MMJ Business Daily

Regulations finalized for Ohio medical cannabis growers

A panel of Ohio lawmakers signed off on final rules governing the state’s new medical marijuana cultivators, approving 24 licensed sites that will carry hefty fees.

The cultivator rules, which also spell out application and license fees for MMJ dispensaries, product processors and testing labs, passed the Ohio legislature’s Joint Committee on Agency Rule Review without objection on Monday, the Cleveland Plain Dealer reported.

They will be officially filed by the end of April and are set to take effect before a May 6 statutory deadline.

The Cleveland Plain Dealer reported the rules didn’t change markedly in the five months

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Regulations finalized for Ohio medical cannabis growers is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Hemp providing avenue for marijuana businesses to boost profits, extend brands

By Bart Schaneman

Marijuana businesses are increasingly expanding into CBD products derived from hemp, capitalizing on the hemp industry’s growth and less restrictive legal status.

The diversification allows cannabis-infused product companies, in particular, to expand their geographic sales reach, bolster profits and boost brand recognition.

Hemp-derived products don’t face the same restrictions as those containing THC, giving marijuana-infused products manufacturers the opportunity to expand their offerings and sell in new states.

“If you want to build a national brand right now as a marijuana company, one of the great ways to do that is by starting a CBD

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Hemp providing avenue for marijuana businesses to boost profits, extend brands is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Rhode Island governor calls for delay in legalizing rec marijuana

A state that industry watchers have predicted would be among the next to legalize recreational marijuana – Rhode Island – appears to have hit a speed bump when it comes to legalization.

Rhode Island’s governor is calling on lawmakers to delay passing legislation that would legalize adult-use cannabis.

Democratic Gov. Gina Raimondo’s administration sent a letter to the House Judiciary Committee saying they should instead support legislation to create a 15-member study commission to make recommendations to lawmakers by March 1, 2018.

The letter is signed by the heads of

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Rhode Island governor calls for delay in legalizing rec marijuana is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

U.S. medical cannabis tech company plans to open China office

Net Savings Link Inc. said its cannabis division will open an office in Shanghai, China, next month to expand its medical marijuana technology business into the world’s most populous country.

The company, based in Cresco, Pennsylvania, said in a news release it is moving into China because it sees a sizable opportunity there.

China is the world’s largest producer of cannabis sativa seeds, producing nearly 40% of the world’s supply, according to Net Savings Link, which trades on the over-the-counter markets under the symbol NSAV.

“Chinese companies have 309 out of the 606 patents filed around the

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U.S. medical cannabis tech company plans to open China office is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Pushback on California proposal to merge rec, medical MJ systems

A series of proposals from California Gov. Jerry Brown to merge regulations for medical and recreational marijuana have come under fire from some state lawmakers and political stakeholders, throwing the future of the regulatory changes into uncertainty.

Some in Sacramento are now saying Brown’s proposals – which are attached to a budget trailer bill – may not pass muster with the state legislature, according to the Los Angeles Times. Critics, including police chiefs, say the proposed changes would benefit the MJ industry over the public.

If the matter turns into a big political fight, it could delay

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Pushback on California proposal to merge rec, medical MJ systems is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Chart: 4/20 holiday gives marijuana businesses more than just a bump

By Eli McVey

April 20^th – the marijuana holiday colloquially referred to as “4/20”– has traditionally marked the largest single day for retail cannabis sales all year, and 2017 looks to be no exception.

According to data provided by MJ Freeway, a Denver-based seed-to-sale software provider, average 4/20 retail sales on a per-store basis in 2016 were nearly twice that of a typical day – with the average store generating over $24,000 in revenue.

Similar sales increases were observed on 4/20 in 2015, so the trend is expected to continue in 2017.

However, the marijuana industry has grown

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Chart: 4/20 holiday gives marijuana businesses more than just a bump is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Franwell wins Michigan cannabis tracking deal worth nearly $450K

Florida-based Franwell, which built Colorado’s cannabis tracking system, has been awarded a state contract from Michigan worth nearly $450,000 to implement a similar inventory tracking program for the state’s medical marijuana program.

The Michigan deal is in keeping with new regulations that will oversee a web of state-licensed MMJ businesses.

The contract, according to Crain’s Detroit Business, is worth $447,625.

Franwell beat out 10 competitors to win the contract, including BioTrackTHC, MJ Freeway, Kind Agrisoft, Superior Technology Solutions Corp., Veritec Solutions, Keystone Validation Group, CS Platform Technologies, Zeni Software, and Dauntless Software.

The company will rely on

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Franwell wins Michigan cannabis tracking deal worth nearly $450K is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Canada provincial leaders concerned over rec MJ timeline

Canadian provincial leaders are raising questions over whether they will be ready when Canada’s recreational marijuana market is set to go online in July 2018.

That could slow the adult-use industry’s rollout across Canada, making it more difficult for entrepreneurs hoping to cash in on the federal government’s legalization program.

Under legalization legislation introduced Thursday, the federal government would be responsible for regulating rec cultivation while the provinces would oversee distribution and sales.

Some provincial leaders, however, said it will be hard to decide on and implement a distribution and sales scheme under the federal government’s proposed

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Canada provincial leaders concerned over rec MJ timeline is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

North Dakota lawmakers OK medical marijuana industry rules

North Dakota’s legislature has passed a bill establishing a regulatory structure for the state’s upcoming medical cannabis industry.

The measure – which now goes to the governor, who said he would sign the bill – includes several business-friendly provisions.

Dispensaries, for instance, will be able to sell smokable MMJ, which will help attract patients to the program and in turn bolster revenues for the state’s medical cannabis industry.

There’s one caveat, however: A doctor or nurse practitioner still must recommend smoking marijuana as medicine for people who suffer from certain medical conditions.

Still, it’s better than a proposal floated by some

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North Dakota lawmakers OK medical marijuana industry rules is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Week in Review: 4 takeaways from Canada’s recreational marijuana plan

By Omar Sacirbey

Canadian Prime Minister Justin Trudeau offers entrepreneurs worldwide a first look at how the nation’s policymakers envision the first adult-use cannabis market in a G-7 nation.

His government Thursday introduced landmark legislation to legalize recreational marijuana.

Among the four notable business highlights:

• The government hopes to fast-track the program and have it up and running by the middle of next year.
• The market would be friendly to business types worldwide who want to go to Canada and set up shop.
• Newer, smaller cultivators would get a chance to participate in the program – although existing

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Week in Review: 4 takeaways from Canada’s recreational marijuana plan is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs