Ensuring Entrepreneurs and Businesses Stay Informed of Developments in the Burgeoning Cannabis Industry
Since 2018, there have been millions of dollars raised in cannabis-focused special purchase acquisition companies, or “SPACs”. A SPAC is effectively a “blank check” company with no operating history or assets. A SPAC is formed for the purposes of raising capital in an initial public offering (IPO) and using that capital to acquire an existing business and take such business public in what is referred to as “de-SPAC” merger transaction.
Read MoreLast month New York became the 16th state to legalize cannabis use for adults 21 and older under the State’s Marihuana Regulation and Taxation Act (MRTA). In addition to legalizing recreational cannabis, the MRTA expands the State’s current medical cannabis program.
Read MoreIn a rare instance of legislative efficiency, New Mexico passed legislation on Monday that legalizes recreational marijuana and expunges criminal records for certain marijuana-related convictions. New Mexico Gov. Michelle Lujan Grisham signed two pieces of legislation a mere two weeks after state legislators passed the bills in a special session, which Lujan Grisham called specifically to address legalization.
Read MoreIn 2014, the Florida Legislature authorized the medical use of low-THC cannabis, the Charlotte’s Web strain, and directed the Florida Department of Health to authorize five “dispensing organizations” to provide patients with the drug.
Read MoreKentucky is one of the nation’s top-producing hemp states, which is one of several reasons Senator Rand Paul (R-KY) has been a strong Republican force for cannabis reform.
Read MoreThe wave of adult use cannabis legalization looks to be building this week, with New Mexico Governor Michelle Lujan Grisham calling a March 30, 2021 special session of the New Mexico Legislature to pass reform.
Read MoreThere have been more than enough fits and starts, but it appears that New York is finally going to legalize cannabis for adult use. It has been widely reported that Governor Andrew Cuomo and representatives from the New York Senate and Assembly negotiated over the weekend to reach a deal on New York State Senate Bill S854A. The Bill is expected to be put to a vote later this week.
Read MoreThis week, State Representative La Shawn Ford announced a bill* that he hopes will allow the Illinois dispensary rollout to move forward and advance social equity goals. While these are great goals, we think the bill will not accomplish either.
Read MoreThe dates are getting further into the rear view mirror. The Illinois Cannabis Regulation and Tax Act became law on June 25, 2019. Adult-use sales of cannabis began on January 1, 2020. Thousands of entrepreneurs, many of them qualified social equity applicants, submitted applications for new dispensary licenses on or before January 2, 2020.
Read MoreThe Commonwealth of Virginia is very close to becoming the 16th state (plus Washington D.C.) to legalize recreational “adult use” cannabis. It would also become the first “Southern” state to do so. Neighbors such as Tennessee, North Carolina, South Carolina and Georgia have extremely limited medical programs, while West Virginia and Florida have full medical cannabis programs. But none have adult use programs, and so Virginia is on the verge of becoming the reform leader in the region. Virginia is also the third state to have passed legalization through legislation.
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