The governor of Colorado is applauding President Joe Biden after his administration’s top health agency recommended rescheduling marijuana—but he says the initial move must be followed with more action to address cannabis banking, immigration, criminal justice reform and federal enforcement concerns. That should include developing Food and Drug Administration (FDA) guidance clarifying that it will not interfere in state-legal marijuana activities, he said. In a letter sent to Biden on Tuesday, Gov. Jared Polis (D) commended the U.S. Department of Health… Read more.
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Where do marijuana taxes actually go? Taking a deep dive into Colorado, a state that has had legal cannabis sales for over a decade, may open a window on how cannabis taxes are helping millions of people in the community. Starting from 2012, following the passage of Amendment 64 by Colorado voters, which marked the pioneering legalization of adult-use, recreational marijuana sales in the United States, the state has achieved an impressive milestone by exceeding $10 billion in cumulative sales. This accomplishment… Read more.
Florida Gov. Ron DeSantis (R), a 2024 Republican presidential candidate, has reaffirmed that he would not legalize marijuana if elected to the White House—arguing contrary to evidence that the reform has actually increased the size of the illicit market in Colorado. During a campaign event in Iowa on Saturday, an attendee told DeSantis that she knows people whose children developed “cannabis-induced psychosis” and asked about whether he would move to legalize or reschedule cannabis under federal law if he became… Read more.
Cannabis tax revenues in Colorado are outpacing those of cigarettes, and other tobacco and nicotine products, and alcohol, according to an August 16 analysis from the Colorado Legislative Council Staff (LCS). In the 2022-2023 fiscal year, Colorado collected $282.3 million in cannabis tax revenue, compared to $233.9 million from cigarettes, $60.5 million from tobacco products, $56.4 million from nicotine products, and $56.1 million from alcohol. Adult-use cannabis sales in the state carry a 15% excise tax, 15% special sales tax, and 2.9% general sales… Read more.
The demographic experiencing the most rapid surge in cannabis usage within the United States is the baby boomer generation. This group, which holds an impressive $140 trillion of the nation's wealth, has captured the interest of analysts and researchers. These experts are delving into the reasons behind and extent of marijuana consumption among the 73 million individuals in this cohort. In addressing one aspect of this inquiry, it becomes apparent that seniors born between 1946 and 1964, who collectively possess $78.3 trillion in… Read more.
As one of the most profoundly accomplished female entrepreneurs in cannabis, Wanda James is simultaneously shattering the glass and grass ceilings. The founder and CEO of the Denver-based dispensary, Simply Pure, is blazing a trail for not only women of color, but for women in general. James is the first legally licensed African American dispensary owner in the US. She attributes that to her strong work ethic; a willingness to trust her intuition; a readiness to pivot when necessary; and the influence… Read more.
Colorado online marijuana sales are officially allowed as of Monday, giving consumers a new method of ordering cannabis more than a decade after the state enacted legalization. This comes two months after Gov. Jared Polis (D) signed the online sales legislation from Reps. William Lindstedt (D), Said Sharbini (D) and Robert Rodriguez (D) into law. The measure strikes language from state statute that explicitly prohibited cannabis from being sold on the internet, while adding regulations to provide for online commerce. Adults 21… Read more.
Metrc didn't send invoices for nine years, but wants unpaid fees. A Colorado licensee has been fighting Metrc over unpaid fees for tags and in the latest round a judge said Metrc could withhold tags – potentially shutting down the business. Natalie Romolt is the Chief Executive Officer and owner of Colorado-based National Green Source (Green), which she acquired in 2018. Metrc is the vendor chosen by the state of Colorado to issue seed-to-sale tracking devices for the regulation of legal cannabis plants. Licensees in the… Read more.
One Colorado woman took setting high standards for herself to a whole new level — and made hundreds of million dollars doing so. In 2010, Nancy Whiteman left her high-paying consulting job to embark on a cannabis culinary adventure in Boulder, Colorado, long before recreational marijuana was legalized. Little did she know that her gamble would pay off in a big way. Today, as the 64-year-old founder of edible cannabis company Wana, she stands as one of the wealthiest self-made women in the… Read more.
This year, Colorado's marijuana sector suffered a severe setback when sales for 4/20, a major cannabis-related festival, were deemed the "worst" in five years. As MJ BIZ reported, The Marijuana Industry Group, a Denver-based trade organization, has expressed alarm about the industry's deteriorating status, which has seen decreased sales, firm closures, and staff layoffs. An excess of cannabis, insufficient demand, increased competition from other jurisdictions, dropping prices, a lack of cannabis tourism, and the persistent attraction of the illicit market all contribute… Read more.
Colorado’s regulated cannabis industry suffered its “worst 4/20 in five years,” according to the Marijuana Industry Group, citing a roughly 14% decline in April marijuana sales from the same month last year. “Marijuana sales in the month of April haven’t been this low since 2018,” the Denver-based trade group noted in a news release. Monthly figures released by the Colorado Department of Revenue show nearly $131.6 million in total marijuana sales for April. That’s down from $153 million in sales in April 2022. Neither the Department… Read more.
Nearly a decade after Colorado ushered in legal adult-use cannabis sales, police in the state’s capital city report a significant drop in illicit product on the streets. According to the report from Denver’s municipal government, the city – which was the first in the U.S. to open adult-use marijuana retailers – has seen a 74% reduction in the amount of illegal marijuana processed by police since 2014. Denver’s leaders attribute that to a decrease in demand for unregulated products and the potential… Read more.
Considering how lengthy national cannabis prohibition and the subsequent societal brutality of the War On Drugs were, it’s quite daunting to consider that recreational cannabis has been legal in Colorado for nearly a decade. Since the 2012 bill Amendment 64 passed by an 11% margin, the Rocky Mountain State’s cannabis industry has grown to support the livelihoods of some 41,000 people at its highest point of job creation and sold $1.7 billion in total retail sales in 2022 and more… Read more.
Cannabis lounges are gaining traction in the rapidly evolving cannabis industry, offering individuals a safe and responsible space to consume cannabis while enjoying a unique social experience. In an exclusive interview, Cirrus Social Club founder Arend Richard shares insights into the regulations, challenges, innovations, and societal impacts associated with cannabis lounges. Richard highlights the wide range of regulations governing cannabis lounges in different jurisdictions. Some areas allow "Marijuana Hospitality" with limited or no food and beverage service. Denver-based Cirrus Social Club, however, stands out by… Read more.
This week, a psychedelics conference in Denver attracted a diverse gathering of thousands, including podcasters, vendors, startups, and seekers. Javier Hasse of Benzinga was one of the attendees who immersed themselves in a captivating atmosphere, exploring a dimly lit hall adorned with kaleidoscope art. They listened to engaging talks by various speakers, from a former Republican governor to NFL star quarterback Aaron Rodgers. While the Benzinga Psychedelics Conference is the most known and respected psychedelics show in the industry, the MAPS show is a… Read more.
Crowds are gathering in downtown Denver this week to learn about the future of psychedelics like magic mushrooms and MDMA. The five-day Psychedelic Science 2023 event, attracting medical professionals, politicians, celebrities and practitioners, covers a wide variety of subjects from the business of psychedelics to therapeutic uses for these substances. "We are facing very difficult challenges in mental and behavioral health and we're very excited about the opportunities that psychedelics offer to break cycles of addictions for opioids, to deal… Read more.
Colorado Gov. Jared Polis (D) is calling on lawmakers to take steps allowing him to issue mass pardons for people with prior psychedelics convictions as the state prepares to implement regulations for legal use of substances like psilocybin and ibogaine. At a the MAPS Psychedelic Science 2023 conference in Denver on Wednesday, the governor—as well as former Texas Gov. Rick Perry (R)—spoke about the therapeutic potential of entheogenic plants and fungi, advocating for legal access. Polis, who recently signed a psychedelics… Read more.
Prices have been on a rapid slide since the summer of 2021, reaching record lows by the end of last year. After nearly a two-year stretch of deflation, marijuana prices in Colorado are showing the first signs of life since October 2021, according to the Colorado Department of Revenue. The retail price for a pound, which had plummeted from a peak of $1,731 in January 2021 to a historic low of $649 by April 2023, has risen to $703 in June 2023.… Read more.
High costs and regulatory hurdles still need to be overcome by psychedelics industry. Business opportunities in the world of psilocybin, MDMA, and other mind-bending substances are still limited, but that doesn’t mean the industry is standing still, as demonstrated by the 12,000 attendees from all over the world at the Psychedelic Science 2023 conference in Denver this week. There were only cursory mentions Wednesday during the conference’s business panels of the burgeoning psilocybin trade that has cropped up in California,… Read more.
According to the Colorado Marijuana Enforcement Division (MED), state investigators have uncovered numerous instances of marijuana product adulteration by businesses attempting to manipulate contaminant testing. Since the commencement of recreational marijuana sales in Colorado, contamination from mold or illegal pesticides has persisted as a significant issue. As reported by MJ BIZ, in 2021, the MED approved decontamination and remediation methods for failed marijuana batches; however, these approaches can be expensive and do not guarantee the successful salvage of the harvests. In a memo dated… Read more.
Colorado Governor Jared Polis passed a ground-breaking law allowing the sale of marijuana products online. After a month of consideration, this landmark decision ushers in a new era for the state's cannabis business. By embracing e-commerce, Colorado joins other progressive states at the forefront of integrating online platforms into the cannabis industry. This progressive move not only enhances accessibility for consumers but also paves the way for innovative business opportunities within the industry. Colorado's leadership in embracing online marijuana sales sets a precedent… Read more.
Colorado Gov. Jared Polis last week signed legislation to legalize online cannabis sales, ending the prohibition on internet shopping enacted following passage of the state’s landmark 2012 ballot measure that legalized adult-use cannabis. The measure, House Bill 1279, which was signed by the governor on June 1 after being passed by Colorado lawmakers last month, repeals a regulation that specifically prohibited online cannabis sales while establishing regulations for internet sales of licensed cannabis products. Under the law, adults 21 and… Read more.
Democratic Governor Jared Polis has signed legislation to allow online cannabis sales, although consumers will be required to pick up their purchases at a licensed dispensary in person. Colorado Gov. Jared Polis last week signed legislation to legalize online cannabis sales, ending the prohibition on internet shopping enacted following passage of the state’s landmark 2012 ballot measure that legalized adult-use cannabis. The measure, House Bill 1279, which was signed by the governor on June 1 after being passed by Colorado… Read more.
Colorado Gov. Jared Polis (D) last week signed a bill to allow online sale of cannabis products. The law requires customers to provide proof of age and that purchases are picked up in person at the retailer’s physical location. The law’s intent is to limit some of the in-person cash transactions at retailers as federal law continues to limit cannabusinesses’ access to traditional financial services, including the use of credit cards, which often makes cannabis dispensaries targets for theft. During debate on the proposal… Read more.
The beginning of the legal cannabis industry was defined by excess, and in response, the market catered to the most obvious group that had never shied away from consumption: the Cheeches, Chongs, Snoop Doggs, and Seth Rogans of the world. In the decade since Colorado became the first U.S. state to legalize cannabis for adult use, we’ve moved away from free dispensary dabs and 500-milligram edibles to more refined products intended to fit seamlessly into the lives of everyday, mainstream Americans.… Read more.
The deal enhances Schwazze's presence in northern Colorado. Denver-based Medicine Man Technologies Inc., which operates as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), announced Thursday that it has finalized the acquisition of some assets from Cannabis Care Wellness Centers LLC and Green Medicals Wellness Center #5 LLC, commonly known as “Smokey’s.” The transaction, valued at $7.5 million and paid through a mix of cash and stock, includes two Smokey’s dispensaries located at 2515 7th Avenue in Garden City and 5740 S. College Avenue in… Read more.
Following voters' narrow approval of a measure on the 2022 November ballot, Colorado became the second state in the U.S. to legalize the use of psychedelic drugs. This decision indicates the increasing acceptance and use of psychedelic substances nationwide. So far, a dozen counties and cities in the U.S. have decriminalized psilocybin or psilocin, two psychedelic compounds found in "magic mushrooms." As we covered at the Benzinga Psychedelics Show in Miami, what states are more being more progressive about LSD, mushrooms, and… Read more.
In 2014, Colorado made history as the first state in the country to open recreational dispensaries for legal cannabis sales. No one really knew what to expect, but one thing was clear right away: The infant industry was growing fast. As consumers became more savvy and product lines became more diverse, entrepreneurial-minded individuals working in the space saw a wealth of opportunity. One sector that provided this opportunity hinged on growing interest in vape products. Two Colorado budtenders at a… Read more.
A recent report from the Marijuana Policy Project revealed that tax revenue from adult-use cannabis experienced a decline across legal states in 2022, marking the first time this has occurred in the United States. While sales tax from cannabis still generated a respectable $3.77 billion, this figure was slightly lower than the $3.86 billion generated in 2021. Despite declining adult-use cannabis tax revenue in 2022, states reported over $15.1 billion in tax revenue from legal cannabis sales for adults. This figure reflects sales… Read more.
Terrapin signed a deal in 2021 to acquire property in Auburn. Colorado cannabis company Terrapin Care Station decided to reverse course on a previously announced production facility in the town of Auburn, New York, which a company spokesman said was due to delays in getting the broader market operational. Terrapin Care Station is a second-tier multistate operator, with a footprint in Michigan, Missouri, and Pennsylvania in addition to its home state of Colorado, according to the company website. Terrapin signed a real… Read more.
An effort to roll out Colorado's legal psychedelics industry cleared its last major legislative hurdle on Saturday with the House's passage of Senate Bill 290. If made law, the bill would help to implement Proposition 122, passed by Colorado voters in November. The ballot measure legalized the “magic mushroom” hallucinogenic compounds psilocybin and psilocin for medicinal use, and decriminalized the personal use, sharing or growing of the compounds and other "natural medicines." The bill will next be sent back to the… Read more.
Colorado-based cannabis multistate operator Schwazze is deepening its presence in New Mexico with the planned acquisition of certain assets belonging to Sucellus. The acquisition of not-for-profit Everest Apothecary is valued at approximately $38 million, according to a news release. The transaction involves 14 dispensaries, a cultivation facility and a manufacturing plant. Schwazze will pay a combination of cash, a four-year seller note and company common stock. The deal, subject to approval by state regulators, is expected to close in the second quarter… Read more.
Initially, only psilocybin and psilocyn would be allowed at therapeutic centers. The Colorado Senate approved a bill to regulate psychedelic substances, in line with a voter-endorsed initiative. The legislation aims to establish guidelines for legal psychedelic use in authorized therapeutic centers under trained professionals’ supervision. Additionally, the bill sets licensing standards for facilitators and businesses involved in producing, testing, storing, distributing, and transporting natural medicine products. The measure passed during a voice vote after amendments in its second reading on Monday. The bill passed… Read more.
Schwazze will now own 32 dispensaries between Everest Apothecary and R. Greenleaf. Denver-based Medicine Man Technologies Inc., which operates as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), has signed definitive documents to acquire a batch of cannabis assets in New Mexico. The acquisition will allow Schwazze to manage Everest Apothecary, a non-profit corporation operating in the state. The proposed transaction includes 14 retail dispensaries, a cultivation facility, and a manufacturing plant. Upon completion of the acquisition, Schwazze will have a total of 32 dispensaries in New… Read more.
Checking Weed Ground Zero - Colorado Sales Drop to Lowest in 4 Years and Cannabis Workers Down by 33%" As the green rush swept across the United States, Colorado quickly established itself as the epicenter of the legal cannabis industry. The state's dispensaries and cultivation facilities boomed for years, bringing in millions of dollars in revenue and creating countless jobs. However, recent data reveals a sharp decline in sales and employment within the industry. With sales dropping to their lowest… Read more.
Combined adult use and medical cannabis sales in Colorado were $124 million in February, a decline of 14.2% from the same month in 2022, according to state Department of Revenue data outlined by KDVR. In all, adult-use cannabis sales in Colorado have declined 12.7% year-over-year, while medical cannabis sales have fallen 23.7% year-over-year, according to state data. Cannabis sales tax collections in the state were down 19% last month compared to March 2023, according to the revenue department. The state also saw the loss… Read more.
THE FIRST THING YOU SEE upon entering the Core Social Justice Cannabis Museum in Boston’s Jamaica Plain neighborhood is a digital stained glass window stamped “Cannfessional.” Behind it is a small sound booth, wrapped in cloud-print wallpaper, with a glowing neon chair and a microphone dangling from the ceiling. Facing the chair on the wall is a TV with a camera mounted on top. This is where you reveal your truth. With the Cannfessional, the museum encourages participants to record themselves telling stories… Read more.
BEST OF DENVER® CANNABIS & MORE 2023 BEST MEDICAL-ONLY DISPENSARY Higher Grade Dispensaries that serve only medical marijuana patients are disappearing faster than a pinner, with just a handful left in Denver as recreational businesses take over Colorado. Patients across town can still rely on Higher Grade, though, thanks to the company's medical-only dispensaries in Cherry Hills and Highland. Higher Grade's in-house flower is some of the very best in Denver. In fact, we've yet to smoke better versions of… Read more.
Both noted for their cannabis advocacy, rapper Rick Ross and entrepreneur Ben Cohen have announced new cannabis ventures and brands. Rick Ross Rick Ross is teaming up with High Tolerance Los Angeles on the launch of the Collins Ave strain, named for the popular strip in Miami Beach. Raised in Florida, Ross' debut album in 2006 was titled Port of Miami. "High Tolerance is the best flower for all the ones who like to blow that good gas," he tells TMZ. "This is… Read more.
Cannabis tech talk rarely excites the masses, but online dispensary menu and ordering services definitely make our lives easier. Not only that, but some of the cannabis tech companies offering these services have pretty badass backstories. Six years before Socrates Rosenfeld was driving around Denver selling dispensaries on his new online ordering platform, Jane, he was flying Apache helicopters in Iraq for the United States Army. A graduate of West Point, Rosenfeld served seven years in the Army before leaving the military… Read more.
Colorado has been a destination for cannabis tourists since the first sale of recreational marijuana in 2014. But at the time, state laws prohibited consuming cannabis in public places, so those tourists technically didn’t have a place to enjoy their purchases. But with the advent of consumption lounges last spring, visitors to the state now can puff in peace, and one hotelier wants to make it easy to consume cannabis on his property. Chris Chiari, CEO and founder of The… Read more.
Smoking a pre-roll usually involves trading a certain amount of quality for convenience, but Cherry believes that you'll keep Kameleons around after giving them a try. One of Colorado's most popular flower brands recently introduced Only Kameleons, a line of pre-rolled joints made from the same strains grown by the Cherry cultivation. Known for staying on the cutting edge of new cannabis genetics, Cherry wanted a new pre-roll line that spoke to its passion for rare strains, according to sales account manager Zack Venokur. A… Read more.
The first two months of 2023 have shown expansive interest in bold drug policy reform in state legislatures across the country—most recently, with the introduction of numerous new bills touching on everything from psychedelics legalization to authorizing safe drug consumption sites. Lawmakers in several states will conduct hearings on such reform proposals over the next week. The marijuana legalization movement continues to spread and evolve, but it’s become quickly apparent this session that legislators are eager to more holistically move… Read more.
The Cannabis Experience in Denver has become Colorado's -- and the nation's -- first marijuana-licensed consumption bus. As the cannabis industry continues its blazing trail, local marijuana users can enjoy safe, legal cannabis tours, airport transportation and private cannabis-friendly party buses. The Cannabis Experience will offer transportation services to Denver International Airport along with private party bus rentals with food and art themes such as "Toking and Tacos," and "RiNo Mural Tours." The service also provides tours of the city… Read more.