As we wrote about here, Virginia enacted a law decriminalizing possession of small amounts of marijuana earlier this year. Unfortunately, there seem to be a lot of misconceptions about what that law—which became effective yesterday—actually means.
It is hard to underestimate the impact that the coronavirus and its related fallout—economic and otherwise—will have on the cannabis industry. Some of that impact will be decidedly negative. For instance, as we wrote about recently, cash is harder to come by for cannabis companies right now.
If you’ve been following the cannabis industry in 2020, you’ve likely heard the term “cash is king” more than once. This has become the industry consensus as stocks (mostly traded in Canada) began to slide after some disappointing earning numbers in the middle of 2019. That, in turn, resulted in decreased valuations and a reduction in investment capital.
As we arrive at the middle of June, the Illinois Department of Financial and Professional Regulation (IDFPR) has not issued any conditional adult-use cannabis dispensary licenses and, as we recently wrote about here, it may be a while before the licenses are issued. Nevertheless, those licenses will be issued eventually, and it is important that cannabis entrepreneurs begin evaluating their next steps.
As we’ve discussed on our blog and our podcast, we have been closely watching how marijuana sales fare in the face of the recession created by the coronavirus. Sales figures for marijuana in May are still rolling in, but early returns appear favorable.
Many in Illinois have been waiting with bated breath for the Illinois Department of Financial and Professional Regulation (IDFPR) to issue new (conditional) adult use cannabis dispensary licenses and it appears that wait may not end anytime soon. By way of background, under the Cannabis Regulation and Tax Act, an ambitious and precedent-setting social equity centered piece of legislation, these license were to be issued before May 1, 2020.
The individual contributors to this blog are horrified by the death of George Floyd and dismayed by the pain and destruction in our communities. We want to acknowledge this incredibly trying moment happening in our country right now. Even though we write professionally on a daily basis, we found it incredibly difficult to express ourselves in this situation because it’s difficult to know where to even begin.
On this episode of the Joint Status Report, David and (friend of the program) Irina Dashevsky interview Jim Boland and Mykel Selph about Cresco’s (www.crescolabs.com) SEED Program and how it is benefiting the industry.
Full disclosure: David Belsky is a personal friend (don’t hold it against him) and his company, FlowerHire, is a firm client. He is also one of the foremost authorities on placing talent in the regulated cannabis and hemp industries. Earlier this week, Forbes posted a great interview with Belsky that we highly recommend.
In early January, Illinois received thousands of applications for adult-use cannabis dispensary licenses. Only 75 of those applications will be granted a license…eventually. Although the Illinois Cannabis Tax and Regulation Act (the Act) required the Illinois Department of Financial and Professional Regulation (IDFPR) to issue the licenses before May 1, 2020, Governor J.B. Pritzker and the IDFPR have delayed their issuance indefinitely due to the ongoing COVID-19 crisis.