Cannabis Briefs for July 16, 2024

•Connecticut has enacted a new law restricting sales of THC-infused drinks to the licensed liquor stores and cannabis retailers. The law went into effect on July 1 and removes hemp-derived THC drinks from gas station and convenience channels while also mandating packaging, labeling, and testing standards. In addition, by October 1, all THC beverages are limited to 3-mg. per 12-ounce package. All varieties of hemp-derived THC are covered by Connecticut’s new law.

•Maryland’s cannabis market registered more than $1 billion in sales in its first full year. According to the state’s Cannabis Administration, adult-use retail sales reached $700 million in the first year of legal sales, while medical sales contributed nearly $400 million. The state also revealed sales figures for June, when consumers purchased $95 million of cannabis products, with adult-use sales covering $67 million of the total.

•New York State has issued 109 new cannabis licenses amid the state’s efforts to crack down on the illicit market and expand the scope of the legal cannabis sector. These new licenses cover 23 cultivation licenses, 23 micro-businesses, 22 processors, 21 retailers, and 20 distributors. Additionally, the state reports that as of July 9, 164 illegal cannabis shops have been padlocked under its heightened enforcement efforts, with downstate (including New York City) seeing legal sales jump 50% recently.

•The GOP-controlled House Appropriations Committee has put forward a spending bill for Agriculture, Rural Development, and the Food and Drug Administration that would effectively ban hemp-derived THC products across the U.S. The bill would remove cannabinoids “synthesized or manufactured outside of the plant” from the legal definition of hemp, thereby outlawing them. Committee chairman Rep. Andy Harris from Maryland added an amendment to the bill calling on the FDA to research and issue guidance on the safety of hemp-derived cannabis products, leaving the door cracked for a regulated market.

•Banking protections for financial institutions working within the cannabis industry have taken a step back, as GOP members of the House of Representatives removed protections from the proposed funding bill for the Treasury Department. The language would have blocked appropriated funds from being used to “penalize a financial institution solely because the institution provides financial services” to the cannabis industry. Separately, members of Congress are still working to pass the the Secure and Fair Enforcement Banking Act, the 2023 bill aimed at codifying protections for cannabis banks.

Tagged : cannabis, connecticut sales, maryland sales, New York sales, Secure and Fair Enforcement Banking Act

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