Cannabis Briefs for October 20, 2020
October 20, 2020•Illinois collected more than $100 million in tax revenue connected to adult-use cannabis sales from January through August. The state took in $69.7 million through its Cannabis Regulation Fund, and $36.1 million from state and local sales taxes. Of the $105.9 million collected, at least $16.1 million will be directed to county and local governments. Nearly half of revenues from the Cannabis Regulation Fund will be either reinvested in communities disproportionately impacted by the justice system or directed to address substance abuse and prevention, and mental health concerns.
•Missouri launched its medical market on Saturday with the opening of two N’Bliss Cannabis locations in St. Louis County. The event comes just shy of two years after voters approved a ballot measure legalizing medical cannabis in the state. Approximately 65,000 patients have been approved and more than 10,000 additional applications are pending. Sales could reach more than $200 million next year, according to one estimate.
•New Zealand voted on a non-binding resolution to legalize recreational cannabis during its recent election, which saw incumbent prime minister Jacinda Ardern win handily. The results of the cannabis vote will not be known until early November. The referendum, if passed, would not legalize recreational cannabis but would give the parliament a mandate to do so. The specifics it suggests would allow New Zealanders to grow two plants at home, limit market dominance by individual companies, and place various restrictions on advertising. Support for the referendum cooled somewhat in the final stretch before the election, with support dropping under 40%, according to one poll.
•Alberta’s provincial government will lift its limit on the number of cannabis dispensary licenses that can be held by a single entity. The cap limits an individual or organization to no more than 15% of retail locations province-wide; Alberta leads Canada in cannabis retail with more than 500 locations, meaning that the companies can hold more than 75 licenses and still be in compliance with the restriction. The cap will be lifted November 1.
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.Tagged : cannabis
