MMJ Business Daily

LSU seeks $11.3M for medical marijuana grow site

Louisiana State University estimates it will need $11.3 million to build a state-approved medical marijuana cultivation complex and run it for about five years, when it expects to start turning a profit.

The venture could open the door for entrepreneurs to own and operate the cultivation center on behalf of the university.

LSU and Southern University, both based in Baton Rouge, are the only two institutions in Louisiana that will be permitted to grow medical marijuana under the state’s medical marijuana law signed in May.

LSU will seek the funding from outside investors and run the

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LSU seeks $11.3M for medical marijuana grow site is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Many Oregon localities may opt back into adult-use cannabis

With 54 towns and counties asking voters whether they want to opt back into the recreational cannabis market after having banned it, the Oregon adult-use marijuana market could get a lot bigger after Election Day.

That’s how many local governments in Oregon are rethinking their original decisions to ban recreational marijuana after the passage of Measure 91 in 2014, the Associated Press reported. The initiative allowed local governments to prohibit adult-use cannabis businesses if a majority of local voters opposed the change, and plenty did so.

But with the cannabis trade booming, some local officials have

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Many Oregon localities may opt back into adult-use cannabis is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

An insider’s look at Australia’s new MMJ market: Q&A with consultant Adam Miller

By Bart Schaneman

Adam Miller, founder of an Australian cannabis consultancy, stands in the center of a market about to take root.

In September, the Australian government paved the way for the legalization of medical marijuana, with regulators poised to issue MMJ rules and licenses in a matter of days. 

The Australian Office of Drug Control will publish medical cannabis regulations on Oct. 30 and start issuing licenses on Nov. 1. Until now, the Australian government has permitted only medical trials for MMJ.

Miller anticipates the Australian government will move aggressively to become a major player in the

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An insider’s look at Australia’s new MMJ market: Q&A with consultant Adam Miller is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Turkey to allow limited medical cannabis production

The Turkish government has legalized medical cannabis production in 19 of its 81 provinces, but the step forward is quite tentative and has a lot of strings attached.

According to Britain’s Independent newspaper, the move by the Ministry of Food, Agriculture and Livestock is intended to combat the black market. But many specifics are unclear.

For example, the outlet reported that the regulations, titled “Hemp Cultivation and Control of Regulations” and printed in the Official Gazette last month, limit production to “medical and scientific purposes.” But the Independent didn’t mention whether that production includes medical marijuana distribution to patients

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Turkey to allow limited medical cannabis production is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Turkey to allow limited medical cannabis production

The Turkish government has legalized medical cannabis production in 19 of its 81 provinces, but the step forward is quite tentative and has a lot of strings attached.

According to Britain’s Independent newspaper, the move by the Ministry of Food, Agriculture and Livestock is intended to combat the black market. But many specifics are unclear.

For example, the outlet reported that the regulations, titled “Hemp Cultivation and Control of Regulations” and printed in the Official Gazette last month, limit production to “medical and scientific purposes.” But the Independent didn’t mention whether that production includes medical marijuana distribution to patients

…

Turkey to allow limited medical cannabis production is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Dozens of medical marijuana dispensaries closed in Detroit

Detroit is “making meaningful progress” in shuttering dozens of medical cannabis dispensaries that fail to comply with the city’s zoning rules, a city official said.

Melvin “Butch” Hollowell, Detroit’s corporation counsel, said 171 dispensaries remain open, down from 273 in March. His goal earlier this year was to close all but 50 by December, according to Crain’s Detroit Business.

A pair of restrictive zoning ordinances and new licensing procedures that took effect in March triggered the crackdown.

Hollowell said 87 of the 273 dispensaries went out of business: Seven closed voluntarily and 80 were closed by the city.

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Dozens of medical marijuana dispensaries closed in Detroit is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

New Jersey, TN lawmakers tour Colorado cannabis industry

State lawmakers from Tennessee and New Jersey have traveled to Colorado recently to glean insights from the medical and recreational marijuana industries there and investigate the potential economic benefits for their own states.

The visits are expected to fuel efforts to pass legislation next year expanding MMJ in Tennessee and establishing adult-use cannabis in New Jersey.

According to news reports, Tennessee state Rep. Jeremy Faison paid his own way to travel to Colorado to meet with families who have moved from his state to Colorado for cannabis. He also met with military veterans suffering from post-traumatic stress disorder,

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New Jersey, TN lawmakers tour Colorado cannabis industry is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Michigan agency predicts $700M medical cannabis market

A Michigan Senate agency forecasts that the state’s medical marijuana market could exceed $711 million annually if the prices and consumer habits are similar to those in Colorado’s medical marijuana market.

The Michigan Senate Fiscal Agency, a nonpartisan group created to provide legislative analysis and fiscal forecasts to the state senate, estimates there are 204,000 patients in the state, Crain’s Detroit Business reported.

In September, Michigan lawmakers approved a set of sweeping regulations for the state’s sizable medical marijuana industry, paving the way for a statewide oversight and licensing system for MMJ businesses.

Under new regulations that go

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Michigan agency predicts $700M medical cannabis market is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Chart: Top regions for medical marijuana sales in California

This is the second in a series of charts featuring data on California’s medical cannabis market. Marijuana Business Daily will publish additional charts in this series every other Monday until mid-November. The first chart is here. 

By Eli McVey

Over half of all reported medical marijuana sales in California’s massive $845 million MMJ market are concentrated in just three counties in the state, according to exclusive data obtained by Marijuana Business Daily.

The counties – Los Angeles, San Francisco and Alameda – totaled $450 million in medical marijuana sales over a one-month period ending in March 2016, accounting for 53%

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Chart: Top regions for medical marijuana sales in California is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Arizona voters evenly divided on rec cannabis, latest poll shows

The latest poll of Arizona voters has found that the legalization of recreational marijuana is a coin flip.
The study, by Data Orbital, found that 45% of voters are opposed to the legalization initiative, Proposition 205, while 44% support it, a local …