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Cannabis Briefs for August 16, 2022

August 16, 2022

•Recreational cannabis sales in New Jersey averaged more than $1 million a day since the market launched on April 21 through the end of June, according to recent data from the state’s Cannabis Regulatory Commission. Sales in the Garden State totaled $79.7 million through the first 70 days of sales and brought in $4.6 million in tax revenue. “The market is improving. It is performing as we expect with the current number of dispensaries, the spread of locations, and the high prices” said Jeff Brown, executive director of the Commission. “As more cannabis businesses come online, consumers won’t have to travel as far to make purchases, and prices will fall with increased competition. The market will do even better.”

•Recreational cannabis sales hit a new high in Michigan last month, according to data from the state’s Cannabis Regulatory Agency. In its monthly report for July, the regulator reported that adult-use sales reached $188.8 million, besting the previous record–set in April–by $20 million. Michigan consumers spent $91 million on flower, $39.8 million on vape cartridges, $22 million on edibles, and $15.6 million on shake and trim. An additional $21.1 million was spent on medical marijuana.

•Delta-8 THC scored another win in court when a Kentucky judge ruled that Delta-8 is legal when derived from hemp. Cannabis and hemp are the same plant, distinguished only by the threshold of containing more or less than 0.3% Delta-9 THC. Since Delta-8 can be found in plants that produce negligible THC, it falls under the category of a hemp derivative. In this case, the Kentucky Hemp Association sued the state’s Department of Agriculture, along with the state police commissioner, after it referred to Delta-8 as a Schedule 1 controlled substance, leading to police raids of Kentucky hemp shops. The Association called the ruling “a huge win for farmers and retailers.”

•Canopy Growth is launching fall seasonals for its Martha Stewart CBD brand. The Canadian cannabis producer will release limited-edition Pumpkin Spice CBD Wellness Gummies. Debuting this week, each gummy contains 10mg of CBD. They can be purchased from the brand’s website for $35 a pack of 30 gummies.

•Missouri voters will have the choice to legalize recreational cannabis in November following the success of a signature-gathering campaign to place the issue on the ballot as an initiative. The proposed law would allow non-minors to purchase and possess up to three ounces of cannabis and homegrow up to six flowering plants. It would place a 6% tax on recreational sales, with that revenue directed toward cannabis arrest record expungement, veteran healthcare programs, substance abuse treatment, and the public defender program. The state’s Department of Health and Senior Services would serve as regulatory authority.

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