Tag: Colorado

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.