billion, has filed paperwork to establish an investment vehicle containing medical marijuana stocks.

The move underscores how mainstream investment firms increasingly are targeting the cannabis industry.

In a filing with the Security and Exchange Commission, First Trust spelled out its plans for a Medical Cannabis Portfolio Series – FT 6766, which aims to achieve above-average capital appreciation. According to the filing, FT 6766 is a series of a unit investment trust, itself a fixed portfolio of securities such as stocks.

Forbes reported the

…

Billion-dollar fund manager plans MMJ investment trust is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Arkansas outlines medical cannabis application scoring system

The Arkansas Medical Marijuana Commission is close to finalizing the details governing new business license applications to cultivate and sell MMJ, including how the agency plans to score permit applicants.

The application period begins in June. And the five sections contained in the applications will be scored on a 100-point system, the Arkansas Democrat-Gazette reported.

The commission set the same standards for cultivator and dispensary licenses on how much weight will be given to each of the five general sections of the 100-point application, according to the newspaper.

The biggest portion of the applications, worth 50 points, focuses

…

Arkansas outlines medical cannabis application scoring system is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Florida health department to write MMJ rules without lawmakers

Because Florida lawmakers in Tallahassee failed to reach an agreement on rules to govern the state’s medical cannabis industry, the state health department is going ahead without them.

The Department of Health issued a public notice that it intends to develop MMJ regulations without input from lawmakers, meaning the Sunshine State’s medical cannabis industry could either get much bigger or stay exactly the same size with no real debate or input from stakeholders.

Seven licensed MMJ producers currently serve the entire state, although a judge recently recommended that the number of licensees

…

Florida health department to write MMJ rules without lawmakers is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Questions swirl over financial viability of Minnesota’s medical marijuana program

By John Schroyer

Is Minnesota’s highly restrictive medical cannabis program viable in the long term? Or will it prove to be an extremely expensive but failed experiment?

Both questions are being raised after a recent report revealed that the state’s two MMJ producers lost a combined $11 million in less than two years of sales.

Questions swirl over financial viability of Minnesota’s medical marijuana program is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Ohioans buying Michigan medical cannabis before Ohio sales start 

Ohioans wanting medical marijuana have been crossing the border into Michigan, where some Detroit-area dispensaries will sell to out-of-staters who are issued recommendations for cannabis use months ahead of the drug becoming available in their home state, according to officials from a company providing the recommendations.

The move is giving a boost to Michigan MMJ businesses before the launch of Ohio’s own medical cannabis program in 2018.

The MMJ recommendations, given by doctors working for a Toledo business or any other Ohio physician, won’t necessarily help someone in court if they are busted for having cannabis in Ohio. Possession of less than

…

Ohioans buying Michigan medical cannabis before Ohio sales start  is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Canada streamlines medical marijuana licensing process

Canadian regulators have implemented new rules intended to streamline the licensing process for medical marijuana producers, a move aimed at boosting the overall output of MMJ and the number of legal cultivators.

The move is likely to speed the process for licensing MMJ producers and shrink the backlog of hundreds of outstanding applicants.

Key changes in the licensing process include devoting more personnel and other resources to application reviews, allowing staffers to examine some application sections concurrently, and extending the length of the licenses, Health Canada said in a news release.

Also, licensed producers will be allowed

…

Canada streamlines medical marijuana licensing process is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Colorado panel to study industrial hemp use for animal feed

A Colorado task force will study the use of industrial hemp for animal feed as soon as this summer, thanks to a new state law aimed at broadening the plant’s applications.

According to the Coloradoan, the group will study the details of how industrial hemp may be used in feed, including:

• The economic ramifications
• The potential legal issues
• Hemp’s effect on animals

The task force is the result of a law enacted during the 2017 legislative session. The lawmaker behind the measure, Rep. Jeni Arndt, told the Coloradoan it was intended to create more opportunities for the

…

Colorado panel to study industrial hemp use for animal feed is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Chart: Retail marijuana sales vs. other industries & goods

By Eli McVey

With revenue of $4 billion-$4.5 billion, sales of legal recreational and medical marijuana in 2016 topped those of Viagra and Cialis, paid music streaming services, tequila and Girl Scout Cookies.

It’s a notable milestone for an industry still very much in its infancy.

The data – published in the newly released Marijuana Business Factbook 2017 – illustrate how quickly the legal marijuana industry has grown. It now rivals the retail market for traditional consumables like frozen pizza and ice cream.

And by the end of this year, sales of legal cannabis will likely overtake

…

Chart: Retail marijuana sales vs. other industries & goods is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs